# EDGAR Filing Document

**Accession Number:** 0000722574
**File Stem:** 0000722574-23-000028
**Filing Date:** 2023-1
**Character Count:** 1756784
**Document Hash:** b4db6bddd44a8c520bdc1dd32cb5a23c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000722574-23-000028.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000722574-23-000028

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**EFFECTIVENESS DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES I
- **CENTRAL INDEX KEY:** 0000722574
- **IRS NUMBER:** 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:** 23536838

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000013951 | Class A                              | FMCDX           |
| C000013953 | Class C                              | FMCEX           |
| C000013954 | Class M                              | FMCAX           |
| C000013955 | Class I                              | FMCCX           |
| C000115525 | Fidelity Stock Selector Mid Cap Fund | FSSMX           |
| C000177518 | Class Z                              | FSLZX           |

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

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

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

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000013966 | Class A                                | FSOAX           |
| C000013968 | Class C                                | FVCSX           |
| C000013969 | Class M                                | FASPX           |
| C000013970 | Class I                                | FASOX           |
| C000014249 | Fidelity Value Strategies Fund         | FSLSX           |
| C000064234 | Fidelity Value Strategies Fund Class K | FVSKX           |

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

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

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

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

### Fidelity Advisor Equity Income Fund (Series ID: S000005122)

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

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

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

### Fidelity Advisor Growth & Income Fund (Series ID: S000005125)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014006 | Class A      | FGIRX           |
| C000014008 | Class C      | FGIUX           |
| C000014009 | Class M      | FGITX           |
| C000014010 | Class I      | FGIOX           |
| C000177520 | Class Z      | FGIZX           |

### 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 Small Cap Fund (Series ID: S000042622)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000131777 | Fidelity Advisor Series Small Cap Fund | FSSFX           |

### 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           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Advisor Series I</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>245 Summer St., Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity Advisor® Equity Growth Fund**

**Annual Report**

**November 30, 2022**

![](img87703_1.jpg)

![](img87703_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary86)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments86)** |
| **[Financial Statements](#Sec_FinancialStatements86)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -23.46%  | &nbsp;&nbsp; 12.13%  | &nbsp;&nbsp; 14.38%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -21.79%  | &nbsp;&nbsp; 12.40%  | &nbsp;&nbsp; 14.39%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -20.07%  | &nbsp;&nbsp; 12.60%  | &nbsp;&nbsp; 14.36%  |
| Class I  | &nbsp;&nbsp; -18.62%  | &nbsp;&nbsp; 13.75%  | &nbsp;&nbsp; 15.37%  |
| Class Z  | &nbsp;&nbsp; -18.46%  | &nbsp;&nbsp; 13.91%  | &nbsp;&nbsp; 15.52%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.  |
| ![](img87703_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Co-Managers Asher Anolic and Jason Weiner:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -19% to -18%, outperforming the -21.59% result of the benchmark, the Russell 3000® Growth Index. The primary contributor to performance versus the benchmark was our stock picks in communication services. Security selection and an overweighting in health care and an overweighting in energy also helped. The biggest individual relative contributor was an overweight position in UnitedHealth Group (+25%). UnitedHealth Group was among the fund's biggest holdings. Also adding value was our outsized stake in Vertex Pharmaceuticals, which gained 69%. Vertex Pharmaceuticals was among our largest holdings. Avoiding Tesla, a benchmark component that returned -49%, also aided relative performance. Conversely, the primary detractor from performance versus the benchmark was an overweighting in the communication services sector, especially within the media & entertainment industry. Security selection in information technology and industrials also hampered relative performance. The biggest individual relative detractor was an overweight position in Adobe (-48%). Adobe was among the fund's biggest holdings this period. Another notable relative detractor was our lighter-than-benchmark stake in Apple (-10%), though the company was among the fund's largest holdings. Avoiding AbbVie, a benchmark component that gained about 45%, also hurt relative performance. Notable changes in positioning include increased exposure to the health care sector and a lower allocation to communication services.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 10.0  |
| UnitedHealth Group, Inc.  | 5.6  |
| Alphabet, Inc. Class A  | 5.1  |
| Apple, Inc.  | 4.1  |
| Amazon.com, Inc.  | 3.5  |
| Vertex Pharmaceuticals, Inc.  | 3.1  |
| Universal Music Group NV  | 2.1  |
| Warner Music Group Corp. Class A  | 1.9  |
| Meta Platforms, Inc. Class A  | 1.9  |
| Uber Technologies, Inc.  | 1.9  |
|  | 39.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 26.7  |
| Health Care  | 19.6  |
| Communication Services  | 12.8  |
| Consumer Discretionary  | 11.2  |
| Industrials  | 8.0  |
| Financials  | 5.9  |
| Energy  | 5.5  |
| Materials  | 4.6  |
| Consumer Staples  | 4.4  |
| Real Estate  | 0.1  |
| Utilities  | 0.0  |

---

*Percentages shown as 0.0% may reflect amounts less than 0.05%.*

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87703_6.jpg)  |
| *Foreign investments - 10.2%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87703_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.5%**  | &nbsp;&nbsp; **Common Stocks - 98.5%**  | &nbsp;&nbsp; **Common Stocks - 98.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 12.8%  |  |  |
| Entertainment - 4.5%  |  |  |
|  Liberty Media Corp. Liberty Formula One Group Series C (a)  | 227671  | 13874  |
|  Netflix, Inc. (a)  | 27400  | 8372  |
|  Universal Music Group NV  | 4379149  | 104140  |
|  Warner Music Group Corp. Class A  | 2662533  | 91245  |
|  |  | 217631  |
| Interactive Media & Services - 7.3%  |  |  |
|  Alphabet, Inc. Class A (a)  | 2450960  | 247522  |
|  Bumble, Inc. (a)  | 410300  | 9995  |
|  Epic Games, Inc. (a)(b)(c)  | 3289  | 2785  |
|  Meta Platforms, Inc. Class A (a)  | 767595  | 90653  |
|  Zoominfo Technologies, Inc. (a)  | 254100  | 7267  |
|  |  | 358222  |
| Media - 1.0%  |  |  |
|  Charter Communications, Inc. Class A (a)  | 120381  | 47104  |
|  Innovid Corp. (a)(b)  | 242614  | 718  |
|  |  | 47822  |
|  TOTAL COMMUNICATION SERVICES  |  | 623675  |
| CONSUMER DISCRETIONARY - 11.2%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Mobileye Global, Inc.  | 39900  | 1138  |
| Automobiles - 0.6%  |  |  |
|  Ferrari NV  | 141665  | 31598  |
|  XPeng, Inc. ADR (a)(d)  | 19500  | 211  |
|  |  | 31809  |
| Diversified Consumer Services - 0.2%  |  |  |
|  Laureate Education, Inc. Class A  | 1091744  | 11441  |
| Hotels, Restaurants & Leisure - 1.6%  |  |  |
|  Airbnb, Inc. Class A (a)  | 294066  | 30036  |
|  Chipotle Mexican Grill, Inc. (a)  | 7500  | 12202  |
|  Flutter Entertainment PLC (a)  | 189353  | 28194  |
|  Wingstop, Inc. (d)  | 52700  | 8722  |
|  |  | 79154  |
| Household Durables - 0.0%  |  |  |
|  Blu Investments LLC (a)(b)(c)  | 12123162  | 4  |
| Internet & Direct Marketing Retail - 5.4%  |  |  |
|  Amazon.com, Inc. (a)  | 1774391  | 171300  |
|  Uber Technologies, Inc. (a)  | 3108815  | 90591  |
|  |  | 261891  |
| Multiline Retail - 0.1%  |  |  |
|  Dollarama, Inc.  | 47700  | 2919  |
| Specialty Retail - 2.2%  |  |  |
|  Aritzia, Inc. (a)  | 89600  | 3408  |
|  Five Below, Inc. (a)  | 213458  | 34337  |
|  TJX Companies, Inc.  | 484163  | 38757  |
|  Victoria's Secret & Co. (a)  | 627380  | 28859  |
|  |  | 105361  |
| Textiles, Apparel & Luxury Goods - 1.1%  |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 39545  | 30688  |
|  On Holding AG (a)  | 11400  | 221  |
|  Samsonite International SA (a)(e)  | 9209700  | 24964  |
|  |  | 55873  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 549590  |
| CONSUMER STAPLES - 4.4%  |  |  |
| Beverages - 4.4%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 49200  | 18911  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 115083  | 29617  |
|  Keurig Dr. Pepper, Inc.  | 742358  | 28707  |
|  Monster Beverage Corp. (a)  | 453689  | 46666  |
|  The Coca-Cola Co.  | 1399708  | 89035  |
|  |  | 212936  |
| ENERGY - 5.5%  |  |  |
| Energy Equipment & Services - 1.1%  |  |  |
|  Baker Hughes Co. Class A  | 842057  | 24436  |
|  Cactus, Inc.  | 130600  | 7103  |
|  Championx Corp.  | 494052  | 15237  |
|  Helmerich & Payne, Inc.  | 130700  | 6676  |
|  TechnipFMC PLC (a)  | 66700  | 827  |
|  |  | 54279  |
| Oil, Gas & Consumable Fuels - 4.4%  |  |  |
|  Canadian Natural Resources Ltd.  | 319944  | 19107  |
|  Cheniere Energy, Inc.  | 408600  | 71652  |
|  Denbury, Inc. (a)  | 96800  | 8689  |
|  New Fortress Energy, Inc.  | 291815  | 14853  |
|  Ovintiv, Inc.  | 84700  | 4723  |
|  Range Resources Corp.  | 587732  | 16968  |
|  Reliance Industries Ltd.  | 2323225  | 78207  |
|  |  | 214199  |
|  TOTAL ENERGY  |  | 268478  |
| FINANCIALS - 5.9%  |  |  |
| Banks - 1.1%  |  |  |
|  Bank of America Corp.  | 1182393  | 44754  |
|  HDFC Bank Ltd. (a)  | 135292  | 2685  |
|  Signature Bank  | 43600  | 6082  |
|  |  | 53521  |
| Capital Markets - 2.0%  |  |  |
|  CME Group, Inc.  | 419080  | 73968  |
|  MSCI, Inc.  | 47786  | 24267  |
|  |  | 98235  |
| Insurance - 2.7%  |  |  |
|  American Financial Group, Inc.  | 191024  | 27167  |
|  Arthur J. Gallagher & Co.  | 292052  | 58150  |
|  BRP Group, Inc. (a)  | 304200  | 9138  |
|  Marsh & McLennan Companies, Inc.  | 216199  | 37441  |
|  |  | 131896  |
| Thrifts & Mortgage Finance - 0.1%  |  |  |
|  Rocket Companies, Inc. (d)  | 407700  | 3384  |
|  TOTAL FINANCIALS  |  | 287036  |
| HEALTH CARE - 19.6%  |  |  |
| Biotechnology - 6.6%  |  |  |
|  2seventy bio, Inc. (a)  | 57100  | 895  |
|  Adamas Pharmaceuticals, Inc.:  |  |  |
|  rights (a)(c)  | 1000100  | 60  |
|  rights (a)(c)  | 1000100  | 60  |
|  Affimed NV (a)  | 337485  | 722  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 118022  | 26034  |
|  Applied Therapeutics, Inc. (a)  | 82690  | 93  |
|  Arcellx, Inc.  | 42000  | 837  |
|  Beam Therapeutics, Inc. (a)(d)  | 45900  | 2120  |
|  Cytokinetics, Inc. (a)  | 124200  | 5279  |
|  EQRx, Inc. (a)  | 243811  | 917  |
|  Erasca, Inc. (a)  | 95000  | 717  |
|  Evelo Biosciences, Inc. (a)  | 268200  | 561  |
|  Galapagos NV sponsored ADR (a)  | 288500  | 11474  |
|  Gamida Cell Ltd. (a)(d)  | 1496668  | 2395  |
|  Genmab A/S (a)  | 10800  | 5005  |
|  Hookipa Pharma, Inc. (a)  | 669700  | 710  |
|  Immunocore Holdings PLC ADR (a)  | 76500  | 4805  |
|  Innovent Biologics, Inc. (a)(e)  | 615500  | 2486  |
|  Insmed, Inc. (a)  | 514189  | 9507  |
|  Legend Biotech Corp. ADR (a)  | 84500  | 4353  |
|  Prelude Therapeutics, Inc. (a)  | 17000  | 113  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 77403  | 58184  |
|  Rubius Therapeutics, Inc. (a)  | 80596  | 18  |
|  Seagen, Inc. (a)  | 209169  | 25391  |
|  Seres Therapeutics, Inc. (a)  | 235000  | 1528  |
|  Synlogic, Inc. (a)  | 670300  | 401  |
|  Vertex Pharmaceuticals, Inc. (a)  | 477781  | 151170  |
|  Vor Biopharma, Inc. (a)  | 252839  | 1163  |
|  XOMA Corp. (a)(d)  | 264700  | 5604  |
|  |  | 322602  |
| Health Care Equipment & Supplies - 0.6%  |  |  |
|  Edwards Lifesciences Corp. (a)  | 257730  | 19910  |
|  Insulet Corp. (a)  | 5000  | 1497  |
|  Nevro Corp. (a)  | 38600  | 1803  |
|  Penumbra, Inc. (a)  | 37386  | 7833  |
|  |  | 31043  |
| Health Care Providers & Services - 6.9%  |  |  |
|  Guardant Health, Inc. (a)  | 259715  | 13593  |
|  HealthEquity, Inc. (a)  | 792322  | 50297  |
|  Option Care Health, Inc. (a)  | 46500  | 1400  |
|  UnitedHealth Group, Inc.  | 499201  | 273442  |
|  |  | 338732  |
| Health Care Technology - 0.3%  |  |  |
|  Certara, Inc. (a)  | 434623  | 7380  |
|  Doximity, Inc. (a)  | 72200  | 2454  |
|  Simulations Plus, Inc. (d)  | 81500  | 3308  |
|  |  | 13142  |
| Life Sciences Tools & Services - 2.5%  |  |  |
|  Bio-Techne Corp.  | 151314  | 12860  |
|  Bruker Corp.  | 358904  | 24194  |
|  Charles River Laboratories International, Inc. (a)  | 20400  | 4663  |
|  Codexis, Inc. (a)  | 365704  | 2000  |
|  Danaher Corp.  | 195082  | 53337  |
|  Nanostring Technologies, Inc. (a)  | 62300  | 435  |
|  Thermo Fisher Scientific, Inc.  | 39269  | 21999  |
|  |  | 119488  |
| Pharmaceuticals - 2.7%  |  |  |
|  Aclaris Therapeutics, Inc. (a)  | 156900  | 2388  |
|  AstraZeneca PLC sponsored ADR  | 446262  | 30332  |
|  Eli Lilly & Co.  | 237907  | 88283  |
|  Nuvation Bio, Inc. (a)  | 186501  | 356  |
|  Revance Therapeutics, Inc. (a)  | 424700  | 9220  |
|  |  | 130579  |
|  TOTAL HEALTH CARE  |  | 955586  |
| INDUSTRIALS - 8.0%  |  |  |
| Aerospace & Defense - 2.4%  |  |  |
|  Axon Enterprise, Inc. (a)  | 71400  | 13140  |
|  Northrop Grumman Corp.  | 80390  | 42871  |
|  The Boeing Co. (a)  | 347339  | 62132  |
|  |  | 118143  |
| Electrical Equipment - 1.4%  |  |  |
|  AMETEK, Inc.  | 114010  | 16237  |
|  Bloom Energy Corp. Class A (a)(d)  | 87000  | 1852  |
|  Eaton Corp. PLC  | 38400  | 6276  |
|  Hubbell, Inc. Class B  | 44000  | 11179  |
|  Rockwell Automation, Inc.  | 124635  | 32931  |
|  |  | 68475  |
| Machinery - 1.8%  |  |  |
|  Chart Industries, Inc. (a)  | 49500  | 7078  |
|  Ingersoll Rand, Inc.  | 850924  | 45924  |
|  Parker Hannifin Corp.  | 66622  | 19916  |
|  Westinghouse Air Brake Tech Co.  | 129100  | 13051  |
|  |  | 85969  |
| Professional Services - 1.4%  |  |  |
|  ASGN, Inc. (a)  | 108100  | 9794  |
|  KBR, Inc.  | 1008557  | 52112  |
|  Kforce, Inc.  | 42200  | 2493  |
|  Upwork, Inc. (a)  | 365088  | 4472  |
|  |  | 68871  |
| Road & Rail - 0.3%  |  |  |
|  Old Dominion Freight Lines, Inc.  | 52128  | 15774  |
| Trading Companies & Distributors - 0.7%  |  |  |
|  Ferguson PLC  | 307753  | 34890  |
|  TOTAL INDUSTRIALS  |  | 392122  |
| INFORMATION TECHNOLOGY - 26.7%  |  |  |
| IT Services - 1.4%  |  |  |
|  Cloudflare, Inc. (a)  | 236854  | 11639  |
|  MasterCard, Inc. Class A  | 105387  | 37560  |
|  MongoDB, Inc. Class A (a)  | 122933  | 18771  |
|  Snowflake, Inc. (a)  | 7500  | 1072  |
|  |  | 69042  |
| Semiconductors & Semiconductor Equipment - 5.2%  |  |  |
|  Aixtron AG  | 526996  | 17374  |
|  Allegro MicroSystems LLC (a)  | 135600  | 4223  |
|  ASML Holding NV  | 41560  | 25273  |
|  eMemory Technology, Inc.  | 36000  | 1763  |
|  Enphase Energy, Inc. (a)  | 152772  | 48977  |
|  Monolithic Power Systems, Inc.  | 7600  | 2903  |
|  NVIDIA Corp.  | 386198  | 65356  |
|  NXP Semiconductors NV  | 56300  | 9900  |
|  Qualcomm, Inc.  | 333208  | 42147  |
|  Silicon Laboratories, Inc. (a)  | 7320  | 1065  |
|  SiTime Corp. (a)  | 131743  | 13894  |
|  Universal Display Corp.  | 178707  | 20126  |
|  |  | 253001  |
| Software - 16.0%  |  |  |
|  Adobe, Inc. (a)  | 257298  | 88750  |
|  Confluent, Inc. (a)(d)  | 250200  | 5762  |
|  Elastic NV (a)  | 3012  | 184  |
|  HashiCorp, Inc. (d)  | 190300  | 5195  |
|  HubSpot, Inc. (a)  | 25800  | 7818  |
|  Intuit, Inc.  | 101261  | 41273  |
|  Manhattan Associates, Inc. (a)  | 187464  | 23609  |
|  Microsoft Corp.  | 1913512  | 488219  |
|  Oracle Corp.  | 629006  | 52226  |
|  Palo Alto Networks, Inc. (a)  | 381686  | 64848  |
|  Volue A/S (a)  | 1027700  | 3210  |
|  |  | 781094  |
| Technology Hardware, Storage & Peripherals - 4.1%  |  |  |
|  Apple, Inc.  | 1366202  | 202239  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 1305376  |
| MATERIALS - 4.3%  |  |  |
| Chemicals - 3.8%  |  |  |
|  Albemarle Corp.  | 227464  | 63233  |
|  Aspen Aerogels, Inc. (a)  | 467000  | 5632  |
|  CF Industries Holdings, Inc.  | 499997  | 54095  |
|  Sherwin-Williams Co.  | 248470  | 61914  |
|  |  | 184874  |
| Metals & Mining - 0.5%  |  |  |
|  Lynas Rare Earths Ltd. (a)  | 2036363  | 12080  |
|  MP Materials Corp. (a)(d)  | 335100  | 11142  |
|  |  | 23222  |
|  TOTAL MATERIALS  |  | 208096  |
| REAL ESTATE - 0.1%  |  |  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Doma Holdings, Inc. (a)(b)  | 487314  | 192  |
|  WeWork, Inc. (a)(d)  | 2621500  | 7235  |
|  |  | 7427  |
| UTILITIES - 0.0%  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  Brookfield Renewable Partners LP  | 82400  | 2331  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $3,460,862)  |  | <br> **4812653**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Preferred Stocks - 0.3%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.3%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.3%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| HEALTH CARE - 0.0%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 111100  | 508  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| IT Services - 0.0%  |  |  |
|  AppNexus, Inc. Series E (Escrow) (a)(b)(c)  | 105425  | 3  |
| Software - 0.0%  |  |  |
|  ASAPP, Inc. Series C (a)(b)(c)  | 367427  | 1400  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 1403  |
| MATERIALS - 0.3%  |  |  |
| Metals & Mining - 0.3%  |  |  |
|  Illuminated Holdings, Inc.:  |  |  |
|  Series C2 (a)(b)(c)  | 76285  | 3595  |
|  Series C3 (a)(b)(c)  | 95356  | 4493  |
|  Series C4 (a)(b)(c)  | 27230  | 1283  |
|  Series C5 (a)(b)(c)  | 53844  | 2537  |
|  |  | 11908  |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS** <br> (Cost $10,964)  |  | <br> **13819**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.1%**  | &nbsp;&nbsp; **Money Market Funds - 3.1%**  | &nbsp;&nbsp; **Money Market Funds - 3.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 121702858  | 121727  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 30148787  | 30152  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $151,879)  |  | **151879**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%** <br> (Cost $3,623,705) <br>| <br>**4978351**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(92537)**  |
| **NET ASSETS - 100.0%**  | **4885814**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) Non-income producing

(b) 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 $17,518,000 or 0.4% of net assets.

(c) Level 3 security

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

(e) 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 $27,450,000 or 0.6% of net assets.

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

(g) 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> (000s)  |
| AppNexus, Inc. Series E (Escrow)  | 8/01/14  | 0  |
| ASAPP, Inc. Series C  | 4/30/21  | 2424  |
| Blu Investments LLC  | 5/21/20  | 21  |
| Doma Holdings, Inc.  | 3/02/21  | 4873  |
| ElevateBio LLC Series C  | 3/09/21  | 466  |
| Epic Games, Inc.  | 3/29/21  | 2911  |
| Illuminated Holdings, Inc. Series C2  | 7/07/20  | 1907  |
| Illuminated Holdings, Inc. Series C3  | 7/07/20  | 2861  |
| Illuminated Holdings, Inc. Series C4  | 1/08/21  | 980  |
| Illuminated Holdings, Inc. Series C5  | 6/16/21  | 2326  |
| Innovid Corp.  | 6/24/21  | 2426  |

---

**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 (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 47883  | 1383077  | 1309233  | 1419  | -  | -  | 121727  | 0.3%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 15138  | 474578  | 459564  | 384  | -  | -  | 30152  | 0.1%  |
| Total  | 63021  | 1857655  | 1768797  | 1803  | -  | -  | 151879  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 623675  | 516750  | 104140  | 2785  |
| Consumer Discretionary  | 549590  | 465740  | 83846  | 4  |
| Consumer Staples  | 212936  | 212936  | -  | -  |
| Energy  | 268478  | 190271  | 78207  | -  |
| Financials  | 287036  | 284351  | 2685  | -  |
| Health Care  | 956094  | 947975  | 7491  | 628  |
| Industrials  | 392122  | 357232  | 34890  | -  |
| Information Technology  | 1306779  | 1283029  | 22347  | 1403  |
| Materials  | 220004  | 196016  | 12080  | 11908  |
| Real Estate  | 7427  | 7427  | -  | -  |
| Utilities  | 2331  | 2331  | -  | -  |
|  Money Market Funds  | 151879  | 151879  | -  | -  |
| **Total Investments in Securities:**  | 4978351  | 4615937  | 345686  | 16728  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $31,013) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $3,471,826)  | $4826472  |  |
|  Fidelity Central Funds (cost $151,879)  | 151879  |  |
|  Total Investment in Securities (cost $3,623,705)  |  | $4978351  |
| Receivable for investments sold  |  | 12133  |
|  Receivable for fund shares sold  |  | 9386  |
|  Dividends receivable  |  | 4318  |
|  Distributions receivable from Fidelity Central Funds  |  | 469  |
|  Prepaid expenses  |  | 6  |
| Other receivables  |  | 24  |
| **Total assets**  |  | 5004687  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $78475  |  |
|  Payable for fund shares redeemed  | 2379  |  |
|  Accrued management fee  | 2011  |  |
|  Distribution and service plan fees payable  | 933  |  |
|  Other affiliated payables  | 632  |  |
|  Other payables and accrued expenses  | 4296  |  |
|  Collateral on securities loaned  | 30147  |  |
| **Total Liabilities**  |  | 118873  |
| **Net Assets**  |  | $4885814  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $3458997  |
|  Total accumulated earnings (loss)  |  | 1426817  |
|  **Net Assets**  |  | $4885814  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,421,852 ÷ 102,682 shares) <sup>(a)</sup>  |  | $13.85  |
|  Maximum offering price per share (100/94.25 of $13.85)  |  | $14.69  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,436,622 ÷ 107,402 shares) <sup>(a)</sup>  |  | $13.38  |
|  Maximum offering price per share (100/96.50 of $13.38)  |  | $13.87  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($97,630 ÷ 9,266 shares) <sup>(a)</sup>  |  | $10.54  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,284,799 ÷ 80,531 shares)  |  | $15.95  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($644,911 ÷ 39,894 shares)  |  | $16.17  |
| *(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**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $36450  |
| Income from Fidelity Central Funds (including $384 from security lending)  |  | 1803  |
| **Total Income**  |  | 38253  |
|  **Expenses**  |  |  |
| Management fee  | $23564  |  |
| Transfer agent fees  | 6807  |  |
| Distribution and service plan fees  | 12546  |  |
| Accounting fees  | 998  |  |
| Custodian fees and expenses  | 91  |  |
| Independent trustees' fees and expenses  | 16  |  |
| Registration fees  | 206  |  |
| Audit  | 71  |  |
| Legal  | 6  |  |
| Interest  | 1  |  |
| Miscellaneous  | 20  |  |
| Total expenses before reductions  | 44326  |  |
| Expense reductions  | (149)  |  |
| Total expenses after reductions  |  | 44177  |
| **Net Investment income (loss)**  |  | (5924)  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $300)  | 101827  |  |
| Foreign currency transactions  | (63)  |  |
| Total net realized gain (loss)  |  | 101764  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $430)  | (1034466)  |  |
| Unfunded commitments  | 253  |  |
| Assets and liabilities in foreign currencies  | 28  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1034185)  |
| **Net gain (loss)**  |  | (932421)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(938345)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $(5924)  | $(3171)  |
| &nbsp;&nbsp; Net realized gain (loss)  | 101764 <br>| 641521 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1034185)  | 464667 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (938345) <br>| 1103017 <br>|
| Distributions to shareholders  | (584982) <br>| (476279) <br>|
| Share transactions - net increase (decrease)  | 1234456 <br>| 241772 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (288871) <br>| 868510 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5174685  | 4306175 <br>|
| &nbsp;&nbsp; End of period  | $4885814  | $5174685  |

---

**Financial Highlights** 

 **Fidelity Advisor® Equity Growth Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.23  | $17.06  | $13.07  | $11.84  | $12.26  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | (.02)  | - <sup>D</sup>  | (.05)  | (.02)  | (.01)  |
| Net realized and unrealized gain (loss)  | (3.14)  | 4.08  | 5.22  | 1.97  | .93  |
| Total from investment operations  | (3.16)  | 4.08  | 5.17  | 1.95  | .92  |
| Distributions from net realized gain  | (2.22)  | (1.91)  | (1.18)  | (.72)  | (1.34)  |
| Total distributions  | (2.22)  | (1.91)  | (1.18)  | (.72)  | (1.34)  |
| Net asset value, end of period  | $13.85  | $19.23  | $17.06  | $13.07  | $11.84  |
| **Total Return** <sup>E,F</sup>  | (18.79)%  | 26.35%  | 42.92%  | 18.34%  | 8.38%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .97%  | .97%  | .99%  | 1.01%  | 1.02%  |
| Expenses net of fee waivers, if any  | .97%  | .97%  | .99%  | 1.01%  | 1.01%  |
| Expenses net of all reductions  | .97%  | .97%  | .99%  | 1.01%  | 1.01%  |
| Net investment income (loss)  | (.11)%  | (.02)% <sup>D</sup>  | (.33)%  | (.16)%  | (.09)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1422  | $1752  | $1477  | $1049  | $865  |
| Portfolio turnover rate <sup>I</sup>  | 40%  | 44%  | 52%  | 49% <sup>J</sup>  | 37%  |

---

<sup>A</sup> *Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *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)%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Growth Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.64  | $16.60  | $12.78  | $11.61  | $12.05  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | (.05)  | (.04) <sup>D</sup>  | (.08)  | (.05)  | (.04)  |
| Net realized and unrealized gain (loss)  | (3.04)  | 3.95  | 5.08  | 1.94  | .91  |
| Total from investment operations  | (3.09)  | 3.91  | 5.00  | 1.89  | .87  |
| Distributions from net realized gain  | (2.17)  | (1.87)  | (1.18)  | (.72)  | (1.31)  |
| Total distributions  | (2.17)  | (1.87)  | (1.18)  | (.72)  | (1.31)  |
| Net asset value, end of period  | $13.38  | $18.64  | $16.60  | $12.78  | $11.61  |
| **Total Return** <sup>E,F</sup>  | (18.95)%  | 25.99%  | 42.54%  | 18.18%  | 8.07%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.21%  | 1.21%  | 1.23%  | 1.25%  | 1.25%  |
| Expenses net of fee waivers, if any  | 1.21%  | 1.21%  | 1.23%  | 1.25%  | 1.25%  |
| Expenses net of all reductions  | 1.21%  | 1.21%  | 1.23%  | 1.24%  | 1.24%  |
| Net investment income (loss)  | (.36)%  | (.26)% <sup>D</sup>  | (.57)%  | (.40)%  | (.32)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1437  | $1938  | $1747  | $1417  | $1332  |
| Portfolio turnover rate <sup>I</sup>  | 40%  | 44%  | 52%  | 49% <sup>J</sup>  | 37%  |

---

<sup>A</sup> *Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *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)%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Growth Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.14  | $13.84  | $10.90  | $10.07  | $10.63  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | (.10)  | (.11) <sup>D</sup>  | (.13)  | (.09)  | (.09)  |
| Net realized and unrealized gain (loss)  | (2.39)  | 3.24  | 4.25  | 1.64  | .80  |
| Total from investment operations  | (2.49)  | 3.13  | 4.12  | 1.55  | .71  |
| Distributions from net realized gain  | (2.11)  | (1.83)  | (1.18)  | (.72)  | (1.27)  |
| Total distributions  | (2.11)  | (1.83)  | (1.18)  | (.72)  | (1.27)  |
| Net asset value, end of period  | $10.54  | $15.14  | $13.84  | $10.90  | $10.07  |
| **Total Return** <sup>E,F</sup>  | (19.38)%  | 25.36%  | 41.73%  | 17.53%  | 7.50%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.75%  | 1.74%  | 1.78%  | 1.80%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.75%  | 1.74%  | 1.77%  | 1.80%  | 1.78%  |
| Expenses net of all reductions  | 1.75%  | 1.74%  | 1.77%  | 1.79%  | 1.77%  |
| Net investment income (loss)  | (.89)%  | (.79)% <sup>D</sup>  | (1.12)%  | (.95)%  | (.85)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $98  | $134  | $131  | $101  | $196  |
| Portfolio turnover rate <sup>I</sup>  | 40%  | 44%  | 52%  | 49% <sup>J</sup>  | 37%  |

---

<sup>A</sup> *Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *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)%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Growth Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.82  | $19.10  | $14.46  | $12.98  | $13.32  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .02  | .05 <sup>D</sup>  | (.01)  | .01  | .02  |
| Net realized and unrealized gain (loss)  | (3.63)  | 4.61  | 5.83  | 2.19  | 1.01  |
| Total from investment operations  | (3.61)  | 4.66  | 5.82  | 2.20  | 1.03  |
| Distributions from net realized gain  | (2.26)  | (1.94)  | (1.18)  | (.72)  | (1.37)  |
| Total distributions  | (2.26)  | (1.94)  | (1.18)  | (.72)  | (1.37)  |
| Net asset value, end of period  | $15.95  | $21.82  | $19.10  | $14.46  | $12.98  |
| **Total Return** <sup>E</sup>  | (18.62)%  | 26.65%  | 43.32%  | 18.68%  | 8.65%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .72%  | .71%  | .74%  | .75%  | .75%  |
| Expenses net of fee waivers, if any  | .71%  | .71%  | .73%  | .75%  | .75%  |
| Expenses net of all reductions  | .71%  | .71%  | .73%  | .75%  | .75%  |
| Net investment income (loss)  | .14%  | .24% <sup>D</sup>  | (.07)%  | .10%  | .17%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1285  | $1067  | $770  | $548  | $679  |
| Portfolio turnover rate <sup>H</sup>  | 40%  | 44%  | 52%  | 49% <sup>I</sup>  | 37%  |

---

<sup>A</sup> *Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *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)%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Growth Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.07  | $19.30  | $14.59  | $13.07  | $13.40  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .04  | .07 <sup>D</sup>  | .01  | .03  | .04  |
| Net realized and unrealized gain (loss)  | (3.66)  | 4.66  | 5.88  | 2.21  | 1.02  |
| Total from investment operations  | (3.62)  | 4.73  | 5.89  | 2.24  | 1.06  |
| Distributions from net realized gain  | (2.28)  | (1.96)  | (1.18)  | (.72)  | (1.39)  |
| Total distributions  | (2.28)  | (1.96)  | (1.18)  | (.72)  | (1.39)  |
| Net asset value, end of period  | $16.17  | $22.07  | $19.30  | $14.59  | $13.07  |
| **Total Return** <sup>E</sup>  | (18.46)%  | 26.77%  | 43.43%  | 18.87%  | 8.80%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .61%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .60%  | .60%  | .61%  | .62%  | .62%  |
| Expenses net of all reductions  | .60%  | .60%  | .61%  | .62%  | .62%  |
| Net investment income (loss)  | .26%  | .35% <sup>D</sup>  | .05%  | .23%  | .30%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $645  | $285  | $180  | $112  | $87  |
| Portfolio turnover rate <sup>H</sup>  | 40%  | 44%  | 52%  | 49% <sup>I</sup>  | 37%  |

---

<sup>A</sup> *Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *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%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022 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.

**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**  | $24  |

---

**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, 2022, 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 & 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 financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships 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**  | $1581459  |
| **Gross unrealized depreciation**  | <u>(246693)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$1334766</u>  |
| **Tax Cost**  | <u>$3643585</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$102671</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1334803</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $62096  | $19253  |
| **Long-term Capital Gains**  | <u>522886</u>  | <u>457026</u>  |
| **Total**  | <u>$584982</u>  | <u>$476279</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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements 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.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor Equity Growth Fund**  | 2367671  | 1783284  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

**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%  | $3652  | $48  |
| **Class M**  | .25%  | .25%  | 7847  | 13  |
| **Class C**  | .75%  | .25%  | <u>1047</u>  | <u>121</u>  |
|  |  |  | <u>$12546</u>  | <u>$182</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**  | $335  |
| **Class M**  | 31  |
| **Class C** <sup>A</sup>  | <u>2</u>  |
|  | <u>$368</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $2392  | .16  |
| **Class M**  | 2455  | .16  |
| **Class C**  | 202  | .19  |
| **Class I**  | 1621  | .16  |
| **Class Z**  | <u>137</u>  | .04  |
|  | <u>$6807</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Equity Growth Fund**  | .02  |

---

**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**  | $34  |

---

**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 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  | $12647  | .32%  | $1  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 147457  | 91838  | 4520  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Equity Growth Fund**  | $8  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $41  | $2  | $36  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $149.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended November 30, 2022**  | **Year ended** **November 30, 2021**  |
| **Fidelity Advisor Equity Growth Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $201902  | $165526  |
| Class M  | 224409  | 196250  |
| Class C  | 18487  | 17503  |
| Class I  | 110672  | 77607  |
| Class Z  | <u>29512</u>  | <u>19393</u>  |
| Total  | <u>$584982</u>  | <u>$476279</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Equity Growth Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 16685  | 10433  | $238232  | $181362  |
| Reinvestment of distributions  | 10895  | 9810  | 189362  | 155004  |
| Shares redeemed  | <u>(16000)</u>  | <u>(15717)</u>  | <u>(233550)</u>  | <u>(273966)</u>  |
| Net increase (decrease)  | <u>11580</u>  | <u>4526</u>  | <u>$194044</u>  | <u>$62400</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 8496  | 8240  | $121186  | $138409  |
| Reinvestment of distributions  | 13013  | 12449  | 218886  | 191216  |
| Shares redeemed  | <u>(18044)</u>  | <u>(22005)</u>  | <u>(258376)</u>  | <u>(373922)</u>  |
| Net increase (decrease)  | <u>3465</u>  | <u>(1316)</u>  | <u>$81696</u>  | <u>$(44297)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 2281  | 1699  | $25246  | $23445  |
| Reinvestment of distributions  | 1360  | 1378  | 18111  | 17283  |
| Shares redeemed  | <u>(3196)</u>  | <u>(3751)</u>  | <u>(36259)</u>  | <u>(51874)</u>  |
| Net increase (decrease)  | <u>445</u>  | <u>(674)</u>  | <u>$7098</u>  | <u>$(11146)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 45700  | 15368  | $738514  | $307950  |
| Reinvestment of distributions  | 5203  | 4008  | 103900  | 71711  |
| Shares redeemed  | <u>(19286)</u>  | <u>(10810)</u>  | <u>(320943)</u>  | <u>(214558)</u>  |
| Net increase (decrease)  | <u>31617</u>  | <u>8566</u>  | <u>$521471</u>  | <u>$165103</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 29802  | 4967  | $472459  | $99995  |
| Reinvestment of distributions  | 1400  | 1033  | 28312  | 18669  |
| Shares redeemed  | <u>(4204)</u>  | <u>(2454)</u>  | <u>(70624)</u>  | <u>(48952)</u>  |
| Net increase (decrease)  | <u>26998</u>  | <u>3546</u>  | <u>$430147</u>  | <u>$69712</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Equity Growth Fund**  |  |  |  |  |
| **Class A**  | .97%  |  |  |  |
| **Actual**  |  | $1000  | $983.00  | $4.82  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.21  | $4.91  |
| **Class M**  | 1.21%  |  |  |  |
| **Actual**  |  | $1000  | $982.40  | $6.01  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.00  | $6.12  |
| **Class C**  | 1.75%  |  |  |  |
| **Actual**  |  | $1000  | $979.60  | $8.68  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.29  | $8.85  |
| **Class I**  | .72%  |  |  |  |
| **Actual**  |  | $1000  | $984.00  | $3.58  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.46  | $3.65  |
| **Class Z**  | .60%  |  |  |  |
| **Actual**  |  | $1000  | $985.40  | $2.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.06  | $3.04  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $121,433,885, 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.

Class A designates 60%; Class M designates 74%; Class C designates 100%; Class I designates 51%; and Class Z designates 47% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 68%; Class M designates 83%; Class C designates 100%; Class I designates 57%; and Class Z designates 53% of the dividends 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, Class M, Class I, and Class Z designate 1% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87703_2.jpg) <br>

1.539469.125 EPG-ANN-0123

**Fidelity Advisor® Value Strategies Fund**

**Annual Report**

**November 30, 2022**

Includes Fidelity and Fidelity Advisor share classes

![](img87692_1.jpg)

![](img87692_2.jpg)

**Contents**

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| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary14)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments14)** |
| **[Financial Statements](#Sec_FinancialStatements14)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -0.87%  | &nbsp;&nbsp; 8.13%  | &nbsp;&nbsp; 10.26%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; 1.27%  | &nbsp;&nbsp; 8.39%  | &nbsp;&nbsp; 10.28%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; 3.42%  | &nbsp;&nbsp; 8.56%  | &nbsp;&nbsp; 10.23%  |
| Fidelity® Value Strategies Fund  | &nbsp;&nbsp; 5.48%  | &nbsp;&nbsp; 9.72%  | &nbsp;&nbsp; 11.23%  |
| Class K  | &nbsp;&nbsp; 5.59%  | &nbsp;&nbsp; 9.85%  | &nbsp;&nbsp; 11.38%  |
| Class I  | &nbsp;&nbsp; 5.44%  | &nbsp;&nbsp; 9.69%  | &nbsp;&nbsp; 11.19%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Strategies Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.  |
| ![](img87692_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500 shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Matt Friedman:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) gained roughly 4% to 6%, outperforming the -1.50% result of the benchmark Russell Midcap <sup>®</sup> Value Index. The largest contributors to performance versus the benchmark were our stock picks in industrials and health care. Also bolstering performance was security selection in the financials sector, especially within the diversified financials industry. Our top individual relative contributor was an out-of-benchmark investment in Cigna (+73%), which was among our largest holdings. The fund's non-benchmark position in Canadian National Resources, the biggest holding in the fund, gained roughly 54%. Another notable relative contributor was an overweighting in Hess (+94%), another of our largest holdings. Conversely, the biggest detractor from performance versus the benchmark was our security selection in materials. Weak picks in real estate also hampered the fund's relative result. Our biggest individual relative detractor was an out-of-benchmark stake in Unisys (-76%). Another notable relative detractor was an overweighting in Signature Bank (-53%). This period we increased our stake. The fund's non-benchmark investment in Jeld-Wen, a position not held at period end, returned -58%. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to real estate.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Canadian Natural Resources Ltd.  | 2.8  |
| Hess Corp.  | 2.0  |
| Cigna Corp.  | 1.8  |
| PG&E Corp.  | 1.7  |
| Halliburton Co.  | 1.7  |
| Ameriprise Financial, Inc.  | 1.6  |
| LPL Financial  | 1.6  |
| Flex Ltd.  | 1.6  |
| The Travelers Companies, Inc.  | 1.5  |
| The AES Corp.  | 1.5  |
|  | 17.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 16.5  |
| Financials  | 16.2  |
| Consumer Discretionary  | 12.6  |
| Materials  | 10.4  |
| Energy  | 9.5  |
| Utilities  | 8.3  |
| Health Care  | 7.7  |
| Real Estate  | 7.4  |
| Information Technology  | 4.7  |
| Consumer Staples  | 3.5  |
| Communication Services  | 3.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87692_6.jpg)  |
| *Foreign investments - 17.3%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87692_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 3.1%  |  |  |
| Diversified Telecommunication Services - 0.7%  |  |  |
|  Cellnex Telecom SA (a)  | 336900  | 11586  |
| Interactive Media & Services - 0.6%  |  |  |
|  Ziff Davis, Inc. (b)  | 97800  | 9023  |
| Media - 1.8%  |  |  |
|  Interpublic Group of Companies, Inc.  | 274000  | 9415  |
|  Liberty Broadband Corp. Class C (b)  | 128000  | 11630  |
|  Nexstar Broadcasting Group, Inc. Class A  | 35800  | 6786  |
|  |  | 27831  |
|  TOTAL COMMUNICATION SERVICES  |  | 48440  |
| CONSUMER DISCRETIONARY - 12.6%  |  |  |
| Auto Components - 1.5%  |  |  |
|  Adient PLC (b)  | 324700  | 12644  |
|  Autoliv, Inc.  | 114900  | 10157  |
|  |  | 22801  |
| Diversified Consumer Services - 0.9%  |  |  |
|  Adtalem Global Education, Inc. (b)  | 351237  | 14611  |
| Hotels, Restaurants & Leisure - 0.8%  |  |  |
|  Caesars Entertainment, Inc. (b)  | 258800  | 13150  |
| Household Durables - 2.0%  |  |  |
|  Mohawk Industries, Inc. (b)  | 87200  | 8836  |
|  Taylor Morrison Home Corp. (b)  | 249100  | 7570  |
|  Tempur Sealy International, Inc.  | 448700  | 14255  |
|  |  | 30661  |
| Internet & Direct Marketing Retail - 0.8%  |  |  |
|  eBay, Inc.  | 282600  | 12841  |
| Leisure Products - 0.5%  |  |  |
|  Mattel, Inc. (b)  | 432300  | 7881  |
| Multiline Retail - 1.8%  |  |  |
|  Dollar Tree, Inc. (b)  | 106400  | 15991  |
|  Kohl's Corp.  | 195900  | 6284  |
|  Nordstrom, Inc. (c)  | 231100  | 4846  |
|  |  | 27121  |
| Specialty Retail - 3.6%  |  |  |
|  American Eagle Outfitters, Inc. (c)  | 1047222  | 16567  |
|  Lithia Motors, Inc. Class A (sub. vtg.) (c)  | 39800  | 9525  |
|  Rent-A-Center, Inc.  | 301700  | 7268  |
|  Sally Beauty Holdings, Inc. (b)  | 427900  | 5032  |
|  Victoria's Secret & Co. (b)  | 379100  | 17439  |
|  |  | 55831  |
| Textiles, Apparel & Luxury Goods - 0.7%  |  |  |
|  Capri Holdings Ltd. (b)  | 176100  | 10099  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 194996  |
| CONSUMER STAPLES - 3.5%  |  |  |
| Beverages - 0.9%  |  |  |
|  Primo Water Corp.  | 839700  | 13141  |
| Food & Staples Retailing - 1.4%  |  |  |
|  U.S. Foods Holding Corp. (b)  | 589100  | 21549  |
| Food Products - 1.2%  |  |  |
|  Darling Ingredients, Inc. (b)  | 261722  | 18799  |
|  TOTAL CONSUMER STAPLES  |  | 53489  |
| ENERGY - 9.5%  |  |  |
| Energy Equipment & Services - 2.4%  |  |  |
|  Halliburton Co.  | 709300  | 26875  |
|  Liberty Oilfield Services, Inc. Class A  | 643187  | 10632  |
|  |  | 37507  |
| Oil, Gas & Consumable Fuels - 7.1%  |  |  |
|  Canadian Natural Resources Ltd.  | 722000  | 43110  |
|  Hess Corp.  | 219800  | 31631  |
|  HF Sinclair Corp.  | 237200  | 14787  |
|  Tourmaline Oil Corp.  | 324200  | 19732  |
|  |  | 109260  |
|  TOTAL ENERGY  |  | 146767  |
| FINANCIALS - 16.2%  |  |  |
| Banks - 3.3%  |  |  |
|  East West Bancorp, Inc.  | 300700  | 21112  |
|  First Citizens Bancshares, Inc. (c)  | 18800  | 15349  |
|  Signature Bank  | 110500  | 15415  |
|  |  | 51876  |
| Capital Markets - 4.0%  |  |  |
|  Ameriprise Financial, Inc.  | 73800  | 24498  |
|  Lazard Ltd. Class A (c)  | 347800  | 12733  |
|  LPL Financial  | 102700  | 24310  |
|  |  | 61541  |
| Consumer Finance - 1.9%  |  |  |
|  OneMain Holdings, Inc.  | 306700  | 12072  |
|  SLM Corp.  | 990184  | 17289  |
|  |  | 29361  |
| Diversified Financial Services - 1.4%  |  |  |
|  Apollo Global Management, Inc.  | 318500  | 22101  |
| Insurance - 4.8%  |  |  |
|  American Financial Group, Inc.  | 76800  | 10922  |
|  Arch Capital Group Ltd. (b)  | 303800  | 18201  |
|  Assurant, Inc.  | 102900  | 13194  |
|  Reinsurance Group of America, Inc.  | 60033  | 8669  |
|  The Travelers Companies, Inc.  | 119000  | 22587  |
|  |  | 73573  |
| Thrifts & Mortgage Finance - 0.8%  |  |  |
|  Walker & Dunlop, Inc.  | 136300  | 12173  |
|  TOTAL FINANCIALS  |  | 250625  |
| HEALTH CARE - 7.7%  |  |  |
| Biotechnology - 1.0%  |  |  |
|  United Therapeutics Corp. (b)  | 56000  | 15674  |
| Health Care Providers & Services - 5.2%  |  |  |
|  AdaptHealth Corp. (b)  | 550800  | 12288  |
|  Centene Corp. (b)  | 189900  | 16531  |
|  Cigna Corp.  | 83200  | 27364  |
|  Laboratory Corp. of America Holdings  | 52700  | 12685  |
|  Tenet Healthcare Corp. (b)  | 238200  | 11000  |
|  |  | 79868  |
| Life Sciences Tools & Services - 0.4%  |  |  |
|  Syneos Health, Inc. (b)  | 177100  | 6248  |
| Pharmaceuticals - 1.1%  |  |  |
|  Jazz Pharmaceuticals PLC (b)  | 108500  | 17025  |
|  TOTAL HEALTH CARE  |  | 118815  |
| INDUSTRIALS - 16.5%  |  |  |
| Air Freight & Logistics - 0.9%  |  |  |
|  FedEx Corp.  | 74100  | 13503  |
| Building Products - 1.3%  |  |  |
|  Builders FirstSource, Inc. (b)  | 315700  | 20183  |
| Commercial Services & Supplies - 0.9%  |  |  |
|  The Brink's Co.  | 235100  | 14047  |
| Construction & Engineering - 4.1%  |  |  |
|  Fluor Corp. (b)(c)  | 604100  | 20304  |
|  Granite Construction, Inc. (c)  | 330400  | 11901  |
|  MDU Resources Group, Inc.  | 394900  | 12435  |
|  Willscot Mobile Mini Holdings (b)  | 405100  | 19530  |
|  |  | 64170  |
| Electrical Equipment - 1.4%  |  |  |
|  Regal Rexnord Corp.  | 126419  | 16575  |
|  Sensata Technologies, Inc. PLC  | 132669  | 5983  |
|  |  | 22558  |
| Machinery - 3.9%  |  |  |
|  Allison Transmission Holdings, Inc.  | 277200  | 12419  |
|  Crane Holdings Co.  | 119200  | 12628  |
|  Flowserve Corp.  | 609700  | 19120  |
|  Kennametal, Inc. (c)  | 596400  | 15757  |
|  |  | 59924  |
| Professional Services - 1.1%  |  |  |
|  Manpower, Inc.  | 187300  | 16392  |
| Road & Rail - 2.0%  |  |  |
|  RXO, Inc. (b)  | 309700  | 5884  |
|  TFI International, Inc. (Canada)  | 126900  | 13773  |
|  XPO Logistics, Inc. (b)  | 309700  | 11961  |
|  |  | 31618  |
| Trading Companies & Distributors - 0.9%  |  |  |
|  Beacon Roofing Supply, Inc. (b)  | 230300  | 13447  |
|  TOTAL INDUSTRIALS  |  | 255842  |
| INFORMATION TECHNOLOGY - 4.7%  |  |  |
| Electronic Equipment & Components - 2.0%  |  |  |
|  Flex Ltd. (b)  | 1095300  | 24075  |
|  Vontier Corp.  | 344600  | 6764  |
|  |  | 30839  |
| IT Services - 2.1%  |  |  |
|  Fidelity National Information Services, Inc.  | 220900  | 16033  |
|  SS&C Technologies Holdings, Inc.  | 239900  | 12897  |
|  Unisys Corp. (b)  | 703132  | 3023  |
|  |  | 31953  |
| Software - 0.6%  |  |  |
|  NCR Corp. (b)  | 428800  | 10235  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 73027  |
| MATERIALS - 10.4%  |  |  |
| Chemicals - 3.8%  |  |  |
|  Axalta Coating Systems Ltd. (b)  | 436500  | 11716  |
|  Methanex Corp. (c)  | 275600  | 10751  |
|  Olin Corp.  | 297783  | 16968  |
|  Tronox Holdings PLC  | 544400  | 7692  |
|  Westlake Corp. (c)  | 113100  | 12175  |
|  |  | 59302  |
| Construction Materials - 0.5%  |  |  |
|  Eagle Materials, Inc.  | 58100  | 7921  |
| Containers & Packaging - 2.2%  |  |  |
|  Berry Global Group, Inc.  | 157000  | 9200  |
|  Crown Holdings, Inc.  | 165954  | 13643  |
|  O-I Glass, Inc. (b)  | 664200  | 10900  |
|  |  | 33743  |
| Metals & Mining - 3.1%  |  |  |
|  ArcelorMittal SA Class A unit GDR  | 347300  | 9394  |
|  Arconic Corp. (b)  | 732700  | 17460  |
|  Constellium NV (b)  | 753797  | 9385  |
|  Freeport-McMoRan, Inc.  | 273700  | 10893  |
|  |  | 47132  |
| Paper & Forest Products - 0.8%  |  |  |
|  Louisiana-Pacific Corp.  | 195700  | 12486  |
|  TOTAL MATERIALS  |  | 160584  |
| REAL ESTATE - 7.4%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 5.0%  |  |  |
|  CubeSmart  | 527500  | 21833  |
|  Equinix, Inc.  | 13700  | 9462  |
|  Equity Lifestyle Properties, Inc.  | 236800  | 15728  |
|  Prologis (REIT), Inc.  | 100937  | 11889  |
|  Welltower, Inc.  | 260400  | 18496  |
|  |  | 77408  |
| Real Estate Management & Development - 2.4%  |  |  |
|  Cushman & Wakefield PLC (b)  | 1287400  | 14702  |
|  Jones Lang LaSalle, Inc. (b)  | 110100  | 18516  |
|  WeWork, Inc. (b)(c)  | 1236300  | 3412  |
|  |  | 36630  |
|  TOTAL REAL ESTATE  |  | 114038  |
| UTILITIES - 8.3%  |  |  |
| Electric Utilities - 6.1%  |  |  |
|  Constellation Energy Corp.  | 219100  | 21060  |
|  Edison International  | 259300  | 17285  |
|  Entergy Corp.  | 159000  | 18487  |
|  FirstEnergy Corp.  | 255500  | 10537  |
|  PG&E Corp. (b)  | 1728115  | 27131  |
|  |  | 94500  |
| Independent Power and Renewable Electricity Producers - 2.2%  |  |  |
|  The AES Corp.  | 779600  | 22546  |
|  Vistra Corp.  | 461000  | 11216  |
|  |  | 33762  |
|  TOTAL UTILITIES  |  | 128262  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $1,276,548)  |  | <br> **1544885**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.4%**  | &nbsp;&nbsp; **Money Market Funds - 3.4%**  | &nbsp;&nbsp; **Money Market Funds - 3.4%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (d)  | 1323598  | 1324  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (d)(e)  | 51748900  | 51754  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $53,078)  |  | **53078**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%** <br> (Cost $1,329,626) <br>| <br>**1597963**  |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(51405)**  |
| **NET ASSETS - 100.0%**  | **1546558**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) 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 $11,586,000 or 0.7% of net assets.

(b) Non-income producing

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 42802  | 367632  | 409110  | 177  | -  | -  | 1324  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 17043  | 655667  | 620956  | 160  | -  | -  | 51754  | 0.2%  |
| Total  | 59845  | 1023299  | 1030066  | 337  | -  | -  | 53078  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 48440  | 36854  | 11586  | -  |
| Consumer Discretionary  | 194996  | 194996  | -  | -  |
| Consumer Staples  | 53489  | 53489  | -  | -  |
| Energy  | 146767  | 146767  | -  | -  |
| Financials  | 250625  | 250625  | -  | -  |
| Health Care  | 118815  | 118815  | -  | -  |
| Industrials  | 255842  | 255842  | -  | -  |
| Information Technology  | 73027  | 73027  | -  | -  |
| Materials  | 160584  | 160584  | -  | -  |
| Real Estate  | 114038  | 114038  | -  | -  |
| Utilities  | 128262  | 128262  | -  | -  |
|  Money Market Funds  | 53078  | 53078  | -  | -  |
| **Total Investments in Securities:**  | 1597963  | 1586377  | 11586  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,716) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $1,276,548)  | $1544885  |  |
|  Fidelity Central Funds (cost $53,078)  | 53078  |  |
|  Total Investment in Securities (cost $1,329,626)  |  | $1597963  |
| Receivable for investments sold  |  | 29252  |
|  Receivable for fund shares sold  |  | 662  |
|  Dividends receivable  |  | 1651  |
|  Distributions receivable from Fidelity Central Funds  |  | 30  |
|  Prepaid expenses  |  | 2  |
| **Total assets**  |  | 1629560  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $28799  |  |
|  Payable for fund shares redeemed  | 1194  |  |
|  Accrued management fee  | 843  |  |
|  Distribution and service plan fees payable  | 170  |  |
|  Other affiliated payables  | 231  |  |
|  Other payables and accrued expenses  | 11  |  |
|  Collateral on securities loaned  | 51754  |  |
| **Total Liabilities**  |  | 83002  |
| **Net Assets**  |  | $1546558  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1249274  |
|  Total accumulated earnings (loss)  |  | 297284  |
|  **Net Assets**  |  | $1546558  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($317,773 ÷ 7,707 shares) <sup>(a)</sup>  |  | $41.23  |
|  Maximum offering price per share (100/94.25 of $41.23)  |  | $43.75  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($231,490 ÷ 5,242 shares) <sup>(a)</sup>  |  | $44.16  |
|  Maximum offering price per share (100/96.50 of $44.16)  |  | $45.76  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($18,076 ÷ 534 shares) <sup>(a)(b)</sup>  |  | $33.87  |
| **Fidelity Value Strategies Fund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($565,088 ÷ 11,157 shares)  |  | $50.65  |
| **Class K :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($61,703 ÷ 1,219 shares) <sup>(b)</sup>  |  | $50.61  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($352,428 ÷ 7,569 shares)  |  | $46.56  |
| *(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.*  |
| *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $24944  |
| Income from Fidelity Central Funds (including $160 from security lending)  |  | 337  |
| **Total Income**  |  | 25281  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $7621  |  |
| Performance adjustment  | 2054  |  |
| Transfer agent fees  | 2342  |  |
| Distribution and service plan fees  | 2028  |  |
| Accounting fees  | 430  |  |
| Custodian fees and expenses  | 15  |  |
| Independent trustees' fees and expenses  | 5  |  |
| Registration fees  | 147  |  |
| Audit  | 59  |  |
| Legal  | 3  |  |
| Interest  | 1  |  |
| Miscellaneous  | 7  |  |
| Total expenses before reductions  | 14712  |  |
| Expense reductions  | (47)  |  |
| Total expenses after reductions  |  | 14665  |
| **Net Investment income (loss)**  |  | 10616  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 32417  |  |
| Foreign currency transactions  | (17)  |  |
| Total net realized gain (loss)  |  | 32400  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 24245  |
| **Net gain (loss)**  |  | 56645  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $67261  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $10616  | $11648  |
| &nbsp;&nbsp; Net realized gain (loss)  | 32400 <br>| 140353 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 24245  | 103632 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 67261 <br>| 255633 <br>|
| Distributions to shareholders  | (104569) <br>| (6556) <br>|
| Share transactions - net increase (decrease)  | 256598 <br>| 289262 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 219290 <br>| 538339 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1327268  | 788929 <br>|
| &nbsp;&nbsp; End of period  | $1546558  | $1327268  |

---

**Financial Highlights** 

 **Fidelity Advisor® Value Strategies Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.62  | $32.58  | $33.23  | $33.48  | $38.91  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .24  | .37 <sup>C</sup>  | .29  | .42 <sup>D</sup>  | .35  |
| Net realized and unrealized gain (loss)  | 2.05  | 9.96  | .87  | 3.66  | (2.50)  |
| Total from investment operations  | 2.29  | 10.33  | 1.16  | 4.08  | (2.15)  |
| Distributions from net investment income  | (.39)  | (.29)  | (.46) <sup>E</sup>  | (.29)  | (.51)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.68)  | (.29)  | (1.81) <sup>F</sup>  | (4.33)  | (3.28)  |
| Net asset value, end of period  | $41.23  | $42.62  | $32.58  | $33.23  | $33.48  |
| **Total Return** <sup>G,H</sup>  | 5.18%  | 31.91%  | 3.53%  | 16.34%  | (6.16)%  |
| **Ratios to Average Net Assets** <sup>B,I,J</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.14%  | 1.13%  | 1.03%  | 1.02%  | .91%  |
| Expenses net of fee waivers, if any  | 1.13%  | 1.13%  | 1.02%  | 1.02%  | .91%  |
| Expenses net of all reductions  | 1.13%  | 1.13%  | 1.01%  | 1.01%  | .90%  |
| Net investment income (loss)  | .61%  | .90% <sup>C</sup>  | 1.03%  | 1.39% <sup>D</sup>  | .98% <sup>K</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $318  | $254  | $191  | $204  | $175  |
| Portfolio turnover rate <sup>L</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.10%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total distributions per share do not sum due to rounding.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Total returns do not include the effect of the sales charges.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *The 2018 net investment income (loss) ratio has been restated to reflect the reclassification of certain distributions received by the fund.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Value Strategies Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $45.37  | $34.67  | $35.23  | $35.16  | $40.69  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .16  | .29 <sup>C</sup>  | .24  | .37 <sup>D</sup>  | .28  |
| Net realized and unrealized gain (loss)  | 2.17  | 10.61  | .92  | 3.93  | (2.63)  |
| Total from investment operations  | 2.33  | 10.90  | 1.16  | 4.30  | (2.35)  |
| Distributions from net investment income  | (.25)  | (.20)  | (.37) <sup>E</sup>  | (.19)  | (.41)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.54)  | (.20)  | (1.72) <sup>F</sup>  | (4.23)  | (3.18)  |
| Net asset value, end of period  | $44.16  | $45.37  | $34.67  | $35.23  | $35.16  |
| **Total Return** <sup>G,H</sup>  | 4.95%  | 31.59%  | 3.32%  | 16.07%  | (6.38)%  |
| **Ratios to Average Net Assets** <sup>B,I,J</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.37%  | 1.37%  | 1.25%  | 1.25%  | 1.14%  |
| Expenses net of fee waivers, if any  | 1.37%  | 1.37%  | 1.25%  | 1.24%  | 1.14%  |
| Expenses net of all reductions  | 1.37%  | 1.37%  | 1.24%  | 1.24%  | 1.13%  |
| Net investment income (loss)  | .37%  | .66% <sup>C</sup>  | .81%  | 1.16% <sup>D</sup>  | .75%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $231  | $237  | $204  | $234  | $225  |
| Portfolio turnover rate <sup>K</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total distributions per share do not sum due to rounding.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Total returns do not include the effect of the sales charges.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Value Strategies Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.64  | $27.33  | $28.07  | $28.95  | $34.09  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.06)  | .04 <sup>C</sup>  | .05  | .15 <sup>D</sup>  | .06  |
| Net realized and unrealized gain (loss)  | 1.72  | 8.37  | .71  | 3.04  | (2.16)  |
| Total from investment operations  | 1.66  | 8.41  | .76  | 3.19  | (2.10)  |
| Distributions from net investment income  | (.14)  | (.10)  | (.16) <sup>E</sup>  | (.03)  | (.27)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.43)  | (.10)  | (1.50)  | (4.07)  | (3.04)  |
| Net asset value, end of period  | $33.87  | $35.64  | $27.33  | $28.07  | $28.95  |
| **Total Return** <sup>F,G</sup>  | 4.37%  | 30.84%  | 2.73%  | 15.41%  | (6.89)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.92%  | 1.92%  | 1.83%  | 1.82%  | 1.68%  |
| Expenses net of fee waivers, if any  | 1.91%  | 1.91%  | 1.83%  | 1.82%  | 1.68%  |
| Expenses net of all reductions  | 1.91%  | 1.91%  | 1.82%  | 1.82%  | 1.67%  |
| Net investment income (loss)  | (.17)%  | .11% <sup>C</sup>  | .23%  | .58% <sup>D</sup>  | .21%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $18  | $14  | $11  | $14  | $34  |
| Portfolio turnover rate <sup>J</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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)%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity® Value Strategies Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.53  | $39.30  | $39.68  | $39.04  | $44.81  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .43  | .58 <sup>C</sup>  | .43  | .60 <sup>D</sup>  | .52  |
| Net realized and unrealized gain (loss)  | 2.47  | 12.00  | 1.07  | 4.46  | (2.92)  |
| Total from investment operations  | 2.90  | 12.58  | 1.50  | 5.06  | (2.40)  |
| Distributions from net investment income  | (.49)  | (.35)  | (.54) <sup>E</sup>  | (.38)  | (.61)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.78)  | (.35)  | (1.88)  | (4.42)  | (3.37) <sup>F</sup>  |
| Net asset value, end of period  | $50.65  | $51.53  | $39.30  | $39.68  | $39.04  |
| **Total Return** <sup>G</sup>  | 5.48%  | 32.24%  | 3.85%  | 16.63%  | (5.89)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .88%  | .86%  | .76%  | .74%  | .63%  |
| Expenses net of fee waivers, if any  | .87%  | .86%  | .76%  | .74%  | .63%  |
| Expenses net of all reductions  | .87%  | .86%  | .75%  | .74%  | .62%  |
| Net investment income (loss)  | .87%  | 1.17% <sup>C</sup>  | 1.30%  | 1.66% <sup>D</sup>  | 1.26%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $565  | $513  | $285  | $332  | $324  |
| Portfolio turnover rate <sup>J</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total distributions per share do not sum due to rounding.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity® Value Strategies Fund Class K** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.49  | $39.27  | $39.65  | $39.03  | $44.82  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .49  | .64 <sup>C</sup>  | .48  | .64 <sup>D</sup>  | .58  |
| Net realized and unrealized gain (loss)  | 2.46  | 11.98  | 1.07  | 4.46  | (2.93)  |
| Total from investment operations  | 2.95  | 12.62  | 1.55  | 5.10  | (2.35)  |
| Distributions from net investment income  | (.54)  | (.40)  | (.59) <sup>E</sup>  | (.44)  | (.67)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.83)  | (.40)  | (1.93)  | (4.48)  | (3.44)  |
| Net asset value, end of period  | $50.61  | $51.49  | $39.27  | $39.65  | $39.03  |
| **Total Return** <sup>F</sup>  | 5.59%  | 32.41%  | 3.99%  | 16.80%  | (5.80)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .75%  | .75%  | .62%  | .61%  | .50%  |
| Expenses net of fee waivers, if any  | .75%  | .75%  | .61%  | .61%  | .50%  |
| Expenses net of all reductions  | .75%  | .75%  | .60%  | .61%  | .49%  |
| Net investment income (loss)  | .99%  | 1.28% <sup>C</sup>  | 1.44%  | 1.79% <sup>D</sup>  | 1.39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $62  | $54  | $37  | $49  | $49  |
| Portfolio turnover rate <sup>I</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Value Strategies Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.69  | $36.40  | $36.90  | $36.64  | $42.27  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .39  | .54 <sup>C</sup>  | .40  | .55 <sup>D</sup>  | .48  |
| Net realized and unrealized gain (loss)  | 2.28  | 11.10  | .98  | 4.12  | (2.75)  |
| Total from investment operations  | 2.67  | 11.64  | 1.38  | 4.67  | (2.27)  |
| Distributions from net investment income  | (.51)  | (.35)  | (.53) <sup>E</sup>  | (.37)  | (.59)  |
| Distributions from net realized gain  | (3.29)  | -  | (1.34) <sup>E</sup>  | (4.04)  | (2.77)  |
| Total distributions  | (3.80)  | (.35)  | (1.88) <sup>F</sup>  | (4.41)  | (3.36)  |
| Net asset value, end of period  | $46.56  | $47.69  | $36.40  | $36.90  | $36.64  |
| **Total Return** <sup>G</sup>  | 5.44%  | 32.23%  | 3.80%  | 16.64%  | (5.95)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .89%  | .88%  | .78%  | .78%  | .67%  |
| Expenses net of fee waivers, if any  | .88%  | .88%  | .78%  | .78%  | .67%  |
| Expenses net of all reductions  | .88%  | .88%  | .77%  | .77%  | .66%  |
| Net investment income (loss)  | .86%  | 1.15% <sup>C</sup>  | 1.27%  | 1.63% <sup>D</sup>  | 1.22%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $352  | $256  | $61  | $72  | $62  |
| Portfolio turnover rate <sup>J</sup>  | 46%  | 53%  | 72%  | 66%  | 72%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.34%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total distributions per share do not sum due to rounding.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2022, 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, 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**  | $372574  |
| **Gross unrealized depreciation**  | <u>(105814)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$266760</u>  |
| **Tax Cost**  | <u>$1331203</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8391</u>  |
| **Undistributed long-term capital gain**  | <u>$22133</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$266760</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $16274  | $6556  |
| **Long-term Capital Gains**  | <u>88295</u>  | <u>-</u>  |
| **Total**  | <u>$104569</u>  | <u>$6556</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.

**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**  | 834128  | 655866  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .67% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $703  | $19  |
| **Class M**  | .25%  | .25%  | 1158  | 6  |
| **Class C**  | .75%  | .25%  | <u>167</u>  | <u>46</u>  |
|  |  |  | <u>$2028</u>  | <u>$71</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**  | $77  |
| **Class M**  | 7  |
| **Class C** <sup>A</sup>  | <u>-</u> <sup>B</sup>  |
|  | <u>$84</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

<sup>B</sup> *In the amount of less than five hundred dollars.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $486  | .17  |
| **Class M**  | 371  | .16  |
| **Class C**  | 34  | .20  |
| **Fidelity Value Strategies Fund**  | 880  | .16  |
| **Class K**  | 24  | .04  |
| **Class I**  | <u>547</u>  | .17  |
|  | <u>$2342</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Value Strategies Fund**  | .03  |

---

**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**  | $18  |

---

**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 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  | $6352  | 2.68%  | $1  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 94975  | 103613  | 7405  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Value Strategies Fund**  | $2  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $17  | $-  | $-  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $47.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Value Strategies Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $21936  | $1656  |
| Class M  | 18416  | 1180  |
| Class C  | 1360  | 40  |
| Fidelity Value Strategies Fund  | 37615  | 2562  |
| Class K  | 4029  | 519  |
| Class I  | <u>21213</u>  | <u>599</u>  |
| Total  | <u>$104569</u>  | <u>$6556</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Value Strategies Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2196  | 923  | $89027  | $38968  |
| Reinvestment of distributions  | 488  | 46  | 20592  | 1564  |
| Shares redeemed  | <u>(926)</u>  | <u>(886)</u>  | <u>(36950)</u>  | <u>(36228)</u>  |
| Net increase (decrease)  | <u>1758</u>  | <u>83</u>  | <u>$72669</u>  | <u>$4304</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 311  | 264  | $13538  | $11691  |
| Reinvestment of distributions  | 374  | 30  | 16915  | 1087  |
| Shares redeemed  | <u>(668)</u>  | <u>(946)</u>  | <u>(28828)</u>  | <u>(41613)</u>  |
| Net increase (decrease)  | <u>17</u>  | <u>(652)</u>  | <u>$1625</u>  | <u>$(28835)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 242  | 176  | $8153  | $6181  |
| Reinvestment of distributions  | 38  | 1  | 1324  | 39  |
| Shares redeemed  | <u>(141)</u>  | <u>(199)</u>  | <u>(4671)</u>  | <u>(6868)</u>  |
| Net increase (decrease)  | <u>139</u>  | <u>(22)</u>  | <u>$4806</u>  | <u>$(648)</u>  |
| **Fidelity Value Strategies Fund**  |  |  |  |  |
| Shares sold  | 4143  | 5709  | $207243  | $286521  |
| Reinvestment of distributions  | 684  | 59  | 35310  | 2426  |
| Shares redeemed  | <u>(3616)</u>  | <u>(3070)</u>  | <u>(176732)</u>  | <u>(154252)</u>  |
| Net increase (decrease)  | <u>1211</u>  | <u>2698</u>  | <u>$65821</u>  | <u>$134695</u>  |
| **Class K**  |  |  |  |  |
| Shares sold  | 569  | 940  | $28021  | $42621  |
| Reinvestment of distributions  | 78  | 13  | 4029  | 519  |
| Shares redeemed  | <u>(485)</u>  | <u>(838)</u>  | <u>(23528)</u>  | <u>(38317)</u>  |
| Net increase (decrease)  | <u>162</u>  | <u>115</u>  | <u>$8522</u>  | <u>$4823</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 4791  | 4762  | $217077  | $225688  |
| Reinvestment of distributions  | 430  | 15  | 20448  | 571  |
| Shares redeemed  | <u>(3013)</u>  | <u>(1086)</u>  | <u>(134370)</u>  | <u>(51336)</u>  |
| Net increase (decrease)  | <u>2208</u>  | <u>3691</u>  | <u>$103155</u>  | <u>$174923</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Value Strategies Fund**  |  |  |  |  |
| **Class A**  | 1.14%  |  |  |  |
| **Actual**  |  | $1000  | $989.40  | $5.69  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.35  | $5.77  |
| **Class M**  | 1.37%  |  |  |  |
| **Actual**  |  | $1000  | $988.40  | $6.83  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1018.20  | $6.93  |
| **Class C**  | 1.92%  |  |  |  |
| **Actual**  |  | $1000  | $985.50  | $9.56  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1015.44  | $9.70  |
| **Fidelity® Value Strategies Fund**  | .88%  |  |  |  |
| **Actual**  |  | $1000  | $990.80  | $4.39  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.66  | $4.46  |
| **Class K**  | .76%  |  |  |  |
| **Actual**  |  | $1000  | $991.40  | $3.79  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.26  | $3.85  |
| **Class I**  | .89%  |  |  |  |
| **Actual**  |  | $1000  | $990.60  | $4.44  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.61  | $4.51  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $29,634,337, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.55% 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.

Class A, Class M, Class C, Fidelity Advisor Value Strategies Fund designates 100%; Class K designates 94%; and Class I designates 98% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Fidelity Advisor Value Strategies Fund, Class K and Class I designate 100% of the dividends 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.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87692_2.jpg) <br>

1.539180.125 SO-ANN-0123

**Fidelity Advisor® Large Cap Fund**

**Annual Report**

**November 30, 2022**

![](img87698_1.jpg)

![](img87698_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary534)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments534)** |
| **[Financial Statements](#Sec_FinancialStatements534)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -4.35%  | &nbsp;&nbsp; 8.61%  | &nbsp;&nbsp; 11.87%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -2.31%  | &nbsp;&nbsp; 8.84%  | &nbsp;&nbsp; 11.85%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -0.24%  | &nbsp;&nbsp; 9.06%  | &nbsp;&nbsp; 11.86%  |
| Class I  | &nbsp;&nbsp; 1.77%  | &nbsp;&nbsp; 10.20%  | &nbsp;&nbsp; 12.84%  |
| Class Z  | &nbsp;&nbsp; 1.88%  | &nbsp;&nbsp; 10.33%  | &nbsp;&nbsp; 12.92%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Large Cap Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img87698_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Matt Fruhan:**

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 1% to 2%, handily outperforming the -9.21% result of the benchmark S&P 500® index. Versus the benchmark, market selection was the primary contributor, led by an overweight in the energy sector. My picks in the health care sector, especially within the health care equipment & services industry, also lifted the fund's relative result. Also lifting performance was an underweight and stock selection in consumer discretionary. The biggest individual relative contributor was an overweight in Exxon Mobil (+93%), the fund's top holding. Also helping was a lighter-than-benchmark stake in Amazon.com (-45%). This was an investment we established the past 12 months. Another notable relative contributor was an outsized stake in Hess (+96%), one of our biggest holdings. The fund's foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. In contrast, the largest detractor from performance versus the benchmark was security selection in industrials, especially within the capital goods industry. An underweight in utilities and stock picks in financials also hampered relative performance. Not owning Chevron, a benchmark component that gained about 68%, was the largest individual relative detractor. Our second-largest relative detractor this period was avoiding Berkshire Hathaway, a benchmark component that gained 15%. It also hurt to overweight Comcast (-25%), which was among the fund's biggest holdings this period. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer discretionary.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Exxon Mobil Corp.  | 7.8  |
| General Electric Co.  | 6.2  |
| Microsoft Corp.  | 5.8  |
| Wells Fargo & Co.  | 5.7  |
| Bank of America Corp.  | 3.1  |
| Apple, Inc.  | 3.0  |
| Hess Corp.  | 2.3  |
| Bristol-Myers Squibb Co.  | 2.2  |
| Comcast Corp. Class A  | 1.9  |
| The Boeing Co.  | 1.9  |
|  | 39.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 17.4  |
| Financials  | 16.4  |
| Industrials  | 14.4  |
| Energy  | 13.8  |
| Health Care  | 13.7  |
| Communication Services  | 7.5  |
| Consumer Staples  | 4.6  |
| Consumer Discretionary  | 3.6  |
| Materials  | 3.1  |
| Real Estate  | 0.8  |
| Utilities  | 0.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87698_6.jpg)  |
| *Foreign investments - 9.8%*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.8%**  | &nbsp;&nbsp; **Common Stocks - 95.8%**  | &nbsp;&nbsp; **Common Stocks - 95.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.5%  |  |  |
| Diversified Telecommunication Services - 0.4%  |  |  |
|  Cellnex Telecom SA (a)  | 42300  | 1454636  |
|  Verizon Communications, Inc.  | 54276  | 2115678  |
|  |  | 3570314  |
| Entertainment - 1.3%  |  |  |
|  Activision Blizzard, Inc.  | 16611  | 1228383  |
|  Nintendo Co. Ltd. ADR  | 138900  | 1490397  |
|  The Walt Disney Co. (b)  | 62775  | 6143789  |
|  Universal Music Group NV  | 214634  | 5104164  |
|  |  | 13966733  |
| Interactive Media & Services - 3.4%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (b)  | 140880  | 14227471  |
|  Class C (b)  | 127460  | 12930817  |
|  Match Group, Inc. (b)  | 4600  | 232576  |
|  Meta Platforms, Inc. Class A (b)  | 56500  | 6672650  |
|  Snap, Inc. Class A (b)  | 105800  | 1090798  |
|  |  | 35154312  |
| Media - 2.4%  |  |  |
|  Comcast Corp. Class A  | 560523  | 20537563  |
|  Interpublic Group of Companies, Inc.  | 146420  | 5030991  |
|  |  | 25568554  |
|  TOTAL COMMUNICATION SERVICES  |  | 78259913  |
| CONSUMER DISCRETIONARY - 3.6%  |  |  |
| Auto Components - 0.2%  |  |  |
|  BorgWarner, Inc.  | 63616  | 2704316  |
| Automobiles - 0.1%  |  |  |
|  General Motors Co.  | 22800  | 924768  |
| Hotels, Restaurants & Leisure - 1.4%  |  |  |
|  Booking Holdings, Inc. (b)  | 4019  | 8357310  |
|  Expedia, Inc. (b)  | 17900  | 1912436  |
|  Marriott International, Inc. Class A  | 19400  | 3207790  |
|  Starbucks Corp.  | 12700  | 1297940  |
|  |  | 14775476  |
| Household Durables - 0.4%  |  |  |
|  Mohawk Industries, Inc. (b)  | 23906  | 2422395  |
|  Sony Group Corp. sponsored ADR  | 14500  | 1204515  |
|  Whirlpool Corp.  | 3234  | 473878  |
|  |  | 4100788  |
| Internet & Direct Marketing Retail - 0.2%  |  |  |
|  Amazon.com, Inc. (b)  | 19300  | 1863222  |
| Multiline Retail - 0.1%  |  |  |
|  Target Corp.  | 5000  | 835350  |
| Specialty Retail - 1.1%  |  |  |
|  Lowe's Companies, Inc.  | 54630  | 11611607  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |
|  NIKE, Inc. Class B  | 7200  | 789768  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 37605295  |
| CONSUMER STAPLES - 4.6%  |  |  |
| Beverages - 1.7%  |  |  |
|  Diageo PLC sponsored ADR  | 26000  | 4850300  |
|  Keurig Dr. Pepper, Inc.  | 88700  | 3430029  |
|  The Coca-Cola Co.  | 158981  | 10112781  |
|  |  | 18393110  |
| Food & Staples Retailing - 1.5%  |  |  |
|  Costco Wholesale Corp.  | 1300  | 701025  |
|  Performance Food Group Co. (b)  | 37100  | 2262358  |
|  Sysco Corp.  | 88500  | 7656135  |
|  U.S. Foods Holding Corp. (b)  | 47800  | 1748524  |
|  Walmart, Inc.  | 20700  | 3155094  |
|  |  | 15523136  |
| Household Products - 0.1%  |  |  |
|  Colgate-Palmolive Co.  | 1000  | 77480  |
|  Spectrum Brands Holdings, Inc.  | 18467  | 983737  |
|  |  | 1061217  |
| Personal Products - 0.3%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 400  | 94316  |
|  Haleon PLC ADR (b)  | 374138  | 2577811  |
|  |  | 2672127  |
| Tobacco - 1.0%  |  |  |
|  Altria Group, Inc.  | 221180  | 10302564  |
|  TOTAL CONSUMER STAPLES  |  | 47952154  |
| ENERGY - 13.8%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Baker Hughes Co. Class A  | 7900  | 229258  |
| Oil, Gas & Consumable Fuels - 13.8%  |  |  |
|  Canadian Natural Resources Ltd.  | 34900  | 2083648  |
|  Cenovus Energy, Inc. (Canada)  | 765462  | 15222175  |
|  EQT Corp.  | 25500  | 1081455  |
|  Exxon Mobil Corp.  | 730668  | 81352572  |
|  Hess Corp.  | 169535  | 24397782  |
|  Imperial Oil Ltd.  | 88900  | 5057813  |
|  Kosmos Energy Ltd. (b)  | 972495  | 6467092  |
|  Phillips 66 Co.  | 14400  | 1561536  |
|  Tourmaline Oil Corp.  | 125400  | 7632233  |
|  |  | 144856306  |
|  TOTAL ENERGY  |  | 145085564  |
| FINANCIALS - 16.4%  |  |  |
| Banks - 12.4%  |  |  |
|  Bank of America Corp.  | 845314  | 31995135  |
|  JPMorgan Chase & Co.  | 81818  | 11305611  |
|  M&T Bank Corp.  | 12828  | 2181017  |
|  PNC Financial Services Group, Inc.  | 65241  | 10977451  |
|  Truist Financial Corp.  | 156127  | 7308305  |
|  U.S. Bancorp  | 135490  | 6149891  |
|  Wells Fargo & Co.  | 1248903  | 59884899  |
|  |  | 129802309  |
| Capital Markets - 2.7%  |  |  |
|  KKR & Co. LP  | 102191  | 5305757  |
|  Morgan Stanley  | 61525  | 5726132  |
|  Northern Trust Corp.  | 102391  | 9533626  |
|  Raymond James Financial, Inc.  | 27793  | 3249002  |
|  State Street Corp.  | 55119  | 4391331  |
|  |  | 28205848  |
| Consumer Finance - 0.2%  |  |  |
|  Discover Financial Services  | 23200  | 2513952  |
| Diversified Financial Services - 0.0%  |  |  |
|  Acacia Research Corp. (b)  | 36900  | 152397  |
| Insurance - 0.2%  |  |  |
|  Chubb Ltd.  | 10495  | 2304597  |
| Thrifts & Mortgage Finance - 0.9%  |  |  |
|  MGIC Investment Corp.  | 152476  | 2093495  |
|  Radian Group, Inc.  | 366031  | 7163227  |
|  |  | 9256722  |
|  TOTAL FINANCIALS  |  | 172235825  |
| HEALTH CARE - 13.7%  |  |  |
| Biotechnology - 0.5%  |  |  |
|  ADC Therapeutics SA (b)  | 18900  | 69174  |
|  Alnylam Pharmaceuticals, Inc. (b)  | 12119  | 2673330  |
|  Argenx SE ADR (b)  | 1100  | 437767  |
|  Crinetics Pharmaceuticals, Inc. (b)  | 28300  | 505721  |
|  Insmed, Inc. (b)  | 47497  | 878220  |
|  Vaxcyte, Inc. (b)  | 17300  | 796838  |
|  Verve Therapeutics, Inc. (b)  | 14800  | 343804  |
|  |  | 5704854  |
| Health Care Equipment & Supplies - 1.6%  |  |  |
|  Abbott Laboratories  | 4000  | 430320  |
|  Becton, Dickinson & Co.  | 10797  | 2692124  |
|  Boston Scientific Corp. (b)  | 279026  | 12631507  |
|  iRhythm Technologies, Inc. (b)  | 100  | 10905  |
|  Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)  | 48305  | 726507  |
|  |  | 16491363  |
| Health Care Providers & Services - 6.6%  |  |  |
|  Cardinal Health, Inc.  | 90982  | 7294027  |
|  Centene Corp. (b)  | 8400  | 731220  |
|  Cigna Corp.  | 48703  | 16017930  |
|  CVS Health Corp.  | 102268  | 10419064  |
|  Guardant Health, Inc. (b)  | 22800  | 1193352  |
|  Humana, Inc.  | 3600  | 1979640  |
|  McKesson Corp.  | 35106  | 13399258  |
|  Oak Street Health, Inc. (b)  | 14800  | 319976  |
|  UnitedHealth Group, Inc.  | 31999  | 17527772  |
|  |  | 68882239  |
| Life Sciences Tools & Services - 0.2%  |  |  |
|  Danaher Corp.  | 9600  | 2624736  |
| Pharmaceuticals - 4.8%  |  |  |
|  Bayer AG  | 38556  | 2237671  |
|  Bristol-Myers Squibb Co.  | 289717  | 23258481  |
|  Eli Lilly & Co.  | 10600  | 3933448  |
|  GSK PLC sponsored ADR  | 212030  | 7334118  |
|  Johnson & Johnson  | 70584  | 12563952  |
|  Pliant Therapeutics, Inc. (b)  | 16400  | 301432  |
|  Sanofi SA sponsored ADR  | 17700  | 802695  |
|  Viatris, Inc.  | 11800  | 130154  |
|  |  | 50561951  |
|  TOTAL HEALTH CARE  |  | 144265143  |
| INDUSTRIALS - 14.3%  |  |  |
| Aerospace & Defense - 3.2%  |  |  |
|  Airbus Group NV  | 49300  | 5659420  |
|  General Dynamics Corp.  | 13129  | 3313628  |
|  Huntington Ingalls Industries, Inc.  | 9319  | 2161635  |
|  MTU Aero Engines AG  | 3600  | 759108  |
|  Raytheon Technologies Corp.  | 15092  | 1489882  |
|  Safran SA  | 7200  | 889817  |
|  The Boeing Co. (b)  | 108167  | 19348913  |
|  |  | 33622403  |
| Air Freight & Logistics - 1.9%  |  |  |
|  FedEx Corp.  | 22892  | 4171380  |
|  United Parcel Service, Inc. Class B  | 85463  | 16214895  |
|  |  | 20386275  |
| Airlines - 0.1%  |  |  |
|  Copa Holdings SA Class A (b)  | 3200  | 280416  |
|  Ryanair Holdings PLC sponsored ADR (b)  | 9400  | 711486  |
|  |  | 991902  |
| Building Products - 0.2%  |  |  |
|  Johnson Controls International PLC  | 26000  | 1727440  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  ACV Auctions, Inc. Class A (b)(c)  | 95900  | 847756  |
| Electrical Equipment - 1.0%  |  |  |
|  Acuity Brands, Inc.  | 18456  | 3475080  |
|  Hubbell, Inc. Class B  | 11785  | 2994097  |
|  Regal Rexnord Corp.  | 1400  | 183554  |
|  Vertiv Holdings Co.  | 303100  | 4197935  |
|  |  | 10850666  |
| Industrial Conglomerates - 6.3%  |  |  |
|  3M Co.  | 9559  | 1204147  |
|  General Electric Co.  | 749913  | 64470021  |
|  |  | 65674168  |
| Machinery - 0.9%  |  |  |
|  Cummins, Inc.  | 6000  | 1506960  |
|  Flowserve Corp.  | 60619  | 1901012  |
|  Fortive Corp.  | 30400  | 2053520  |
|  Otis Worldwide Corp.  | 19696  | 1538061  |
|  Stanley Black & Decker, Inc.  | 8500  | 694620  |
|  Westinghouse Air Brake Tech Co.  | 21345  | 2157766  |
|  |  | 9851939  |
| Professional Services - 0.1%  |  |  |
|  Equifax, Inc.  | 3700  | 730269  |
| Road & Rail - 0.5%  |  |  |
|  Knight-Swift Transportation Holdings, Inc. Class A (c)  | 95658  | 5302323  |
| Trading Companies & Distributors - 0.0%  |  |  |
|  Beijer Ref AB (B Shares)  | 15900  | 276103  |
|  TOTAL INDUSTRIALS  |  | 150261244  |
| INFORMATION TECHNOLOGY - 17.4%  |  |  |
| Electronic Equipment & Components - 0.2%  |  |  |
|  Mirion Technologies, Inc. (b)(d)  | 232270  | 1481883  |
| IT Services - 3.8%  |  |  |
|  Amadeus IT Holding SA Class A (b)  | 28700  | 1551738  |
|  Edenred SA  | 66000  | 3625973  |
|  Fidelity National Information Services, Inc.  | 43100  | 3128198  |
|  Genpact Ltd.  | 38000  | 1752180  |
|  Global Payments, Inc.  | 5500  | 570790  |
|  IBM Corp.  | 11500  | 1712350  |
|  MasterCard, Inc. Class A  | 10315  | 3676266  |
|  PayPal Holdings, Inc. (b)  | 27900  | 2187639  |
|  Sabre Corp. (b)(c)  | 152200  | 929942  |
|  Snowflake, Inc. (b)  | 800  | 114320  |
|  Twilio, Inc. Class A (b)  | 23200  | 1137264  |
|  Unisys Corp. (b)  | 141362  | 607857  |
|  Visa, Inc. Class A  | 86827  | 18841459  |
|  |  | 39835976  |
| Semiconductors & Semiconductor Equipment - 2.4%  |  |  |
|  Analog Devices, Inc.  | 11118  | 1911295  |
|  Applied Materials, Inc.  | 23416  | 2566394  |
|  Intel Corp.  | 91800  | 2760426  |
|  Lam Research Corp.  | 4500  | 2125710  |
|  Marvell Technology, Inc.  | 55601  | 2586559  |
|  NVIDIA Corp.  | 7800  | 1319994  |
|  Qualcomm, Inc.  | 94201  | 11915484  |
|  |  | 25185862  |
| Software - 7.9%  |  |  |
|  Adobe, Inc. (b)  | 12900  | 4449597  |
|  Autodesk, Inc. (b)  | 11041  | 2229730  |
|  Coupa Software, Inc. (b)  | 6700  | 423708  |
|  DoubleVerify Holdings, Inc. (b)  | 16500  | 432300  |
|  Dynatrace, Inc. (b)  | 34665  | 1343269  |
|  Elastic NV (b)  | 30900  | 1890771  |
|  Intuit, Inc.  | 2800  | 1141252  |
|  Microsoft Corp.  | 238653  | 60889926  |
|  PTC, Inc. (b)  | 9300  | 1183053  |
|  Salesforce.com, Inc. (b)  | 4500  | 721125  |
|  SAP SE sponsored ADR (c)  | 70817  | 7851481  |
|  Workday, Inc. Class A (b)  | 3300  | 554070  |
|  |  | 83110282  |
| Technology Hardware, Storage & Peripherals - 3.1%  |  |  |
|  Apple, Inc.  | 215068  | 31836516  |
|  Samsung Electronics Co. Ltd.  | 22520  | 1094108  |
|  |  | 32930624  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 182544627  |
| MATERIALS - 3.1%  |  |  |
| Chemicals - 0.7%  |  |  |
|  Axalta Coating Systems Ltd. (b)  | 16800  | 450912  |
|  DuPont de Nemours, Inc.  | 91000  | 6416410  |
|  |  | 6867322  |
| Metals & Mining - 2.4%  |  |  |
|  First Quantum Minerals Ltd.  | 287600  | 6837489  |
|  Freeport-McMoRan, Inc.  | 346804  | 13802799  |
|  Glencore PLC  | 706600  | 4821920  |
|  |  | 25462208  |
|  TOTAL MATERIALS  |  | 32329530  |
| REAL ESTATE - 0.8%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.8%  |  |  |
|  American Tower Corp.  | 12509  | 2767616  |
|  Equinix, Inc.  | 442  | 305267  |
|  Simon Property Group, Inc.  | 44000  | 5255360  |
|  |  | 8328243  |
| UTILITIES - 0.6%  |  |  |
| Electric Utilities - 0.5%  |  |  |
|  Entergy Corp.  | 8900  | 1034803  |
|  PG&E Corp. (b)  | 75500  | 1185350  |
|  Southern Co.  | 48600  | 3287304  |
|  |  | 5507457  |
| Multi-Utilities - 0.1%  |  |  |
|  Sempra Energy  | 2034  | 338030  |
|  TOTAL UTILITIES  |  | 5845487  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $665,789,626)  |  | <br> **1004713025**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 0.1%**  | &nbsp;&nbsp; **Preferred Stocks - 0.1%**  | &nbsp;&nbsp; **Preferred Stocks - 0.1%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 0.0%  |  |  |
| COMMUNICATION SERVICES - 0.0%  |  |  |
| Interactive Media & Services - 0.0%  |  |  |
|  Reddit, Inc. Series E (b)(d)(e)  | 1200  | 49320  |
| Nonconvertible Preferred Stocks - 0.1%  |  |  |
| INDUSTRIALS - 0.1%  |  |  |
| Aerospace & Defense - 0.1%  |  |  |
|  Embraer SA sponsored ADR (b)  | 119400  | 1268028  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $1,471,102)  |  | <br> **1317348**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 4.2%**  | &nbsp;&nbsp; **Money Market Funds - 4.2%**  | &nbsp;&nbsp; **Money Market Funds - 4.2%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 40536499  | 40544606  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 3678663  | 3679031  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $44,223,637)  |  | **44223637**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%** <br> (Cost $711,484,365) <br>| <br>**1050254010**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(687285)**  |
| **NET ASSETS - 100.0%**  | **1049566725**  |

---

**Legend**

(a) 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 $1,454,636 or 0.1% of net assets.

(b) Non-income producing

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

(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 $1,531,203 or 0.1% of net assets.

(e) Level 3 security

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

(g) 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>|
| Mirion Technologies, Inc.  | 6/16/21  | 2322700  |
| Reddit, Inc. Series E  | 5/18/21  | 50969  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 1030319  | 139289838  | 99775551  | 501338  | -  | -  | 40544606  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 3967656  | 32433879  | 32722504  | 9755  | -  | -  | 3679031  | 0.0%  |
| Total  | 4997975  | 171723717  | 132498055  | 511093  | -  | -  | 44223637  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 78309233  | 71701113  | 6558800  | 49320  |
| Consumer Discretionary  | 37605295  | 37605295  | -  | -  |
| Consumer Staples  | 47952154  | 47952154  | -  | -  |
| Energy  | 145085564  | 145085564  | -  | -  |
| Financials  | 172235825  | 172235825  | -  | -  |
| Health Care  | 144265143  | 142027472  | 2237671  | -  |
| Industrials  | 151529272  | 143944824  | 7584448  | -  |
| Information Technology  | 182544627  | 176272808  | 6271819  | -  |
| Materials  | 32329530  | 27507610  | 4821920  | -  |
| Real Estate  | 8328243  | 8328243  | -  | -  |
| Utilities  | 5845487  | 5845487  | -  | -  |
|  Money Market Funds  | 44223637  | 44223637  | -  | -  |
| **Total Investments in Securities:**  | 1050254010  | 1022730032  | 27474658  | 49320  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,762,158) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $667,260,728)  | $1006030373  |  |
|  Fidelity Central Funds (cost $44,223,637)  | 44223637  |  |
|  Total Investment in Securities (cost $711,484,365)  |  | $1050254010  |
|  Restricted cash  |  | 171214  |
|  Foreign currency held at value (cost $290)  |  | 290  |
| Receivable for investments sold  |  |  |
|  Regular delivery  |  | 404825  |
|  Delayed delivery  |  | 951523  |
|  Receivable for fund shares sold  |  | 878557  |
|  Dividends receivable  |  | 2679601  |
|  Distributions receivable from Fidelity Central Funds  |  | 142739  |
|  Prepaid expenses  |  | 1306  |
| **Total assets**  |  | 1055484065  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $1363974  |  |
|  Distributions payable  | 4  |  |
|  Accrued management fee  | 463240  |  |
|  Distribution and service plan fees payable  | 239716  |  |
|  Other affiliated payables  | 160747  |  |
|  Other payables and accrued expenses  | 8484  |  |
|  Collateral on securities loaned  | 3681175  |  |
| **Total Liabilities**  |  | 5917340  |
| **Net Assets**  |  | $1049566725  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $693245394  |
|  Total accumulated earnings (loss)  |  | 356321331  |
|  **Net Assets**  |  | $1049566725  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($532,911,174 ÷ 14,684,596 shares) <sup>(a)</sup>  |  | $36.29  |
|  Maximum offering price per share (100/94.25 of $36.29)  |  | $38.50  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($166,367,737 ÷ 4,602,896 shares) <sup>(a)</sup>  |  | $36.14  |
|  Maximum offering price per share (100/96.50 of $36.14)  |  | $37.45  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($81,508,979 ÷ 2,600,425 shares) <sup>(a)</sup>  |  | $31.34  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($224,889,398 ÷ 5,792,081 shares)  |  | $38.83  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($43,889,437 ÷ 1,130,904 shares)  |  | $38.81  |
| *(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**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $19762987  |
| Income from Fidelity Central Funds (including $9,755 from security lending)  |  | 511093  |
| **Total Income**  |  | 20274080  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $5367345  |  |
| Performance adjustment  | (839164)  |  |
| Transfer agent fees  | 1697090  |  |
| Distribution and service plan fees  | 2890391  |  |
| Accounting fees  | 320378  |  |
| Custodian fees and expenses  | 22001  |  |
| Independent trustees' fees and expenses  | 3544  |  |
| Registration fees  | 91027  |  |
| Audit  | 59503  |  |
| Legal  | 4456  |  |
| Miscellaneous  | 4569  |  |
| Total expenses before reductions  | 9621140  |  |
| Expense reductions  | (33163)  |  |
| Total expenses after reductions  |  | 9587977  |
| **Net Investment income (loss)**  |  | 10686103  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 12661402  |  |
| Foreign currency transactions  | 147462  |  |
| Total net realized gain (loss)  |  | 12808864  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (9387063)  |  |
| Assets and liabilities in foreign currencies  | (18625)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (9405688)  |
| **Net gain (loss)**  |  | 3403176  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $14089279  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $10686103  | $16398318  |
| &nbsp;&nbsp; Net realized gain (loss)  | 12808864 <br>| 56660801 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (9405688)  | 142314488 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 14089279 <br>| 215373607 <br>|
| Distributions to shareholders  | (67019635) <br>| (46442509) <br>|
| Share transactions - net increase (decrease)  | 70348927 <br>| (5167538) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 17418571 <br>| 163763560 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1032148154  | 868384594 <br>|
| &nbsp;&nbsp; End of period  | $1049566725  | $1032148154  |

---

**Financial Highlights** 

 **Fidelity Advisor® Large Cap Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.14  | $31.98  | $32.80  | $33.76  | $34.98  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .38  | .62 <sup>C</sup>  | .50  | .51  | .40  |
| Net realized and unrealized gain (loss)  | .28  | 7.29  | 1.36  | 2.97  | .89  |
| Total from investment operations  | .66  | 7.91  | 1.86  | 3.48  | 1.29  |
| Distributions from net investment income  | (.61)  | (.57)  | (.60)  | (.45)  | (.38)  |
| Distributions from net realized gain  | (1.90)  | (1.18)  | (2.08)  | (3.99)  | (2.13)  |
| Total distributions  | (2.51)  | (1.75)  | (2.68)  | (4.44)  | (2.51)  |
| Net asset value, end of period  | $36.29  | $38.14  | $31.98  | $32.80  | $33.76  |
| **Total Return** <sup>D,E</sup>  | 1.49%  | 25.87%  | 5.91%  | 14.19%  | 3.77%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .92%  | .80%  | .75%  | .91%  | .92%  |
| Expenses net of fee waivers, if any  | .91%  | .80%  | .75%  | .91%  | .92%  |
| Expenses net of all reductions  | .91%  | .80%  | .75%  | .90%  | .92%  |
| Net investment income (loss)  | 1.07%  | 1.67% <sup>C</sup>  | 1.76%  | 1.71%  | 1.17%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $532911  | $468894  | $389143  | $423325  | $401495  |
| Portfolio turnover rate <sup>H</sup>  | 11%  | 17%  | 22%  | 28% <sup>I</sup>  | 37%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Large Cap Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.99  | $31.86  | $32.69  | $33.63  | $34.86  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .52 <sup>C</sup>  | .42  | .43  | .31  |
| Net realized and unrealized gain (loss)  | .27  | 7.28  | 1.35  | 2.98  | .89  |
| Total from investment operations  | .56  | 7.80  | 1.77  | 3.41  | 1.20  |
| Distributions from net investment income  | (.52)  | (.49)  | (.52)  | (.36)  | (.29)  |
| Distributions from net realized gain  | (1.90)  | (1.18)  | (2.08)  | (3.99)  | (2.13)  |
| Total distributions  | (2.41) <sup>D</sup>  | (1.67)  | (2.60)  | (4.35)  | (2.43) <sup>D</sup>  |
| Net asset value, end of period  | $36.14  | $37.99  | $31.86  | $32.69  | $33.63  |
| **Total Return** <sup>E,F</sup>  | 1.23%  | 25.55%  | 5.62%  | 13.93%  | 3.50%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.05%  | 1.01%  | 1.17%  | 1.18%  |
| Expenses net of fee waivers, if any  | 1.16%  | 1.05%  | 1.01%  | 1.16%  | 1.18%  |
| Expenses net of all reductions  | 1.16%  | 1.05%  | 1.00%  | 1.16%  | 1.18%  |
| Net investment income (loss)  | .83%  | 1.42% <sup>C</sup>  | 1.50%  | 1.46%  | .92%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $166368  | $176983  | $153918  | $175139  | $173195  |
| Portfolio turnover rate <sup>I</sup>  | 11%  | 17%  | 22%  | 28% <sup>J</sup>  | 37%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Large Cap Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.25  | $28.08  | $29.09  | $30.44  | $31.78  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .09  | .29 <sup>C</sup>  | .25  | .25  | .13  |
| Net realized and unrealized gain (loss)  | .24  | 6.40  | 1.18  | 2.60  | .81  |
| Total from investment operations  | .33  | 6.69  | 1.43  | 2.85  | .94  |
| Distributions from net investment income  | (.34)  | (.34)  | (.36)  | (.21)  | (.15)  |
| Distributions from net realized gain  | (1.90)  | (1.18)  | (2.08)  | (3.99)  | (2.13)  |
| Total distributions  | (2.24)  | (1.52)  | (2.44)  | (4.20)  | (2.28)  |
| Net asset value, end of period  | $31.34  | $33.25  | $28.08  | $29.09  | $30.44  |
| **Total Return** <sup>D,E</sup>  | .70%  | 24.90%  | 5.10%  | 13.33%  | 3.01%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.57%  | 1.53%  | 1.67%  | 1.69%  |
| Expenses net of fee waivers, if any  | 1.68%  | 1.57%  | 1.52%  | 1.67%  | 1.69%  |
| Expenses net of all reductions  | 1.68%  | 1.57%  | 1.52%  | 1.67%  | 1.68%  |
| Net investment income (loss)  | .30%  | .90% <sup>C</sup>  | .98%  | .95%  | .41%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $81509  | $89886  | $88926  | $119072  | $158775  |
| Portfolio turnover rate <sup>H</sup>  | 11%  | 17%  | 22%  | 28% <sup>I</sup>  | 37%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Large Cap Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.63  | $33.94  | $34.63  | $35.37  | $36.53  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .51  | .76 <sup>C</sup>  | .61  | .62  | .51  |
| Net realized and unrealized gain (loss)  | .30  | 7.76  | 1.44  | 3.17  | .93  |
| Total from investment operations  | .81  | 8.52  | 2.05  | 3.79  | 1.44  |
| Distributions from net investment income  | (.71)  | (.64)  | (.66)  | (.54)  | (.47)  |
| Distributions from net realized gain  | (1.90)  | (1.18)  | (2.08)  | (3.99)  | (2.13)  |
| Total distributions  | (2.61)  | (1.83) <sup>D</sup>  | (2.74)  | (4.53)  | (2.60)  |
| Net asset value, end of period  | $38.83  | $40.63  | $33.94  | $34.63  | $35.37  |
| **Total Return** <sup>E</sup>  | 1.77%  | 26.22%  | 6.17%  | 14.54%  | 4.05%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .65%  | .54%  | .48%  | .64%  | .66%  |
| Expenses net of fee waivers, if any  | .65%  | .54%  | .48%  | .64%  | .66%  |
| Expenses net of all reductions  | .65%  | .54%  | .48%  | .64%  | .66%  |
| Net investment income (loss)  | 1.34%  | 1.93% <sup>C</sup>  | 2.03%  | 1.98%  | 1.44%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $224889  | $257331  | $206090  | $301067  | $459962  |
| Portfolio turnover rate <sup>H</sup>  | 11%  | 17%  | 22%  | 28% <sup>I</sup>  | 37%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Large Cap Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.61  | $33.93  | $34.64  | $35.41  | $36.57  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .55  | .81 <sup>C</sup>  | .64  | .66  | .56  |
| Net realized and unrealized gain (loss)  | .30  | 7.74  | 1.45  | 3.16  | .93  |
| Total from investment operations  | .85  | 8.55  | 2.09  | 3.82  | 1.49  |
| Distributions from net investment income  | (.76)  | (.69)  | (.72)  | (.60)  | (.52)  |
| Distributions from net realized gain  | (1.90)  | (1.18)  | (2.08)  | (3.99)  | (2.13)  |
| Total distributions  | (2.65) <sup>D</sup>  | (1.87)  | (2.80)  | (4.59)  | (2.65)  |
| Net asset value, end of period  | $38.81  | $40.61  | $33.93  | $34.64  | $35.41  |
| **Total Return** <sup>E,F</sup>  | 1.88%  | 26.36%  | 6.30%  | 14.67%  | 4.19%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .53%  | .42%  | .36%  | .51%  | .53%  |
| Expenses net of fee waivers, if any  | .53%  | .42%  | .36%  | .51%  | .53%  |
| Expenses net of all reductions  | .53%  | .42%  | .36%  | .51%  | .53%  |
| Net investment income (loss)  | 1.46%  | 2.05% <sup>C</sup>  | 2.15%  | 2.11%  | 1.57%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $43889  | $39055  | $30308  | $28596  | $17711  |
| Portfolio turnover rate <sup>I</sup>  | 11%  | 17%  | 22%  | 28% <sup>J</sup>  | 37%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.45%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

**1. Organization.**

Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 2022 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, 2022, 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, 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**  | $393188358  |
| **Gross unrealized depreciation**  | <u>(57355408)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$335832950</u>  |
| **Tax Cost**  | <u>$714421060</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9810612</u>  |
| **Undistributed long-term capital gain**  | <u>$10695546</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$335815174</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $17244942  | $14724707  |
| **Long-term Capital Gains**  | <u>49774693</u>  | <u>31717802</u>  |
| **Total**  | <u>$67019635</u>  | <u>$46442509</u>  |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or

**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.

**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 Large Cap Fund**  | 113687577  | 140062502  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .44% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $1229091  | $30625  |
| **Class M**  | .25%  | .25%  | 833668  | 516  |
| **Class C**  | .75%  | .25%  | <u>827632</u>  | <u>90980</u>  |
|  |  |  | <u>$2890391</u>  | <u>$122121</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**  | $142718  |
| **Class M**  | 9714  |
| **Class C** <sup>A</sup>  | <u>1738</u>  |
|  | <u>$154170</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $848958  | .17  |
| **Class M**  | 286477  | .17  |
| **Class C**  | 160127  | .19  |
| **Class I**  | 385181  | .16  |
| **Class Z**  | <u>16347</u>  | .04  |
|  | <u>$1697090</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Large Cap Fund**  | .03  |

---

**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 Large Cap Fund**  | $2105  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 Large Cap Fund**  | 13430861  | 11120387  | 2962547  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Large Cap Fund**  | $1758  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Large Cap Fund**  | $953  | $159  | $-  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $33,163.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Large Cap Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $30944684  | $21133066  |
| Class M  | 11170201  | 7961413  |
| Class C  | 5966361  | 4686944  |
| Class I  | 16368054  | 11009981  |
| Class Z  | <u>2570335</u>  | <u>1651105</u>  |
| Total  | <u>$67019635</u>  | <u>$46442509</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Large Cap Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 3626974  | 2060479  | $128966334  | $75956104  |
| Reinvestment of distributions  | 779090  | 634564  | 29356126  | 20064924  |
| Shares redeemed  | <u>(2014687)</u>  | <u>(2570290)</u>  | <u>(70920013)</u>  | <u>(93883684)</u>  |
| Net increase (decrease)  | <u>2391377</u>  | <u>124753</u>  | <u>$87402447</u>  | <u>$2137344</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 379641  | 506912  | $13633890  | $18689115  |
| Reinvestment of distributions  | 292695  | 249228  | 11008245  | 7868112  |
| Shares redeemed  | <u>(727664)</u>  | <u>(929141)</u>  | <u>(25981535)</u>  | <u>(33377285)</u>  |
| Net increase (decrease)  | <u>(55328)</u>  | <u>(173001)</u>  | <u>$(1339400)</u>  | <u>$(6820058)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 660665  | 417057  | $20016036  | $13434532  |
| Reinvestment of distributions  | 175143  | 165245  | 5739439  | 4587186  |
| Shares redeemed  | <u>(938456)</u>  | <u>(1046168)</u>  | <u>(28835259)</u>  | <u>(33381868)</u>  |
| Net increase (decrease)  | <u>(102648)</u>  | <u>(463866)</u>  | <u>$(3079784)</u>  | <u>$(15360150)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 2154388  | 2266950  | $82102984  | $89737732  |
| Reinvestment of distributions  | 355420  | 280570  | 14291444  | 9427141  |
| Shares redeemed  | <u>(3050691)</u>  | <u>(2286098)</u>  | <u>(115517358)</u>  | <u>(86887431)</u>  |
| Net increase (decrease)  | <u>(540883)</u>  | <u>261422</u>  | <u>$(19122930)</u>  | <u>$12277442</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 296020  | 210356  | $11181715  | $8284923  |
| Reinvestment of distributions  | 57903  | 45813  | 2324789  | 1537037  |
| Shares redeemed  | <u>(184633)</u>  | <u>(187738)</u>  | <u>(7017910)</u>  | <u>(7224076)</u>  |
| Net increase (decrease)  | <u>169290</u>  | <u>68431</u>  | <u>$6488594</u>  | <u>$2597884</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Large Cap Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Large Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 17, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Large Cap Fund**  |  |  |  |  |
| **Class A**  | .97%  |  |  |  |
| **Actual**  |  | $1000  | $1016.20  | $4.90  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.21  | $4.91  |
| **Class M**  | 1.23%  |  |  |  |
| **Actual**  |  | $1000  | $1014.90  | $6.21  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1018.90  | $6.23  |
| **Class C**  | 1.75%  |  |  |  |
| **Actual**  |  | $1000  | $1012.30  | $8.83  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.29  | $8.85  |
| **Class I**  | .72%  |  |  |  |
| **Actual**  |  | $1000  | $1017.60  | $3.64  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.46  | $3.65  |
| **Class Z**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1018.10  | $2.98  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.11  | $2.99  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $14,074,762 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.88% 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.

Class A designates 94%; Class M designates 100%; Class C designates 100%; Class I designates 82%; and Class Z designates 77%; of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends 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.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87698_2.jpg) <br>

1.539156.125 LC-ANN-0123

**Fidelity Advisor® Dividend Growth Fund**

**Annual Report**

**November 30, 2022**

![](img87704_1.jpg)

![](img87704_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary714)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments714)** |
| **[Financial Statements](#Sec_FinancialStatements714)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -9.01%  | &nbsp;&nbsp; 6.30%  | &nbsp;&nbsp; 9.71%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -7.07%  | &nbsp;&nbsp; 6.54%  | &nbsp;&nbsp; 9.71%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -5.09%  | &nbsp;&nbsp; 6.73%  | &nbsp;&nbsp; 9.69%  |
| Class I  | &nbsp;&nbsp; -3.23%  | &nbsp;&nbsp; 7.83%  | &nbsp;&nbsp; 10.63%  |
| Class Z  | &nbsp;&nbsp; -3.10%  | &nbsp;&nbsp; 7.99%  | &nbsp;&nbsp; 10.79%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Dividend Growth Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img87704_5.jpg)  |

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**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Zach Turner:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -4% to -3%, outperforming the -9.21% result of the benchmark, the S&P 500® index. The largest contributors to performance versus the benchmark were stock selection and an underweighting in consumer discretionary. Stock picking and an underweighting in the communication services sector, especially within the media & entertainment industry, also helped the fund's relative result. Also lifting the fund's relative performance were stock picks in the health care sector, primarily driven by the health care equipment & services industry. The portfolio's foreign holdings contributed overall, despite the headwind of U.S. dollar strength. Not owning Amazon.com, a benchmark component that returned -45%, was the fund's biggest individual relative contributor. Our second-largest relative contributor this period was avoiding Tesla, a benchmark component that returned -49%. Another notable relative contributor was an outsized stake in Cigna (+75%), which was one of the fund's biggest holdings. Conversely, the primary detractor from performance versus the benchmark was our stock selection in energy. Not owning Chevron, a benchmark component that gained roughly 68%, was the fund's largest individual relative detractor. The fund's non-benchmark investment in Marvell Technology returned about -34%. Avoiding Berkshire Hathaway, a benchmark component that gained 15%, also hurt relative performance. Notable changes in positioning include a higher allocation to the energy and consumer staples sectors.

**Note to shareholders:**

On October 1, 2021, Fidelity increased dividend distribution frequency for the fund because it includes income as a component of its investment strategy. Dividend distributions will be paid four times a year: April, July, October and December. Quarterly dividend distributions commenced in April 2022. Please note that there are no changes to the frequency of capital gains distributions.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 5.7  |
| UnitedHealth Group, Inc.  | 2.4  |
| Cigna Corp.  | 2.3  |
| Visa, Inc. Class A  | 2.0  |
| Bristol-Myers Squibb Co.  | 1.9  |
| Exxon Mobil Corp.  | 1.8  |
| Wells Fargo & Co.  | 1.5  |
| Domino's Pizza, Inc.  | 1.4  |
| Humana, Inc.  | 1.4  |
| Allison Transmission Holdings, Inc.  | 1.4  |
|  | 21.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 17.4  |
| Health Care  | 15.0  |
| Energy  | 10.2  |
| Industrials  | 9.3  |
| Consumer Staples  | 9.2  |
| Financials  | 7.7  |
| Utilities  | 6.5  |
| Consumer Discretionary  | 6.2  |
| Communication Services  | 5.2  |
| Materials  | 4.9  |
| Real Estate  | 4.4  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87704_6.jpg)  |
| *Foreign investments - 12.1%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87704_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 96.0%**  | &nbsp;&nbsp; **Common Stocks - 96.0%**  | &nbsp;&nbsp; **Common Stocks - 96.0%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 5.2%  |  |  |
| Diversified Telecommunication Services - 1.8%  |  |  |
|  Cellnex Telecom SA (a)  | 154200  | 5303  |
|  Verizon Communications, Inc.  | 377700  | 14723  |
|  |  | 20026  |
| Entertainment - 1.1%  |  |  |
|  Activision Blizzard, Inc.  | 169400  | 12527  |
| Interactive Media & Services - 1.4%  |  |  |
|  Alphabet, Inc. Class A (b)  | 97000  | 9796  |
|  Meta Platforms, Inc. Class A (b)  | 51600  | 6094  |
|  |  | 15890  |
| Media - 0.9%  |  |  |
|  Comcast Corp. Class A  | 278950  | 10221  |
|  TOTAL COMMUNICATION SERVICES  |  | 58664  |
| CONSUMER DISCRETIONARY - 6.2%  |  |  |
| Diversified Consumer Services - 0.5%  |  |  |
|  H&R Block, Inc.  | 132500  | 5792  |
| Hotels, Restaurants & Leisure - 2.5%  |  |  |
|  Churchill Downs, Inc.  | 15700  | 3485  |
|  Domino's Pizza, Inc.  | 41800  | 16249  |
|  Hilton Worldwide Holdings, Inc.  | 8500  | 1212  |
|  Krispy Kreme, Inc.  | 67100  | 1035  |
|  Restaurant Brands International, Inc. (c)  | 100700  | 6681  |
|  Starbucks Corp.  | 100  | 10  |
|  |  | 28672  |
| Household Durables - 1.7%  |  |  |
|  D.R. Horton, Inc.  | 96600  | 8308  |
|  Lennar Corp. Class A  | 119300  | 10478  |
|  |  | 18786  |
| Multiline Retail - 0.9%  |  |  |
|  Dollar General Corp.  | 40500  | 10355  |
| Specialty Retail - 0.6%  |  |  |
|  TJX Companies, Inc.  | 80500  | 6444  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 70049  |
| CONSUMER STAPLES - 9.2%  |  |  |
| Beverages - 3.5%  |  |  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 39600  | 10191  |
|  Keurig Dr. Pepper, Inc.  | 399000  | 15429  |
|  The Coca-Cola Co.  | 220800  | 14045  |
|  |  | 39665  |
| Food & Staples Retailing - 2.0%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 163700  | 7458  |
|  Sysco Corp.  | 11500  | 995  |
|  Walmart, Inc.  | 90800  | 13840  |
|  |  | 22293  |
| Food Products - 0.9%  |  |  |
|  Archer Daniels Midland Co.  | 29000  | 2828  |
|  The J.M. Smucker Co.  | 42600  | 6561  |
|  |  | 9389  |
| Household Products - 1.1%  |  |  |
|  Reynolds Consumer Products, Inc. (c)  | 394500  | 12608  |
| Tobacco - 1.7%  |  |  |
|  Altria Group, Inc.  | 260273  | 12124  |
|  Philip Morris International, Inc.  | 74500  | 7425  |
|  |  | 19549  |
|  TOTAL CONSUMER STAPLES  |  | 103504  |
| ENERGY - 10.2%  |  |  |
| Energy Equipment & Services - 0.8%  |  |  |
|  Baker Hughes Co. Class A  | 325400  | 9443  |
| Oil, Gas & Consumable Fuels - 9.4%  |  |  |
|  ARC Resources Ltd.  | 801800  | 11909  |
|  Arch Resources, Inc.  | 56700  | 8774  |
|  Cameco Corp.  | 46600  | 1136  |
|  Canadian Natural Resources Ltd.  | 231800  | 13843  |
|  Cool Co. Ltd. (b)  | 271400  | 3437  |
|  Energy Transfer LP  | 982100  | 12316  |
|  Enterprise Products Partners LP  | 488000  | 12107  |
|  Exxon Mobil Corp.  | 184122  | 20500  |
|  Reliance Industries Ltd. sponsored GDR (a)  | 112500  | 7487  |
|  Sitio Royalties Corp. (c)  | 161900  | 5106  |
|  Viper Energy Partners LP  | 275053  | 9085  |
|  |  | 105700  |
|  TOTAL ENERGY  |  | 115143  |
| FINANCIALS - 7.7%  |  |  |
| Banks - 2.1%  |  |  |
|  Bank of America Corp.  | 197200  | 7464  |
|  Wells Fargo & Co.  | 344390  | 16514  |
|  |  | 23978  |
| Capital Markets - 2.2%  |  |  |
|  BlackRock, Inc. Class A  | 4300  | 3079  |
|  Brookfield Asset Management, Inc. Class A  | 86600  | 4083  |
|  Intercontinental Exchange, Inc.  | 122900  | 13311  |
|  S&P Global, Inc.  | 12548  | 4427  |
|  |  | 24900  |
| Diversified Financial Services - 0.2%  |  |  |
|  Apollo Global Management, Inc.  | 38800  | 2692  |
| Insurance - 3.2%  |  |  |
|  Arthur J. Gallagher & Co.  | 63900  | 12723  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 491  | 23  |
|  Marsh & McLennan Companies, Inc.  | 50700  | 8780  |
|  The Travelers Companies, Inc.  | 74800  | 14198  |
|  |  | 35724  |
|  TOTAL FINANCIALS  |  | 87294  |
| HEALTH CARE - 15.0%  |  |  |
| Biotechnology - 0.4%  |  |  |
|  AbbVie, Inc.  | 29100  | 4690  |
| Health Care Equipment & Supplies - 1.4%  |  |  |
|  Baxter International, Inc.  | 162800  | 9203  |
|  Becton, Dickinson & Co.  | 25100  | 6258  |
|  |  | 15461  |
| Health Care Providers & Services - 7.7%  |  |  |
|  Cigna Corp.  | 80500  | 26476  |
|  CVS Health Corp.  | 103100  | 10504  |
|  Elevance Health, Inc.  | 3400  | 1812  |
|  HCA Holdings, Inc.  | 24300  | 5837  |
|  Humana, Inc.  | 28700  | 15782  |
|  UnitedHealth Group, Inc.  | 49197  | 26948  |
|  |  | 87359  |
| Life Sciences Tools & Services - 1.4%  |  |  |
|  Danaher Corp.  | 12700  | 3472  |
|  Thermo Fisher Scientific, Inc.  | 23000  | 12885  |
|  |  | 16357  |
| Pharmaceuticals - 4.1%  |  |  |
|  Bristol-Myers Squibb Co.  | 265600  | 21322  |
|  Eli Lilly & Co.  | 26100  | 9685  |
|  Perrigo Co. PLC  | 261800  | 8438  |
|  Pfizer, Inc.  | 40900  | 2050  |
|  Roche Holding AG (participation certificate)  | 9100  | 2972  |
|  Royalty Pharma PLC  | 38000  | 1671  |
|  |  | 46138  |
|  TOTAL HEALTH CARE  |  | 170005  |
| INDUSTRIALS - 9.3%  |  |  |
| Aerospace & Defense - 2.7%  |  |  |
|  Airbus Group NV  | 10900  | 1251  |
|  L3Harris Technologies, Inc.  | 15800  | 3588  |
|  Lockheed Martin Corp.  | 9100  | 4415  |
|  Northrop Grumman Corp.  | 17000  | 9066  |
|  The Boeing Co. (b)  | 69900  | 12504  |
|  |  | 30824  |
| Air Freight & Logistics - 0.2%  |  |  |
|  United Parcel Service, Inc. Class B  | 13700  | 2599  |
| Commercial Services & Supplies - 0.9%  |  |  |
|  GFL Environmental, Inc. (c)  | 367900  | 10667  |
| Industrial Conglomerates - 1.2%  |  |  |
|  General Electric Co.  | 157487  | 13539  |
| Machinery - 2.7%  |  |  |
|  Allison Transmission Holdings, Inc.  | 348443  | 15610  |
|  Caterpillar, Inc.  | 7000  | 1655  |
|  Deere & Co.  | 18200  | 8026  |
|  Fortive Corp.  | 23800  | 1608  |
|  PACCAR, Inc.  | 39700  | 4205  |
|  |  | 31104  |
| Marine - 0.2%  |  |  |
|  2020 Bulkers Ltd. (c)  | 202600  | 1729  |
| Professional Services - 0.6%  |  |  |
|  Equifax, Inc.  | 21300  | 4204  |
|  Leidos Holdings, Inc.  | 21000  | 2296  |
|  |  | 6500  |
| Road & Rail - 0.8%  |  |  |
|  Canadian Pacific Railway Ltd.  | 73000  | 5979  |
|  TFI International, Inc. (Canada)  | 25600  | 2779  |
|  |  | 8758  |
|  TOTAL INDUSTRIALS  |  | 105720  |
| INFORMATION TECHNOLOGY - 17.4%  |  |  |
| Electronic Equipment & Components - 0.2%  |  |  |
|  Jabil, Inc.  | 42400  | 3061  |
| IT Services - 6.2%  |  |  |
|  DXC Technology Co. (b)  | 67800  | 2012  |
|  Fidelity National Information Services, Inc.  | 107700  | 7817  |
|  Genpact Ltd.  | 239400  | 11039  |
|  Global Payments, Inc.  | 19900  | 2065  |
|  MasterCard, Inc. Class A  | 36100  | 12866  |
|  SS&C Technologies Holdings, Inc.  | 217900  | 11714  |
|  Visa, Inc. Class A  | 102700  | 22286  |
|  |  | 69799  |
| Semiconductors & Semiconductor Equipment - 2.7%  |  |  |
|  Broadcom, Inc.  | 14500  | 7990  |
|  KLA Corp.  | 6900  | 2713  |
|  Lam Research Corp.  | 3900  | 1842  |
|  Marvell Technology, Inc.  | 229700  | 10686  |
|  Microchip Technology, Inc.  | 13400  | 1061  |
|  NVIDIA Corp.  | 12100  | 2048  |
|  NXP Semiconductors NV  | 14500  | 2550  |
|  Universal Display Corp.  | 12300  | 1385  |
|  |  | 30275  |
| Software - 7.3%  |  |  |
|  Intuit, Inc.  | 21700  | 8845  |
|  Microsoft Corp.  | 252700  | 64474  |
|  Oracle Corp.  | 107800  | 8951  |
|  |  | 82270  |
| Technology Hardware, Storage & Peripherals - 1.0%  |  |  |
|  Apple, Inc.  | 56196  | 8319  |
|  Samsung Electronics Co. Ltd.  | 62290  | 3026  |
|  |  | 11345  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 196750  |
| MATERIALS - 4.9%  |  |  |
| Chemicals - 1.3%  |  |  |
|  CF Industries Holdings, Inc.  | 44500  | 4814  |
|  Valvoline, Inc.  | 284100  | 9370  |
|  |  | 14184  |
| Metals & Mining - 2.9%  |  |  |
|  Barrick Gold Corp.  | 209600  | 3421  |
|  Freeport-McMoRan, Inc.  | 178600  | 7108  |
|  Glencore PLC  | 1948700  | 13298  |
|  Newmont Corp.  | 184700  | 8768  |
|  |  | 32595  |
| Paper & Forest Products - 0.7%  |  |  |
|  Louisiana-Pacific Corp.  | 130800  | 8345  |
|  TOTAL MATERIALS  |  | 55124  |
| REAL ESTATE - 4.4%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 4.4%  |  |  |
|  American Tower Corp.  | 42100  | 9315  |
|  Crown Castle International Corp.  | 44100  | 6237  |
|  CubeSmart  | 61200  | 2533  |
|  Digital Realty Trust, Inc.  | 49000  | 5511  |
|  Four Corners Property Trust, Inc.  | 221200  | 6003  |
|  National Retail Properties, Inc.  | 119300  | 5531  |
|  Park Hotels & Resorts, Inc.  | 83200  | 1067  |
|  Prologis (REIT), Inc.  | 31000  | 3651  |
|  Public Storage  | 14100  | 4201  |
|  Simon Property Group, Inc.  | 43400  | 5184  |
|  |  | 49233  |
| UTILITIES - 6.5%  |  |  |
| Electric Utilities - 3.2%  |  |  |
|  Constellation Energy Corp.  | 79133  | 7606  |
|  Edison International  | 128400  | 8559  |
|  Exelon Corp.  | 138400  | 5726  |
|  FirstEnergy Corp.  | 183000  | 7547  |
|  PG&E Corp. (b)  | 50466  | 792  |
|  Southern Co.  | 86400  | 5844  |
|  |  | 36074  |
| Gas Utilities - 0.6%  |  |  |
|  Brookfield Infrastructure Corp. A Shares  | 135800  | 6366  |
| Independent Power and Renewable Electricity Producers - 2.1%  |  |  |
|  NextEra Energy Partners LP  | 91300  | 7349  |
|  The AES Corp.  | 423700  | 12253  |
|  Vistra Corp.  | 156400  | 3805  |
|  |  | 23407  |
| Multi-Utilities - 0.6%  |  |  |
|  CenterPoint Energy, Inc.  | 133500  | 4153  |
|  Dominion Energy, Inc.  | 54400  | 3324  |
|  |  | 7477  |
|  TOTAL UTILITIES  |  | 73324  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $925,283)  |  | <br> **1084810**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 6.1%**  | &nbsp;&nbsp; **Money Market Funds - 6.1%**  | &nbsp;&nbsp; **Money Market Funds - 6.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (d)  | 43405959  | 43415  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (d)(e)  | 26106064  | 26109  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $69,524)  |  | **69524**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%** <br> (Cost $994,807) <br>| <br>**1154334**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(23826)**  |
| **NET ASSETS - 100.0%**  | **1130508**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) 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 $12,790,000 or 1.1% of net assets.

(b) Non-income producing

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 2542  | 249921  | 209048  | 602  | -  | -  | 43415  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 25359  | 168775  | 168025  | 112  | -  | -  | 26109  | 0.1%  |
| Total  | 27901  | 418696  | 377073  | 714  | -  | -  | 69524  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 58664  | 53361  | 5303  | -  |
| Consumer Discretionary  | 70049  | 70049  | -  | -  |
| Consumer Staples  | 103504  | 103504  | -  | -  |
| Energy  | 115143  | 104219  | 10924  | -  |
| Financials  | 87294  | 87294  | -  | -  |
| Health Care  | 170005  | 167033  | 2972  | -  |
| Industrials  | 105720  | 102740  | 2980  | -  |
| Information Technology  | 196750  | 193724  | 3026  | -  |
| Materials  | 55124  | 41826  | 13298  | -  |
| Real Estate  | 49233  | 49233  | -  | -  |
| Utilities  | 73324  | 73324  | -  | -  |
|  Money Market Funds  | 69524  | 69524  | -  | -  |
| **Total Investments in Securities:**  | 1154334  | 1115831  | 38503  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,693) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $925,283)  | $1084810  |  |
|  Fidelity Central Funds (cost $69,524)  | 69524  |  |
|  Total Investment in Securities (cost $994,807)  |  | $1154334  |
|  Foreign currency held at value (cost $51)  |  | 52  |
| Receivable for investments sold  |  | 1000  |
|  Receivable for fund shares sold  |  | 426  |
|  Dividends receivable  |  | 2037  |
|  Distributions receivable from Fidelity Central Funds  |  | 163  |
|  Prepaid expenses  |  | 1  |
| **Total assets**  |  | 1158013  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $594  |  |
|  Accrued management fee  | 301  |  |
|  Distribution and service plan fees payable  | 264  |  |
|  Other affiliated payables  | 180  |  |
|  Other payables and accrued expenses  | 57  |  |
|  Collateral on securities loaned  | 26109  |  |
| **Total Liabilities**  |  | 27505  |
| **Net Assets**  |  | $1130508  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $891396  |
|  Total accumulated earnings (loss)  |  | 239112  |
|  **Net Assets**  |  | $1130508  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($452,208 ÷ 24,578 shares) <sup>(a)</sup>  |  | $18.40  |
|  Maximum offering price per share (100/94.25 of $18.40)  |  | $19.52  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($341,442 ÷ 18,668 shares) <sup>(a)</sup>  |  | $18.29  |
|  Maximum offering price per share (100/96.50 of $18.29)  |  | $18.95  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($44,807 ÷ 2,610 shares) <sup>(a)</sup>  |  | $17.17  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($238,655 ÷ 12,080 shares)  |  | $19.76  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($53,396 ÷ 2,650 shares)  |  | $20.15  |
| *(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**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $21435  |
| Income from Fidelity Central Funds (including $112 from security lending)  |  | 714  |
| **Total Income**  |  | 22149  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $5895  |  |
| Performance adjustment  | (2074)  |  |
| Transfer agent fees  | 1951  |  |
| Distribution and service plan fees  | 3319  |  |
| Accounting fees  | 346  |  |
| Custodian fees and expenses  | 36  |  |
| Independent trustees' fees and expenses  | 4  |  |
| Registration fees  | 89  |  |
| Audit  | 65  |  |
| Legal  | 4  |  |
| Interest  | 1  |  |
| Miscellaneous  | 5  |  |
| Total expenses before reductions  | 9641  |  |
| Expense reductions  | (37)  |  |
| Total expenses after reductions  |  | 9604  |
| **Net Investment income (loss)**  |  | 12545  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 88852  |  |
| Foreign currency transactions  | 364  |  |
| Total net realized gain (loss)  |  | 89216  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (141323)  |  |
| Assets and liabilities in foreign currencies  | (10)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (141333)  |
| **Net gain (loss)**  |  | (52117)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(39572)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $12545  | $7898  |
| &nbsp;&nbsp; Net realized gain (loss)  | 89216 <br>| 127310 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (141333)  | 126363 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (39572) <br>| 261571 <br>|
| Distributions to shareholders  | (73614) <br>| (13817) <br>|
| Share transactions - net increase (decrease)  | 41161 <br>| (26125) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (72025) <br>| 221629 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1202533  | 980904 <br>|
| &nbsp;&nbsp; End of period  | $1130508  | $1202533  |

---

**Financial Highlights** 

 **Fidelity Advisor® Dividend Growth Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.29  | $16.20  | $17.06  | $17.97  | $20.01  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .21  | .14  | .27  | .24 <sup>C</sup>  | .28  |
| Net realized and unrealized gain (loss)  | (.83)  | 4.19  | (.35)  | 1.39  | .58  |
| Total from investment operations  | (.62)  | 4.33  | (.08)  | 1.63  | .86  |
| Distributions from net investment income  | (.28)  | (.24)  | (.25)  | (.27)  | (.26)  |
| Distributions from net realized gain  | (.99)  | -  | (.54)  | (2.27)  | (2.65)  |
| Total distributions  | (1.27)  | (.24)  | (.78) <sup>D</sup>  | (2.54)  | (2.90) <sup>D</sup>  |
| Net asset value, end of period  | $18.40  | $20.29  | $16.20  | $17.06  | $17.97  |
| **Total Return** <sup>E,F</sup>  | (3.46)%  | 27.06%  | (.60)%  | 12.84%  | 4.69%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .82%  | .83%  | .81%  | .82%  | .84%  |
| Expenses net of fee waivers, if any  | .81%  | .83%  | .81%  | .82%  | .84%  |
| Expenses net of all reductions  | .81%  | .83%  | .80%  | .81%  | .83%  |
| Net investment income (loss)  | 1.16%  | .73%  | 1.84%  | 1.53% <sup>C</sup>  | 1.58%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $452  | $477  | $374  | $421  | $353  |
| Portfolio turnover rate <sup>I</sup>  | 57%  | 54%  | 113%  | 75%  | 110%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 1.28%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Dividend Growth Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.14  | $16.08  | $16.94  | $17.85  | $19.90  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .17  | .09  | .23  | .20 <sup>C</sup>  | .24  |
| Net realized and unrealized gain (loss)  | (.83)  | 4.17  | (.35)  | 1.39  | .57  |
| Total from investment operations  | (.66)  | 4.26  | (.12)  | 1.59  | .81  |
| Distributions from net investment income  | (.20)  | (.20)  | (.21)  | (.23)  | (.21)  |
| Distributions from net realized gain  | (.99)  | -  | (.54)  | (2.27)  | (2.65)  |
| Total distributions  | (1.19)  | (.20)  | (.74) <sup>D</sup>  | (2.50)  | (2.86)  |
| Net asset value, end of period  | $18.29  | $20.14  | $16.08  | $16.94  | $17.85  |
| **Total Return** <sup>E,F</sup>  | (3.70)%  | 26.77%  | (.85)%  | 12.59%  | 4.38%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.06%  | 1.07%  | 1.05%  | 1.07%  | 1.09%  |
| Expenses net of fee waivers, if any  | 1.06%  | 1.07%  | 1.05%  | 1.07%  | 1.09%  |
| Expenses net of all reductions  | 1.06%  | 1.07%  | 1.04%  | 1.06%  | 1.08%  |
| Net investment income (loss)  | .92%  | .49%  | 1.59%  | 1.28% <sup>C</sup>  | 1.33%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $341  | $368  | $316  | $376  | $363  |
| Portfolio turnover rate <sup>I</sup>  | 57%  | 54%  | 113%  | 75%  | 110%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 1.03%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Dividend Growth Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.89  | $15.10  | $15.92  | $16.92  | $19.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .06  | (.01)  | .14  | .11 <sup>C</sup>  | .14  |
| Net realized and unrealized gain (loss)  | (.77)  | 3.92  | (.34)  | 1.29  | .54  |
| Total from investment operations  | (.71)  | 3.91  | (.20)  | 1.40  | .68  |
| Distributions from net investment income  | (.05)  | (.12)  | (.08)  | (.14)  | (.12)  |
| Distributions from net realized gain  | (.96)  | -  | (.54)  | (2.27)  | (2.65)  |
| Total distributions  | (1.01)  | (.12)  | (.62)  | (2.40) <sup>D</sup>  | (2.76) <sup>D</sup>  |
| Net asset value, end of period  | $17.17  | $18.89  | $15.10  | $15.92  | $16.92  |
| **Total Return** <sup>E,F</sup>  | (4.18)%  | 26.03%  | (1.41)%  | 11.98%  | 3.86%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.60%  | 1.62%  | 1.61%  | 1.62%  | 1.61%  |
| Expenses net of fee waivers, if any  | 1.60%  | 1.62%  | 1.61%  | 1.61%  | 1.61%  |
| Expenses net of all reductions  | 1.60%  | 1.62%  | 1.60%  | 1.61%  | 1.60%  |
| Net investment income (loss)  | .38%  | (.06)%  | 1.04%  | .73% <sup>C</sup>  | .81%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $45  | $53  | $56  | $71  | $137  |
| Portfolio turnover rate <sup>I</sup>  | 57%  | 54%  | 113%  | 75%  | 110%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 .48%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Dividend Growth Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.72  | $17.32  | $18.18  | $18.97  | $20.97  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .20  | .32  | .29 <sup>C</sup>  | .34  |
| Net realized and unrealized gain (loss)  | (.89)  | 4.48  | (.36)  | 1.50  | .61  |
| Total from investment operations  | (.62)  | 4.68  | (.04)  | 1.79  | .95  |
| Distributions from net investment income  | (.35)  | (.28)  | (.28)  | (.31)  | (.30)  |
| Distributions from net realized gain  | (.99)  | -  | (.54)  | (2.27)  | (2.65)  |
| Total distributions  | (1.34)  | (.28)  | (.82)  | (2.58)  | (2.95)  |
| Net asset value, end of period  | $19.76  | $21.72  | $17.32  | $18.18  | $18.97  |
| **Total Return** <sup>D</sup>  | (3.23)%  | 27.37%  | (.36)%  | 13.13%  | 4.93%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .59%  | .60%  | .57%  | .58%  | .60%  |
| Expenses net of fee waivers, if any  | .58%  | .60%  | .57%  | .58%  | .60%  |
| Expenses net of all reductions  | .58%  | .60%  | .56%  | .57%  | .59%  |
| Net investment income (loss)  | 1.39%  | .96%  | 2.08%  | 1.77% <sup>C</sup>  | 1.82%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $239  | $245  | $180  | $173  | $166  |
| Portfolio turnover rate <sup>G</sup>  | 57%  | 54%  | 113%  | 75%  | 110%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 1.52%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Dividend Growth Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.15  | $17.65  | $18.51  | $19.28  | $21.27  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .31  | .23  | .35  | .32 <sup>C</sup>  | .38  |
| Net realized and unrealized gain (loss)  | (.91)  | 4.57  | (.37)  | 1.52  | .62  |
| Total from investment operations  | (.60)  | 4.80  | (.02)  | 1.84  | 1.00  |
| Distributions from net investment income  | (.41)  | (.30)  | (.31)  | (.34)  | (.34)  |
| Distributions from net realized gain  | (.99)  | -  | (.54)  | (2.27)  | (2.65)  |
| Total distributions  | (1.40)  | (.30)  | (.84) <sup>D</sup>  | (2.61)  | (2.99)  |
| Net asset value, end of period  | $20.15  | $22.15  | $17.65  | $18.51  | $19.28  |
| **Total Return** <sup>E</sup>  | (3.10)%  | 27.61%  | (.22)%  | 13.25%  | 5.10%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .43%  | .45%  | .41%  | .43%  | .45%  |
| Expenses net of fee waivers, if any  | .43%  | .44%  | .41%  | .43%  | .45%  |
| Expenses net of all reductions  | .43%  | .44%  | .40%  | .42%  | .44%  |
| Net investment income (loss)  | 1.55%  | 1.12%  | 2.23%  | 1.92% <sup>C</sup>  | 1.98%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $53  | $60  | $55  | $13  | $10  |
| Portfolio turnover rate <sup>H</sup>  | 57%  | 54%  | 113%  | 75%  | 110%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 1.67%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**1. Organization.**

Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022 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, 2022, 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, 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**  | $203813  |
| **Gross unrealized depreciation**  | <u>(46493)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$157320</u>  |
| **Tax Cost**  | <u>$997014</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3183</u>  |
| **Undistributed long-term capital gain**  | <u>$79128</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$156802</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $33582  | $13817  |
| **Long-term Capital Gains**  | <u>40032</u>  | <u>-</u>  |
| **Total**  | <u>$73614</u>  | <u>$13817</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.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor Dividend Growth Fund**  | 628162  | 687378  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .34% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $1120  | $25  |
| **Class M**  | .25%  | .25%  | 1720  | -  |
| **Class C**  | .75%  | .25%  | <u>479</u>  | <u>64</u>  |
|  |  |  | <u>$3319</u>  | <u>$89</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**  | $107  |
| **Class M**  | 11  |
| **Class C** <sup>A</sup>  | <u>2</u>  |
|  | <u>$120</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $791  | .18  |
| **Class M**  | 581  | .17  |
| **Class C**  | 102  | .21  |
| **Class I**  | 457  | .20  |
| **Class Z**  | <u>20</u>  | .04  |
|  | <u>$1951</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Dividend Growth Fund**  | .03  |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Dividend Growth Fund**  | $15  |

---

**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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender**  | **Average Loan Balance**  | **Weighted Average Interest Rate**  | **Interest Expense**  |
| **Fidelity Advisor Dividend Growth Fund**  | Borrower  | $6777  | .57%  | $1  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Advisor Dividend Growth Fund**  | 41003  | 59783  | 6096  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Dividend Growth Fund**  | $2  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Advisor Dividend Growth Fund**  | $12  | $- <sup>A</sup>  | $-  |

---

<sup>A</sup> *Amount represents less than five hundred dollars.* 

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $37.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Dividend Growth Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $30177  | $5509  |
| Class M  | 21723  | 3924  |
| Class C  | 2797  | 420  |
| Class I  | 15231  | 2927  |
| Class Z  | <u>3686</u>  | <u>1037</u>  |
| Total  | <u>$73614</u>  | <u>$13817</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Dividend Growth Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2949  | 3355  | $54415  | $63645  |
| Reinvestment of distributions  | 1428  | 310  | 28351  | 5141  |
| Shares redeemed  | <u>(3325)</u>  | <u>(3233)</u>  | <u>(60441)</u>  | <u>(61088)</u>  |
| Net increase (decrease)  | <u>1052</u>  | <u>432</u>  | <u>$22325</u>  | <u>$7698</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 2522  | 2366  | $46215  | $44125  |
| Reinvestment of distributions  | 1082  | 233  | 21418  | 3856  |
| Shares redeemed  | <u>(3192)</u>  | <u>(3994)</u>  | <u>(57906)</u>  | <u>(74106)</u>  |
| Net increase (decrease)  | <u>412</u>  | <u>(1395)</u>  | <u>$9727</u>  | <u>$(26125)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 549  | 504  | $9531  | $8942  |
| Reinvestment of distributions  | 148  | 27  | 2774  | 415  |
| Shares redeemed  | <u>(877)</u>  | <u>(1422)</u>  | <u>(14974)</u>  | <u>(25006)</u>  |
| Net increase (decrease)  | <u>(180)</u>  | <u>(891)</u>  | <u>$(2669)</u>  | <u>$(15649)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 3084  | 5289  | $60164  | $104795  |
| Reinvestment of distributions  | 699  | 160  | 14853  | 2841  |
| Shares redeemed  | <u>(2971)</u>  | <u>(4578)</u>  | <u>(59219)</u>  | <u>(91107)</u>  |
| Net increase (decrease)  | <u>812</u>  | <u>871</u>  | <u>$15798</u>  | <u>$16529</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 2158  | 2974  | $42043  | $60196  |
| Reinvestment of distributions  | 157  | 51  | 3397  | 917  |
| Shares redeemed  | <u>(2387)</u>  | <u>(3433)</u>  | <u>(49460)</u>  | <u>(69691)</u>  |
| Net increase (decrease)  | <u>(72)</u>  | <u>(408)</u>  | <u>$(4020)</u>  | <u>$(8578)</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Dividend 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 Dividend Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 12, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Dividend Growth Fund**  |  |  |  |  |
| **Class A**  | .81%  |  |  |  |
| **Actual**  |  | $1000  | $1008.40  | $4.08  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.01  | $4.10  |
| **Class M**  | 1.05%  |  |  |  |
| **Actual**  |  | $1000  | $1007.10  | $5.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.80  | $5.32  |
| **Class C**  | 1.59%  |  |  |  |
| **Actual**  |  | $1000  | $1004.70  | $7.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1017.10  | $8.04  |
| **Class I**  | .58%  |  |  |  |
| **Actual**  |  | $1000  | $1009.50  | $2.92  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.16  | $2.94  |
| **Class Z**  | .42%  |  |  |  |
| **Actual**  |  | $1000  | $1010.20  | $2.12  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.96  | $2.13  |

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*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $90,854,002, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.82% of the short-term capital gain dividend distributed in December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 48%, 100%, 100%, and 100%; Class M designates 55%, 100%, 100%, and 100%; Class C designates 78%, 0%, 100%, and 100%; Class I designates 44%, 100%, 100% and 100%; and Class Z designates 42%, 100%, 100%, and 100%; of the dividends distributed in December 2021, April 2022, July 2022, and September 2022, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 61%, 100%, 100%, and 100%; Class M designates 69%, 100%, 100%, and 100%; Class C designates 98%, 0%, 100%, and 100%; Class I designates 56%, 100%, 100%, and 100%; and Class Z designates 53%, 100%, 100%, and 100%; of the dividends distributed in December 2021, April 2022, July 2022 and September 2022, 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, Class M, Class C, Class I, and Class Z designate 3% of the dividends distributed in December 2021 as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87704_2.jpg) <br>

1.733548.123 ADGF-ANN-0123

**Fidelity Advisor® Equity Value Fund**

**Annual Report**

**November 30, 2022**

![](img87701_1.jpg)

![](img87701_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary150)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments150)** |
| **[Financial Statements](#Sec_FinancialStatements150)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; 0.50%  | &nbsp;&nbsp; 7.16%  | &nbsp;&nbsp; 10.37%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; 2.60%  | &nbsp;&nbsp; 7.38%  | &nbsp;&nbsp; 10.34%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; 4.81%  | &nbsp;&nbsp; 7.59%  | &nbsp;&nbsp; 10.34%  |
| Class I  | &nbsp;&nbsp; 6.86%  | &nbsp;&nbsp; 8.72%  | &nbsp;&nbsp; 11.35%  |
| Class Z  | &nbsp;&nbsp; 7.02%  | &nbsp;&nbsp; 8.87%  | &nbsp;&nbsp; 11.44%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Value Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.  |
| ![](img87701_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500 <sup>®</sup> shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Sean Gavin:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) gained roughly 6% to 7%, notably outperforming the 1.95% advance of the benchmark Russell 3000 <sup>®</sup> Value Index. Versus the benchmark, security selection was the primary contributor, led by the health care sector. Stock picks and an overweighting in utilities, along with investment choices among financials companies, helped as well. The biggest individual relative contributor was an overweight position in Exxon Mobil (+92%), which was among our more sizable holdings on November 30. Also lifting performance was outsized exposure to Cigna, which gained 74% and was among the portfolio's largest positions. A larger-than-benchmark stake in Constellation Energy (+83%), an investment we established this period, helped as well. In contrast, the biggest detractor from performance versus the benchmark was an underweighting in the market-leading energy sector. Picks among consumer staples and materials stocks also hindered relative performance. Not owning Chevron, a benchmark component that gained approximately 68%, was the biggest individual relative detractor. An outsized stake in Comcast (-25%), which was among our largest holdings, further pressured the portfolio's relative result the past 12 months. Another notable performance headwind was an overweighting in Alphabet (-29%), one of our biggest holdings this period. Notable changes in positioning include lower allocations to the communication services and information technology sectors.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Berkshire Hathaway, Inc. Class B  | 4.9  |
| Exxon Mobil Corp.  | 4.7  |
| Cigna Corp.  | 2.9  |
| Bristol-Myers Squibb Co.  | 2.7  |
| JPMorgan Chase & Co.  | 2.6  |
| Centene Corp.  | 2.6  |
| Comcast Corp. Class A  | 2.5  |
| UnitedHealth Group, Inc.  | 2.5  |
| Bank of America Corp.  | 2.2  |
| PG&E Corp.  | 2.1  |
|  | 29.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 22.2  |
| Health Care  | 20.1  |
| Utilities  | 9.7  |
| Industrials  | 9.3  |
| Energy  | 8.7  |
| Consumer Staples  | 7.1  |
| Information Technology  | 7.1  |
| Communication Services  | 6.6  |
| Consumer Discretionary  | 4.3  |
| Materials  | 3.1  |
| Real Estate  | 0.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87701_6.jpg)  |
| *Foreign investments - 14.8%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87701_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.6%**  | &nbsp;&nbsp; **Common Stocks - 97.6%**  | &nbsp;&nbsp; **Common Stocks - 97.6%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 6.6%  |  |  |
| Entertainment - 1.4%  |  |  |
|  Activision Blizzard, Inc.  | 45784  | 3385727  |
| Interactive Media & Services - 1.8%  |  |  |
|  Alphabet, Inc. Class A (a)  | 43000  | 4342570  |
| Media - 3.4%  |  |  |
|  Charter Communications, Inc. Class A (a)  | 5466  | 2138791  |
|  Comcast Corp. Class A  | 166447  | 6098618  |
|  |  | 8237409  |
|  TOTAL COMMUNICATION SERVICES  |  | 15965706  |
| CONSUMER DISCRETIONARY - 4.3%  |  |  |
| Diversified Consumer Services - 1.5%  |  |  |
|  H&R Block, Inc.  | 84562  | 3696205  |
| Internet & Direct Marketing Retail - 0.4%  |  |  |
|  eBay, Inc.  | 22595  | 1026717  |
| Multiline Retail - 1.5%  |  |  |
|  Dollar General Corp.  | 13895  | 3552674  |
| Specialty Retail - 0.9%  |  |  |
|  Ross Stores, Inc.  | 18918  | 2226081  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 10501677  |
| CONSUMER STAPLES - 7.1%  |  |  |
| Beverages - 0.6%  |  |  |
|  Coca-Cola European Partners PLC  | 27980  | 1485458  |
| Food & Staples Retailing - 0.7%  |  |  |
|  U.S. Foods Holding Corp. (a)  | 49881  | 1824647  |
| Food Products - 2.4%  |  |  |
|  Mondelez International, Inc.  | 67136  | 4539065  |
|  Tyson Foods, Inc. Class A  | 17596  | 1166263  |
|  |  | 5705328  |
| Household Products - 3.1%  |  |  |
|  Procter & Gamble Co.  | 22435  | 3346405  |
|  Reckitt Benckiser Group PLC  | 23505  | 1686801  |
|  Spectrum Brands Holdings, Inc.  | 21660  | 1153828  |
|  The Clorox Co.  | 8718  | 1295931  |
|  |  | 7482965  |
| Personal Products - 0.3%  |  |  |
|  Unilever PLC sponsored ADR  | 14481  | 729553  |
|  TOTAL CONSUMER STAPLES  |  | 17227951  |
| ENERGY - 8.7%  |  |  |
| Oil, Gas & Consumable Fuels - 8.7%  |  |  |
|  ConocoPhillips Co.  | 28929  | 3573021  |
|  Equinor ASA sponsored ADR  | 37871  | 1457276  |
|  Exxon Mobil Corp.  | 103267  | 11497748  |
|  Occidental Petroleum Corp.  | 31582  | 2194633  |
|  Ovintiv, Inc.  | 25827  | 1440114  |
|  Parex Resources, Inc.  | 70200  | 1005131  |
|  |  | 21167923  |
| FINANCIALS - 22.2%  |  |  |
| Banks - 8.8%  |  |  |
|  Bank of America Corp.  | 142402  | 5389916  |
|  Cullen/Frost Bankers, Inc.  | 4694  | 680959  |
|  JPMorgan Chase & Co.  | 46025  | 6359735  |
|  M&T Bank Corp.  | 16053  | 2729331  |
|  PNC Financial Services Group, Inc.  | 16804  | 2827441  |
|  Wells Fargo & Co.  | 70785  | 3394141  |
|  |  | 21381523  |
| Capital Markets - 3.1%  |  |  |
|  Affiliated Managers Group, Inc.  | 10404  | 1669010  |
|  BlackRock, Inc. Class A  | 5682  | 4068312  |
|  Invesco Ltd.  | 20478  | 391335  |
|  Northern Trust Corp.  | 15025  | 1398978  |
|  |  | 7527635  |
| Diversified Financial Services - 4.9%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 37006  | 11790108  |
| Insurance - 5.0%  |  |  |
|  Chubb Ltd.  | 20009  | 4393776  |
|  The Travelers Companies, Inc.  | 22774  | 4322733  |
|  Willis Towers Watson PLC  | 13781  | 3392331  |
|  |  | 12108840  |
| Mortgage Real Estate Investment Trusts - 0.4%  |  |  |
|  AGNC Investment Corp.  | 25600  | 255744  |
|  Annaly Capital Management, Inc.  | 12600  | 273042  |
|  MFA Financial, Inc.  | 26800  | 299624  |
|  |  | 828410  |
|  TOTAL FINANCIALS  |  | 53636516  |
| HEALTH CARE - 20.1%  |  |  |
| Biotechnology - 2.5%  |  |  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 4303  | 3234565  |
|  Vertex Pharmaceuticals, Inc. (a)  | 8658  | 2739391  |
|  |  | 5973956  |
| Health Care Providers & Services - 11.1%  |  |  |
|  Centene Corp. (a)  | 72931  | 6348644  |
|  Cigna Corp.  | 20968  | 6896166  |
|  Elevance Health, Inc.  | 7305  | 3892981  |
|  Humana, Inc.  | 6643  | 3652986  |
|  UnitedHealth Group, Inc.  | 11019  | 6035767  |
|  |  | 26826544  |
| Pharmaceuticals - 6.5%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 51249  | 3483395  |
|  Bristol-Myers Squibb Co.  | 81331  | 6529253  |
|  Roche Holding AG (participation certificate)  | 10194  | 3329604  |
|  Sanofi SA sponsored ADR  | 53238  | 2414343  |
|  |  | 15756595  |
|  TOTAL HEALTH CARE  |  | 48557095  |
| INDUSTRIALS - 9.3%  |  |  |
| Aerospace & Defense - 5.3%  |  |  |
|  Airbus Group NV  | 5687  | 652842  |
|  L3Harris Technologies, Inc.  | 9759  | 2216074  |
|  Lockheed Martin Corp.  | 4952  | 2402661  |
|  Northrop Grumman Corp.  | 8551  | 4560163  |
|  The Boeing Co. (a)  | 16532  | 2957244  |
|  |  | 12788984  |
| Air Freight & Logistics - 0.2%  |  |  |
|  Deutsche Post AG  | 11279  | 450576  |
| Electrical Equipment - 1.0%  |  |  |
|  Eaton Corp. PLC  | 3200  | 523040  |
|  Regal Rexnord Corp.  | 15538  | 2037187  |
|  |  | 2560227  |
| Industrial Conglomerates - 0.5%  |  |  |
|  Siemens AG  | 9304  | 1290324  |
| Machinery - 2.3%  |  |  |
|  Crane Holdings Co.  | 3300  | 349602  |
|  ITT, Inc.  | 8237  | 696191  |
|  Oshkosh Corp.  | 24745  | 2278272  |
|  Parker Hannifin Corp.  | 1600  | 478304  |
|  Pentair PLC  | 27249  | 1247187  |
|  Stanley Black & Decker, Inc.  | 6249  | 510668  |
|  |  | 5560224  |
|  TOTAL INDUSTRIALS  |  | 22650335  |
| INFORMATION TECHNOLOGY - 5.9%  |  |  |
| Communications Equipment - 1.5%  |  |  |
|  Cisco Systems, Inc.  | 73344  | 3646664  |
| Electronic Equipment & Components - 0.3%  |  |  |
|  TE Connectivity Ltd.  | 5545  | 699335  |
| IT Services - 2.6%  |  |  |
|  Amdocs Ltd.  | 27501  | 2443739  |
|  Capgemini SA  | 5295  | 957323  |
|  Cognizant Technology Solutions Corp. Class A  | 26587  | 1653977  |
|  Maximus, Inc.  | 17184  | 1208035  |
|  |  | 6263074  |
| Semiconductors & Semiconductor Equipment - 0.2%  |  |  |
|  NXP Semiconductors NV  | 2722  | 478636  |
| Software - 1.3%  |  |  |
|  Aspen Technology, Inc. (a)  | 3731  | 859996  |
|  NortonLifeLock, Inc.  | 73124  | 1678927  |
|  Open Text Corp.  | 26375  | 774898  |
|  |  | 3313821  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 14401530  |
| MATERIALS - 3.1%  |  |  |
| Chemicals - 2.2%  |  |  |
|  DuPont de Nemours, Inc.  | 50914  | 3589946  |
|  International Flavors & Fragrances, Inc.  | 12390  | 1311110  |
|  The Scotts Miracle-Gro Co. Class A (b)  | 5600  | 313208  |
|  |  | 5214264  |
| Metals & Mining - 0.9%  |  |  |
|  Lundin Mining Corp.  | 241440  | 1486171  |
|  Newmont Corp.  | 15428  | 732367  |
|  |  | 2218538  |
|  TOTAL MATERIALS  |  | 7432802  |
| REAL ESTATE - 0.6%  |  |  |
| Real Estate Management & Development - 0.6%  |  |  |
|  CBRE Group, Inc. (a)  | 17495  | 1392602  |
| UTILITIES - 9.7%  |  |  |
| Electric Utilities - 8.0%  |  |  |
|  Constellation Energy Corp.  | 43056  | 4138543  |
|  Duke Energy Corp.  | 13593  | 1358348  |
|  Evergy, Inc.  | 38689  | 2290776  |
|  Exelon Corp.  | 19193  | 794014  |
|  NextEra Energy, Inc.  | 22248  | 1884406  |
|  PG&E Corp. (a)  | 326553  | 5126882  |
|  Portland General Electric Co. (b)  | 26487  | 1303955  |
|  Southern Co.  | 36650  | 2479006  |
|  |  | 19375930  |
| Independent Power and Renewable Electricity Producers - 0.7%  |  |  |
|  The AES Corp.  | 54735  | 1582936  |
| Multi-Utilities - 1.0%  |  |  |
|  Dominion Energy, Inc.  | 41198  | 2517610  |
|  TOTAL UTILITIES  |  | 23476476  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $189,191,375)  |  | <br> **236410613**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 1.2%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 1.2%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 1.2%**  |
|  | Shares  | Value ($) <br>|
| INFORMATION TECHNOLOGY - 1.2%  |  |  |
| Technology Hardware, Storage & Peripherals - 1.2%  |  |  |
|  Samsung Electronics Co. Ltd. <br>(Cost $2,919,983) <br>| 64753  | **2815484**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (c)  | 2498139  | 2498638  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (c)(d)  | 1345615  | 1345750  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $3,844,388)  |  | **3844388**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%** <br> (Cost $195,955,746) <br>| <br>**243070485**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(1000450)**  |
| **NET ASSETS - 100.0%**  | **242070035**  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 2898565  | 48835429  | 49235356  | 59005  | -  | -  | 2498638  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | -  | 9500612  | 8154862  | 279  | -  | -  | 1345750  | 0.0%  |
| Total  | 2898565  | 58336041  | 57390218  | 59284  | -  | -  | 3844388  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 15965706  | 15965706  | -  | -  |
| Consumer Discretionary  | 10501677  | 10501677  | -  | -  |
| Consumer Staples  | 17227951  | 15541150  | 1686801  | -  |
| Energy  | 21167923  | 21167923  | -  | -  |
| Financials  | 53636516  | 53636516  | -  | -  |
| Health Care  | 48557095  | 45227491  | 3329604  | -  |
| Industrials  | 22650335  | 20256593  | 2393742  | -  |
| Information Technology  | 17217014  | 13444207  | 3772807  | -  |
| Materials  | 7432802  | 7432802  | -  | -  |
| Real Estate  | 1392602  | 1392602  | -  | -  |
| Utilities  | 23476476  | 23476476  | -  | -  |
|  Money Market Funds  | 3844388  | 3844388  | -  | -  |
| **Total Investments in Securities:**  | 243070485  | 231887531  | 11182954  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,353,359) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $192,111,358)  | $239226097  |  |
|  Fidelity Central Funds (cost $3,844,388)  | 3844388  |  |
|  Total Investment in Securities (cost $195,955,746)  |  | $243070485  |
|  Cash  |  | 2592  |
|  Foreign currency held at value (cost $96)  |  | 1043  |
|  Receivable for fund shares sold  |  | 259473  |
|  Dividends receivable  |  | 455607  |
|  Distributions receivable from Fidelity Central Funds  |  | 9263  |
|  Prepaid expenses  |  | 298  |
|  Receivable from investment adviser for expense reductions  |  | 6705  |
| **Total assets**  |  | 243805466  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $160154  |  |
|  Accrued management fee  | 130118  |  |
|  Distribution and service plan fees payable  | 50732  |  |
|  Other affiliated payables  | 38546  |  |
|  Other payables and accrued expenses  | 10131  |  |
|  Collateral on securities loaned  | 1345750  |  |
| **Total Liabilities**  |  | 1735431  |
| **Net Assets**  |  | $242070035  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $191857210  |
|  Total accumulated earnings (loss)  |  | 50212825  |
|  **Net Assets**  |  | $242070035  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($117,378,540 ÷ 5,036,607 shares) <sup>(a)</sup>  |  | $23.31  |
|  Maximum offering price per share (100/94.25 of $23.31)  |  | $24.73  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($33,508,537 ÷ 1,439,130 shares) <sup>(a)</sup>  |  | $23.28  |
|  Maximum offering price per share (100/96.50 of $23.28)  |  | $24.12  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($17,461,396 ÷ 770,957 shares) <sup>(a)</sup>  |  | $22.65  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($52,404,654 ÷ 2,186,750 shares)  |  | $23.96  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($21,316,908 ÷ 894,805 shares)  |  | $23.82  |
| *(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**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $4516354  |
| Income from Fidelity Central Funds (including $279 from security lending)  |  | 59284  |
| **Total Income**  |  | 4575638  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $1176747  |  |
| Performance adjustment  | 274632  |  |
| Transfer agent fees  | 380474  |  |
| Distribution and service plan fees  | 581003  |  |
| Accounting fees  | 83111  |  |
| Custodian fees and expenses  | 18639  |  |
| Independent trustees' fees and expenses  | 768  |  |
| Registration fees  | 77743  |  |
| Audit  | 62517  |  |
| Legal  | 2314  |  |
| Interest  | 546  |  |
| Miscellaneous  | 874  |  |
| Total expenses before reductions  | 2659368  |  |
| Expense reductions  | (103088)  |  |
| Total expenses after reductions  |  | 2556280  |
| **Net Investment income (loss)**  |  | 2019358  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 2606804  |  |
| Foreign currency transactions  | (1237)  |  |
| Total net realized gain (loss)  |  | 2605567  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 11332640  |  |
| Assets and liabilities in foreign currencies  | (4288)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 11328352  |
| **Net gain (loss)**  |  | 13933919  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $15953277  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2019358  | $1225298  |
| &nbsp;&nbsp; Net realized gain (loss)  | 2605567 <br>| 12948747 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 11328352  | 10771250 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 15953277 <br>| 24945295 <br>|
| Distributions to shareholders  | (7393417) <br>| (1211161) <br>|
| Share transactions - net increase (decrease)  | 5051034 <br>| 81076800 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 13610894 <br>| 104810934 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 228459141  | 123648207 <br>|
| &nbsp;&nbsp; End of period  | $242070035  | $228459141  |

---

**Financial Highlights** 

 **Fidelity Advisor® Equity Value Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.52  | $18.87  | $18.81  | $18.77  | $18.84  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .20  | .16  | .24 <sup>C</sup>  | .26  | .26  |
| Net realized and unrealized gain (loss)  | 1.30  | 3.69  | .80  | 1.25  | (.16)  |
| Total from investment operations  | 1.50  | 3.85  | 1.04  | 1.51  | .10  |
| Distributions from net investment income  | (.11)  | (.20)  | (.45)  | (.28)  | (.13)  |
| Distributions from net realized gain  | (.60)  | -  | (.53)  | (1.19)  | (.05)  |
| Total distributions  | (.71)  | (.20)  | (.98)  | (1.47)  | (.17) <sup>D</sup>  |
| Net asset value, end of period  | $23.31  | $22.52  | $18.87  | $18.81  | $18.77  |
| **Total Return** <sup>E,F</sup>  | 6.63%  | 20.58%  | 5.68%  | 9.75%  | .53%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.14%  | 1.11%  | 1.00%  | 1.00%  |
| Expenses net of fee waivers, if any  | 1.15%  | 1.14%  | 1.10%  | 1.00%  | 1.00%  |
| Expenses net of all reductions  | 1.15%  | 1.14%  | 1.09%  | .99%  | 1.00%  |
| Net investment income (loss)  | .90%  | .73%  | 1.44% <sup>C</sup>  | 1.47%  | 1.39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $117379  | $96669  | $67291  | $71916  | $67457  |
| Portfolio turnover rate <sup>I</sup>  | 40%  | 35%  | 75%  | 43% <sup>J</sup>  | 33%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Value Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.50  | $18.85  | $18.79  | $18.73  | $18.80  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .14  | .11  | .20 <sup>C</sup>  | .21  | .21  |
| Net realized and unrealized gain (loss)  | 1.29  | 3.69  | .79  | 1.26  | (.16)  |
| Total from investment operations  | 1.43  | 3.80  | .99  | 1.47  | .05  |
| Distributions from net investment income  | (.05)  | (.15)  | (.40)  | (.23)  | (.07)  |
| Distributions from net realized gain  | (.60)  | -  | (.53)  | (1.19)  | (.05)  |
| Total distributions  | (.65)  | (.15)  | (.93)  | (1.41) <sup>D</sup>  | (.12)  |
| Net asset value, end of period  | $23.28  | $22.50  | $18.85  | $18.79  | $18.73  |
| **Total Return** <sup>E,F</sup>  | 6.32%  | 20.31%  | 5.37%  | 9.51%  | .25%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.44%  | 1.39%  | 1.37%  | 1.26%  | 1.27%  |
| Expenses net of fee waivers, if any  | 1.40%  | 1.38%  | 1.36%  | 1.26%  | 1.27%  |
| Expenses net of all reductions  | 1.40%  | 1.38%  | 1.35%  | 1.26%  | 1.26%  |
| Net investment income (loss)  | .65%  | .48%  | 1.19% <sup>C</sup>  | 1.21%  | 1.12%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $33509  | $31217  | $25905  | $28791  | $30030  |
| Portfolio turnover rate <sup>I</sup>  | 40%  | 35%  | 75%  | 43% <sup>J</sup>  | 33%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .83%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Value Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.89  | $18.33  | $18.29  | $18.25  | $18.33  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .03  | (.01)  | .10 <sup>C</sup>  | .12  | .11  |
| Net realized and unrealized gain (loss)  | 1.25  | 3.61  | .76  | 1.24  | (.16)  |
| Total from investment operations  | 1.28  | 3.60  | .86  | 1.36  | (.05)  |
| Distributions from net investment income  | -  | (.04)  | (.29)  | (.13)  | -  |
| Distributions from net realized gain  | (.52)  | -  | (.53)  | (1.19)  | (.03)  |
| Total distributions  | (.52)  | (.04)  | (.82)  | (1.32)  | (.03)  |
| Net asset value, end of period  | $22.65  | $21.89  | $18.33  | $18.29  | $18.25  |
| **Total Return** <sup>D,E</sup>  | 5.81%  | 19.67%  | 4.78%  | 8.95%  | (.29)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.98%  | 1.93%  | 1.91%  | 1.79%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.90%  | 1.93%  | 1.90%  | 1.79%  | 1.78%  |
| Expenses net of all reductions  | 1.90%  | 1.93%  | 1.89%  | 1.79%  | 1.78%  |
| Net investment income (loss)  | .15%  | (.06)%  | .64% <sup>C</sup>  | .68%  | .61%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $17461  | $14096  | $11555  | $15819  | $21206  |
| Portfolio turnover rate <sup>H</sup>  | 40%  | 35%  | 75%  | 43% <sup>I</sup>  | 33%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Value Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.14  | $19.39  | $19.16  | $19.09  | $19.18  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .26  | .22  | .30 <sup>C</sup>  | .31  | .32  |
| Net realized and unrealized gain (loss)  | 1.33  | 3.79  | .81  | 1.28  | (.17)  |
| Total from investment operations  | 1.59  | 4.01  | 1.11  | 1.59  | .15  |
| Distributions from net investment income  | (.18)  | (.26)  | (.35)  | (.34)  | (.19)  |
| Distributions from net realized gain  | (.60)  | -  | (.53)  | (1.19)  | (.05)  |
| Total distributions  | (.77) <sup>D</sup>  | (.26)  | (.88)  | (1.52) <sup>D</sup>  | (.24)  |
| Net asset value, end of period  | $23.96  | $23.14  | $19.39  | $19.16  | $19.09  |
| **Total Return** <sup>E</sup>  | 6.86%  | 20.93%  | 5.95%  | 10.12%  | .75%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .94%  | .90%  | .77%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .90%  | .90%  | .76%  | .72%  | .72%  |
| Expenses net of all reductions  | .90%  | .90%  | .75%  | .72%  | .72%  |
| Net investment income (loss)  | 1.15%  | .97%  | 1.78% <sup>C</sup>  | 1.75%  | 1.66%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $52405  | $51171  | $16291  | $18538  | $122603  |
| Portfolio turnover rate <sup>H</sup>  | 40%  | 35%  | 75%  | 43% <sup>I</sup>  | 33%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.42%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Equity Value Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.00  | $19.26  | $19.18  | $19.12  | $19.20  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .26  | .32 <sup>C</sup>  | .33  | .34  |
| Net realized and unrealized gain (loss)  | 1.32  | 3.75  | .82  | 1.28  | (.16)  |
| Total from investment operations  | 1.62  | 4.01  | 1.14  | 1.61  | .18  |
| Distributions from net investment income  | (.20)  | (.27)  | (.52)  | (.37)  | (.21)  |
| Distributions from net realized gain  | (.60)  | -  | (.53)  | (1.19)  | (.05)  |
| Total distributions  | (.80)  | (.27)  | (1.06) <sup>D</sup>  | (1.55) <sup>D</sup>  | (.26)  |
| Net asset value, end of period  | $23.82  | $23.00  | $19.26  | $19.18  | $19.12  |
| **Total Return** <sup>E</sup>  | 7.02%  | 21.07%  | 6.09%  | 10.27%  | .91%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .79%  | .74%  | .70%  | .58%  | .59%  |
| Expenses net of fee waivers, if any  | .75%  | .74%  | .69%  | .58%  | .59%  |
| Expenses net of all reductions  | .75%  | .74%  | .68%  | .58%  | .58%  |
| Net investment income (loss)  | 1.30%  | 1.12%  | 1.86% <sup>C</sup>  | 1.89%  | 1.80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $21317  | $35306  | $2606  | $3852  | $2406  |
| Portfolio turnover rate <sup>H</sup>  | 40%  | 35%  | 75%  | 43% <sup>I</sup>  | 33%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

**1** . **Organization.**

Fidelity Advisor Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022 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, 2022, 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**  | $55401652  |
| **Gross unrealized depreciation**  | <u>(8747605)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$46654047</u>  |
| **Tax cost**  | <u>$196416438</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1801358</u>  |
| **Undistributed long-term capital gain**  | <u>$1759298</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$46652170</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $3074115  | $1211161  |
| **Long-term Capital Gains**  | <u>4319301</u>  | <u>-</u>  |
| **Total**  | <u>$7393416</u>  | <u>$1211161</u>  |

---

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor Equity Value Fund**  | 89040308  | 89089529  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the Russell 3000 Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .65% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $265444  | $10001  |
| **Class M**  | .25%  | .25%  | 159088  | 668  |
| **Class C**  | .75%  | .25%  | <u>156471</u>  | <u>32168</u>  |
|  |  |  | <u>$581003</u>  | <u>$42837</u> <br>|

---

**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**  | $45066  |
| **Class M**  | 3624  |
| **Class C** <sup>A</sup>  | <u>705</u>  |
|  | <u>$49395</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $192147  | .18  |
| **Class M**  | 55649  | .17  |
| **Class C**  | 34421  | .22  |
| **Class I**  | 89417  | .19  |
| **Class Z**  | <u>8840</u>  | .04  |
|  | <u>$380474</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Equity Value Fund**  | .04  |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Equity Value Fund**  | $1420  |

---

**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 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 Value Fund**  | Borrower  | $8963571  | .31%  | $546  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Advisor Equity Value Fund**  | 5829355  | 4697129  | 283369  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Equity Value Fund**  | $377  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Advisor Equity Value Fund**  | $29  | $-  | $-  |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through March 31, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations**  | **Reimbursement**  |
| **Class A**  | 1.15%  | $43190  |
| **Class M**  | 1.40%  | 11284  |
| **Class C**  | 1.90%  | 12436  |
| **Class I**  | .90%  | 19932  |
| **Class Z**  | .75%  | <u>8831</u>  |
|  |  | <u>$95673</u>  |

---

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7,415.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Equity Value Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $3052916  | $709752  |
| Class M  | 897128  | 208993  |
| Class C  | 335659  | 24421  |
| Class I  | 1735387  | 224961  |
| Class Z  | <u>1372327</u>  | <u>43034</u>  |
| Total  | <u>$7393417</u>  | <u>$1211161</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| Fidelity Advisor Equity Value Fund  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 1322626  | 1299687  | $29846718  | $28834825  |
| Reinvestment of distributions  | 125386  | 35675  | 2944057  | 686391  |
| Shares redeemed  | <u>(704458)</u>  | <u>(608816)</u>  | <u>(15754356)</u>  | <u>(13399891)</u>  |
| Net increase (decrease)  | <u>743554</u>  | <u>726546</u>  | <u>$17036419</u>  | <u>$16121325</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 236755  | 208702  | $5321237  | $4624895  |
| Reinvestment of distributions  | 37646  | 10601  | 885059  | 204174  |
| Shares redeemed  | <u>(222986)</u>  | <u>(205820)</u>  | <u>(4958113)</u>  | <u>(4482792)</u>  |
| Net increase (decrease)  | <u>51415</u>  | <u>13483</u>  | <u>$1248183</u>  | <u>$346277</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 326262  | 320493  | $7171335  | $6900532  |
| Reinvestment of distributions  | 14355  | 1282  | 329881  | 24143  |
| Shares redeemed  | <u>(213704)</u>  | <u>(308019)</u>  | <u>(4679466)</u>  | <u>(6686187)</u>  |
| Net increase (decrease)  | <u>126913</u>  | <u>13756</u>  | <u>$2821750</u>  | <u>$238488</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 1266409  | 2160884  | $29316775  | $49834773  |
| Reinvestment of distributions  | 68071  | 10646  | 1639827  | 209931  |
| Shares redeemed  | <u>(1359296)</u>  | <u>(799903)</u>  | <u>(31653830)</u>  | <u>(18344141)</u>  |
| Net increase (decrease)  | <u>(24816)</u>  | <u>1371627</u>  | <u>$(697228)</u>  | <u>$</u> <u>31700563</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 677338  | 1464624  | $15778041  | $34162637  |
| Reinvestment of distributions  | 49426  | 1708  | 1181767  | 33426  |
| Shares redeemed  | <u>(1367272)</u>  | <u>(66358)</u>  | <u>(32317898)</u>  | <u>(1525916)</u>  |
| Net increase (decrease)  | <u>(640508)</u>  | <u>1399974</u>  | <u>$(15358090)</u>  | <u>$</u> <u>32670147</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12 Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Equity Value Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Equity Value Fund**  |  |  |  |  |
| **Class A**  | 1.15%  |  |  |  |
| **Actual**  |  | $1000  | $1021.90  | $5.83  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.30  | $5.82  |
| **Class M**  | 1.40%  |  |  |  |
| **Actual**  |  | $1000  | $1020.20  | $7.09  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1018.05  | $7.08  |
| **Class C**  | 1.90%  |  |  |  |
| **Actual**  |  | $1000  | $1018.00  | $9.61  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1015.54  | $9.60  |
| **Class I**  | .90%  |  |  |  |
| **Actual**  |  | $1000  | $1022.60  | $4.56  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.56  | $4.56  |
| **Class Z**  | .75%  |  |  |  |
| **Actual**  |  | $1000  | $1023.60  | $3.80  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.31  | $3.80  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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 <sup>th</sup> , 2022, $2,827,930, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.66% of the short-term capital gain dividends distributed in December 2021, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 98%; Class C and Class M designate 100%; Class I designates 81%; and Class Z designates 75% of the dividends distributed in December 2021, as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class C, Class M, Class I, and Class Z designate 100% 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.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87701_2.jpg) <br>

1.767075.121 AEV-ANN-0123

**Fidelity Advisor® Growth & Income Fund**

**Annual Report**

**November 30, 2022**

![](img87700_1.jpg)

![](img87700_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary272)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments272)** |
| **[Financial Statements](#Sec_FinancialStatements272)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -1.38%  | &nbsp;&nbsp; 8.74%  | &nbsp;&nbsp; 11.18%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; 0.72%  | &nbsp;&nbsp; 8.98%  | &nbsp;&nbsp; 11.18%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; 2.81%  | &nbsp;&nbsp; 9.19%  | &nbsp;&nbsp; 11.18%  |
| Class I  | &nbsp;&nbsp; 4.86%  | &nbsp;&nbsp; 10.31%  | &nbsp;&nbsp; 12.16%  |
| Class Z  | &nbsp;&nbsp; 5.03%  | &nbsp;&nbsp; 10.47%  | &nbsp;&nbsp; 12.25%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth & Income Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img87700_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Matt Fruhan:**

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 4% to 5%, handily outperforming the -9.21% result of the benchmark S&P 500® index. The primary contributor to performance versus the benchmark was an overweight in energy. An underweight and stock picking in consumer discretionary also boosted the fund's relative result, as did stock selection in the health care sector, especially within the health care equipment & services industry. The biggest individual relative contributor was an overweight in Exxon Mobil (+93%). Exxon Mobil was the fund's largest holding. Our second-largest relative contributor this period was avoiding Amazon.com, a benchmark component that returned -45%. Another notable relative contributor was an outsized stake in Hess (+95%), which was one of our biggest holdings. The fund's foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. Conversely, the primary detractor from performance versus the benchmark was stock selection in industrials. An underweight in utilities and stock picks in financials also hampered the fund's relative performance. Not owning Chevron, a benchmark component that gained about 68%, was the largest individual relative detractor. Our second-largest relative detractor this period was avoiding Berkshire Hathaway, a benchmark component that gained 15%. Another notable relative detractor was an overweight in Comcast (-25%), which was among the fund's biggest holdings. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to communication services.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Exxon Mobil Corp.\*  | 7.6  |
| Microsoft Corp.  | 5.8  |
| Wells Fargo & Co.\*  | 5.3  |
| General Electric Co.  | 4.7  |
| Bank of America Corp.  | 2.9  |
| Apple, Inc.  | 2.9  |
| Bristol-Myers Squibb Co.  | 1.9  |
| Visa, Inc. Class A  | 1.8  |
| Hess Corp.  | 1.8  |
| Comcast Corp. Class A  | 1.8  |
|  | 36.5  |

---

\* Security or a portion of the security is pledged as collateral for call options written.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 17.5  |
| Financials  | 15.6  |
| Industrials  | 15.0  |
| Energy  | 13.0  |
| Health Care  | 12.2  |
| Consumer Staples  | 5.0  |
| Communication Services  | 4.5  |
| Consumer Discretionary  | 2.8  |
| Materials  | 2.7  |
| Utilities  | 1.4  |
| Real Estate  | 1.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87700_6.jpg)  |
| *Foreign investments - 12.6%*  |
| *Written options - 0.0%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87700_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 90.6%**  | &nbsp;&nbsp; **Common Stocks - 90.6%**  | &nbsp;&nbsp; **Common Stocks - 90.6%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 4.5%  |  |  |
| Diversified Telecommunication Services - 0.7%  |  |  |
|  Cellnex Telecom SA (a)  | 67300  | 2314  |
|  Elisa Corp. (A Shares)  | 9700  | 505  |
|  Verizon Communications, Inc.  | 70709  | 2756  |
|  |  | 5575  |
| Entertainment - 1.4%  |  |  |
|  Activision Blizzard, Inc.  | 13200  | 976  |
|  Nintendo Co. Ltd. ADR  | 100900  | 1083  |
|  The Walt Disney Co. (b)  | 42500  | 4159  |
|  Universal Music Group NV  | 168800  | 4014  |
|  Warner Music Group Corp. Class A  | 39100  | 1340  |
|  |  | 11572  |
| Media - 2.4%  |  |  |
|  Comcast Corp. Class A  | 398158  | 14589  |
|  Interpublic Group of Companies, Inc.  | 149500  | 5137  |
|  |  | 19726  |
|  TOTAL COMMUNICATION SERVICES  |  | 36873  |
| CONSUMER DISCRETIONARY - 2.8%  |  |  |
| Auto Components - 0.4%  |  |  |
|  BorgWarner, Inc. (c)  | 71300  | 3031  |
| Hotels, Restaurants & Leisure - 0.7%  |  |  |
|  Churchill Downs, Inc.  | 10800  | 2397  |
|  Marriott International, Inc. Class A  | 10300  | 1703  |
|  Starbucks Corp.  | 13300  | 1359  |
|  |  | 5459  |
| Household Durables - 0.2%  |  |  |
|  Sony Group Corp. sponsored ADR  | 11400  | 947  |
|  Whirlpool Corp.  | 3500  | 513  |
|  |  | 1460  |
| Multiline Retail - 0.2%  |  |  |
|  Target Corp.  | 11200  | 1871  |
| Specialty Retail - 1.1%  |  |  |
|  Lowe's Companies, Inc. (c)  | 39457  | 8387  |
|  TJX Companies, Inc.  | 2400  | 192  |
|  Williams-Sonoma, Inc.  | 1000  | 117  |
|  |  | 8696  |
| Textiles, Apparel & Luxury Goods - 0.2%  |  |  |
|  NIKE, Inc. Class B  | 12000  | 1316  |
|  Puma AG  | 14944  | 773  |
|  Tapestry, Inc.  | 300  | 11  |
|  |  | 2100  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 22617  |
| CONSUMER STAPLES - 5.0%  |  |  |
| Beverages - 2.1%  |  |  |
|  Diageo PLC sponsored ADR (d)  | 20100  | 3750  |
|  Keurig Dr. Pepper, Inc.  | 94200  | 3643  |
|  Pernod Ricard SA  | 5600  | 1111  |
|  Remy Cointreau SA  | 3444  | 596  |
|  The Coca-Cola Co.  | 133484  | 8491  |
|  |  | 17591  |
| Food & Staples Retailing - 1.3%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 3700  | 169  |
|  Sysco Corp.  | 69100  | 5978  |
|  Walmart, Inc.  | 28200  | 4298  |
|  |  | 10445  |
| Food Products - 0.2%  |  |  |
|  Lamb Weston Holdings, Inc. (c)  | 21500  | 1868  |
| Household Products - 0.2%  |  |  |
|  Colgate-Palmolive Co.  | 5100  | 395  |
|  Kimberly-Clark Corp.  | 1000  | 136  |
|  Spectrum Brands Holdings, Inc.  | 15200  | 810  |
|  |  | 1341  |
| Personal Products - 0.2%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 1500  | 354  |
|  Haleon PLC ADR (b)  | 232609  | 1603  |
|  |  | 1957  |
| Tobacco - 1.0%  |  |  |
|  Altria Group, Inc.  | 173020  | 8059  |
|  TOTAL CONSUMER STAPLES  |  | 41261  |
| ENERGY - 13.0%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Baker Hughes Co. Class A  | 5700  | 165  |
| Oil, Gas & Consumable Fuels - 13.0%  |  |  |
|  Canadian Natural Resources Ltd. (d)  | 47500  | 2836  |
|  Cenovus Energy, Inc. (Canada)  | 522900  | 10399  |
|  Energy Transfer LP  | 31300  | 393  |
|  Enterprise Products Partners LP  | 19800  | 491  |
|  Exxon Mobil Corp. (c)  | 563600  | 62747  |
|  Hess Corp.  | 102600  | 14765  |
|  Imperial Oil Ltd.  | 91100  | 5183  |
|  Kosmos Energy Ltd. (b)  | 396100  | 2634  |
|  Phillips 66 Co.  | 13300  | 1442  |
|  Tourmaline Oil Corp.  | 87500  | 5326  |
|  |  | 106216  |
|  TOTAL ENERGY  |  | 106381  |
| FINANCIALS - 15.6%  |  |  |
| Banks - 11.6%  |  |  |
|  Bank of America Corp.  | 631742  | 23911  |
|  JPMorgan Chase & Co.  | 57443  | 7937  |
|  M&T Bank Corp.  | 10900  | 1853  |
|  PNC Financial Services Group, Inc.  | 47916  | 8062  |
|  Truist Financial Corp.  | 130149  | 6092  |
|  U.S. Bancorp  | 94830  | 4304  |
|  Wells Fargo & Co. (c)  | 903850  | 43340  |
|  |  | 95499  |
| Capital Markets - 2.7%  |  |  |
|  Ashmore Group PLC  | 104500  | 287  |
|  Brookfield Asset Management, Inc. Class A  | 26401  | 1245  |
|  Intercontinental Exchange, Inc.  | 1100  | 119  |
|  KKR & Co. LP  | 54813  | 2846  |
|  Morgan Stanley  | 30230  | 2814  |
|  Northern Trust Corp.  | 74837  | 6968  |
|  Raymond James Financial, Inc.  | 36350  | 4249  |
|  S&P Global, Inc.  | 100  | 35  |
|  State Street Corp.  | 43570  | 3471  |
|  |  | 22034  |
| Consumer Finance - 0.2%  |  |  |
|  Discover Financial Services  | 12700  | 1376  |
| Insurance - 0.8%  |  |  |
|  American Financial Group, Inc.  | 3400  | 484  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 172  | 8  |
|  Chubb Ltd.  | 9800  | 2152  |
|  Marsh & McLennan Companies, Inc.  | 14766  | 2557  |
|  Old Republic International Corp.  | 17800  | 436  |
|  The Travelers Companies, Inc.  | 6600  | 1253  |
|  |  | 6890  |
| Thrifts & Mortgage Finance - 0.3%  |  |  |
|  Essent Group Ltd.  | 20500  | 822  |
|  Radian Group, Inc.  | 62890  | 1231  |
|  |  | 2053  |
|  TOTAL FINANCIALS  |  | 127852  |
| HEALTH CARE - 12.0%  |  |  |
| Health Care Equipment & Supplies - 1.2%  |  |  |
|  Abbott Laboratories  | 3500  | 377  |
|  Becton, Dickinson & Co.  | 8975  | 2238  |
|  Boston Scientific Corp. (b)  | 117200  | 5306  |
|  GN Store Nord A/S  | 4000  | 97  |
|  Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)  | 100539  | 1512  |
|  Sonova Holding AG  | 2263  | 588  |
|  |  | 10118  |
| Health Care Providers & Services - 5.9%  |  |  |
|  Cardinal Health, Inc. (c)  | 70100  | 5620  |
|  Cigna Corp.  | 34200  | 11248  |
|  CVS Health Corp. (c)  | 74651  | 7605  |
|  Humana, Inc.  | 3300  | 1815  |
|  McKesson Corp. (c)  | 25633  | 9784  |
|  UnitedHealth Group, Inc. (c)  | 22000  | 12051  |
|  |  | 48123  |
| Life Sciences Tools & Services - 0.4%  |  |  |
|  Danaher Corp.  | 12200  | 3336  |
| Pharmaceuticals - 4.5%  |  |  |
|  Bayer AG  | 13573  | 788  |
|  Bristol-Myers Squibb Co.  | 188200  | 15109  |
|  Eli Lilly & Co.  | 7500  | 2783  |
|  GSK PLC sponsored ADR  | 157347  | 5443  |
|  Johnson & Johnson  | 55201  | 9826  |
|  Perrigo Co. PLC  | 6100  | 197  |
|  Sanofi SA sponsored ADR  | 19500  | 884  |
|  UCB SA  | 22100  | 1784  |
|  Viatris, Inc.  | 7200  | 79  |
|  Zoetis, Inc. Class A  | 1200  | 185  |
|  |  | 37078  |
|  TOTAL HEALTH CARE  |  | 98655  |
| INDUSTRIALS - 15.0%  |  |  |
| Aerospace & Defense - 3.0%  |  |  |
|  Airbus Group NV  | 36700  | 4213  |
|  General Dynamics Corp.  | 12500  | 3155  |
|  Huntington Ingalls Industries, Inc.  | 9000  | 2088  |
|  MTU Aero Engines AG  | 4600  | 970  |
|  Raytheon Technologies Corp.  | 16631  | 1642  |
|  Safran SA  | 10500  | 1298  |
|  The Boeing Co. (b)  | 61710  | 11039  |
|  |  | 24405  |
| Air Freight & Logistics - 1.7%  |  |  |
|  DSV A/S  | 4600  | 736  |
|  Expeditors International of Washington, Inc.  | 700  | 81  |
|  FedEx Corp.  | 11700  | 2132  |
|  United Parcel Service, Inc. Class B  | 59679  | 11323  |
|  |  | 14272  |
| Airlines - 0.0%  |  |  |
|  Copa Holdings SA Class A (b)  | 2300  | 202  |
| Building Products - 0.4%  |  |  |
|  A.O. Smith Corp.  | 11800  | 717  |
|  Johnson Controls International PLC  | 42100  | 2797  |
|  |  | 3514  |
| Commercial Services & Supplies - 0.5%  |  |  |
|  GFL Environmental, Inc.  | 114200  | 3311  |
|  Healthcare Services Group, Inc.  | 61700  | 861  |
|  Ritchie Bros. Auctioneers, Inc.  | 1300  | 71  |
|  |  | 4243  |
| Electrical Equipment - 1.0%  |  |  |
|  Acuity Brands, Inc.  | 12600  | 2372  |
|  Hubbell, Inc. Class B  | 11912  | 3026  |
|  Regal Rexnord Corp.  | 2100  | 275  |
|  Rockwell Automation, Inc.  | 1600  | 423  |
|  Vertiv Holdings Co. (d)  | 139100  | 1927  |
|  |  | 8023  |
| Industrial Conglomerates - 4.8%  |  |  |
|  3M Co.  | 10800  | 1360  |
|  General Electric Co.  | 447436  | 38466  |
|  |  | 39826  |
| Machinery - 1.7%  |  |  |
|  Allison Transmission Holdings, Inc.  | 25800  | 1156  |
|  Barnes Group, Inc.  | 2300  | 98  |
|  Caterpillar, Inc.  | 3300  | 780  |
|  Cummins, Inc.  | 4900  | 1231  |
|  Donaldson Co., Inc.  | 57000  | 3472  |
|  Epiroc AB (A Shares)  | 2700  | 52  |
|  Flowserve Corp.  | 30600  | 960  |
|  Fortive Corp.  | 24600  | 1662  |
|  Kardex AG  | 550  | 91  |
|  Nordson Corp.  | 9000  | 2128  |
|  Otis Worldwide Corp.  | 8265  | 645  |
|  Stanley Black & Decker, Inc.  | 4800  | 392  |
|  Westinghouse Air Brake Tech Co.  | 11931  | 1206  |
|  |  | 13873  |
| Professional Services - 0.5%  |  |  |
|  Equifax, Inc.  | 8000  | 1579  |
|  RELX PLC (London Stock Exchange)  | 77838  | 2183  |
|  Robert Half International, Inc.  | 800  | 63  |
|  |  | 3825  |
| Road & Rail - 0.5%  |  |  |
|  Knight-Swift Transportation Holdings, Inc. Class A (c)  | 70000  | 3880  |
| Trading Companies & Distributors - 0.8%  |  |  |
|  Brenntag SE  | 7000  | 445  |
|  Fastenal Co.  | 12000  | 618  |
|  MSC Industrial Direct Co., Inc. Class A  | 1500  | 129  |
|  Watsco, Inc. (d)  | 19364  | 5209  |
|  WESCO International, Inc. (b)  | 2700  | 348  |
|  |  | 6749  |
| Transportation Infrastructure - 0.1%  |  |  |
|  Aena SME SA (a)(b)  | 5100  | 658  |
|  TOTAL INDUSTRIALS  |  | 123470  |
| INFORMATION TECHNOLOGY - 17.5%  |  |  |
| Electronic Equipment & Components - 0.2%  |  |  |
|  CDW Corp.  | 9300  | 1754  |
| IT Services - 4.0%  |  |  |
|  Amadeus IT Holding SA Class A (b)  | 54600  | 2952  |
|  DXC Technology Co. (b)  | 9400  | 279  |
|  Edenred SA  | 57400  | 3153  |
|  Fidelity National Information Services, Inc.  | 46400  | 3368  |
|  Genpact Ltd.  | 51800  | 2388  |
|  Global Payments, Inc.  | 11200  | 1162  |
|  IBM Corp.  | 17800  | 2650  |
|  MasterCard, Inc. Class A  | 5500  | 1960  |
|  Unisys Corp. (b)  | 70792  | 304  |
|  Visa, Inc. Class A  | 69040  | 14982  |
|  |  | 33198  |
| Semiconductors & Semiconductor Equipment - 3.2%  |  |  |
|  Analog Devices, Inc.  | 13900  | 2390  |
|  Applied Materials, Inc.  | 16895  | 1852  |
|  Intel Corp.  | 68200  | 2051  |
|  Lam Research Corp.  | 4200  | 1984  |
|  Marvell Technology, Inc.  | 71500  | 3326  |
|  Microchip Technology, Inc.  | 2300  | 182  |
|  NVIDIA Corp.  | 10000  | 1692  |
|  NXP Semiconductors NV  | 18600  | 3271  |
|  Qualcomm, Inc.  | 68498  | 8664  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 2200  | 183  |
|  Teradyne, Inc.  | 6800  | 635  |
|  |  | 26230  |
| Software - 7.1%  |  |  |
|  Intuit, Inc.  | 9900  | 4035  |
|  Microsoft Corp.  | 185353  | 47291  |
|  Open Text Corp.  | 15400  | 452  |
|  SAP SE sponsored ADR (d)  | 52900  | 5865  |
|  Temenos Group AG  | 10960  | 675  |
|  |  | 58318  |
| Technology Hardware, Storage & Peripherals - 3.0%  |  |  |
|  Apple, Inc.  | 159492  | 23610  |
|  FUJIFILM Holdings Corp.  | 5200  | 280  |
|  Samsung Electronics Co. Ltd.  | 14620  | 710  |
|  |  | 24600  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 144100  |
| MATERIALS - 2.7%  |  |  |
| Chemicals - 0.6%  |  |  |
|  DuPont de Nemours, Inc.  | 62300  | 4393  |
|  PPG Industries, Inc.  | 5200  | 703  |
|  |  | 5096  |
| Metals & Mining - 2.1%  |  |  |
|  First Quantum Minerals Ltd.  | 189700  | 4510  |
|  Freeport-McMoRan, Inc.  | 196000  | 7801  |
|  Glencore PLC  | 628900  | 4292  |
|  |  | 16603  |
| Paper & Forest Products - 0.0%  |  |  |
|  Louisiana-Pacific Corp.  | 2800  | 179  |
|  TOTAL MATERIALS  |  | 21878  |
| REAL ESTATE - 1.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 1.1%  |  |  |
|  American Tower Corp.  | 17400  | 3850  |
|  Crown Castle International Corp.  | 2200  | 311  |
|  Equinix, Inc.  | 110  | 76  |
|  Public Storage  | 200  | 60  |
|  Simon Property Group, Inc.  | 38600  | 4610  |
|  |  | 8907  |
| UTILITIES - 1.4%  |  |  |
| Electric Utilities - 1.3%  |  |  |
|  Constellation Energy Corp.  | 4400  | 423  |
|  Duke Energy Corp.  | 10400  | 1039  |
|  Entergy Corp.  | 11900  | 1384  |
|  Exelon Corp.  | 13200  | 546  |
|  NextEra Energy, Inc.  | 3000  | 254  |
|  PG&E Corp. (b)  | 102500  | 1609  |
|  Southern Co.  | 75900  | 5134  |
|  |  | 10389  |
| Multi-Utilities - 0.1%  |  |  |
|  Sempra Energy  | 6300  | 1047  |
|  TOTAL UTILITIES  |  | 11436  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $499,091)  |  | <br> **743430**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Preferred Stocks - 0.2%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.2%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.2%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| HEALTH CARE - 0.2%  |  |  |
| Health Care Equipment & Supplies - 0.2%  |  |  |
|  Becton, Dickinson & Co. 6.50%  | 14200  | 705  |
|  Boston Scientific Corp. Series A, 5.50%  | 8400  | 949  |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS** <br> (Cost $1,564)  |  | <br> **1654**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Bonds - 0.0%**  | &nbsp;&nbsp; **Convertible Bonds - 0.0%**  | &nbsp;&nbsp; **Convertible Bonds - 0.0%**  |
|  | Principal <br> Amount (e) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 0.0%  |  |  |
| Interactive Media & Services - 0.0%  |  |  |
|  Snap, Inc. 0.125% 3/1/28 (a) <br>(Cost $374) <br>| 521  | **350**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 10.4%**  | &nbsp;&nbsp; **Money Market Funds - 10.4%**  | &nbsp;&nbsp; **Money Market Funds - 10.4%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 73078034  | 73093  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 12460329  | 12462  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $85,555)  |  | **85555**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%** <br> (Cost $586,584) <br>| <br>**830989**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(10001)**  |
| **NET ASSETS - 100.0%**  | **820988**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options**  | **Written Options**  | **Written Options**  | **Written Options**  | **Written Options**  | **Written Options**  | **Written Options**  |
|  | Counterparty  | Number <br> of Contracts  | Notional <br> Amount ($) <br>(000s)  | Exercise <br> Price ($)  | Expiration <br> Date  | Value ($) <br>(000s)  |
| Call Options  |  |  |  |  |  |  |
| BorgWarner, Inc.  | Chicago Board Options Exchange  | 70  | 298  | 45.00  | 01/20/23  | (7)  |
| Cardinal Health, Inc.  | Chicago Board Options Exchange  | 69  | 553  | 77.50  | 12/16/22  | (23)  |
| CVS Health Corp.  | Chicago Board Options Exchange  | 36  | 367  | 105.00  | 01/20/23  | (7)  |
| Exxon Mobil Corp.  | Chicago Board Options Exchange  | 282  | 3140  | 110.00  | 01/20/23  | (171)  |
| Knight-Swift Transportation Holdings, Inc.  | Chicago Board Options Exchange  | 64  | 355  | 60.00  | 01/20/23  | (6)  |
| Lamb Weston Holdings, Inc.  | Chicago Board Options Exchange  | 192  | 1668  | 90.00  | 12/16/22  | (12)  |
| Lowe's Companies, Inc.  | Chicago Board Options Exchange  | 20  | 425  | 220.00  | 12/16/22  | (7)  |
| McKesson Corp.  | Chicago Board Options Exchange  | 7  | 267  | 380.00  | 01/20/23  | (11)  |
| UnitedHealth Group, Inc.  | Chicago Board Options Exchange  | 6  | 329  | 560.00  | 12/16/22  | (2)  |
| Wells Fargo & Co.  | Chicago Board Options Exchange  | 446  | 2139  | 47.50  | 12/16/22  | (61)  |
| **TOTAL WRITTEN OPTIONS**  |  |  |  |  |  | **(307)**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) 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 $3,322,000 or 0.4% of net assets.

(b) Non-income producing

(c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $9,541,000.

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

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

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

(g) 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 (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 11071  | 146873  | 84851  | 635  | -  | -  | 73093  | 0.2%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 727  | 71733  | 59998  | 7  | -  | -  | 12462  | 0.0%  |
| Total  | 11798  | 218606  | 144849  | 642  | -  | -  | 85555  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 36873  | 30040  | 6833  | -  |
| Consumer Discretionary  | 22617  | 21844  | 773  | -  |
| Consumer Staples  | 41261  | 39554  | 1707  | -  |
| Energy  | 106381  | 106381  | -  | -  |
| Financials  | 127852  | 127565  | 287  | -  |
| Health Care  | 100309  | 95398  | 4911  | -  |
| Industrials  | 123470  | 112824  | 10646  | -  |
| Information Technology  | 144100  | 136330  | 7770  | -  |
| Materials  | 21878  | 17586  | 4292  | -  |
| Real Estate  | 8907  | 8907  | -  | -  |
| Utilities  | 11436  | 11436  | -  | -  |
|  Corporate Bonds  | 350  | -  | 350  | -  |
|  Money Market Funds  | 85555  | 85555  | -  | -  |
| **Total Investments in Securities:**  | 830989  | 793420  | 37569  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Written Options  | (307)  | (307)  | -  | -  |
| Total Liabilities  | (307)  | (307)  | -  | -  |
| **Total Derivative Instruments:**  | (307)  | (307)  | -  | -  |

---

**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, 2022. 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**  |
| <br> **(Amounts in thousands)**  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Written Options (a)  | 0  | (307)  |
| **Total Equity Risk**  | 0  | (307)  |
| **Total Value of Derivatives**  | 0  | (307)  |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $12,439) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $501,029)  | $745434  |  |
|  Fidelity Central Funds (cost $85,555)  | 85555  |  |
|  Total Investment in Securities (cost $586,584)  |  | $830989  |
|  Restricted cash  |  | 76  |
| Receivable for investments sold  |  |  |
|  Regular delivery  |  | 319  |
|  Delayed delivery  |  | 424  |
|  Receivable for fund shares sold  |  | 956  |
|  Dividends receivable  |  | 1983  |
|  Distributions receivable from Fidelity Central Funds  |  | 191  |
|  Prepaid expenses  |  | 1  |
| **Total assets**  |  | 834939  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $362  |  |
|  Payable for fund shares redeemed  | 223  |  |
|  Accrued management fee  | 278  |  |
|  Distribution and service plan fees payable  | 191  |  |
|  Written options, at value (premium received $220)  | 307  |  |
|  Other affiliated payables  | 121  |  |
|  Other payables and accrued expenses  | 7  |  |
|  Collateral on securities loaned  | 12462  |  |
| **Total Liabilities**  |  | 13951  |
| **Net Assets**  |  | $820988  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $573737  |
|  Total accumulated earnings (loss)  |  | 247251  |
|  **Net Assets**  |  | $820988  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($405,638 ÷ 12,331 shares) <sup>(a)</sup>  |  | $32.90  |
|  Maximum offering price per share (100/94.25 of $32.90)  |  | $34.91  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($180,063 ÷ 5,462 shares) <sup>(a)</sup>  |  | $32.97  |
|  Maximum offering price per share (100/96.50 of $32.97)  |  | $34.17  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($47,170 ÷ 1,560 shares) <sup>(a)</sup>  |  | $30.24  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($127,725 ÷ 3,778 shares)  |  | $33.81  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($60,392 ÷ 1,783 shares) <sup>(b)</sup>  |  | $33.88  |
| *(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.*  |
| *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $15387  |
| Interest  |  | 51  |
| Income from Fidelity Central Funds (including $7 from security lending)  |  | 642  |
| **Total Income**  |  | 16080  |
|  **Expenses**  |  |  |
| Management fee  | $3091  |  |
| Transfer agent fees  | 1205  |  |
| Distribution and service plan fees  | 2222  |  |
| Accounting fees  | 244  |  |
| Custodian fees and expenses  | 20  |  |
| Independent trustees' fees and expenses  | 2  |  |
| Registration fees  | 91  |  |
| Audit  | 60  |  |
| Legal  | 4  |  |
| Miscellaneous  | 2  |  |
| Total expenses before reductions  | 6941  |  |
| Expense reductions  | (23)  |  |
| Total expenses after reductions  |  | 6918  |
| **Net Investment income (loss)**  |  | 9162  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 1454  |  |
| Foreign currency transactions  | 145  |  |
| Written options  | 570  |  |
| Total net realized gain (loss)  |  | 2169  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 21285  |  |
| Assets and liabilities in foreign currencies  | (10)  |  |
| Written options  | (166)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 21109  |
| **Net gain (loss)**  |  | 23278  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $32440  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $9162  | $10833  |
| &nbsp;&nbsp; Net realized gain (loss)  | 2169 <br>| 18231 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 21109  | 97851 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 32440 <br>| 126915 <br>|
| Distributions to shareholders  | (33061) <br>| (25162) <br>|
| Share transactions - net increase (decrease)  | 173331 <br>| 27651 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 172710 <br>| 129404 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 648278  | 518874 <br>|
| &nbsp;&nbsp; End of period  | $820988  | $648278  |

---

**Financial Highlights** 

 **Fidelity Advisor® Growth & Income Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.01  | $27.71  | $28.32  | $28.69  | $30.29  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .42  | .59 <sup>C</sup>  | .44  | .49  | .43  |
| Net realized and unrealized gain (loss)  | 1.09  | 6.08  | .90  | 2.48  | .58  |
| Total from investment operations  | 1.51  | 6.67  | 1.34  | 2.97  | 1.01  |
| Distributions from net investment income  | (.83)  | (.48)  | (.48)  | (.47)  | (.36)  |
| Distributions from net realized gain  | (.80)  | (.89)  | (1.47)  | (2.87)  | (2.26)  |
| Total distributions  | (1.62) <sup>D</sup>  | (1.37)  | (1.95)  | (3.34)  | (2.61) <sup>D</sup>  |
| Net asset value, end of period  | $32.90  | $33.01  | $27.71  | $28.32  | $28.69  |
| **Total Return** <sup>E,F</sup>  | 4.64%  | 25.08%  | 4.86%  | 13.65%  | 3.42%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .91%  | .92%  | .95%  | .96%  | .96%  |
| Expenses net of fee waivers, if any  | .91%  | .92%  | .95%  | .96%  | .96%  |
| Expenses net of all reductions  | .91%  | .92%  | .95%  | .95%  | .95%  |
| Net investment income (loss)  | 1.31%  | 1.85% <sup>C</sup>  | 1.78%  | 1.93%  | 1.49%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $406  | $344  | $277  | $288  | $243  |
| Portfolio turnover rate <sup>I</sup>  | 8%  | 15%  | 28%  | 29%  | 40%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.21%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Growth & Income Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.01  | $27.71  | $28.31  | $28.67  | $30.26  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .34  | .51 <sup>C</sup>  | .38  | .43  | .36  |
| Net realized and unrealized gain (loss)  | 1.10  | 6.10  | .89  | 2.47  | .59  |
| Total from investment operations  | 1.44  | 6.61  | 1.27  | 2.90  | .95  |
| Distributions from net investment income  | (.68)  | (.42)  | (.40)  | (.39)  | (.28)  |
| Distributions from net realized gain  | (.80)  | (.89)  | (1.47)  | (2.87)  | (2.26)  |
| Total distributions  | (1.48)  | (1.31)  | (1.87)  | (3.26)  | (2.54)  |
| Net asset value, end of period  | $32.97  | $33.01  | $27.71  | $28.31  | $28.67  |
| **Total Return** <sup>D,E</sup>  | 4.38%  | 24.77%  | 4.61%  | 13.33%  | 3.19%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.15%  | 1.16%  | 1.20%  | 1.21%  | 1.21%  |
| Expenses net of fee waivers, if any  | 1.15%  | 1.16%  | 1.20%  | 1.21%  | 1.21%  |
| Expenses net of all reductions  | 1.15%  | 1.16%  | 1.20%  | 1.20%  | 1.20%  |
| Net investment income (loss)  | 1.07%  | 1.61% <sup>C</sup>  | 1.53%  | 1.68%  | 1.24%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $180  | $173  | $153  | $172  | $175  |
| Portfolio turnover rate <sup>H</sup>  | 8%  | 15%  | 28%  | 29%  | 40%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Growth & Income Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.33  | $25.56  | $26.22  | $26.79  | $28.45  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .16  | .32 <sup>C</sup>  | .23  | .27  | .20  |
| Net realized and unrealized gain (loss)  | 1.00  | 5.62  | .82  | 2.28  | .55  |
| Total from investment operations  | 1.16  | 5.94  | 1.05  | 2.55  | .75  |
| Distributions from net investment income  | (.45)  | (.28)  | (.24)  | (.26)  | (.15)  |
| Distributions from net realized gain  | (.80)  | (.89)  | (1.47)  | (2.87)  | (2.26)  |
| Total distributions  | (1.25)  | (1.17)  | (1.71)  | (3.12) <sup>D</sup>  | (2.41)  |
| Net asset value, end of period  | $30.24  | $30.33  | $25.56  | $26.22  | $26.79  |
| **Total Return** <sup>E,F</sup>  | 3.80%  | 24.14%  | 4.07%  | 12.74%  | 2.64%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.67%  | 1.69%  | 1.73%  | 1.73%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.67%  | 1.69%  | 1.73%  | 1.73%  | 1.71%  |
| Expenses net of all reductions  | 1.67%  | 1.69%  | 1.73%  | 1.73%  | 1.71%  |
| Net investment income (loss)  | .55%  | 1.09% <sup>C</sup>  | 1.00%  | 1.15%  | .73%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $47  | $41  | $34  | $41  | $75  |
| Portfolio turnover rate <sup>I</sup>  | 8%  | 15%  | 28%  | 29%  | 40%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 .44%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Growth & Income Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.95  | $28.45  | $29.01  | $29.33  | $30.91  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .51  | .69 <sup>C</sup>  | .52  | .57  | .52  |
| Net realized and unrealized gain (loss)  | 1.12  | 6.24  | .93  | 2.52  | .60  |
| Total from investment operations  | 1.63  | 6.93  | 1.45  | 3.09  | 1.12  |
| Distributions from net investment income  | (.97)  | (.55)  | (.54)  | (.54)  | (.44)  |
| Distributions from net realized gain  | (.80)  | (.89)  | (1.47)  | (2.87)  | (2.26)  |
| Total distributions  | (1.77)  | (1.43) <sup>D</sup>  | (2.01)  | (3.41)  | (2.70)  |
| Net asset value, end of period  | $33.81  | $33.95  | $28.45  | $29.01  | $29.33  |
| **Total Return** <sup>E</sup>  | 4.86%  | 25.40%  | 5.16%  | 13.89%  | 3.71%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .66%  | .67%  | .70%  | .70%  | .69%  |
| Expenses net of fee waivers, if any  | .66%  | .67%  | .70%  | .69%  | .69%  |
| Expenses net of all reductions  | .66%  | .67%  | .69%  | .69%  | .69%  |
| Net investment income (loss)  | 1.56%  | 2.10% <sup>C</sup>  | 2.03%  | 2.19%  | 1.75%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $128  | $76  | $45  | $48  | $47  |
| Portfolio turnover rate <sup>H</sup>  | 8%  | 15%  | 28%  | 29%  | 40%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.46%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Growth & Income Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.04  | $28.52  | $29.09  | $29.35  | $30.94  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .55  | .73 <sup>C</sup>  | .55  | .62  | .56  |
| Net realized and unrealized gain (loss)  | 1.13  | 6.26  | .93  | 2.53  | .59  |
| Total from investment operations  | 1.68  | 6.99  | 1.48  | 3.15  | 1.15  |
| Distributions from net investment income  | (1.05)  | (.59)  | (.58)  | (.54)  | (.49)  |
| Distributions from net realized gain  | (.80)  | (.89)  | (1.47)  | (2.87)  | (2.26)  |
| Total distributions  | (1.84) <sup>D</sup>  | (1.47) <sup>D</sup>  | (2.05)  | (3.41)  | (2.74) <sup>D</sup>  |
| Net asset value, end of period  | $33.88  | $34.04  | $28.52  | $29.09  | $29.35  |
| **Total Return** <sup>E</sup>  | 5.03%  | 25.59%  | 5.26%  | 14.11%  | 3.84%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .53%  | .53%  | .55%  | .56%  | .56%  |
| Expenses net of fee waivers, if any  | .52%  | .53%  | .55%  | .56%  | .56%  |
| Expenses net of all reductions  | .52%  | .53%  | .55%  | .55%  | .55%  |
| Net investment income (loss)  | 1.69%  | 2.24% <sup>C</sup>  | 2.18%  | 2.33%  | 1.89%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $60  | $14  | $11  | $7  | $22  |
| Portfolio turnover rate <sup>H</sup>  | 8%  | 15%  | 28%  | 29%  | 40%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.60%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**1. Organization.**

Fidelity Advisor Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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 are valued by pricing vendors 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 options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2022 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.

**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, 2022, 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, 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**  | $272382  |
| **Gross unrealized depreciation**  | <u>(30112)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$242270</u>  |
| **Tax Cost**  | <u>$588412</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3178</u>  |
| **Undistributed long-term capital gain**  | <u>$1811</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$242262</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $18783  | $8545  |
| **Long-term Capital Gains**  | <u>14278</u>  | <u>16617</u>  |
| **Total**  | <u>$33061</u>  | <u>$25162</u>  |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. <br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.

**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 Growth & Income Fund**  | 143652  | 57418  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .43% of the Fund's average net assets.

**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%  | $921  | $25  |
| **Class M**  | .25%  | .25%  | 874  | 5  |
| **Class C**  | .75%  | .25%  | <u>427</u>  | <u>88</u>  |
|  |  |  | <u>$2222</u>  | <u>$118</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**  | $188  |
| **Class M**  | 12  |
| **Class C** <sup>A</sup>  | <u>1</u>  |
|  | <u>$201</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $646  | .18  |
| **Class M**  | 293  | .17  |
| **Class C**  | 81  | .19  |
| **Class I**  | 166  | .17  |
| **Class Z**  | <u>19</u>  | .04  |
|  | <u>$1205</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Growth & Income Fund**  | .03  |

---

**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 Growth & Income Fund**  | $1  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 & Income Fund**  | 11051  | 2957  | 318  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Growth & Income Fund**  | $1  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 & Income Fund**  | $1  | $-  | $-  |

---

**9. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $23.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Growth & Income Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $17363  | $13601  |
| Class M  | 7787  | 7162  |
| Class C  | 1696  | 1554  |
| Class I  | 4201  | 2271  |
| Class Z  | <u>2014</u>  | <u>574</u>  |
| Total  | <u>$33061</u>  | <u>$25162</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Growth & Income Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2812  | 1486  | $90084  | $47727  |
| Reinvestment of distributions  | 504  | 466  | 16493  | 12807  |
| Shares redeemed  | <u>(1415)</u>  | <u>(1503)</u>  | <u>(44767)</u>  | <u>(47472)</u>  |
| Net increase (decrease)  | <u>1901</u>  | <u>449</u>  | <u>$61810</u>  | <u>$13062</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 643  | 324  | $20917  | $10258  |
| Reinvestment of distributions  | 231  | 254  | 7629  | 6998  |
| Shares redeemed  | <u>(650)</u>  | <u>(859)</u>  | <u>(20594)</u>  | <u>(27103)</u>  |
| Net increase (decrease)  | <u>224</u>  | <u>(281)</u>  | <u>$7952</u>  | <u>$(9847)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 649  | 366  | $19167  | $10922  |
| Reinvestment of distributions  | 55  | 60  | 1666  | 1533  |
| Shares redeemed  | <u>(486)</u>  | <u>(423)</u>  | <u>(14200)</u>  | <u>(12405)</u>  |
| Net increase (decrease)  | <u>218</u>  | <u>3</u>  | <u>$6633</u>  | <u>$50</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 2275  | 1111  | $74876  | $36641  |
| Reinvestment of distributions  | 112  | 72  | 3758  | 2022  |
| Shares redeemed  | <u>(850)</u>  | <u>(507)</u>  | <u>(27709)</u>  | <u>(16185)</u>  |
| Net increase (decrease)  | <u>1537</u>  | <u>676</u>  | <u>$50925</u>  | <u>$22478</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 1643  | 374  | $55104  | $12347  |
| Reinvestment of distributions  | 56  | 16  | 1860  | 460  |
| Shares redeemed  | <u>(334)</u>  | <u>(344)</u>  | <u>(10953)</u>  | <u>(10899)</u>  |
| Net increase (decrease)  | <u>1365</u>  | <u>46</u>  | <u>$46011</u>  | <u>$1908</u>  |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Growth & Income Fund

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth & Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 17, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Growth & Income Fund**  |  |  |  |  |
| **Class A**  | .91%  |  |  |  |
| **Actual**  |  | $1000  | $1022.90  | $4.61  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.51  | $4.61  |
| **Class M**  | 1.15%  |  |  |  |
| **Actual**  |  | $1000  | $1021.70  | $5.83  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.30  | $5.82  |
| **Class C**  | 1.67%  |  |  |  |
| **Actual**  |  | $1000  | $1018.80  | $8.45  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.70  | $8.44  |
| **Class I**  | .66%  |  |  |  |
| **Actual**  |  | $1000  | $1024.30  | $3.35  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.76  | $3.35  |
| **Class Z**  | .52%  |  |  |  |
| **Actual**  |  | $1000  | $1025.00  | $2.64  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.46  | $2.64  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $1,821,171, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.01% 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 100% of the short-term capital gain dividend distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 84%, 100%, 100%, and 100%; Class M designates 98%, 100%, 100%, and 100%; Class C designates 100%, 100%, 100% and 100%; Class I designates 74%, 100%, 100%, and 100%; and Class Z designates 70%, 100%, 100%, and 100% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 100%, 100%, 100%, and 100%; Class M designates 100%, 100%, 100%, and 100%; Class C designates 100%, 100%, 100%, and 100%; Class I designates 99%, 100%, 100%, and 100% and Class Z designates 93%, 100%, 100%, and 100% of the dividends distributed in December, April, July, and October, 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 I designates 1%; and Class Z designates 7%, of the dividend distributed in December during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87700_2.jpg) <br>

1.539472.125 AGAI-ANN-0123

**Fidelity Advisor® Stock Selector Mid Cap Fund**

**Annual Report**

**November 30, 2022**

Includes Fidelity and Fidelity Advisor share classes

![](img87693_1.jpg)

![](img87693_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary531)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments531)** |
| **[Financial Statements](#Sec_FinancialStatements531)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -10.14%  | &nbsp;&nbsp; 6.93%  | &nbsp;&nbsp; 9.99%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -8.23%  | &nbsp;&nbsp; 7.18%  | &nbsp;&nbsp; 9.99%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -6.24%  | &nbsp;&nbsp; 7.37%  | &nbsp;&nbsp; 9.97%  |
| Fidelity Advisor® Stock Selector Mid Cap Fund  | &nbsp;&nbsp; -4.43%  | &nbsp;&nbsp; 8.45%  | &nbsp;&nbsp; 10.89%  |
| Class I  | &nbsp;&nbsp; -4.45%  | &nbsp;&nbsp; 8.47%  | &nbsp;&nbsp; 10.90%  |
| Class Z  | &nbsp;&nbsp; -4.30%  | &nbsp;&nbsp; 8.63%  | &nbsp;&nbsp; 11.00%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Stock Selector Mid Cap Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period.  |
| ![](img87693_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Co-Managers Christopher Lee, Chad Colman and Ali Khan:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -5% to -4%, trailing the -3.29% result of the benchmark S&P MidCap 400® Index. Versus the benchmark, security selection was the primary detractor, especially within financials, banks in particular. We also had weak picks among health care and real estate stocks. Jeld-Wen, the fund's top individual detractor, returned -58% this period and was no longer held at period end. Our second-largest detractor was Caesars Entertainment, which returned about -44% the past 12 months. Exposure to Cyxtera Technologies (-81%) also hurt, though we added to our position in the company the past year. All of these detractors were non-benchmark positions. Conversely, the biggest contributor to performance versus the benchmark was stock selection in the industrials sector, primarily driven by the transportation industry. An overweighting and investment choices in the market-leading energy sector, as well as an underweighting in consumer discretionary, further bolstered the portfolio's relative result. Our non-benchmark stake in Nielsen Holdings was the fund's biggest individual relative contributor, driven by an increase of about 37%. The stock was not held at period end. The portfolio's non-benchmark investment in MRC Global, a position no longer held at period end, gained roughly 0.3% and added value as well. Another notable relative contributor was an overweighting in Steel Dynamics (+77%), one of our largest holdings on November 30. Notable changes in positioning this period include reduced exposure to the real estate sector and a higher allocation to materials stocks.

**Notes to shareholders:**

On July 27, 2022, Chad Colman assumed portfolio management responsibilities for the fund's industrials sleeve, succeeding John Mirshekari. On December 31, 2022, Robert Stansky retired from Fidelity after a distinguished career managing assets for its fund shareholders over nearly four decades. On January 1, 2023, Chris Lee assumed Stansky's responsibilities for the fund after having served with him as co-manager since August 1, 2022.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Steel Dynamics, Inc.  | 1.5  |
| CACI International, Inc. Class A  | 1.2  |
| Penumbra, Inc.  | 1.2  |
| Willscot Mobile Mini Holdings  | 1.1  |
| Bancorp, Inc., Delaware  | 1.1  |
| Churchill Downs, Inc.  | 1.1  |
| Carlisle Companies, Inc.  | 1.1  |
| RPM International, Inc.  | 1.0  |
| Landstar System, Inc.  | 1.0  |
| Masimo Corp.  | 1.0  |
|  | 11.3  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 18.6  |
| Financials  | 14.5  |
| Consumer Discretionary  | 13.5  |
| Information Technology  | 12.6  |
| Health Care  | 9.2  |
| Materials  | 7.7  |
| Real Estate  | 7.0  |
| Consumer Staples  | 4.5  |
| Energy  | 4.2  |
| Utilities  | 3.8  |
| Communication Services  | 1.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87693_6.jpg)  |
| *Foreign investments - 5%*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.2%**  | &nbsp;&nbsp; **Common Stocks - 97.2%**  | &nbsp;&nbsp; **Common Stocks - 97.2%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 1.7%  |  |  |
| Diversified Telecommunication Services - 0.3%  |  |  |
|  Frontier Communications Parent, Inc. (a)(b)  | 60100  | 1549  |
|  Iridium Communications, Inc. (a)  | 99500  | 5283  |
|  |  | 6832  |
| Entertainment - 0.3%  |  |  |
|  Endeavor Group Holdings, Inc. (a)  | 81300  | 1788  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 30300  | 1846  |
|  Warner Music Group Corp. Class A  | 62600  | 2145  |
|  |  | 5779  |
| Interactive Media & Services - 0.2%  |  |  |
|  TripAdvisor, Inc. (a)(b)  | 47900  | 977  |
|  Ziff Davis, Inc. (a)  | 33800  | 3118  |
|  |  | 4095  |
| Media - 0.9%  |  |  |
|  Cable One, Inc.  | 6600  | 4780  |
|  Gray Television, Inc.  | 73300  | 858  |
|  Interpublic Group of Companies, Inc.  | 88851  | 3053  |
|  Nexstar Broadcasting Group, Inc. Class A  | 23800  | 4512  |
|  S4 Capital PLC (a)  | 204200  | 471  |
|  The New York Times Co. Class A  | 125100  | 4585  |
|  |  | 18259  |
|  TOTAL COMMUNICATION SERVICES  |  | 34965  |
| CONSUMER DISCRETIONARY - 13.5%  |  |  |
| Auto Components - 1.3%  |  |  |
|  Adient PLC (a)  | 261000  | 10163  |
|  Lear Corp.  | 114453  | 16509  |
|  Novem Group SA  | 184100  | 1447  |
|  |  | 28119  |
| Automobiles - 0.8%  |  |  |
|  Harley-Davidson, Inc.  | 342272  | 16131  |
| Distributors - 0.3%  |  |  |
|  LKQ Corp.  | 101198  | 5498  |
| Diversified Consumer Services - 0.0%  |  |  |
|  Cairo Mezz PLC (a)  | 6899871  | 649  |
| Hotels, Restaurants & Leisure - 4.7%  |  |  |
|  ARAMARK Holdings Corp.  | 285000  | 11856  |
|  Brinker International, Inc. (a)  | 127100  | 4251  |
|  Caesars Entertainment, Inc. (a)  | 298202  | 15152  |
|  Churchill Downs, Inc.  | 102547  | 22761  |
|  Domino's Pizza, Inc.  | 33400  | 12984  |
|  Planet Fitness, Inc. (a)  | 72300  | 5665  |
|  Vail Resorts, Inc.  | 30600  | 7881  |
|  Wyndham Hotels & Resorts, Inc.  | 249633  | 18303  |
|  |  | 98853  |
| Household Durables - 1.7%  |  |  |
|  Leggett & Platt, Inc. (b)  | 216940  | 7725  |
|  Mohawk Industries, Inc. (a)  | 80640  | 8171  |
|  NVR, Inc. (a)  | 1578  | 7320  |
|  Taylor Morrison Home Corp. (a)  | 384664  | 11690  |
|  |  | 34906  |
| Multiline Retail - 0.7%  |  |  |
|  Nordstrom, Inc.  | 236834  | 4966  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)(b)  | 147900  | 9007  |
|  |  | 13973  |
| Specialty Retail - 1.5%  |  |  |
|  Burlington Stores, Inc. (a)  | 67600  | 13228  |
|  Camping World Holdings, Inc. (b)  | 87200  | 2401  |
|  Five Below, Inc. (a)  | 98200  | 15796  |
|  |  | 31425  |
| Textiles, Apparel & Luxury Goods - 2.5%  |  |  |
|  Capri Holdings Ltd. (a)  | 301664  | 17300  |
|  Prada SpA  | 965200  | 5316  |
|  PVH Corp.  | 157154  | 10558  |
|  Tapestry, Inc.  | 505949  | 19110  |
|  |  | 52284  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 281838  |
| CONSUMER STAPLES - 4.5%  |  |  |
| Beverages - 0.5%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 13400  | 5151  |
|  Celsius Holdings, Inc. (a)  | 43600  | 4854  |
|  |  | 10005  |
| Food & Staples Retailing - 2.0%  |  |  |
|  Albertsons Companies, Inc.  | 14600  | 306  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 145000  | 10910  |
|  Casey's General Stores, Inc.  | 16400  | 3986  |
|  Grocery Outlet Holding Corp. (a)  | 59784  | 1810  |
|  Performance Food Group Co. (a)  | 226500  | 13812  |
|  Sprouts Farmers Market LLC (a)  | 151800  | 5211  |
|  U.S. Foods Holding Corp. (a)  | 138200  | 5055  |
|  |  | 41090  |
| Food Products - 1.3%  |  |  |
|  Bunge Ltd.  | 17100  | 1793  |
|  Darling Ingredients, Inc. (a)  | 162800  | 11694  |
|  Freshpet, Inc. (a)(b)  | 28900  | 1937  |
|  Ingredion, Inc.  | 79500  | 7789  |
|  Nomad Foods Ltd. (a)  | 76000  | 1329  |
|  Post Holdings, Inc. (a)  | 25826  | 2418  |
|  Sovos Brands, Inc. (a)  | 77700  | 1118  |
|  |  | 28078  |
| Household Products - 0.3%  |  |  |
|  Energizer Holdings, Inc.  | 119000  | 4057  |
|  Reynolds Consumer Products, Inc.  | 66400  | 2122  |
|  |  | 6179  |
| Personal Products - 0.4%  |  |  |
|  BellRing Brands, Inc. (a)  | 80746  | 2011  |
|  Olaplex Holdings, Inc. (a)  | 67700  | 404  |
|  The Beauty Health Co. (a)(b)  | 576187  | 6194  |
|  |  | 8609  |
|  TOTAL CONSUMER STAPLES  |  | 93961  |
| ENERGY - 4.2%  |  |  |
| Energy Equipment & Services - 1.0%  |  |  |
|  Championx Corp.  | 393800  | 12145  |
|  Liberty Oilfield Services, Inc. Class A  | 539260  | 8914  |
|  |  | 21059  |
| Oil, Gas & Consumable Fuels - 3.2%  |  |  |
|  Antero Resources Corp. (a)  | 179025  | 6543  |
|  APA Corp.  | 216302  | 10134  |
|  Denbury, Inc. (a)  | 83502  | 7495  |
|  EQT Corp.  | 178492  | 7570  |
|  HF Sinclair Corp.  | 291106  | 18148  |
|  Northern Oil & Gas, Inc.  | 240700  | 8759  |
|  Targa Resources Corp.  | 121300  | 9024  |
|  |  | 67673  |
|  TOTAL ENERGY  |  | 88732  |
| FINANCIALS - 14.5%  |  |  |
| Banks - 5.4%  |  |  |
|  Associated Banc-Corp.  | 533148  | 13115  |
|  Bancorp, Inc., Delaware (a)  | 761000  | 22807  |
|  BankUnited, Inc.  | 32294  | 1186  |
|  Cadence Bank  | 341507  | 9849  |
|  East West Bancorp, Inc.  | 204611  | 14366  |
|  First Horizon National Corp.  | 298697  | 7423  |
|  First Interstate Bancsystem, Inc.  | 73700  | 3215  |
|  PacWest Bancorp  | 531100  | 13872  |
|  Pathward Financial, Inc.  | 200603  | 8732  |
|  Pinnacle Financial Partners, Inc.  | 101219  | 8491  |
|  Piraeus Financial Holdings SA (a)  | 1079500  | 1608  |
|  Silvergate Capital Corp. (a)(b)  | 7478  | 205  |
|  Wintrust Financial Corp.  | 89748  | 8206  |
|  |  | 113075  |
| Capital Markets - 0.3%  |  |  |
|  Lazard Ltd. Class A  | 90169  | 3301  |
|  Patria Investments Ltd.  | 199600  | 2725  |
|  |  | 6026  |
| Consumer Finance - 1.3%  |  |  |
|  FirstCash Holdings, Inc.  | 68766  | 6454  |
|  NerdWallet, Inc.  | 551822  | 7008  |
|  OneMain Holdings, Inc.  | 353431  | 13911  |
|  |  | 27373  |
| Diversified Financial Services - 0.3%  |  |  |
|  Cannae Holdings, Inc. (a)  | 279570  | 6478  |
|  Sunrisemezz Ltd. (a)  | 154214  | 19  |
|  |  | 6497  |
| Insurance - 5.0%  |  |  |
|  American Financial Group, Inc.  | 110162  | 15667  |
|  Assurant, Inc.  | 52674  | 6754  |
|  BRP Group, Inc. (a)  | 389840  | 11711  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 12200  | 7000  |
|  Globe Life, Inc.  | 163573  | 19622  |
|  Primerica, Inc.  | 72100  | 10745  |
|  Reinsurance Group of America, Inc.  | 99900  | 14426  |
|  Talanx AG  | 75551  | 3359  |
|  Unum Group  | 356600  | 15041  |
|  |  | 104325  |
| Mortgage Real Estate Investment Trusts - 0.7%  |  |  |
|  Rithm Capital Corp.  | 1636699  | 14812  |
| Thrifts & Mortgage Finance - 1.5%  |  |  |
|  Essent Group Ltd.  | 313200  | 12556  |
|  MGIC Investment Corp.  | 1047811  | 14386  |
|  UWM Holdings Corp. Class A (b)  | 1297744  | 5775  |
|  |  | 32717  |
|  TOTAL FINANCIALS  |  | 304825  |
| HEALTH CARE - 9.2%  |  |  |
| Biotechnology - 1.4%  |  |  |
|  Exelixis, Inc. (a)  | 680000  | 11614  |
|  United Therapeutics Corp. (a)  | 62000  | 17353  |
|  |  | 28967  |
| Health Care Equipment & Supplies - 3.7%  |  |  |
|  Insulet Corp. (a)  | 32800  | 9819  |
|  Masimo Corp. (a)  | 150000  | 21741  |
|  Nevro Corp. (a)  | 185000  | 8641  |
|  Penumbra, Inc. (a)  | 115000  | 24094  |
|  Tandem Diabetes Care, Inc. (a)  | 300000  | 12615  |
|  |  | 76910  |
| Health Care Providers & Services - 3.1%  |  |  |
|  agilon health, Inc. (a)  | 600000  | 10536  |
|  Alignment Healthcare, Inc. (a)  | 671100  | 8926  |
|  Molina Healthcare, Inc. (a)  | 30000  | 10103  |
|  Oak Street Health, Inc. (a)  | 420709  | 9096  |
|  Option Care Health, Inc. (a)  | 367000  | 11050  |
|  Privia Health Group, Inc. (a)  | 220000  | 5265  |
|  Surgery Partners, Inc. (a)  | 360000  | 10192  |
|  |  | 65168  |
| Life Sciences Tools & Services - 1.0%  |  |  |
|  Bruker Corp.  | 220000  | 14830  |
|  West Pharmaceutical Services, Inc.  | 26000  | 6101  |
|  |  | 20931  |
|  TOTAL HEALTH CARE  |  | 191976  |
| INDUSTRIALS - 18.6%  |  |  |
| Aerospace & Defense - 1.8%  |  |  |
|  HEICO Corp. Class A  | 152613  | 19348  |
|  Howmet Aerospace, Inc.  | 223600  | 8423  |
|  Spirit AeroSystems Holdings, Inc. Class A  | 398700  | 10450  |
|  |  | 38221  |
| Air Freight & Logistics - 0.7%  |  |  |
|  Air Transport Services Group, Inc. (a)  | 548800  | 15388  |
| Airlines - 0.2%  |  |  |
|  JetBlue Airways Corp. (a)  | 510400  | 4063  |
| Building Products - 1.1%  |  |  |
|  Carlisle Companies, Inc.  | 84640  | 22270  |
| Commercial Services & Supplies - 0.6%  |  |  |
|  The Brink's Co.  | 213192  | 12738  |
| Construction & Engineering - 1.2%  |  |  |
|  MDU Resources Group, Inc.  | 32000  | 1008  |
|  Willscot Mobile Mini Holdings (a)  | 497898  | 24004  |
|  |  | 25012  |
| Electrical Equipment - 1.0%  |  |  |
|  Regal Rexnord Corp.  | 161533  | 21179  |
| Machinery - 5.8%  |  |  |
|  AGCO Corp.  | 132700  | 17612  |
|  Allison Transmission Holdings, Inc.  | 112663  | 5047  |
|  Chart Industries, Inc. (a)  | 62300  | 8908  |
|  Crane Holdings Co.  | 123700  | 13105  |
|  Dover Corp.  | 62700  | 8900  |
|  ESAB Corp.  | 278300  | 13175  |
|  Flowserve Corp.  | 598894  | 18781  |
|  IDEX Corp.  | 89975  | 21368  |
|  ITT, Inc.  | 173887  | 14697  |
|  |  | 121593  |
| Marine - 0.7%  |  |  |
|  Kirby Corp. (a)  | 192994  | 13469  |
| Professional Services - 2.1%  |  |  |
|  CACI International, Inc. Class A (a)  | 83600  | 26108  |
|  KBR, Inc.  | 360200  | 18612  |
|  |  | 44720  |
| Road & Rail - 1.8%  |  |  |
|  Landstar System, Inc.  | 127011  | 21970  |
|  RXO, Inc. (a)  | 267200  | 5077  |
|  XPO Logistics, Inc. (a)  | 267200  | 10319  |
|  |  | 37366  |
| Trading Companies & Distributors - 1.6%  |  |  |
|  Air Lease Corp. Class A  | 324600  | 12536  |
|  Beacon Roofing Supply, Inc. (a)  | 49831  | 2910  |
|  WESCO International, Inc. (a)  | 144913  | 18682  |
|  |  | 34128  |
|  TOTAL INDUSTRIALS  |  | 390147  |
| INFORMATION TECHNOLOGY - 12.5%  |  |  |
| Electronic Equipment & Components - 2.5%  |  |  |
|  Avnet, Inc.  | 353300  | 15959  |
|  Cognex Corp.  | 248371  | 12364  |
|  Jabil, Inc.  | 109000  | 7869  |
|  Trimble, Inc. (a)  | 102200  | 6106  |
|  TTM Technologies, Inc. (a)  | 439600  | 7064  |
|  Vishay Intertechnology, Inc. (b)  | 108400  | 2498  |
|  |  | 51860  |
| IT Services - 3.5%  |  |  |
|  Akamai Technologies, Inc. (a)  | 104200  | 9884  |
|  Cyxtera Technologies, Inc. Class A (a)  | 1027100  | 2013  |
|  ExlService Holdings, Inc. (a)  | 13673  | 2560  |
|  GoDaddy, Inc. (a)  | 133300  | 10548  |
|  MongoDB, Inc. Class A (a)  | 59100  | 9024  |
|  Nuvei Corp. (a)(c)  | 128418  | 3958  |
|  Paya Holdings, Inc. (a)  | 234200  | 2180  |
|  Repay Holdings Corp. (a)  | 386410  | 3424  |
|  Twilio, Inc. Class A (a)  | 179800  | 8814  |
|  WEX, Inc. (a)  | 67700  | 11451  |
|  Wix.com Ltd. (a)  | 107700  | 9746  |
|  |  | 73602  |
| Semiconductors & Semiconductor Equipment - 1.2%  |  |  |
|  Cirrus Logic, Inc. (a)  | 176200  | 13164  |
|  SolarEdge Technologies, Inc. (a)  | 35900  | 10729  |
|  |  | 23893  |
| Software - 5.1%  |  |  |
|  Aspen Technology, Inc. (a)  | 27048  | 6235  |
|  Black Knight, Inc. (a)  | 32467  | 2013  |
|  Blackbaud, Inc. (a)  | 185500  | 10995  |
|  Blend Labs, Inc. (a)(b)  | 252385  | 333  |
|  Ceridian HCM Holding, Inc. (a)  | 177000  | 12114  |
|  Coupa Software, Inc. (a)  | 155100  | 9809  |
|  Elastic NV (a)  | 131600  | 8053  |
|  Five9, Inc. (a)  | 114900  | 7366  |
|  Guidewire Software, Inc. (a)  | 75800  | 4496  |
|  HubSpot, Inc. (a)  | 29800  | 9030  |
|  Liveramp Holdings, Inc. (a)  | 23400  | 514  |
|  NortonLifeLock, Inc.  | 404300  | 9283  |
|  PTC, Inc. (a)  | 91000  | 11576  |
|  Tenable Holdings, Inc. (a)  | 300900  | 11488  |
|  Workiva, Inc. (a)  | 43832  | 3531  |
|  |  | 106836  |
| Technology Hardware, Storage & Peripherals - 0.2%  |  |  |
|  Western Digital Corp. (a)  | 130500  | 4796  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 260987  |
| MATERIALS - 7.7%  |  |  |
| Chemicals - 2.9%  |  |  |
|  Ashland, Inc. (b)  | 130900  | 14644  |
|  RPM International, Inc.  | 212100  | 21978  |
|  The Chemours Co. LLC  | 376100  | 11678  |
|  Valvoline, Inc.  | 352204  | 11616  |
|  |  | 59916  |
| Construction Materials - 0.9%  |  |  |
|  Eagle Materials, Inc.  | 146800  | 20015  |
| Metals & Mining - 3.1%  |  |  |
|  Alcoa Corp.  | 305800  | 15330  |
|  Cleveland-Cliffs, Inc. (a)  | 719900  | 11144  |
|  Steel Dynamics, Inc.  | 308200  | 32029  |
|  Yamana Gold, Inc.  | 1208200  | 6597  |
|  |  | 65100  |
| Paper & Forest Products - 0.8%  |  |  |
|  Louisiana-Pacific Corp. (b)  | 248200  | 15835  |
|  TOTAL MATERIALS  |  | 160866  |
| REAL ESTATE - 7.0%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 6.5%  |  |  |
|  American Homes 4 Rent Class A  | 117100  | 3872  |
|  CubeSmart  | 349172  | 14452  |
|  Douglas Emmett, Inc.  | 269200  | 4663  |
|  EastGroup Properties, Inc.  | 108800  | 16890  |
|  Equity Lifestyle Properties, Inc.  | 87100  | 5785  |
|  Essex Property Trust, Inc.  | 35000  | 7713  |
|  Healthcare Trust of America, Inc.  | 507000  | 10409  |
|  Lamar Advertising Co. Class A  | 95400  | 9553  |
|  Phillips Edison & Co., Inc.  | 36800  | 1186  |
|  Postal Realty Trust, Inc.  | 704900  | 10919  |
|  Ryman Hospitality Properties, Inc.  | 68800  | 6297  |
|  SITE Centers Corp.  | 801700  | 10895  |
|  Spirit Realty Capital, Inc.  | 239200  | 9908  |
|  Terreno Realty Corp.  | 119100  | 6984  |
|  Ventas, Inc.  | 333800  | 15532  |
|  |  | 135058  |
| Real Estate Management & Development - 0.5%  |  |  |
|  Cushman & Wakefield PLC (a)  | 822411  | 9392  |
|  Doma Holdings, Inc. Class A (a)(b)  | 1424267  | 563  |
|  WeWork, Inc. (a)  | 440400  | 1216  |
|  |  | 11171  |
|  TOTAL REAL ESTATE  |  | 146229  |
| UTILITIES - 3.8%  |  |  |
| Electric Utilities - 1.7%  |  |  |
|  Allete, Inc.  | 73100  | 4839  |
|  IDACORP, Inc.  | 86700  | 9583  |
|  OGE Energy Corp.  | 318600  | 12891  |
|  PNM Resources, Inc.  | 144100  | 7061  |
|  |  | 34374  |
| Gas Utilities - 0.7%  |  |  |
|  National Fuel Gas Co.  | 105100  | 6961  |
|  ONE Gas, Inc.  | 52818  | 4593  |
|  UGI Corp.  | 88600  | 3424  |
|  |  | 14978  |
| Independent Power and Renewable Electricity Producers - 0.1%  |  |  |
|  Ormat Technologies, Inc. (b)  | 21300  | 1926  |
| Multi-Utilities - 0.6%  |  |  |
|  NiSource, Inc.  | 176200  | 4923  |
|  NorthWestern Energy Corp.  | 141400  | 8259  |
|  |  | 13182  |
| Water Utilities - 0.7%  |  |  |
|  Essential Utilities, Inc.  | 299015  | 14424  |
|  TOTAL UTILITIES  |  | 78884  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $1,840,291)  |  | <br> **2033410**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  |
|  | Principal <br> Amount (d) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| IT Services - 0.1%  |  |  |
|  Affirm Holdings, Inc. 0% 11/15/26 <br>(Cost $1,662) <br>| 2649  | **1546**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  |
|  | Principal <br> Amount (d) <br> (000s) <br>| Value ($) <br> (000s) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.21% to 3.34% 12/29/22 to 1/5/23 (e) <br>(Cost $1,745) <br>| 1750  | **1744**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 4.1%**  | &nbsp;&nbsp; **Money Market Funds - 4.1%**  | &nbsp;&nbsp; **Money Market Funds - 4.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 56949872  | 56961  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 29700266  | 29703  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $86,661)  |  | **86664**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%** <br> (Cost $1,930,359) <br>| <br>**2123364**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(30913)**  |
| **NET ASSETS - 100.0%**  | **2092451**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 ($) <br> (000s) <br>| Value ($) <br> (000s) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br> (000s) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini S&P MidCap 400 Index Contracts (United States)  | 58  | Dec 2022  | 14963  | 1258  | 1258  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7%  | The notional amount of futures purchased as a percentage of Net Assets is 0.7%  | The notional amount of futures purchased as a percentage of Net Assets is 0.7%  | The notional amount of futures purchased as a percentage of Net Assets is 0.7%  | The notional amount of futures purchased as a percentage of Net Assets is 0.7%  | The notional amount of futures purchased as a percentage of Net Assets is 0.7%  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) Non-income producing

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

(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 $3,958,000 or 0.2% of net assets.

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

(e) 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 $977,000.

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

(g) 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 (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 51479  | 849202  | 843719  | 692  | -  | (1)  | 56961  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 60537  | 703824  | 734658  | 361  | -  | -  | 29703  | 0.1%  |
| Total  | 112016  | 1553026  | 1578377  | 1053  | -  | (1)  | 86664  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 34965  | 34494  | 471  | -  |
| Consumer Discretionary  | 281838  | 274426  | 7412  | -  |
| Consumer Staples  | 93961  | 93961  | -  | -  |
| Energy  | 88732  | 88732  | -  | -  |
| Financials  | 304825  | 299839  | 4986  | -  |
| Health Care  | 191976  | 191976  | -  | -  |
| Industrials  | 390147  | 390147  | -  | -  |
| Information Technology  | 260987  | 260987  | -  | -  |
| Materials  | 160866  | 160866  | -  | -  |
| Real Estate  | 146229  | 146229  | -  | -  |
| Utilities  | 78884  | 78884  | -  | -  |
|  Corporate Bonds  | 1546  | -  | 1546  | -  |
|  U.S. Government and Government Agency Obligations  | 1744  | -  | 1744  | -  |
|  Money Market Funds  | 86664  | 86664  | -  | -  |
| **Total Investments in Securities:**  | 2123364  | 2107205  | 16159  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 1258  | 1258  | -  | -  |
| Total Assets  | 1258  | 1258  | -  | -  |
| **Total Derivative Instruments:**  | 1258  | 1258  | -  | -  |

---

**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, 2022. 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**  |
| <br> **(Amounts in thousands)**  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 1258  | 0  |
| **Total Equity Risk**  | 1258  | 0  |
| **Total Value of Derivatives**  | 1258  | 0  |

---

(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**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $29,602) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $1,843,698)  | $2036700  |  |
|  Fidelity Central Funds (cost $86,661)  | 86664  |  |
|  Total Investment in Securities (cost $1,930,359)  |  | $2123364  |
|  Cash  |  | 95  |
| Receivable for investments sold  |  | 12721  |
|  Receivable for fund shares sold  |  | 742  |
|  Dividends receivable  |  | 1695  |
|  Distributions receivable from Fidelity Central Funds  |  | 212  |
|  Receivable for daily variation margin on futures contracts  |  | 344  |
|  Prepaid expenses  |  | 3  |
| **Total assets**  |  | 2139176  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $14050  |  |
|  Payable for fund shares redeemed  | 1601  |  |
|  Accrued management fee  | 706  |  |
|  Distribution and service plan fees payable  | 335  |  |
|  Other affiliated payables  | 311  |  |
|  Other payables and accrued expenses  | 17  |  |
|  Collateral on securities loaned  | 29705  |  |
| **Total Liabilities**  |  | 46725  |
| **Net Assets**  |  | $2092451  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1731089  |
|  Total accumulated earnings (loss)  |  | 361362  |
|  **Net Assets**  |  | $2092451  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($654,237 ÷ 17,132 shares) <sup>(a)</sup>  |  | $38.19  |
|  Maximum offering price per share (100/94.25 of $38.19)  |  | $40.52  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($464,165 ÷ 12,056 shares) <sup>(a)</sup>  |  | $38.50  |
|  Maximum offering price per share (100/96.50 of $38.50)  |  | $39.90  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($22,019 ÷ 661 shares) <sup>(a)(b)</sup>  |  | $33.33  |
| **Fidelity Stock Selector Mid Cap Fund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($349,497 ÷ 8,574 shares)  |  | $40.76  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($385,919 ÷ 9,440 shares)  |  | $40.88  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($216,614 ÷ 5,302 shares)  |  | $40.86  |
| *(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.*  |
| *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $28955  |
| Interest  |  | 97  |
| Income from Fidelity Central Funds (including $361 from security lending)  |  | 1053  |
| **Total Income**  |  | 30105  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $10644  |  |
| Performance adjustment  | (274)  |  |
| Transfer agent fees  | 3345  |  |
| Distribution and service plan fees  | 4363  |  |
| Accounting fees  | 580  |  |
| Custodian fees and expenses  | 39  |  |
| Independent trustees' fees and expenses  | 7  |  |
| Registration fees  | 128  |  |
| Audit  | 57  |  |
| Legal  | 6  |  |
| Miscellaneous  | 10  |  |
| Total expenses before reductions  | 18905  |  |
| Expense reductions  | (68)  |  |
| Total expenses after reductions  |  | 18837  |
| **Net Investment income (loss)**  |  | 11268  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 174752  |  |
| Foreign currency transactions  | 60  |  |
| Futures contracts  | 182  |  |
| Total net realized gain (loss)  |  | 174994  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (277311)  |  |
| Fidelity Central Funds  | (1)  |  |
| Assets and liabilities in foreign currencies  | (15)  |  |
| Futures contracts  | 1491  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (275836)  |
| **Net gain (loss)**  |  | (100842)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(89574)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $11268  | $10499  |
| &nbsp;&nbsp; Net realized gain (loss)  | 174994 <br>| 283803 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (275836)  | 138328 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (89574) <br>| 432630 <br>|
| Distributions to shareholders  | (266942) <br>| (44080) <br>|
| Share transactions - net increase (decrease)  | 259019 <br>| (136229) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (97497) <br>| 252321 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2189948  | 1937627 <br>|
| &nbsp;&nbsp; End of period  | $2092451  | $2189948  |

---

**Financial Highlights** 

 **Fidelity Advisor® Stock Selector Mid Cap Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $45.46  | $37.74  | $36.07  | $39.28  | $39.74  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .20  | .20  | .30 <sup>C</sup>  | .25  | .26  |
| Net realized and unrealized gain (loss)  | (1.76)  | 8.40  | 2.85  | 2.80 <sup>D</sup>  | 1.04  |
| Total from investment operations  | (1.56)  | 8.60  | 3.15  | 3.05  | 1.30  |
| Distributions from net investment income  | (.21)  | (.35)  | (.21)  | (.25)  | (.11)  |
| Distributions from net realized gain  | (5.50)  | (.54)  | (1.27)  | (6.01)  | (1.65)  |
| Total distributions  | (5.71)  | (.88) <sup>E</sup>  | (1.48)  | (6.26)  | (1.76)  |
| Net asset value, end of period  | $38.19  | $45.46  | $37.74  | $36.07  | $39.28  |
| **Total Return** <sup>F,G</sup>  | (4.66)%  | 23.19%  | 8.99%  | 12.13% <sup>D</sup>  | 3.36%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .97%  | 1.05%  | 1.14%  | 1.14%  | .93%  |
| Expenses net of fee waivers, if any  | .97%  | 1.05%  | 1.14%  | 1.14%  | .92%  |
| Expenses net of all reductions  | .97%  | 1.05%  | 1.13%  | 1.14%  | .91%  |
| Net investment income (loss)  | .52%  | .45%  | .94% <sup>C</sup>  | .75%  | .64%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $654  | $736  | $626  | $623  | $532  |
| Portfolio turnover rate <sup>J</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.95%.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the sales charges.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Stock Selector Mid Cap Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $45.77  | $37.99  | $36.30  | $39.43  | $39.89  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .11  | .09  | .22 <sup>C</sup>  | .17  | .16  |
| Net realized and unrealized gain (loss)  | (1.80)  | 8.48  | 2.86  | 2.85 <sup>D</sup>  | 1.04  |
| Total from investment operations  | (1.69)  | 8.57  | 3.08  | 3.02  | 1.20  |
| Distributions from net investment income  | (.09)  | (.25)  | (.12)  | (.14)  | (.01)  |
| Distributions from net realized gain  | (5.50)  | (.54)  | (1.27)  | (6.01)  | (1.65)  |
| Total distributions  | (5.58) <sup>E</sup>  | (.79)  | (1.39)  | (6.15)  | (1.66)  |
| Net asset value, end of period  | $38.50  | $45.77  | $37.99  | $36.30  | $39.43  |
| **Total Return** <sup>F,G</sup>  | (4.90)%  | 22.91%  | 8.71%  | 11.88% <sup>D</sup>  | 3.10%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.22%  | 1.29%  | 1.38%  | 1.38%  | 1.17%  |
| Expenses net of fee waivers, if any  | 1.21%  | 1.29%  | 1.38%  | 1.38%  | 1.17%  |
| Expenses net of all reductions  | 1.21%  | 1.29%  | 1.37%  | 1.38%  | 1.15%  |
| Net investment income (loss)  | .27%  | .20%  | .70% <sup>C</sup>  | .51%  | .39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $464  | $552  | $496  | $544  | $536  |
| Portfolio turnover rate <sup>J</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.70%.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the sales charges.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Stock Selector Mid Cap Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.31  | $33.58  | $32.15  | $35.67  | $36.25  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.09)  | (.14)  | .04 <sup>C</sup>  | (.01)  | (.05)  |
| Net realized and unrealized gain (loss)  | (1.53)  | 7.51  | 2.50  | 2.46 <sup>D</sup>  | .96  |
| Total from investment operations  | (1.62)  | 7.37  | 2.54  | 2.45  | .91  |
| Distributions from net investment income  | -  | (.10)  | -  | -  | -  |
| Distributions from net realized gain  | (5.36)  | (.54)  | (1.11)  | (5.97)  | (1.49)  |
| Total distributions  | (5.36)  | (.64)  | (1.11)  | (5.97)  | (1.49)  |
| Net asset value, end of period  | $33.33  | $40.31  | $33.58  | $32.15  | $35.67  |
| **Total Return** <sup>E,F</sup>  | (5.41)%  | 22.25%  | 8.10%  | 11.27% <sup>D</sup>  | 2.59%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.77%  | 1.84%  | 1.93%  | 1.93%  | 1.69%  |
| Expenses net of fee waivers, if any  | 1.76%  | 1.84%  | 1.93%  | 1.93%  | 1.69%  |
| Expenses net of all reductions  | 1.76%  | 1.84%  | 1.92%  | 1.93%  | 1.67%  |
| Net investment income (loss)  | (.28)%  | (.35)%  | .15% <sup>C</sup>  | (.04)%  | (.12)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $22  | $27  | $30  | $35  | $114  |
| Portfolio turnover rate <sup>I</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 11.09%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity® Stock Selector Mid Cap Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.16  | $39.90  | $38.00  | $41.00  | $41.43  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .34  | .40 <sup>C</sup>  | .34  | .33  |
| Net realized and unrealized gain (loss)  | (1.90)  | 8.88  | 3.01  | 2.99 <sup>D</sup>  | 1.09  |
| Total from investment operations  | (1.58)  | 9.22  | 3.41  | 3.33  | 1.42  |
| Distributions from net investment income  | (.33)  | (.42)  | (.24)  | (.32)  | (.20)  |
| Distributions from net realized gain  | (5.50)  | (.54)  | (1.27)  | (6.01)  | (1.65)  |
| Total distributions  | (5.82) <sup>E</sup>  | (.96)  | (1.51)  | (6.33)  | (1.85)  |
| Net asset value, end of period  | $40.76  | $48.16  | $39.90  | $38.00  | $41.00  |
| **Total Return** <sup>F</sup>  | (4.43)%  | 23.52%  | 9.24%  | 12.38% <sup>D</sup>  | 3.53%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .72%  | .79%  | .89%  | .94%  | .77%  |
| Expenses net of fee waivers, if any  | .72%  | .79%  | .89%  | .94%  | .76%  |
| Expenses net of all reductions  | .72%  | .79%  | .88%  | .94%  | .75%  |
| Net investment income (loss)  | .77%  | .71%  | 1.19% <sup>C</sup>  | .95%  | .80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $349  | $395  | $342  | $362  | $502  |
| Portfolio turnover rate <sup>I</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.20%.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Stock Selector Mid Cap Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.29  | $40.01  | $38.15  | $41.11  | $41.51  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .31  | .33  | .40 <sup>C</sup>  | .35  | .36  |
| Net realized and unrealized gain (loss)  | (1.90)  | 8.91  | 3.02  | 3.01 <sup>D</sup>  | 1.10  |
| Total from investment operations  | (1.59)  | 9.24  | 3.42  | 3.36  | 1.46  |
| Distributions from net investment income  | (.32)  | (.42)  | (.29)  | (.31)  | (.21)  |
| Distributions from net realized gain  | (5.50)  | (.54)  | (1.27)  | (6.01)  | (1.65)  |
| Total distributions  | (5.82)  | (.96)  | (1.56)  | (6.32)  | (1.86)  |
| Net asset value, end of period  | $40.88  | $48.29  | $40.01  | $38.15  | $41.11  |
| **Total Return** <sup>E</sup>  | (4.45)%  | 23.50%  | 9.23%  | 12.41% <sup>D</sup>  | 3.62%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .74%  | .82%  | .90%  | .91%  | .69%  |
| Expenses net of fee waivers, if any  | .74%  | .81%  | .90%  | .91%  | .69%  |
| Expenses net of all reductions  | .74%  | .81%  | .89%  | .91%  | .67%  |
| Net investment income (loss)  | .75%  | .68%  | 1.18% <sup>C</sup>  | .98%  | .87%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $386  | $413  | $293  | $312  | $279  |
| Portfolio turnover rate <sup>H</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.23%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Stock Selector Mid Cap Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.26  | $39.97  | $38.12  | $41.15  | $41.57  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .36  | .38  | .44 <sup>C</sup>  | .41  | .43  |
| Net realized and unrealized gain (loss)  | (1.88)  | 8.92  | 3.03  | 2.99 <sup>D</sup>  | 1.08  |
| Total from investment operations  | (1.52)  | 9.30  | 3.47  | 3.40  | 1.51  |
| Distributions from net investment income  | (.38)  | (.47)  | (.35)  | (.42)  | (.28)  |
| Distributions from net realized gain  | (5.50)  | (.54)  | (1.27)  | (6.01)  | (1.65)  |
| Total distributions  | (5.88)  | (1.01)  | (1.62)  | (6.43)  | (1.93)  |
| Net asset value, end of period  | $40.86  | $48.26  | $39.97  | $38.12  | $41.15  |
| **Total Return** <sup>E</sup>  | (4.30)%  | 23.69%  | 9.39%  | 12.59% <sup>D</sup>  | 3.75%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .59%  | .67%  | .75%  | .75%  | .53%  |
| Expenses net of fee waivers, if any  | .59%  | .67%  | .75%  | .75%  | .53%  |
| Expenses net of all reductions  | .59%  | .67%  | .73%  | .75%  | .52%  |
| Net investment income (loss)  | .90%  | .82%  | 1.33% <sup>C</sup>  | 1.14%  | 1.03%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $217  | $67  | $150  | $245  | $18  |
| Portfolio turnover rate <sup>H</sup>  | 64%  | 43%  | 86%  | 57%  | 81%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.*

<sup>D</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.41%.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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 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, 2022 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.

**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, 2022, 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**  | $351169  |
| **Gross unrealized depreciation**  | <u>(163704)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$187465</u>  |
| **Tax Cost**  | <u>$1935899</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$7942</u>  |
| **Undistributed long-term capital gain**  | <u>$165970</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$187450</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $101427  | $18934  |
| **Long-term Capital Gains**  | <u>165515</u>  | <u>25146</u>  |
| **Total**  | <u>$266942</u>  | <u>$44080</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.

**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. 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**  | 1305344  | 1268854  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $1677  | $26  |
| **Class M**  | .25%  | .25%  | 2448  | 4  |
| **Class C**  | .75%  | .25%  | <u>238</u>  | <u>27</u>  |
|  |  |  | <u>$4363</u>  | <u>$57</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**  | $48  |
| **Class M**  | 9  |
| **Class C** <sup>A</sup>  | <u>-</u> <sup>B</sup>  |
|  | <u>$57</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

<sup>B</sup> Amount represents less than five hundred dollars.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $1145  | .17  |
| **Class M**  | 804  | .16  |
| **Class C**  | 51  | .22  |
| **Fidelity Stock Selector Mid Cap Fund**  | 597  | .17  |
| **Class I**  | 704  | .19  |
| **Class Z**  | <u>44</u>  | .04  |
|  | <u>$3345</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Stock Selector Mid Cap Fund**  | .03  |

---

**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**  | $34  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 98899  | 82768  | 23546  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Stock Selector Mid Cap Fund**  | $4  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $38  | $91  | $339  |

---

**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 $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $67.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Stock Selector Mid Cap Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $91386  | $14523  |
| Class M  | 66607  | 10221  |
| Class C  | 3596  | 574  |
| Fidelity Stock Selector Mid Cap Fund  | 47323  | 7971  |
| Class I  | 49700  | 6942  |
| Class Z  | <u>8330</u>  | <u>3849</u>  |
| Total  | <u>$266942</u>  | <u>$44080</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Stock Selector Mid Cap Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 1111  | 1510  | $42903  | $68096  |
| Reinvestment of distributions  | 2014  | 347  | 85227  | 13497  |
| Shares redeemed  | <u>(2177)</u>  | <u>(2269)</u>  | <u>(85105)</u>  | <u>(100086)</u>  |
| Net increase (decrease)  | <u>948</u>  | <u>(412)</u>  | <u>$43025</u>  | <u>$(18493)</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 651  | 1065  | $25411  | $47155  |
| Reinvestment of distributions  | 1517  | 253  | 64852  | 9912  |
| Shares redeemed  | <u>(2178)</u>  | <u>(2314)</u>  | <u>(84679)</u>  | <u>(103273)</u>  |
| Net increase (decrease)  | <u>(10)</u>  | <u>(996)</u>  | <u>$5584</u>  | <u>$(46206)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 65  | 205  | $2165  | $8344  |
| Reinvestment of distributions  | 96  | 17  | 3589  | 574  |
| Shares redeemed  | <u>(178)</u>  | <u>(446)</u>  | <u>(6017)</u>  | <u>(17717)</u>  |
| Net increase (decrease)  | <u>(17)</u>  | <u>(224)</u>  | <u>$(263)</u>  | <u>$(8799)</u>  |
| **Fidelity Stock Selector Mid Cap Fund**  |  |  |  |  |
| Shares sold  | 668  | 1545  | $27209  | $73171  |
| Reinvestment of distributions  | 1010  | 188  | 45509  | 7734  |
| Shares redeemed  | <u>(1295)</u>  | <u>(2112)</u>  | <u>(53611)</u>  | <u>(96277)</u>  |
| Net increase (decrease)  | <u>383</u>  | <u>(379)</u>  | <u>$19107</u>  | <u>$(15372)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 1936  | 2690  | $77354  | $128891  |
| Reinvestment of distributions  | 1062  | 159  | 48006  | 6540  |
| Shares redeemed  | <u>(2110)</u>  | <u>(1625)</u>  | <u>(87273)</u>  | <u>(76943)</u>  |
| Net increase (decrease)  | <u>888</u>  | <u>1224</u>  | <u>$38087</u>  | <u>$58488</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 4138  | 715  | $161875  | $33175  |
| Reinvestment of distributions  | 168  | 91  | 7560  | 3740  |
| Shares redeemed  | <u>(396)</u>  | <u>(3160)</u>  | <u>(15956)</u>  | <u>(142762)</u>  |
| Net increase (decrease)  | <u>3910</u>  | <u>(2354)</u>  | <u>$153479</u>  | <u>$(105847)</u>  |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Stock Selector Mid Cap Fund**  |  |  |  |  |
| **Class A**  | .93%  |  |  |  |
| **Actual**  |  | $1000  | $984.30  | $4.63  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.41  | $4.71  |
| **Class M**  | 1.17%  |  |  |  |
| **Actual**  |  | $1000  | $982.90  | $5.82  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.20  | $5.92  |
| **Class C**  | 1.72%  |  |  |  |
| **Actual**  |  | $1000  | $980.60  | $8.54  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.44  | $8.69  |
| **Fidelity Advisor® Stock Selector Mid Cap Fund**  | .69%  |  |  |  |
| **Actual**  |  | $1000  | $985.50  | $3.43  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.61  | $3.50  |
| **Class I**  | .70%  |  |  |  |
| **Actual**  |  | $1000  | $985.30  | $3.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.56  | $3.55  |
| **Class Z**  | .58%  |  |  |  |
| **Actual**  |  | $1000  | $986.20  | $2.89  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.16  | $2.94  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $180,410,938, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.99% 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.

Class A designates 24%; Class M designates 25%; Class C designates 28%; Fidelity Stock Selector Mid Cap Fund designates 22%; Class I designates 22%; and Class Z designates 22%; of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 27%; Class M designates 29%; Class C designates 33%; Fidelity Stock Selector Mid Cap Fund designates 26%; Class I designates 26%; and Class Z designates 25%; of the dividends 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 4%; Class M designates 4%; Class C designates 4%; Fidelity Stock Selector Mid Cap Fund designates 3%; Class I designates 3%; and Class Z designates 3%; of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87693_2.jpg) <br>

1.539186.125 MC-ANN-0123

**Fidelity Advisor® Equity Income Fund**

**Annual Report**

**November 30, 2022**

![](img87702_1.jpg)

![](img87702_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary80)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments80)** |
| **[Financial Statements](#Sec_FinancialStatements80)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; 3.05%  | &nbsp;&nbsp; 6.57%  | &nbsp;&nbsp; 9.07%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; 5.26%  | &nbsp;&nbsp; 6.82%  | &nbsp;&nbsp; 9.07%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; 7.48%  | &nbsp;&nbsp; 6.99%  | &nbsp;&nbsp; 9.04%  |
| Class I  | &nbsp;&nbsp; 9.62%  | &nbsp;&nbsp; 8.11%  | &nbsp;&nbsp; 10.00%  |
| Class Z  | &nbsp;&nbsp; 9.77%  | &nbsp;&nbsp; 8.26%  | &nbsp;&nbsp; 10.14%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Income Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.  |
| ![](img87702_5.jpg)  |

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**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager John Sheehy:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) gained roughly 8% to 10%, notably outperforming the 1.95% advance of the benchmark Russell 3000® Value Index. Versus the benchmark, security selection was the primary contributor, led by the health care sector. Picks among information technology and communication services stocks also lifted the portfolio's relative result. The biggest individual relative contributor was an overweight stake in Bristol-Myers Squibb (+54%), which was among the fund's largest holdings on November 30. Adding further value was the portfolio's outsized exposure to Cigna, which rose about 75%. Avoiding Meta Platforms, a benchmark component that returned about -31%, also aided relative performance the past 12 months. Conversely, the primary detractors from performance versus the benchmark were an underweighting and investment choices in the market-leading energy sector. An overweighting among information technology stocks also hindered relative performance, as did security selection in consumer discretionary, especially retailing companies. Not owning Chevron, a benchmark component that gained roughly 68%, was the biggest individual relative detractor. An out-of-benchmark position in Open Text (-37%) hurt as well. Further weighing on performance was an overweighting in Fidelity National Information Services (-29%). Notable changes in positioning this period include increased exposure to the energy sector and a lower allocation to industrials stocks.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Wells Fargo & Co.  | 3.0  |
| Johnson & Johnson  | 2.9  |
| Unilever PLC sponsored ADR  | 2.8  |
| Exxon Mobil Corp.  | 2.6  |
| Verizon Communications, Inc.  | 2.6  |
| Sanofi SA sponsored ADR  | 2.4  |
| Comcast Corp. Class A  | 2.4  |
| Cisco Systems, Inc.  | 2.2  |
| Bristol-Myers Squibb Co.  | 2.1  |
| Merck & Co., Inc.  | 2.1  |
|  | 25.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 18.4  |
| Health Care  | 15.1  |
| Information Technology  | 12.9  |
| Consumer Staples  | 10.5  |
| Industrials  | 9.6  |
| Communication Services  | 7.3  |
| Energy  | 6.5  |
| Utilities  | 6.0  |
| Consumer Discretionary  | 4.4  |
| Materials  | 3.0  |
| Real Estate  | 2.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87702_6.jpg)  |
| *Foreign investments - 18.6%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87702_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.8%**  | &nbsp;&nbsp; **Common Stocks - 95.8%**  | &nbsp;&nbsp; **Common Stocks - 95.8%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 7.3%  |  |  |
| Diversified Telecommunication Services - 3.4%  |  |  |
|  Deutsche Telekom AG  | 779600  | 15859  |
|  Verizon Communications, Inc.  | 1229990  | 47945  |
|  |  | 63804  |
| Entertainment - 0.8%  |  |  |
|  Activision Blizzard, Inc.  | 193100  | 14280  |
| Media - 3.1%  |  |  |
|  Comcast Corp. Class A  | 1213100  | 44448  |
|  Omnicom Group, Inc.  | 175000  | 13958  |
|  |  | 58406  |
|  TOTAL COMMUNICATION SERVICES  |  | 136490  |
| CONSUMER DISCRETIONARY - 4.4%  |  |  |
| Auto Components - 0.4%  |  |  |
|  Lear Corp.  | 49300  | 7111  |
| Household Durables - 0.7%  |  |  |
|  Leggett & Platt, Inc. (a)  | 128800  | 4587  |
|  Whirlpool Corp. (a)  | 57500  | 8425  |
|  |  | 13012  |
| Internet & Direct Marketing Retail - 1.1%  |  |  |
|  eBay, Inc.  | 451100  | 20498  |
| Specialty Retail - 1.7%  |  |  |
|  Best Buy Co., Inc.  | 64600  | 5510  |
|  Lowe's Companies, Inc.  | 55700  | 11839  |
|  Williams-Sonoma, Inc. (a)  | 116400  | 13607  |
|  |  | 30956  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  Columbia Sportswear Co.  | 41000  | 3673  |
|  Tapestry, Inc.  | 174900  | 6606  |
|  |  | 10279  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 81856  |
| CONSUMER STAPLES - 10.5%  |  |  |
| Beverages - 4.0%  |  |  |
|  Anheuser-Busch InBev SA NV ADR (a)  | 361500  | 21289  |
|  Coca-Cola European Partners PLC  | 278800  | 14801  |
|  Keurig Dr. Pepper, Inc.  | 206200  | 7974  |
|  The Coca-Cola Co.  | 484300  | 30806  |
|  |  | 74870  |
| Food & Staples Retailing - 0.3%  |  |  |
|  Albertsons Companies, Inc.  | 220800  | 4626  |
| Household Products - 2.2%  |  |  |
|  Energizer Holdings, Inc.  | 149400  | 5093  |
|  Procter & Gamble Co.  | 87300  | 13022  |
|  Reckitt Benckiser Group PLC  | 92300  | 6624  |
|  Reynolds Consumer Products, Inc. (a)  | 523000  | 16715  |
|  |  | 41454  |
| Personal Products - 2.8%  |  |  |
|  Unilever PLC sponsored ADR  | 1013600  | 51065  |
| Tobacco - 1.2%  |  |  |
|  Philip Morris International, Inc.  | 229100  | 22834  |
|  TOTAL CONSUMER STAPLES  |  | 194849  |
| ENERGY - 6.5%  |  |  |
| Oil, Gas & Consumable Fuels - 6.5%  |  |  |
|  Enterprise Products Partners LP  | 1117900  | 27735  |
|  Exxon Mobil Corp.  | 441900  | 49201  |
|  Parkland Corp.  | 481300  | 10255  |
|  Shell PLC ADR  | 395500  | 23125  |
|  TotalEnergies SE (a)  | 170600  | 10663  |
|  |  | 120979  |
| FINANCIALS - 18.4%  |  |  |
| Banks - 11.4%  |  |  |
|  Citigroup, Inc.  | 362300  | 17539  |
|  Huntington Bancshares, Inc.  | 1333600  | 20644  |
|  JPMorgan Chase & Co.  | 203900  | 28175  |
|  M&T Bank Corp.  | 170800  | 29039  |
|  PNC Financial Services Group, Inc.  | 176700  | 29732  |
|  U.S. Bancorp  | 685500  | 31115  |
|  Wells Fargo & Co.  | 1152250  | 55250  |
|  |  | 211494  |
| Capital Markets - 2.8%  |  |  |
|  Bank of New York Mellon Corp.  | 219400  | 10070  |
|  BlackRock, Inc. Class A  | 12800  | 9165  |
|  CME Group, Inc.  | 52300  | 9231  |
|  LPL Financial  | 32700  | 7740  |
|  State Street Corp.  | 197999  | 15775  |
|  |  | 51981  |
| Insurance - 4.2%  |  |  |
|  Assurant, Inc.  | 51900  | 6655  |
|  AXA SA  | 686000  | 19392  |
|  Chubb Ltd.  | 81684  | 17937  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 16400  | 9410  |
|  First American Financial Corp.  | 145200  | 7935  |
|  The Travelers Companies, Inc.  | 86000  | 16324  |
|  |  | 77653  |
|  TOTAL FINANCIALS  |  | 341128  |
| HEALTH CARE - 15.1%  |  |  |
| Health Care Equipment & Supplies - 0.6%  |  |  |
|  Smith & Nephew PLC sponsored ADR  | 376800  | 9993  |
| Health Care Providers & Services - 3.8%  |  |  |
|  AmerisourceBergen Corp.  | 150500  | 25689  |
|  Cigna Corp.  | 63400  | 20852  |
|  Elevance Health, Inc.  | 21100  | 11245  |
|  UnitedHealth Group, Inc.  | 23500  | 12872  |
|  |  | 70658  |
| Pharmaceuticals - 10.7%  |  |  |
|  Bristol-Myers Squibb Co.  | 488300  | 39201  |
|  Johnson & Johnson  | 305718  | 54418  |
|  Merck & Co., Inc.  | 350300  | 38575  |
|  Organon & Co.  | 305730  | 7955  |
|  Royalty Pharma PLC  | 327700  | 14409  |
|  Sanofi SA sponsored ADR  | 983639  | 44608  |
|  |  | 199166  |
|  TOTAL HEALTH CARE  |  | 279817  |
| INDUSTRIALS - 9.6%  |  |  |
| Aerospace & Defense - 1.0%  |  |  |
|  General Dynamics Corp.  | 72500  | 18298  |
| Air Freight & Logistics - 0.8%  |  |  |
|  C.H. Robinson Worldwide, Inc.  | 72700  | 7286  |
|  United Parcel Service, Inc. Class B  | 39400  | 7475  |
|  |  | 14761  |
| Building Products - 1.1%  |  |  |
|  Owens Corning  | 229200  | 20362  |
| Electrical Equipment - 1.3%  |  |  |
|  Regal Rexnord Corp.  | 187900  | 24636  |
| Industrial Conglomerates - 1.2%  |  |  |
|  General Electric Co.  | 63094  | 5424  |
|  Hitachi Ltd.  | 321800  | 17210  |
|  |  | 22634  |
| Machinery - 2.3%  |  |  |
|  Allison Transmission Holdings, Inc.  | 451600  | 20232  |
|  Parker Hannifin Corp.  | 72800  | 21763  |
|  |  | 41995  |
| Professional Services - 1.5%  |  |  |
|  Manpower, Inc.  | 102200  | 8945  |
|  Robert Half International, Inc.  | 83200  | 6554  |
|  Science Applications International Corp.  | 121300  | 13356  |
|  |  | 28855  |
| Trading Companies & Distributors - 0.4%  |  |  |
|  Brenntag SE  | 105200  | 6689  |
|  TOTAL INDUSTRIALS  |  | 178230  |
| INFORMATION TECHNOLOGY - 12.9%  |  |  |
| Communications Equipment - 2.2%  |  |  |
|  Cisco Systems, Inc.  | 800453  | 39799  |
| IT Services - 6.6%  |  |  |
|  Amadeus IT Holding SA Class A (b)  | 72600  | 3925  |
|  Amdocs Ltd.  | 349622  | 31067  |
|  Capgemini SA  | 63200  | 11426  |
|  Cognizant Technology Solutions Corp. Class A  | 121000  | 7527  |
|  Fidelity National Information Services, Inc.  | 274900  | 19952  |
|  Genpact Ltd.  | 180700  | 8332  |
|  Global Payments, Inc.  | 164300  | 17051  |
|  SS&C Technologies Holdings, Inc.  | 168000  | 9032  |
|  Visa, Inc. Class A  | 64700  | 14040  |
|  |  | 122352  |
| Semiconductors & Semiconductor Equipment - 2.7%  |  |  |
|  Microchip Technology, Inc.  | 443300  | 35105  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 188500  | 15642  |
|  |  | 50747  |
| Software - 1.4%  |  |  |
|  Microsoft Corp.  | 67400  | 17196  |
|  Open Text Corp.  | 300100  | 8812  |
|  |  | 26008  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 238906  |
| MATERIALS - 3.0%  |  |  |
| Chemicals - 2.6%  |  |  |
|  Akzo Nobel NV  | 63900  | 4598  |
|  Celanese Corp. Class A  | 126200  | 13541  |
|  CF Industries Holdings, Inc.  | 115300  | 12474  |
|  DuPont de Nemours, Inc.  | 189766  | 13380  |
|  Olin Corp.  | 92000  | 5242  |
|  |  | 49235  |
| Containers & Packaging - 0.4%  |  |  |
|  Berry Global Group, Inc.  | 116600  | 6833  |
|  TOTAL MATERIALS  |  | 56068  |
| REAL ESTATE - 2.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.1%  |  |  |
|  Alexandria Real Estate Equities, Inc.  | 73200  | 11391  |
|  American Tower Corp.  | 43800  | 9691  |
|  Corporate Office Properties Trust (SBI)  | 424000  | 11774  |
|  Gaming & Leisure Properties  | 102500  | 5393  |
|  |  | 38249  |
| UTILITIES - 6.0%  |  |  |
| Electric Utilities - 3.9%  |  |  |
|  Constellation Energy Corp.  | 23799  | 2288  |
|  Duke Energy Corp.  | 237200  | 23703  |
|  Edison International  | 373964  | 24928  |
|  Exelon Corp.  | 173600  | 7182  |
|  FirstEnergy Corp.  | 337800  | 13931  |
|  |  | 72032  |
| Independent Power and Renewable Electricity Producers - 1.0%  |  |  |
|  The AES Corp.  | 199000  | 5755  |
|  Vistra Corp.  | 563200  | 13703  |
|  |  | 19458  |
| Multi-Utilities - 1.1%  |  |  |
|  Dominion Energy, Inc.  | 151600  | 9264  |
|  Sempra Energy  | 70100  | 11650  |
|  |  | 20914  |
|  TOTAL UTILITIES  |  | 112404  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $1,555,879)  |  | <br> **1778976**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 5.5%**  | &nbsp;&nbsp; **Money Market Funds - 5.5%**  | &nbsp;&nbsp; **Money Market Funds - 5.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (c)  | 71452279  | 71467  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (c)(d)  | 30793322  | 30796  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $102,263)  |  | **102263**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%** <br> (Cost $1,658,142) <br>| <br>**1881239**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(24022)**  |
| **NET ASSETS - 100.0%**  | **1857217**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

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

(b) Non-income producing

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 35910  | 365123  | 329566  | 779  | -  | -  | 71467  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 11224  | 295984  | 276412  | 99  | -  | -  | 30796  | 0.1%  |
| Total  | 47134  | 661107  | 605978  | 878  | -  | -  | 102263  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 136490  | 120631  | 15859  | -  |
| Consumer Discretionary  | 81856  | 81856  | -  | -  |
| Consumer Staples  | 194849  | 188225  | 6624  | -  |
| Energy  | 120979  | 110316  | 10663  | -  |
| Financials  | 341128  | 321736  | 19392  | -  |
| Health Care  | 279817  | 279817  | -  | -  |
| Industrials  | 178230  | 154331  | 23899  | -  |
| Information Technology  | 238906  | 223555  | 15351  | -  |
| Materials  | 56068  | 51470  | 4598  | -  |
| Real Estate  | 38249  | 38249  | -  | -  |
| Utilities  | 112404  | 112404  | -  | -  |
|  Money Market Funds  | 102263  | 102263  | -  | -  |
| **Total Investments in Securities:**  | 1881239  | 1784853  | 96386  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $30,416) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $1,555,879)  | $1778976  |  |
|  Fidelity Central Funds (cost $102,263)  | 102263  |  |
|  Total Investment in Securities (cost $1,658,142)  |  | $1881239  |
|  Restricted cash  |  | 304  |
| Receivable for investments sold  |  |  |
|  Regular delivery  |  | 15490  |
|  Delayed delivery  |  | 1690  |
|  Receivable for fund shares sold  |  | 1504  |
|  Dividends receivable  |  | 4759  |
|  Distributions receivable from Fidelity Central Funds  |  | 214  |
|  Prepaid expenses  |  | 2  |
| Other receivables  |  | 28  |
| **Total assets**  |  | 1905230  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $14251  |  |
|  Payable for fund shares redeemed  | 1590  |  |
|  Accrued management fee  | 635  |  |
|  Distribution and service plan fees payable  | 432  |  |
|  Other affiliated payables  | 276  |  |
|  Other payables and accrued expenses  | 33  |  |
|  Collateral on securities loaned  | 30796  |  |
| **Total Liabilities**  |  | 48013  |
| **Net Assets**  |  | $1857217  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1557795  |
|  Total accumulated earnings (loss)  |  | 299422  |
|  **Net Assets**  |  | $1857217  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($741,312 ÷ 23,329 shares) <sup>(a)</sup>  |  | $31.78  |
|  Maximum offering price per share (100/94.25 of $31.78)  |  | $33.72  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($571,256 ÷ 17,393 shares) <sup>(a)</sup>  |  | $32.84  |
|  Maximum offering price per share (100/96.50 of $32.84)  |  | $34.03  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($68,428 ÷ 2,123 shares) <sup>(a)</sup>  |  | $32.23  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($359,047 ÷ 10,590 shares) <sup>(b)</sup>  |  | $33.91  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($117,174 ÷ 3,461 shares)  |  | $33.86  |
| *(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.*  |
| *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  |

---

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| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $48521  |
| Income from Fidelity Central Funds (including $99 from security lending)  |  | 878  |
| **Total Income**  |  | 49399  |
|  **Expenses**  |  |  |
| Management fee  | $7342  |  |
| Transfer agent fees  | 2865  |  |
| Distribution and service plan fees  | 5222  |  |
| Accounting fees  | 500  |  |
| Custodian fees and expenses  | 30  |  |
| Independent trustees' fees and expenses  | 6  |  |
| Registration fees  | 109  |  |
| Audit  | 59  |  |
| Legal  | 5  |  |
| Miscellaneous  | 8  |  |
| Total expenses before reductions  | 16146  |  |
| Expense reductions  | (56)  |  |
| Total expenses after reductions  |  | 16090  |
| **Net Investment income (loss)**  |  | 33309  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 72439  |  |
| Foreign currency transactions  | (26)  |  |
| Total net realized gain (loss)  |  | 72413  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 41468  |  |
| Assets and liabilities in foreign currencies  | (22)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 41446  |
| **Net gain (loss)**  |  | 113859  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $147168  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $33309  | $27247  |
| &nbsp;&nbsp; Net realized gain (loss)  | 72413 <br>| 150302 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 41446  | 75048 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 147168 <br>| 252597 <br>|
| Distributions to shareholders  | (167060) <br>| (30150) <br>|
| Share transactions - net increase (decrease)  | 316498 <br>| (54783) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 296606 <br>| 167664 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1560611  | 1392947 <br>|
| &nbsp;&nbsp; End of period  | $1857217  | $1560611  |

---

**Financial Highlights** 

 **Fidelity Advisor® Equity Income Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.34  | $27.88  | $30.22  | $31.53  | $34.96  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .61  | .58  | .65  | .67  | .68  |
| Net realized and unrealized gain (loss)  | 2.32  | 4.53  | (.67)  | 2.08  | (.37) <sup>C</sup>  |
| Total from investment operations  | 2.93  | 5.11  | (.02)  | 2.75  | .31  |
| Distributions from net investment income  | (.58)  | (.65)  | (.66)  | (.65)  | (.78)  |
| Distributions from net realized gain  | (2.91)  | - <sup>D</sup>  | (1.67)  | (3.41)  | (2.95)  |
| Total distributions  | (3.49)  | (.65)  | (2.32) <sup>E</sup>  | (4.06)  | (3.74) <sup>E</sup>  |
| Net asset value, end of period  | $31.78  | $32.34  | $27.88  | $30.22  | $31.53  |
| **Total Return** <sup>F,G</sup>  | 9.34%  | 18.46%  | .02%  | 11.73%  | .77% <sup>C</sup>  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .89%  | .90%  | .92%  | .93%  | .93%  |
| Expenses net of fee waivers, if any  | .89%  | .89%  | .92%  | .92%  | .93%  |
| Expenses net of all reductions  | .89%  | .89%  | .92%  | .92%  | .91%  |
| Net investment income (loss)  | 1.98%  | 1.80%  | 2.51%  | 2.37%  | 2.11%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $741  | $675  | $591  | $660  | $609  |
| Portfolio turnover rate <sup>J</sup>  | 47%  | 48%  | 65%  | 48%  | 59%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been .64%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the sales charges.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Equity Income Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.30  | $28.69  | $31.02  | $32.24  | $35.65  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .56  | .52  | .60  | .62  | .62  |
| Net realized and unrealized gain (loss)  | 2.38  | 4.66  | (.68)  | 2.15  | (.38) <sup>C</sup>  |
| Total from investment operations  | 2.94  | 5.18  | (.08)  | 2.77  | .24  |
| Distributions from net investment income  | (.49)  | (.57)  | (.59)  | (.58)  | (.70)  |
| Distributions from net realized gain  | (2.91)  | - <sup>D</sup>  | (1.67)  | (3.41)  | (2.95)  |
| Total distributions  | (3.40)  | (.57)  | (2.25) <sup>E</sup>  | (3.99)  | (3.65)  |
| Net asset value, end of period  | $32.84  | $33.30  | $28.69  | $31.02  | $32.24  |
| **Total Return** <sup>F,G</sup>  | 9.08%  | 18.16%  | (.22)%  | 11.46%  | .56% <sup>C</sup>  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.13%  | 1.14%  | 1.16%  | 1.16%  | 1.16%  |
| Expenses net of fee waivers, if any  | 1.13%  | 1.13%  | 1.16%  | 1.16%  | 1.16%  |
| Expenses net of all reductions  | 1.13%  | 1.13%  | 1.15%  | 1.16%  | 1.15%  |
| Net investment income (loss)  | 1.74%  | 1.56%  | 2.28%  | 2.14%  | 1.88%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $571  | $555  | $534  | $642  | $662  |
| Portfolio turnover rate <sup>J</sup>  | 47%  | 48%  | 65%  | 48%  | 59%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been .43%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the sales charges.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Equity Income Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.75  | $28.21  | $30.52  | $31.73  | $35.15  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .37  | .32  | .45  | .45  | .44  |
| Net realized and unrealized gain (loss)  | 2.35  | 4.60  | (.66)  | 2.12  | (.39) <sup>C</sup>  |
| Total from investment operations  | 2.72  | 4.92  | (.21)  | 2.57  | .05  |
| Distributions from net investment income  | (.32)  | (.37)  | (.43)  | (.37)  | (.52)  |
| Distributions from net realized gain  | (2.91)  | - <sup>D</sup>  | (1.67)  | (3.41)  | (2.95)  |
| Total distributions  | (3.24) <sup>E</sup>  | (.38) <sup>E</sup>  | (2.10)  | (3.78)  | (3.47)  |
| Net asset value, end of period  | $32.23  | $32.75  | $28.21  | $30.52  | $31.73  |
| **Total Return** <sup>F,G</sup>  | 8.46%  | 17.51%  | (.77)%  | 10.86%  | (.01)% <sup>C</sup>  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.68%  | 1.70%  | 1.72%  | 1.72%  | 1.70%  |
| Expenses net of fee waivers, if any  | 1.68%  | 1.69%  | 1.72%  | 1.71%  | 1.69%  |
| Expenses net of all reductions  | 1.68%  | 1.69%  | 1.72%  | 1.71%  | 1.68%  |
| Net investment income (loss)  | 1.19%  | 1.00%  | 1.71%  | 1.58%  | 1.34%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $68  | $52  | $63  | $84  | $160  |
| Portfolio turnover rate <sup>J</sup>  | 47%  | 48%  | 65%  | 48%  | 59%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (.14)%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Equity Income Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.28  | $29.51  | $31.85  | $32.99  | $36.40  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .73  | .70  | .75  | .78  | .80  |
| Net realized and unrealized gain (loss)  | 2.47  | 4.80  | (.70)  | 2.21  | (.39) <sup>C</sup>  |
| Total from investment operations  | 3.20  | 5.50  | .05  | 2.99  | .41  |
| Distributions from net investment income  | (.65)  | (.73)  | (.72)  | (.72)  | (.87)  |
| Distributions from net realized gain  | (2.91)  | - <sup>D</sup>  | (1.67)  | (3.41)  | (2.95)  |
| Total distributions  | (3.57) <sup>E</sup>  | (.73)  | (2.39)  | (4.13)  | (3.82)  |
| Net asset value, end of period  | $33.91  | $34.28  | $29.51  | $31.85  | $32.99  |
| **Total Return** <sup>F</sup>  | 9.62%  | 18.75%  | .27%  | 12.00%  | 1.05% <sup>C</sup>  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .65%  | .65%  | .67%  | .67%  | .67%  |
| Expenses net of fee waivers, if any  | .65%  | .65%  | .67%  | .67%  | .67%  |
| Expenses net of all reductions  | .65%  | .65%  | .66%  | .67%  | .66%  |
| Net investment income (loss)  | 2.22%  | 2.05%  | 2.77%  | 2.63%  | 2.37%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $359  | $244  | $178  | $227  | $243  |
| Portfolio turnover rate <sup>I</sup>  | 47%  | 48%  | 65%  | 48%  | 59%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been .92%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Equity Income Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.24  | $29.48  | $31.82  | $32.96  | $36.38  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .77  | .75  | .79  | .82  | .85  |
| Net realized and unrealized gain (loss)  | 2.46  | 4.78  | (.70)  | 2.21  | (.40) <sup>C</sup>  |
| Total from investment operations  | 3.23  | 5.53  | .09  | 3.03  | .45  |
| Distributions from net investment income  | (.70)  | (.77)  | (.76)  | (.77)  | (.91)  |
| Distributions from net realized gain  | (2.91)  | - <sup>D</sup>  | (1.67)  | (3.41)  | (2.95)  |
| Total distributions  | (3.61)  | (.77)  | (2.43)  | (4.17) <sup>E</sup>  | (3.87) <sup>E</sup>  |
| Net asset value, end of period  | $33.86  | $34.24  | $29.48  | $31.82  | $32.96  |
| **Total Return** <sup>F</sup>  | 9.77%  | 18.89%  | .43%  | 12.18%  | 1.16% <sup>C</sup>  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .51%  | .51%  | .53%  | .53%  | .53%  |
| Expenses net of fee waivers, if any  | .51%  | .51%  | .52%  | .53%  | .53%  |
| Expenses net of all reductions  | .51%  | .51%  | .52%  | .52%  | .52%  |
| Net investment income (loss)  | 2.36%  | 2.18%  | 2.91%  | 2.77%  | 2.51%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $117  | $35  | $26  | $27  | $22  |
| Portfolio turnover rate <sup>I</sup>  | 47%  | 48%  | 65%  | 48%  | 59%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 1.03%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**1. Organization.**

Fidelity Advisor Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022, 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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Equity Income Fund**  | $24  |

---

**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, 2022, 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, 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**  | $313832  |
| **Gross unrealized depreciation**  | <u>(84150)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$229682</u>  |
| **Tax Cost**  | <u>$1651557</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8657</u>  |
| **Undistributed long-term capital gain**  | <u>$66814</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$223949</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $62201  | $30150  |
| **Long-term Capital Gains**  | <u>104859</u>  | <u>-</u>  |
| **Total**  | <u>$167060</u>  | <u>$30150</u>  |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor Equity Income Fund**  | 919894  | 777521  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .43% of the Fund's average net assets.

**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%  | $1779  | $28  |
| **Class M**  | .25%  | .25%  | 2834  | -  |
| **Class C**  | .75%  | .25%  | <u>609</u>  | <u>99</u>  |
|  |  |  | <u>$5222</u>  | <u>$127</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**  | $106  |
| **Class M**  | 17  |
| **Class C** <sup>A</sup>  | <u>2</u>  |
|  | <u>$125</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $1232  | .17  |
| **Class M**  | 925  | .16  |
| **Class C**  | 131  | .21  |
| **Class I**  | 542  | .18  |
| **Class Z**  | <u>35</u>  | .04  |
|  | <u>$2865</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Equity Income Fund**  | .03  |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Equity Income Fund**  | $17  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Advisor Equity Income Fund**  | 88771  | 88333  | 16728  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Equity Income Fund**  | $3  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Advisor Equity Income Fund**  | $10  | $-  | $-  |

---

**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.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $55.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Equity Income Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $73516  | $13793  |
| Class M  | 56803  | 10202  |
| Class C  | 5145  | 748  |
| Class I  | 26327  | 4681  |
| Class Z  | <u>5269</u>  | <u>726</u>  |
| Total  | <u>$167060</u>  | <u>$30150</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Equity Income Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 3323  | 2209  | $103218  | $71294  |
| Reinvestment of distributions  | 2230  | 420  | 69823  | 13047  |
| Shares redeemed  | <u>(3106)</u>  | <u>(2950)</u>  | <u>(96136)</u>  | <u>(94556)</u>  |
| Net increase (decrease)  | <u>2447</u>  | <u>(321)</u>  | <u>$76905</u>  | <u>$(10215)</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 1876  | 1292  | $60326  | $42524  |
| Reinvestment of distributions  | 1720  | 313  | 55712  | 9978  |
| Shares redeemed  | <u>(2857)</u>  | <u>(3554)</u>  | <u>(91349)</u>  | <u>(117076)</u>  |
| Net increase (decrease)  | <u>739</u>  | <u>(1949)</u>  | <u>$24689</u>  | <u>$(64574)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 990  | 331  | $31165  | $10767  |
| Reinvestment of distributions  | 159  | 24  | 5070  | 733  |
| Shares redeemed  | <u>(608)</u>  | <u>(1023)</u>  | <u>(19033)</u>  | <u>(33534)</u>  |
| Net increase (decrease)  | <u>541</u>  | <u>(668)</u>  | <u>$17202</u>  | <u>$(22034)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 4297  | 2020  | $141287  | $69683  |
| Reinvestment of distributions  | 735  | 129  | 24455  | 4280  |
| Shares redeemed  | <u>(1562)</u>  | <u>(1069)</u>  | <u>(51041)</u>  | <u>(36136)</u>  |
| Net increase (decrease)  | <u>3470</u>  | <u>1080</u>  | <u>$114701</u>  | <u>$37827</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 3004  | 299  | $101219  | $10184  |
| Reinvestment of distributions  | 149  | 20  | 4916  | 650  |
| Shares redeemed  | <u>(710)</u>  | <u>(197)</u>  | <u>(23134)</u>  | <u>(6621)</u>  |
| Net increase (decrease)  | <u>2443</u>  | <u>122</u>  | <u>$83001</u>  | <u>$4213</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Equity Income Fund

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 17, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Equity Income Fund**  |  |  |  |  |
| **Class A**  | .89%  |  |  |  |
| **Actual**  |  | $1000  | $1000.90  | $4.46  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.61  | $4.51  |
| **Class M**  | 1.13%  |  |  |  |
| **Actual**  |  | $1000  | $999.50  | $5.66  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.40  | $5.72  |
| **Class C**  | 1.68%  |  |  |  |
| **Actual**  |  | $1000  | $996.80  | $8.41  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.65  | $8.49  |
| **Class I**  | .65%  |  |  |  |
| **Actual**  |  | $1000  | $1002.40  | $3.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.81  | $3.29  |
| **Class Z**  | .51%  |  |  |  |
| **Actual**  |  | $1000  | $1002.90  | $2.56  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.51  | $2.59  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $76,286,686, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.92% of the short-term capital gain dividends distributed in December, 2021 as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 38%, 100%, 100%, and 100%; Class M designates 39%, 100%, 100%, and 100% Class C designates 42%, 100%, 100%, and 100% Class I designates 37%, 100%, 100%, and 100%; and Class Z designates 36%, 100%, 100%, and 100%; of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 56%, 100%, 100%, and 100%; Class M designates 57%, 100%, 100%, and 100% Class C designates 61%, 100%, 100%, and 100% Class I designates 54%, 100%, 100%, and 100%; and Class Z designates 54%, 100%, 100%, and 100%; of the dividends distributed in December, April, July, and October, 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, Class M, Class C, Class I, and Class Z, designate 1% of the dividend distributed in December 21, during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87702_2.jpg) <br>

1.539449.126 EPI-ANN-0123

**Fidelity Advisor® Small Cap Fund**

**Annual Report**

**November 30, 2022**

![](img87694_1.jpg)

![](img87694_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary294)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments294)** |
| **[Financial Statements](#Sec_FinancialStatements294)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -18.77%  | &nbsp;&nbsp; 5.82%  | &nbsp;&nbsp; 9.44%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -17.04%  | &nbsp;&nbsp; 6.06%  | &nbsp;&nbsp; 9.45%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -15.24%  | &nbsp;&nbsp; 6.23%  | &nbsp;&nbsp; 9.41%  |
| Class I  | &nbsp;&nbsp; -13.61%  | &nbsp;&nbsp; 7.35%  | &nbsp;&nbsp; 10.39%  |
| Class Z  | &nbsp;&nbsp; -13.47%  | &nbsp;&nbsp; 7.51%  | &nbsp;&nbsp; 10.54%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Small Cap Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.  |
| ![](img87694_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500 <sup>®</sup> shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Jennifer Fo Cardillo:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -15% to -13%, compared with the -13.01% result of the benchmark Russell 2000 <sup>®</sup> Index. Versus the benchmark, the primary detractor from performance was an underweighting in the market-leading energy sector. Weak investment choices in financials, especially banks, also hampered the fund's relative return. Further pressuring the portfolio's relative performance was an overweighting in information technology. Our largest individual relative detractor was an out-of-benchmark investment in Syneos Health (-65%). The company was no longer held at period end. An overweighting in Synaptics (-62%) hurt as well. The fund's non-benchmark position in Tandem Diabetes Care returned approximately -67%. In contrast, security selection was the primary contributor, led by the industrials sector. Picks among information technology and communication services stocks, along with an underweighting in health care, also boosted the fund's relative result. The biggest individual relative contributor was an overweight position in Antero Resources (+104%), which was among the portfolio's biggest holdings. A non-benchmark stake in LPL Financial Holdings, one of our largest positions this period, gained 49% and added further value. Another notable relative contributor was outsized exposure to Extreme Networks (+55%), one of our biggest holdings as of November 30. Notable changes in positioning include increased exposure to the materials sector and a lower allocation to consumer discretionary stocks.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Commercial Metals Co.  | 1.8  |
| Extreme Networks, Inc.  | 1.8  |
| EMCOR Group, Inc.  | 1.7  |
| Antero Resources Corp.  | 1.6  |
| Chemed Corp.  | 1.4  |
| Insight Enterprises, Inc.  | 1.4  |
| First Interstate Bancsystem, Inc.  | 1.4  |
| KBR, Inc.  | 1.4  |
| NV5 Global, Inc.  | 1.4  |
| Denbury, Inc.  | 1.4  |
|  | 15.3  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 18.5  |
| Financials  | 15.9  |
| Information Technology  | 14.8  |
| Health Care  | 13.3  |
| Consumer Discretionary  | 11.0  |
| Materials  | 7.1  |
| Energy  | 4.8  |
| Real Estate  | 4.7  |
| Consumer Staples  | 3.8  |
| Communication Services  | 2.9  |
| Utilities  | 1.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87694_6.jpg)  |
| *Foreign investments - 15%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87694_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.5%**  | &nbsp;&nbsp; **Common Stocks - 98.5%**  | &nbsp;&nbsp; **Common Stocks - 98.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 2.9%  |  |  |
| Interactive Media & Services - 1.6%  |  |  |
|  Cars.com, Inc. (a)  | 1145900  | 16936  |
|  Ziff Davis, Inc. (a)  | 153800  | 14190  |
|  |  | 31126  |
| Media - 0.7%  |  |  |
|  TechTarget, Inc. (a)  | 268500  | 12260  |
| Wireless Telecommunication Services - 0.6%  |  |  |
|  Gogo, Inc. (a)  | 725000  | 11375  |
|  TOTAL COMMUNICATION SERVICES  |  | 54761  |
| CONSUMER DISCRETIONARY - 11.0%  |  |  |
| Auto Components - 2.8%  |  |  |
|  Adient PLC (a)  | 498400  | 19408  |
|  Fox Factory Holding Corp. (a)  | 135100  | 14334  |
|  Patrick Industries, Inc.  | 341664  | 19109  |
|  |  | 52851  |
| Hotels, Restaurants & Leisure - 1.8%  |  |  |
|  Brinker International, Inc. (a)  | 299300  | 10012  |
|  Churchill Downs, Inc.  | 91800  | 20376  |
|  Lindblad Expeditions Holdings (a)  | 508900  | 4621  |
|  |  | 35009  |
| Household Durables - 2.0%  |  |  |
|  Skyline Champion Corp. (a)  | 450586  | 23426  |
|  Tempur Sealy International, Inc.  | 459700  | 14605  |
|  |  | 38031  |
| Internet & Direct Marketing Retail - 0.2%  |  |  |
|  Vivid Seats, Inc. Class A (b)  | 467980  | 3650  |
| Leisure Products - 0.3%  |  |  |
|  Clarus Corp.  | 665653  | 5538  |
| Specialty Retail - 3.0%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 153505  | 7749  |
|  Aritzia, Inc. (a)  | 257300  | 9788  |
|  Lithia Motors, Inc. Class A (sub. vtg.) (b)  | 28300  | 6772  |
|  Murphy U.S.A., Inc.  | 75200  | 22245  |
|  Musti Group OYJ  | 663393  | 10606  |
|  |  | 57160  |
| Textiles, Apparel & Luxury Goods - 0.9%  |  |  |
|  Crocs, Inc. (a)  | 179221  | 18101  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 210340  |
| CONSUMER STAPLES - 3.8%  |  |  |
| Food & Staples Retailing - 2.8%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 205730  | 15479  |
|  Performance Food Group Co. (a)  | 419400  | 25575  |
|  Sprouts Farmers Market LLC (a)  | 387700  | 13310  |
|  |  | 54364  |
| Food Products - 1.0%  |  |  |
|  Nomad Foods Ltd. (a)(b)  | 1053200  | 18420  |
|  TOTAL CONSUMER STAPLES  |  | 72784  |
| ENERGY - 4.8%  |  |  |
| Energy Equipment & Services - 0.9%  |  |  |
|  TechnipFMC PLC (a)  | 1301300  | 16136  |
| Oil, Gas & Consumable Fuels - 3.9%  |  |  |
|  Antero Resources Corp. (a)  | 841700  | 30764  |
|  Denbury, Inc. (a)  | 291700  | 26183  |
|  Enviva, Inc. (b)  | 144800  | 8217  |
|  Hess Midstream LP (b)  | 317548  | 9917  |
|  |  | 75081  |
|  TOTAL ENERGY  |  | 91217  |
| FINANCIALS - 15.9%  |  |  |
| Banks - 8.2%  |  |  |
|  ConnectOne Bancorp, Inc.  | 815500  | 21399  |
|  First Interstate Bancsystem, Inc.  | 616500  | 26892  |
|  Independent Bank Group, Inc.  | 306500  | 20211  |
|  Metropolitan Bank Holding Corp. (a)  | 229800  | 14601  |
|  PacWest Bancorp  | 534700  | 13966  |
|  Pinnacle Financial Partners, Inc.  | 249800  | 20956  |
|  ServisFirst Bancshares, Inc.  | 256400  | 19440  |
|  Trico Bancshares  | 343300  | 18710  |
|  |  | 156175  |
| Capital Markets - 2.6%  |  |  |
|  Houlihan Lokey  | 141400  | 13907  |
|  LPL Financial  | 69100  | 16357  |
|  Morningstar, Inc.  | 39709  | 9734  |
|  Patria Investments Ltd.  | 784600  | 10710  |
|  |  | 50708  |
| Consumer Finance - 0.6%  |  |  |
|  PROG Holdings, Inc. (a)  | 599114  | 11797  |
| Insurance - 2.9%  |  |  |
|  Old Republic International Corp.  | 690200  | 16910  |
|  Primerica, Inc.  | 124800  | 18599  |
|  Selective Insurance Group, Inc.  | 208300  | 20022  |
|  |  | 55531  |
| Thrifts & Mortgage Finance - 1.6%  |  |  |
|  Essent Group Ltd.  | 487123  | 19529  |
|  Walker & Dunlop, Inc.  | 126100  | 11262  |
|  |  | 30791  |
|  TOTAL FINANCIALS  |  | 305002  |
| HEALTH CARE - 13.3%  |  |  |
| Biotechnology - 3.6%  |  |  |
|  Avid Bioservices, Inc. (a)(b)  | 279011  | 4369  |
|  Blueprint Medicines Corp. (a)  | 113200  | 5410  |
|  Celldex Therapeutics, Inc. (a)  | 69400  | 2574  |
|  Cerevel Therapeutics Holdings (a)  | 195600  | 5665  |
|  Cytokinetics, Inc. (a)  | 204000  | 8670  |
|  Day One Biopharmaceuticals, Inc. (a)  | 130800  | 2777  |
|  Erasca, Inc. (a)  | 427751  | 3230  |
|  Exelixis, Inc. (a)  | 246300  | 4207  |
|  Instil Bio, Inc. (a)(b)  | 383700  | 510  |
|  Janux Therapeutics, Inc. (a)  | 171000  | 2332  |
|  Keros Therapeutics, Inc. (a)  | 58000  | 2891  |
|  Legend Biotech Corp. ADR (a)  | 77800  | 4007  |
|  Mirati Therapeutics, Inc. (a)  | 28000  | 2559  |
|  PepGen, Inc.  | 96900  | 1450  |
|  Prelude Therapeutics, Inc. (a)(b)  | 254637  | 1698  |
|  PTC Therapeutics, Inc. (a)  | 111200  | 4614  |
|  Relay Therapeutics, Inc. (a)  | 178800  | 3322  |
|  Xenon Pharmaceuticals, Inc. (a)  | 206600  | 7619  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 48346  | 1069  |
|  |  | 68973  |
| Health Care Equipment & Supplies - 3.0%  |  |  |
|  Envista Holdings Corp. (a)  | 469500  | 16019  |
|  Heska Corp. (a)(b)  | 48300  | 3108  |
|  Inspire Medical Systems, Inc. (a)  | 41900  | 10122  |
|  Merit Medical Systems, Inc. (a)  | 177100  | 12751  |
|  Tandem Diabetes Care, Inc. (a)  | 173200  | 7283  |
|  TransMedics Group, Inc. (a)  | 130200  | 8055  |
|  |  | 57338  |
| Health Care Providers & Services - 4.8%  |  |  |
|  Acadia Healthcare Co., Inc. (a)  | 263400  | 23458  |
|  Chemed Corp.  | 52400  | 27248  |
|  Option Care Health, Inc. (a)  | 426237  | 12834  |
|  Owens & Minor, Inc.  | 292600  | 6030  |
|  The Ensign Group, Inc. (b)  | 236400  | 22458  |
|  |  | 92028  |
| Life Sciences Tools & Services - 1.0%  |  |  |
|  BioLife Solutions, Inc. (a)(b)  | 240100  | 5083  |
|  Medpace Holdings, Inc. (a)  | 44100  | 9256  |
|  Olink Holding AB ADR (a)  | 196602  | 4685  |
|  |  | 19024  |
| Pharmaceuticals - 0.9%  |  |  |
|  Arvinas Holding Co. LLC (a)  | 139200  | 5713  |
|  DICE Therapeutics, Inc. (a)  | 139800  | 4866  |
|  Edgewise Therapeutics, Inc. (a)  | 277000  | 2479  |
|  Intra-Cellular Therapies, Inc. (a)  | 77022  | 4176  |
|  |  | 17234  |
|  TOTAL HEALTH CARE  |  | 254597  |
| INDUSTRIALS - 18.5%  |  |  |
| Aerospace & Defense - 0.6%  |  |  |
|  V2X, Inc. (a)  | 304997  | 12325  |
| Building Products - 1.6%  |  |  |
|  CSW Industrials, Inc. (b)  | 89234  | 10793  |
|  Masonite International Corp. (a)  | 277600  | 20895  |
|  |  | 31688  |
| Commercial Services & Supplies - 0.7%  |  |  |
|  Tetra Tech, Inc.  | 82400  | 12738  |
| Construction & Engineering - 3.1%  |  |  |
|  EMCOR Group, Inc.  | 210400  | 32591  |
|  NV5 Global, Inc. (a)  | 182880  | 26428  |
|  |  | 59019  |
| Electrical Equipment - 2.0%  |  |  |
|  Array Technologies, Inc. (a)  | 719132  | 15059  |
|  Atkore, Inc. (a)  | 197100  | 24076  |
|  |  | 39135  |
| Machinery - 1.9%  |  |  |
|  ITT, Inc.  | 177200  | 14977  |
|  Luxfer Holdings PLC sponsored  | 660300  | 9680  |
|  Oshkosh Corp.  | 123000  | 11325  |
|  |  | 35982  |
| Professional Services - 4.0%  |  |  |
|  ASGN, Inc. (a)  | 190300  | 17241  |
|  FTI Consulting, Inc. (a)(b)  | 84800  | 14655  |
|  KBR, Inc.  | 518700  | 26801  |
|  TriNet Group, Inc. (a)  | 240300  | 17415  |
|  |  | 76112  |
| Road & Rail - 0.8%  |  |  |
|  TFI International, Inc.  | 137100  | 14882  |
| Trading Companies & Distributors - 3.8%  |  |  |
|  Applied Industrial Technologies, Inc.  | 127000  | 16826  |
|  Beacon Roofing Supply, Inc. (a)  | 191200  | 11164  |
|  Custom Truck One Source, Inc. Class A (a)(b)  | 948974  | 6491  |
|  GMS, Inc. (a)  | 409718  | 20117  |
|  Rush Enterprises, Inc. Class A  | 360894  | 18597  |
|  |  | 73195  |
|  TOTAL INDUSTRIALS  |  | 355076  |
| INFORMATION TECHNOLOGY - 14.8%  |  |  |
| Communications Equipment - 1.8%  |  |  |
|  Extreme Networks, Inc. (a)  | 1604300  | 33642  |
| Electronic Equipment & Components - 5.2%  |  |  |
|  Advanced Energy Industries, Inc.  | 183000  | 16953  |
|  Fabrinet (a)  | 113500  | 15142  |
|  Insight Enterprises, Inc. (a)  | 262172  | 27242  |
|  Napco Security Technologies, Inc.  | 702102  | 18521  |
|  TD SYNNEX Corp.  | 210841  | 21569  |
|  |  | 99427  |
| IT Services - 2.2%  |  |  |
|  Concentrix Corp.  | 176041  | 21544  |
|  Endava PLC ADR (a)  | 147308  | 11300  |
|  Perficient, Inc. (a)  | 127700  | 9073  |
|  |  | 41917  |
| Semiconductors & Semiconductor Equipment - 3.2%  |  |  |
|  AEHR Test Systems (a)(b)  | 346300  | 9028  |
|  Ichor Holdings Ltd. (a)  | 456900  | 13606  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 300800  | 20662  |
|  SiTime Corp. (a)  | 63000  | 6644  |
|  Synaptics, Inc. (a)  | 111545  | 11820  |
|  |  | 61760  |
| Software - 1.8%  |  |  |
|  Five9, Inc. (a)  | 103600  | 6642  |
|  Intapp, Inc. (a)  | 575339  | 13296  |
|  Rapid7, Inc. (a)  | 147100  | 4325  |
|  Tenable Holdings, Inc. (a)  | 288000  | 10996  |
|  |  | 35259  |
| Technology Hardware, Storage & Peripherals - 0.6%  |  |  |
|  Avid Technology, Inc. (a)  | 402500  | 11302  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 283307  |
| MATERIALS - 7.1%  |  |  |
| Chemicals - 2.8%  |  |  |
|  Element Solutions, Inc.  | 937100  | 18330  |
|  Tronox Holdings PLC  | 657000  | 9283  |
|  Valvoline, Inc.  | 783800  | 25850  |
|  |  | 53463  |
| Construction Materials - 1.3%  |  |  |
|  Eagle Materials, Inc.  | 176400  | 24050  |
| Metals & Mining - 3.0%  |  |  |
|  Commercial Metals Co.  | 712000  | 35049  |
|  Constellium NV (a)  | 1805400  | 22477  |
|  |  | 57526  |
|  TOTAL MATERIALS  |  | 135039  |
| REAL ESTATE - 4.7%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 4.0%  |  |  |
|  Essential Properties Realty Trust, Inc.  | 947101  | 21982  |
|  Lamar Advertising Co. Class A  | 254800  | 25516  |
|  Summit Industrial Income REIT  | 931100  | 15609  |
|  Urban Edge Properties  | 848600  | 13348  |
|  |  | 76455  |
| Real Estate Management & Development - 0.7%  |  |  |
|  Cushman & Wakefield PLC (a)  | 1202300  | 13730  |
|  TOTAL REAL ESTATE  |  | 90185  |
| UTILITIES - 1.7%  |  |  |
| Gas Utilities - 1.0%  |  |  |
|  Brookfield Infrastructure Corp. A Shares  | 398767  | 18694  |
| Multi-Utilities - 0.7%  |  |  |
|  Telecom Plus PLC  | 457043  | 13819  |
|  TOTAL UTILITIES  |  | 32513  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $1,551,628)  |  | <br> **1884821**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.4%**  | &nbsp;&nbsp; **Money Market Funds - 3.4%**  | &nbsp;&nbsp; **Money Market Funds - 3.4%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (c)  | 14939115  | 14942  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (c)(d)  | 50378860  | 50384  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $65,326)  |  | **65326**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 0.7%**  | &nbsp;&nbsp; **Equity Funds - 0.7%**  | &nbsp;&nbsp; **Equity Funds - 0.7%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| Small Blend Funds - 0.7%  |  |  |
|  iShares Russell 2000 Index ETF (b) <br> (Cost $10,237)  | 64900  | **12160**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%** <br> (Cost $1,627,191) <br>| <br>**1962307**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(48904)**  |
| **NET ASSETS - 100.0%**  | **1913403**  |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**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 (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 15879  | 559750  | 560687  | 167  | -  | -  | 14942  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 158795  | 661845  | 770256  | 379  | -  | -  | 50384  | 0.2%  |
| Total  | 174674  | 1221595  | 1330943  | 546  | -  | -  | 65326  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 54761  | 54761  | -  | -  |
| Consumer Discretionary  | 210340  | 199734  | 10606  | -  |
| Consumer Staples  | 72784  | 72784  | -  | -  |
| Energy  | 91217  | 91217  | -  | -  |
| Financials  | 305002  | 305002  | -  | -  |
| Health Care  | 254597  | 254597  | -  | -  |
| Industrials  | 355076  | 355076  | -  | -  |
| Information Technology  | 283307  | 283307  | -  | -  |
| Materials  | 135039  | 135039  | -  | -  |
| Real Estate  | 90185  | 90185  | -  | -  |
| Utilities  | 32513  | 18694  | 13819  | -  |
|  Money Market Funds  | 65326  | 65326  | -  | -  |
|  Equity Funds  | 12160  | 12160  | -  | -  |
| **Total Investments in Securities:**  | 1962307  | 1937882  | 24425  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,569) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $1,561,865)  | $1896981  |  |
|  Fidelity Central Funds (cost $65,326)  | 65326  |  |
|  Total Investment in Securities (cost $1,627,191)  |  | $1962307  |
| Receivable for investments sold  |  | 4360  |
|  Receivable for fund shares sold  |  | 529  |
|  Dividends receivable  |  | 1266  |
|  Distributions receivable from Fidelity Central Funds  |  | 90  |
|  Prepaid expenses  |  | 3  |
| **Total assets**  |  | 1968555  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $1203  |  |
|  Payable for fund shares redeemed  | 1501  |  |
|  Accrued management fee  | 1356  |  |
|  Distribution and service plan fees payable  | 370  |  |
|  Other affiliated payables  | 292  |  |
|  Other payables and accrued expenses  | 49  |  |
|  Collateral on securities loaned  | 50381  |  |
| **Total Liabilities**  |  | 55152  |
| **Net Assets**  |  | $1913403  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1506201  |
|  Total accumulated earnings (loss)  |  | 407202  |
|  **Net Assets**  |  | $1913403  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($676,037 ÷ 25,350 shares) <sup>(a)</sup>  |  | $26.67  |
|  Maximum offering price per share (100/94.25 of $26.67)  |  | $28.30  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($477,111 ÷ 20,146 shares) <sup>(a)</sup>  |  | $23.68  |
|  Maximum offering price per share (100/96.50 of $23.68)  |  | $24.54  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($50,464 ÷ 2,965 shares) <sup>(a)</sup>  |  | $17.02  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($455,676 ÷ 14,910 shares)  |  | $30.56  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($254,115 ÷ 8,266 shares)  |  | $30.74  |
| *(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**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $17691  |
| Income from Fidelity Central Funds (including $379 from security lending)  |  | 546  |
| **Total Income**  |  | 18237  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $13312  |  |
| Performance adjustment  | 3398  |  |
| Transfer agent fees  | 3328  |  |
| Distribution and service plan fees  | 4841  |  |
| Accounting fees  | 566  |  |
| Custodian fees and expenses  | 48  |  |
| Independent trustees' fees and expenses  | 7  |  |
| Registration fees  | 137  |  |
| Audit  | 56  |  |
| Legal  | 4  |  |
| Interest  | 11  |  |
| Miscellaneous  | 7  |  |
| Total expenses before reductions  | 25715  |  |
| Expense reductions  | (65)  |  |
| Total expenses after reductions  |  | 25650  |
| **Net Investment income (loss)**  |  | (7413)  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 107290  |  |
| Foreign currency transactions  | 14  |  |
| Total net realized gain (loss)  |  | 107304  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (416187)  |  |
| Assets and liabilities in foreign currencies  | (4)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (416191)  |
| **Net gain (loss)**  |  | (308887)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(316300)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $(7413)  | $(11349)  |
| &nbsp;&nbsp; Net realized gain (loss)  | 107304 <br>| 269757 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (416191)  | 322581 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (316300) <br>| 580989 <br>|
| Distributions to shareholders  | (224659) <br>| (47913) <br>|
| Share transactions - net increase (decrease)  | 289457 <br>| (48584) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (251502) <br>| 484492 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2164905  | 1680413 <br>|
| &nbsp;&nbsp; End of period  | $1913403  | $2164905  |

---

**Financial Highlights** 

 **Fidelity Advisor® Small Cap Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.34  | $26.09  | $24.25  | $24.46  | $29.35  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.11)  | (.17)  | (.08)  | (.03)  | (.04)  |
| Net realized and unrealized gain (loss)  | (4.04)  | 9.15  | 2.85  | 2.56  | (1.28)  |
| Total from investment operations  | (4.15)  | 8.98  | 2.77  | 2.53  | (1.32)  |
| Distributions from net realized gain  | (3.52)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Total distributions  | (3.52)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Net asset value, end of period  | $26.67  | $34.34  | $26.09  | $24.25  | $24.46  |
| **Total Return** <sup>C,D</sup>  | (13.82)%  | 35.20%  | 11.78%  | 13.97%  | (5.18)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.33%  | 1.22%  | 1.22%  | .98%  | .97%  |
| Expenses net of fee waivers, if any  | 1.32%  | 1.22%  | 1.22%  | .98%  | .97%  |
| Expenses net of all reductions  | 1.32%  | 1.22%  | 1.22%  | .98%  | .96%  |
| Net investment income (loss)  | (.40)%  | (.53)%  | (.36)%  | (.13)%  | (.13)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $676  | $837  | $638  | $654  | $640  |
| Portfolio turnover rate <sup>G</sup>  | 47%  | 41%  | 47%  | 56%  | 74%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Small Cap Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.88  | $23.58  | $22.06  | $22.58  | $27.43  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.15)  | (.22)  | (.12)  | (.07)  | (.09)  |
| Net realized and unrealized gain (loss)  | (3.59)  | 8.25  | 2.57  | 2.29  | (1.19)  |
| Total from investment operations  | (3.74)  | 8.03  | 2.45  | 2.22  | (1.28)  |
| Distributions from net realized gain  | (3.46)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Total distributions  | (3.46)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Net asset value, end of period  | $23.68  | $30.88  | $23.58  | $22.06  | $22.58  |
| **Total Return** <sup>C,D</sup>  | (14.03)%  | 34.91%  | 11.49%  | 13.73%  | (5.42)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.57%  | 1.46%  | 1.45%  | 1.22%  | 1.20%  |
| Expenses net of fee waivers, if any  | 1.56%  | 1.46%  | 1.45%  | 1.22%  | 1.20%  |
| Expenses net of all reductions  | 1.56%  | 1.46%  | 1.45%  | 1.21%  | 1.19%  |
| Net investment income (loss)  | (.64)%  | (.77)%  | (.59)%  | (.36)%  | (.37)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $477  | $619  | $503  | $542  | $580  |
| Portfolio turnover rate <sup>G</sup>  | 47%  | 41%  | 47%  | 56%  | 74%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Small Cap Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.16  | $17.96  | $17.11  | $18.32  | $23.02  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.21)  | (.29)  | (.18)  | (.15)  | (.18)  |
| Net realized and unrealized gain (loss)  | (2.56)  | 6.22  | 1.96  | 1.68  | (.95)  |
| Total from investment operations  | (2.77)  | 5.93  | 1.78  | 1.53  | (1.13)  |
| Distributions from net realized gain  | (3.37)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Total distributions  | (3.37)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Net asset value, end of period  | $17.02  | $23.16  | $17.96  | $17.11  | $18.32  |
| **Total Return** <sup>C,D</sup>  | (14.51)%  | 34.12%  | 10.87%  | 13.05%  | (5.88)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | 2.15%  | 2.03%  | 2.04%  | 1.79%  | 1.74%  |
| Expenses net of fee waivers, if any  | 2.14%  | 2.03%  | 2.04%  | 1.79%  | 1.74%  |
| Expenses net of all reductions  | 2.14%  | 2.03%  | 2.03%  | 1.78%  | 1.73%  |
| Net investment income (loss)  | (1.22)%  | (1.34)%  | (1.18)%  | (.93)%  | (.90)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $50  | $73  | $81  | $96  | $196  |
| Portfolio turnover rate <sup>G</sup>  | 47%  | 41%  | 47%  | 56%  | 74%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Small Cap Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.84  | $29.34  | $27.09  | $26.89  | $31.84  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.05)  | (.10)  | (.02)  | .03  | .04  |
| Net realized and unrealized gain (loss)  | (4.63)  | 10.33  | 3.20  | 2.91  | (1.42)  |
| Total from investment operations  | (4.68)  | 10.23  | 3.18  | 2.94  | (1.38)  |
| Distributions from net realized gain  | (3.60)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Total distributions  | (3.60)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Net asset value, end of period  | $30.56  | $38.84  | $29.34  | $27.09  | $26.89  |
| **Total Return** <sup>C</sup>  | (13.61)%  | 35.57%  | 12.07%  | 14.26%  | (4.93)%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.08%  | .97%  | .96%  | .72%  | .71%  |
| Expenses net of fee waivers, if any  | 1.07%  | .96%  | .95%  | .72%  | .71%  |
| Expenses net of all reductions  | 1.07%  | .96%  | .95%  | .72%  | .70%  |
| Net investment income (loss)  | (.15)%  | (.27)%  | (.09)%  | .14%  | .12%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $456  | $519  | $378  | $434  | $604  |
| Portfolio turnover rate <sup>F</sup>  | 47%  | 41%  | 47%  | 56%  | 74%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *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.*

<sup>E</sup> *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.*

<sup>F</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® Small Cap Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.04  | $29.45  | $27.15  | $26.90  | $31.81  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | -  | (.05)  | .01  | .07  | .08  |
| Net realized and unrealized gain (loss)  | (4.65)  | 10.37  | 3.22  | 2.92  | (1.42)  |
| Total from investment operations  | (4.65)  | 10.32  | 3.23  | 2.99  | (1.34)  |
| Distributions from net realized gain  | (3.65)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Total distributions  | (3.65)  | (.73)  | (.93)  | (2.74)  | (3.57)  |
| Net asset value, end of period  | $30.74  | $39.04  | $29.45  | $27.15  | $26.90  |
| **Total Return** <sup>C</sup>  | (13.47)%  | 35.75%  | 12.23%  | 14.46%  | (4.80)%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | .93%  | .83%  | .81%  | .57%  | .56%  |
| Expenses net of fee waivers, if any  | .93%  | .83%  | .81%  | .57%  | .56%  |
| Expenses net of all reductions  | .93%  | .83%  | .80%  | .57%  | .55%  |
| Net investment income (loss)  | -%  | (.14)%  | .05%  | .29%  | .28%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $254  | $117  | $79  | $117  | $71  |
| Portfolio turnover rate <sup>F</sup>  | 47%  | 41%  | 47%  | 56%  | 74%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *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.*

<sup>E</sup> *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.*

<sup>F</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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.

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.

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, 2022 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, 2022, 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 passive foreign investment companies (PFIC), net operating losses 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**  | $494083  |
| **Gross unrealized depreciation**  | <u>(163673)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$330410</u>  |
| **Tax Cost**  | <u>$1631897</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$89299</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$325523</u>  |

---

The Fund intends to elect to defer to its next fiscal year $7,620 of ordinary losses recognized during the period January 1, 2022 to November 30, 2022.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $9286  | $-  |
| **Long-term Capital Gains**  | <u>215373</u>  | <u>47913</u>  |
| **Total**  | <u>$224659</u>  | <u>$47913</u>  |

---

**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 Small Cap Fund**  | 988737  | 934256  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .85% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $1742  | $16  |
| **Class M**  | .25%  | .25%  | 2537  | 2  |
| **Class C**  | .75%  | .25%  | <u>562</u>  | <u>47</u>  |
|  |  |  | <u>$4841</u>  | <u>$65</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**  | $63  |
| **Class M**  | 7  |
| **Class C** <sup>A</sup>  | <u>1</u>  |
|  | <u>$71</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $1308  | .19  |
| **Class M**  | 887  | .17  |
| **Class C**  | 143  | .25  |
| **Class I**  | 898  | .18  |
| **Class Z**  | <u>92</u>  | .04  |
|  | <u>$3328</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Small Cap Fund**  | .03 <br>|

---

**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**  | $33  |

---

**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 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  | $15033  | 3.32%  | $11  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 76847  | 75190  | 1675  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Small Cap Fund**  | $3  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $41  | $4  | $-  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $65.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Small Cap Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $85485  | $17774  |
| Class M  | 68964  | 15471  |
| Class C  | 10451  | 3281  |
| Class I  | 48341  | 9390  |
| Class Z  | <u>11418</u>  | <u>1997</u>  |
| Total  | <u>$224659</u>  | <u>$47913</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Small Cap Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 2491  | 3148  | $68027  | $99730  |
| Reinvestment of distributions  | 2567  | 638  | 82352  | 17138  |
| Shares redeemed  | <u>(4082)</u>  | <u>(3876)</u>  | <u>(111179)</u>  | <u>(122469)</u>  |
| Net increase (decrease)  | <u>976</u>  | <u>(90)</u>  | <u>$39200</u>  | <u>$(5601)</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 2126  | 2602  | $52266  | $73949  |
| Reinvestment of distributions  | 2378  | 630  | 67891  | 15247  |
| Shares redeemed  | <u>(4400)</u>  | <u>(4539)</u>  | <u>(106286)</u>  | <u>(129194)</u>  |
| Net increase (decrease)  | <u>104</u>  | <u>(1307)</u>  | <u>$13871</u>  | <u>$(39998)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 392  | 418  | $6792  | $8936  |
| Reinvestment of distributions  | 503  | 178  | 10385  | 3255  |
| Shares redeemed  | <u>(1082)</u>  | <u>(1979)</u>  | <u>(18975)</u>  | <u>(42426)</u>  |
| Net increase (decrease)  | <u>(187)</u>  | <u>(1383)</u>  | <u>$(1798)</u>  | <u>$(30235)</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 5582  | 3396  | $181303  | $120358  |
| Reinvestment of distributions  | 1244  | 292  | 45641  | 8856  |
| Shares redeemed  | <u>(5276)</u>  | <u>(3212)</u>  | <u>(159279)</u>  | <u>(113589)</u>  |
| Net increase (decrease)  | <u>1550</u>  | <u>476</u>  | <u>$67665</u>  | <u>$15625</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 8202  | 1309  | $253540  | $47880  |
| Reinvestment of distributions  | 267  | 50  | 9831  | 1528  |
| Shares redeemed  | <u>(3209)</u>  | <u>(1044)</u>  | <u>(92852)</u>  | <u>(37783)</u>  |
| Net increase (decrease)  | <u>5260</u>  | <u>315</u>  | <u>$170519</u>  | <u>$11625</u>  |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 13, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Small Cap Fund**  |  |  |  |  |
| **Class A**  | 1.32%  |  |  |  |
| **Actual**  |  | $1000  | $1025.80  | $6.70  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1018.45  | $6.68  |
| **Class M**  | 1.56%  |  |  |  |
| **Actual**  |  | $1000  | $1024.70  | $7.92  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1017.25  | $7.89  |
| **Class C**  | 2.14%  |  |  |  |
| **Actual**  |  | $1000  | $1021.60  | $10.85  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1014.34  | $10.81  |
| **Class I**  | 1.07%  |  |  |  |
| **Actual**  |  | $1000  | $1027.20  | $5.44  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.70  | $5.42  |
| **Class Z**  | .93%  |  |  |  |
| **Actual**  |  | $1000  | $1028.10  | $4.73  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.41  | $4.71  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**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, 2022, $113,471,159, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100.00% of the short-term capital gain dividend distributed in December 2021, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A, Class I, Class M, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders

Class A, Class I, Class M and Class Z designate 100% of the dividends 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.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87694_2.jpg) <br>

1.713164.125 ASCF-ANN-0123

**Fidelity Advisor® Growth Opportunities Fund**

**Annual Report**

**November 30, 2022**

![](img87699_1.jpg)

![](img87699_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary223)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments223)** |
| **[Financial Statements](#Sec_FinancialStatements223)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.5.75% sales charge)  | &nbsp;&nbsp; -37.15%  | &nbsp;&nbsp; 14.14%  | &nbsp;&nbsp; 15.21%  |
| Class M (incl.3.50% sales charge)  | &nbsp;&nbsp; -35.80%  | &nbsp;&nbsp; 14.41%  | &nbsp;&nbsp; 15.22%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -34.41%  | &nbsp;&nbsp; 14.63%  | &nbsp;&nbsp; 15.20%  |
| Class I  | &nbsp;&nbsp; -33.15%  | &nbsp;&nbsp; 15.80%  | &nbsp;&nbsp; 16.21%  |
| Class Z  | &nbsp;&nbsp; -33.06%  | &nbsp;&nbsp; 15.94%  | &nbsp;&nbsp; 16.34%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth Opportunities Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.  |
| ![](img87699_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Kyle Weaver:**

For the fiscal year ending November 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -34% to -33%, trailing the -21.64% result of the benchmark, the Russell 1000 Growth Index®. Versus the benchmark, security selection was the primary detractor, especially within the retailing segment of the consumer discretionary sector. Weak picks in information technology and an overweighting in communication services also hurt. The fund's biggest individual relative detractor was an overweighting in Carvana, which returned -97% the past year. Also hindering performance was our outsized stake in Roku, which returned -74%. Another notable relative detractor was an out-of-benchmark stake in Sea Limited (-79%). In contrast, the biggest contributor to performance versus the benchmark was a sizable overweighting in energy. Also helping was an overweighting in utilities and an underweighting in consumer discretionary. Our non-benchmark investment in T-Mobile was the fund's largest individual relative contributor, driven by an advance of 39%. This was among the fund's biggest holdings. The fund's non-benchmark stake in Exxon Mobil, a position we established this period, gained approximately 44%. Another notable relative contributor was our overweighting in Hess (+107%), another investment we established this period. Notable changes in positioning include lower allocations to the consumer discretionary and communication services sectors.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 7.9  |
| Alphabet, Inc. Class C  | 5.1  |
| Amazon.com, Inc.  | 4.1  |
| T-Mobile U.S., Inc.  | 4.0  |
| NVIDIA Corp.  | 3.4  |
| Apple, Inc.  | 3.0  |
| Antero Resources Corp.  | 2.6  |
| Uber Technologies, Inc.  | 2.4  |
| UnitedHealth Group, Inc.  | 2.1  |
| Tesla, Inc.  | 2.0  |
|  | 36.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 39.7  |
| Communication Services  | 15.9  |
| Health Care  | 12.5  |
| Consumer Discretionary  | 12.2  |
| Energy  | 9.9  |
| Utilities  | 2.7  |
| Materials  | 2.6  |
| Industrials  | 2.1  |
| Financials  | 1.9  |
| Consumer Staples  | 0.4  |
| Real Estate  | 0.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87699_6.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *Foreign investments - 13.1%*  |
| *\*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87699_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 96.4%**  | &nbsp;&nbsp; **Common Stocks - 96.4%**  | &nbsp;&nbsp; **Common Stocks - 96.4%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 15.5%  |  |  |
| Diversified Telecommunication Services - 0.1%  |  |  |
|  AT&T, Inc.  | 169500  | 3268  |
|  Cellnex Telecom SA (a)  | 48400  | 1664  |
|  Starry Group Holdings, Inc. Class A (b)(c)  | 1084026  | 204  |
|  |  | 5136  |
| Entertainment - 1.3%  |  |  |
|  Netflix, Inc. (b)  | 90900  | 27773  |
|  Roku, Inc. Class A (b)(c)  | 1135420  | 67410  |
|  Sea Ltd. ADR (b)  | 1765684  | 103063  |
|  |  | 198246  |
| Interactive Media & Services - 8.9%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (b)  | 2705760  | 273255  |
|  Class C (b)  | 7438480  | 754634  |
|  Epic Games, Inc. (b)(d)(e)  | 56200  | 47593  |
|  Meta Platforms, Inc. Class A (b)  | 1353985  | 159906  |
|  Snap, Inc. Class A (b)  | 1808000  | 18640  |
|  Zoominfo Technologies, Inc. (b)  | 2711000  | 77535  |
|  |  | 1331563  |
| Media - 1.2%  |  |  |
|  Charter Communications, Inc. Class A (b)  | 77300  | 30247  |
|  Innovid Corp. (b)(d)  | 1017722  | 3012  |
|  Magnite, Inc. (b)(c)  | 4921531  | 54678  |
|  TechTarget, Inc. (b)  | 983227  | 44894  |
|  The Trade Desk, Inc. (b)  | 821410  | 42828  |
|  |  | 175659  |
| Wireless Telecommunication Services - 4.0%  |  |  |
|  T-Mobile U.S., Inc. (b)  | 3945925  | 597650  |
|  TOTAL COMMUNICATION SERVICES  |  | 2308254  |
| CONSUMER DISCRETIONARY - 11.3%  |  |  |
| Auto Components - 0.1%  |  |  |
|  Aptiv PLC (b)  | 95000  | 10134  |
|  Mobileye Global, Inc. (c)  | 132400  | 3775  |
|  |  | 13909  |
| Automobiles - 2.0%  |  |  |
|  General Motors Co.  | 84000  | 3407  |
|  Neutron Holdings, Inc. (b)(d)(e)  | 474927  | 10  |
|  Rad Power Bikes, Inc. (b)(d)(e)  | 382384  | 1667  |
|  Rivian Automotive, Inc.  | 40600  | 1301  |
|  Tesla, Inc. (b)  | 1533140  | 298502  |
|  |  | 304887  |
| Diversified Consumer Services - 0.0%  |  |  |
|  Duolingo, Inc. (b)  | 34000  | 2369  |
| Hotels, Restaurants & Leisure - 0.1%  |  |  |
|  Airbnb, Inc. Class A (b)  | 65100  | 6649  |
|  Domino's Pizza, Inc.  | 4400  | 1710  |
|  Sonder Holdings, Inc. (b)(c)  | 1297021  | 2296  |
|  Sonder Holdings, Inc.:  |  |  |
|  rights (b)(e)  | 15489  | 11  |
|  rights (b)(e)  | 15488  | 9  |
|  rights (b)(e)  | 15488  | 8  |
|  rights (b)(e)  | 15488  | 7  |
|  rights (b)(e)  | 15488  | 6  |
|  rights (b)(e)  | 15488  | 5  |
|  |  | 10701  |
| Household Durables - 0.0%  |  |  |
|  Lennar Corp. Class A  | 19600  | 1721  |
| Internet & Direct Marketing Retail - 8.0%  |  |  |
|  Amazon.com, Inc. (b)  | 6273040  | 605599  |
|  Cazoo Group Ltd. Class A (b)(c)  | 12453403  | 3362  |
|  Doordash, Inc. (b)  | 1083500  | 63114  |
|  FSN E-Commerce Ventures Private Ltd.  | 13951800  | 29731  |
|  Global-e Online Ltd. (b)(c)  | 2273808  | 49046  |
|  Lyft, Inc. (b)  | 6185902  | 69406  |
|  Uber Technologies, Inc. (b)  | 12144581  | 353893  |
|  Wayfair LLC Class A (b)  | 433529  | 15885  |
|  |  | 1190036  |
| Specialty Retail - 0.6%  |  |  |
|  Auto1 Group SE (a)(b)  | 9692179  | 84682  |
|  Carvana Co. Class A (b)(c)  | 1182600  | 9118  |
|  |  | 93800  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  Bombas LLC (b)(d)(e)  | 5086874  | 18058  |
|  lululemon athletica, Inc. (b)  | 134110  | 51003  |
|  |  | 69061  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1686484  |
| CONSUMER STAPLES - 0.2%  |  |  |
| Beverages - 0.1%  |  |  |
|  Boston Beer Co., Inc. Class A (b)  | 48000  | 18450  |
| Food Products - 0.1%  |  |  |
|  Local Bounti Corp. (b)(c)  | 3652755  | 7671  |
| Tobacco - 0.0%  |  |  |
|  JUUL Labs, Inc. Class B (b)(d)(e)  | 2772  | 12  |
|  Philip Morris International, Inc.  | 37100  | 3698  |
|  |  | 3710  |
|  TOTAL CONSUMER STAPLES  |  | 29831  |
| ENERGY - 9.9%  |  |  |
| Oil, Gas & Consumable Fuels - 9.9%  |  |  |
|  Antero Resources Corp. (b)  | 10794947  | 394555  |
|  Canadian Natural Resources Ltd.  | 2974400  | 177582  |
|  Cenovus Energy, Inc. (Canada)  | 6346600  | 126210  |
|  Cheniere Energy, Inc.  | 80600  | 14134  |
|  Exxon Mobil Corp.  | 2345900  | 261193  |
|  Hess Corp.  | 1462545  | 210475  |
|  Imperial Oil Ltd.  | 428500  | 24379  |
|  Ovintiv, Inc.  | 2731500  | 152308  |
|  Range Resources Corp.  | 286800  | 8280  |
|  Tourmaline Oil Corp.  | 1793900  | 109182  |
|  |  | 1478298  |
| FINANCIALS - 1.8%  |  |  |
| Banks - 1.5%  |  |  |
|  Starling Bank Ltd. Series D (b)(d)(e)  | 6988700  | 25017  |
|  Wells Fargo & Co.  | 4228200  | 202742  |
|  |  | 227759  |
| Capital Markets - 0.1%  |  |  |
|  LPL Financial  | 45500  | 10770  |
| Diversified Financial Services - 0.2%  |  |  |
|  Rapyd Financial Network 2016 Ltd. (b)(d)(e)  | 340545  | 24686  |
|  TOTAL FINANCIALS  |  | 263215  |
| HEALTH CARE - 12.4%  |  |  |
| Biotechnology - 2.5%  |  |  |
|  ADC Therapeutics SA (b)  | 238174  | 872  |
|  Agios Pharmaceuticals, Inc. (b)  | 671100  | 20227  |
|  Alnylam Pharmaceuticals, Inc. (b)  | 206135  | 45471  |
|  ALX Oncology Holdings, Inc. (b)  | 653300  | 7252  |
|  Arcutis Biotherapeutics, Inc. (b)  | 235100  | 4051  |
|  Argenx SE ADR (b)  | 142699  | 56790  |
|  Ascendis Pharma A/S sponsored ADR (b)  | 67662  | 8326  |
|  Blueprint Medicines Corp. (b)  | 89800  | 4292  |
|  Celldex Therapeutics, Inc. (b)  | 804000  | 29820  |
|  Cytokinetics, Inc. (b)  | 1015500  | 43159  |
|  Erasca, Inc. (b)  | 1287400  | 9720  |
|  Exelixis, Inc. (b)  | 1277900  | 21827  |
|  Gilead Sciences, Inc.  | 36800  | 3232  |
|  Icosavax, Inc. (b)  | 736800  | 2461  |
|  Instil Bio, Inc. (b)  | 1581200  | 2103  |
|  Keros Therapeutics, Inc. (b)  | 277800  | 13846  |
|  Moderna, Inc. (b)  | 8200  | 1442  |
|  Monte Rosa Therapeutics, Inc. (b)  | 396100  | 3359  |
|  Morphic Holding, Inc. (b)  | 208036  | 5725  |
|  Natera, Inc. (b)  | 31500  | 1295  |
|  Nuvalent, Inc. Class A (b)  | 283376  | 9317  |
|  PTC Therapeutics, Inc. (b)  | 58900  | 2444  |
|  Relay Therapeutics, Inc. (b)(c)  | 1742  | 32  |
|  Tenaya Therapeutics, Inc. (b)  | 421700  | 1118  |
|  TG Therapeutics, Inc. (b)  | 666361  | 5877  |
|  Vaxcyte, Inc. (b)  | 1088743  | 50148  |
|  Verve Therapeutics, Inc. (b)  | 217300  | 5048  |
|  Zentalis Pharmaceuticals, Inc. (b)  | 686100  | 15177  |
|  |  | 374431  |
| Health Care Equipment & Supplies - 2.2%  |  |  |
|  Blink Health LLC Series A1 (b)(d)(e)  | 56119  | 2171  |
|  Boston Scientific Corp. (b)  | 3880074  | 175651  |
|  Insulet Corp. (b)  | 113310  | 33922  |
|  Penumbra, Inc. (b)  | 190763  | 39967  |
|  TransMedics Group, Inc. (b)  | 1220217  | 75495  |
|  |  | 327206  |
| Health Care Providers & Services - 6.8%  |  |  |
|  agilon health, Inc. (b)(c)  | 5366700  | 94239  |
|  Alignment Healthcare, Inc. (b)  | 986100  | 13115  |
|  Centene Corp. (b)  | 2101444  | 182931  |
|  Guardant Health, Inc. (b)  | 805700  | 42170  |
|  Humana, Inc.  | 407260  | 223952  |
|  LifeStance Health Group, Inc. (b)  | 4628581  | 23559  |
|  Oak Street Health, Inc. (b)(c)  | 4714900  | 101936  |
|  P3 Health Partners, Inc. (b)(d)(f)  | 2032510  | 9715  |
|  The Oncology Institute, Inc. (b)(d)  | 814767  | 1149  |
|  UnitedHealth Group, Inc.  | 574767  | 314834  |
|  |  | 1007600  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  Danaher Corp.  | 228200  | 62392  |
|  Sartorius Stedim Biotech  | 86800  | 29625  |
|  Thermo Fisher Scientific, Inc.  | 51800  | 29019  |
|  |  | 121036  |
| Pharmaceuticals - 0.1%  |  |  |
|  Arvinas Holding Co. LLC (b)  | 316700  | 12997  |
|  AstraZeneca PLC sponsored ADR  | 25400  | 1726  |
|  Eli Lilly & Co.  | 21300  | 7904  |
|  |  | 22627  |
|  TOTAL HEALTH CARE  |  | 1852900  |
| INDUSTRIALS - 1.4%  |  |  |
| Aerospace & Defense - 1.4%  |  |  |
|  Lockheed Martin Corp.  | 147700  | 71663  |
|  Northrop Grumman Corp.  | 110600  | 58982  |
|  Space Exploration Technologies Corp. Class A (b)(d)(e)  | 85000  | 5950  |
|  The Boeing Co. (b)  | 403600  | 72196  |
|  |  | 208791  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Delhivery Private Ltd.  | 1039700  | 4315  |
|  FedEx Corp.  | 6400  | 1166  |
|  |  | 5481  |
| Road & Rail - 0.0%  |  |  |
|  Bird Global, Inc.:  |  |  |
|  rights (b)(e)  | 106001  | 4  |
|  rights (b)(e)  | 106001  | 3  |
|  rights (b)(e)  | 106001  | 2  |
|  |  | 9  |
|  TOTAL INDUSTRIALS  |  | 214281  |
| INFORMATION TECHNOLOGY - 38.5%  |  |  |
| Electronic Equipment & Components - 1.3%  |  |  |
|  Flex Ltd. (b)  | 5054699  | 111102  |
|  Jabil, Inc.  | 1241600  | 89631  |
|  |  | 200733  |
| IT Services - 8.3%  |  |  |
|  Block, Inc. Class A (b)  | 616500  | 41780  |
|  Cloudflare, Inc. (b)  | 621600  | 30545  |
|  Cyxtera Technologies, Inc. Class A (b)  | 969061  | 1899  |
|  Dlocal Ltd. (b)(c)  | 4828617  | 70498  |
|  EPAM Systems, Inc. (b)  | 224300  | 82672  |
|  Euronet Worldwide, Inc. (b)  | 38100  | 3541  |
|  Fiserv, Inc. (b)  | 15400  | 1607  |
|  Flywire Corp. (b)  | 962273  | 20872  |
|  Globant SA (b)  | 78900  | 14784  |
|  GoDaddy, Inc. (b)  | 1811504  | 143344  |
|  Marqeta, Inc. Class A (b)  | 6320252  | 42282  |
|  MasterCard, Inc. Class A  | 558812  | 199161  |
|  MongoDB, Inc. Class A (b)  | 567200  | 86606  |
|  Nuvei Corp. (a)(b)  | 3078574  | 94887  |
|  Okta, Inc. (b)  | 120000  | 6398  |
|  Payoneer Global, Inc. (b)(d)  | 442000  | 2387  |
|  Repay Holdings Corp. (b)(f)  | 5214727  | 46202  |
|  Shift4 Payments, Inc. (b)(c)  | 1274100  | 59042  |
|  Snowflake, Inc. (b)  | 44800  | 6402  |
|  TaskUs, Inc. (b)(c)  | 2364774  | 46515  |
|  Visa, Inc. Class A  | 1054361  | 228796  |
|  Wix.com Ltd. (b)  | 18100  | 1638  |
|  |  | 1231858  |
| Semiconductors & Semiconductor Equipment - 12.7%  |  |  |
|  Advanced Micro Devices, Inc. (b)  | 3698300  | 287099  |
|  Applied Materials, Inc.  | 1159101  | 127037  |
|  ASML Holding NV (Netherlands)  | 3500  | 2137  |
|  BE Semiconductor Industries NV  | 64900  | 4227  |
|  GlobalFoundries, Inc. (b)  | 3686200  | 237207  |
|  Lam Research Corp.  | 199976  | 94465  |
|  Marvell Technology, Inc.  | 3155557  | 146797  |
|  Microchip Technology, Inc.  | 109100  | 8640  |
|  Micron Technology, Inc.  | 379172  | 21859  |
|  NVIDIA Corp.  | 2952872  | 499715  |
|  NXP Semiconductors NV  | 1142472  | 200892  |
|  onsemi (b)  | 3415761  | 256865  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 177800  | 14754  |
|  |  | 1901694  |
| Software - 13.2%  |  |  |
|  Adobe, Inc. (b)  | 26100  | 9003  |
|  Bill.Com Holdings, Inc. (b)  | 522200  | 62883  |
|  Confluent, Inc. (b)(c)  | 604000  | 13910  |
|  Datadog, Inc. Class A (b)  | 758100  | 57449  |
|  DoubleVerify Holdings, Inc. (b)  | 2059045  | 53947  |
|  Dynatrace, Inc. (b)  | 3710664  | 143788  |
|  Elastic NV (b)  | 920540  | 56328  |
|  Five9, Inc. (b)  | 626300  | 40152  |
|  HubSpot, Inc. (b)  | 162949  | 49378  |
|  Intapp, Inc. (b)  | 1512074  | 34944  |
|  Intuit, Inc.  | 190908  | 77812  |
|  Microsoft Corp.  | 4623215  | 1179573  |
|  Oracle Corp.  | 476600  | 39572  |
|  Pegasystems, Inc.  | 44200  | 1602  |
|  Pine Labs Private Ltd. (b)(d)(e)  | 16636  | 8992  |
|  Salesforce.com, Inc. (b)  | 315938  | 50629  |
|  SentinelOne, Inc. (b)  | 284300  | 4122  |
|  ServiceNow, Inc. (b)  | 156058  | 64967  |
|  Stripe, Inc. Class B (b)(d)(e)  | 73500  | 1865  |
|  Viant Technology, Inc. (b)  | 1347314  | 5147  |
|  Zscaler, Inc. (b)  | 44500  | 5939  |
|  |  | 1962002  |
| Technology Hardware, Storage & Peripherals - 3.0%  |  |  |
|  Apple, Inc.  | 3025960  | 447933  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 5744220  |
| MATERIALS - 2.5%  |  |  |
| Chemicals - 1.0%  |  |  |
|  CF Industries Holdings, Inc.  | 587900  | 63605  |
|  Nutrien Ltd.  | 874300  | 70294  |
|  The Mosaic Co.  | 298200  | 15298  |
|  |  | 149197  |
| Metals & Mining - 1.5%  |  |  |
|  Alcoa Corp.  | 1358900  | 68122  |
|  ArcelorMittal SA Class A unit GDR (c)  | 2709400  | 73289  |
|  Freeport-McMoRan, Inc.  | 2053500  | 81729  |
|  MP Materials Corp. (b)(c)  | 151700  | 5044  |
|  |  | 228184  |
|  TOTAL MATERIALS  |  | 377381  |
| REAL ESTATE - 0.2%  |  |  |
| Real Estate Management & Development - 0.2%  |  |  |
|  Opendoor Technologies, Inc. (b)(c)  | 10341700  | 19132  |
|  WeWork, Inc. (b)  | 3113000  | 8592  |
|  |  | 27724  |
| UTILITIES - 2.7%  |  |  |
| Electric Utilities - 1.8%  |  |  |
|  Constellation Energy Corp.  | 677833  | 65153  |
|  ORSTED A/S (a)  | 680656  | 59599  |
|  PG&E Corp. (b)  | 9099100  | 142856  |
|  |  | 267608  |
| Independent Power and Renewable Electricity Producers - 0.9%  |  |  |
|  NextEra Energy Partners LP  | 1641100  | 132092  |
|  TOTAL UTILITIES  |  | 399700  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $11,486,938)  |  | <br> **14382288**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 3.5%**  | &nbsp;&nbsp; **Preferred Stocks - 3.5%**  | &nbsp;&nbsp; **Preferred Stocks - 3.5%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| Convertible Preferred Stocks - 2.5%  |  |  |
| COMMUNICATION SERVICES - 0.4%  |  |  |
| Interactive Media & Services - 0.4%  |  |  |
|  ByteDance Ltd. Series E1 (b)(d)(e)  | 116411  | 21421  |
|  Reddit, Inc. Series F (b)(d)(e)  | 793873  | 32628  |
|  |  | 54049  |
| CONSUMER DISCRETIONARY - 0.3%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(b)(d)(e)  | 49852  | 217  |
|  Series C(b)(d)(e)  | 196163  | 855  |
|  Series D(b)(d)(e)  | 415700  | 1812  |
|  |  | 2884  |
| Internet & Direct Marketing Retail - 0.3%  |  |  |
|  Circle Internet Financial Ltd. Series F (d)  | 155650  | 7647  |
|  Instacart, Inc.:  |  |  |
|  Series H(b)(d)(e)  | 267054  | 11777  |
|  Series I(b)(d)(e)  | 90554  | 3993  |
|  Meesho Series F (b)(d)(e)  | 243800  | 18268  |
|  |  | 41685  |
| Textiles, Apparel & Luxury Goods - 0.0%  |  |  |
|  CelLink Corp. Series D (d)(e)  | 380829  | 6009  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 50578  |
| CONSUMER STAPLES - 0.2%  |  |  |
| Food & Staples Retailing - 0.1%  |  |  |
|  GoBrands, Inc. Series G (b)(d)(e)  | 70400  | 11110  |
| Food Products - 0.1%  |  |  |
|  Bowery Farming, Inc. Series C1 (b)(d)(e)  | 404785  | 9189  |
| Tobacco - 0.0%  |  |  |
|  JUUL Labs, Inc.:  |  |  |
|  Series C(b)(d)(e)  | 566439  | 2532  |
|  Series D(b)(d)(e)  | 3671  | 16  |
|  |  | 2548  |
|  TOTAL CONSUMER STAPLES  |  | 22847  |
| HEALTH CARE - 0.1%  |  |  |
| Health Care Equipment & Supplies - 0.1%  |  |  |
|  Blink Health LLC Series C (b)(d)(e)  | 234164  | 9057  |
| Health Care Technology - 0.0%  |  |  |
|  Aledade, Inc. Series E1 (d)(e)  | 153312  | 7364  |
|  TOTAL HEALTH CARE  |  | 16421  |
| INDUSTRIALS - 0.7%  |  |  |
| Aerospace & Defense - 0.5%  |  |  |
|  Relativity Space, Inc. Series E (b)(d)(e)  | 1068417  | 21860  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Series I(b)(d)(e)  | 16438  | 11507  |
|  Series N(b)(d)(e)  | 51400  | 35980  |
|  |  | 69347  |
| Construction & Engineering - 0.2%  |  |  |
|  Beta Technologies, Inc. Series A (b)(d)(e)  | 441839  | 36416  |
|  TOTAL INDUSTRIALS  |  | 105763  |
| INFORMATION TECHNOLOGY - 0.7%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  Enevate Corp. Series E (b)(d)(e)  | 7873996  | 4331  |
| IT Services - 0.1%  |  |  |
|  Yanka Industries, Inc.:  |  |  |
|  Series E(b)(d)(e)  | 341047  | 3796  |
|  Series F(b)(d)(e)  | 380955  | 4240  |
|  |  | 8036  |
| Semiconductors & Semiconductor Equipment - 0.1%  |  |  |
|  GaN Systems, Inc.:  |  |  |
|  Series F1(d)(e)  | 339534  | 1871  |
|  Series F2(d)(e)  | 179288  | 988  |
|  SiMa.ai:  |  |  |
|  Series B(b)(d)(e)  | 1198500  | 7479  |
|  Series B1(d)(e)  | 171099  | 1249  |
|  Xsight Labs Ltd. Series D (b)(d)(e)  | 501100  | 3528  |
|  |  | 15115  |
| Software - 0.5%  |  |  |
|  Bolt Technology OU Series E (d)(e)  | 290611  | 37178  |
|  Convoy, Inc. Series D (b)(d)(e)  | 1038289  | 9853  |
|  Databricks, Inc.:  |  |  |
|  Series G(b)(d)(e)  | 181200  | 8562  |
|  Series H(b)(d)(e)  | 32352  | 1529  |
|  Mountain Digital, Inc. Series D (d)(e)  | 896466  | 10578  |
|  Skyryse, Inc. Series B (b)(d)(e)  | 244100  | 4909  |
|  Stripe, Inc. Series H (b)(d)(e)  | 30700  | 779  |
|  Tenstorrent, Inc. Series C1 (b)(d)(e)  | 32900  | 1758  |
|  |  | 75146  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 102628  |
| MATERIALS - 0.1%  |  |  |
| Metals & Mining - 0.1%  |  |  |
|  Diamond Foundry, Inc. Series C (b)(d)(e)  | 674317  | 21868  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 374154  |
| Nonconvertible Preferred Stocks - 1.0%  |  |  |
| CONSUMER DISCRETIONARY - 0.5%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Neutron Holdings, Inc. Series 1C (b)(d)(e)  | 6477300  | 139  |
|  Waymo LLC Series A2 (b)(d)(e)  | 47838  | 2205  |
|  |  | 2344  |
| Internet & Direct Marketing Retail - 0.5%  |  |  |
|  Circle Internet Financial Ltd. Series E (d)  | 1497818  | 73585  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 75929  |
| FINANCIALS - 0.1%  |  |  |
| Diversified Financial Services - 0.1%  |  |  |
|  Thriveworks TopCo LLC Series B (b)(d)(e)(g)  | 764320  | 13284  |
| INFORMATION TECHNOLOGY - 0.4%  |  |  |
| IT Services - 0.1%  |  |  |
|  Gupshup, Inc. (b)(d)(e)  | 509400  | 9042  |
| Software - 0.3%  |  |  |
|  Pine Labs Private Ltd.:  |  |  |
|  Series 1(b)(d)(e)  | 39764  | 21493  |
|  Series A(b)(d)(e)  | 9936  | 5371  |
|  Series B(b)(d)(e)  | 10808  | 5842  |
|  Series B2(b)(d)(e)  | 8745  | 4727  |
|  Series C(b)(d)(e)  | 16265  | 8791  |
|  Series C1(b)(d)(e)  | 3427  | 1852  |
|  Series D(b)(d)(e)  | 3667  | 1982  |
|  |  | 50058  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 59100  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 148313  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $546,611)  |  | <br> **522467**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  |
|  | Principal <br> Amount (h) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| CONSUMER DISCRETIONARY - 0.1%  |  |  |
| Automobiles - 0.1%  |  |  |
|  Neutron Holdings, Inc.:  |  |  |
|  4% 10/27/25 (d)(e)(i)  | 12391  | 11030  |
|  4% 5/22/27 (d)(e)  | 843  | 725  |
|  4% 6/12/27 (d)(e)  | 232  | 199  |
| (Cost $13,466)  |  | **11954**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.1%**  | &nbsp;&nbsp; **Preferred Securities - 0.1%**  | &nbsp;&nbsp; **Preferred Securities - 0.1%**  |
|  | Principal <br> Amount (h) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  Enevate Corp. 0% 1/29/23 (d)(e)  | 3352  | 3155  |
| Semiconductors & Semiconductor Equipment - 0.1%  |  |  |
|  GaN Systems, Inc. 0% (d)(e)(j)  | 7958  | 5034  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (d)(e)(j)  | 1830  | 1645  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $13,140)  |  | <br> **9834**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 3.86% (k)  | 4560580  | 4561  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (k)(l)  | 168924131  | 168941  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $173,502)  |  | **173502**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%** <br> (Cost $12,233,657) <br>| <br>**15100045**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(184085)**  |
| **NET ASSETS - 100.0%**  | **14915960**  |

---

*Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.*

**Legend**

(a) 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 $240,832,000 or 1.6% of net assets.

(b) Non-income producing

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

(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 $696,539,000 or 4.7% of net assets.

(e) Level 3 security

(f) Affiliated company

(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

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

(i) 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.

(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> (000s)  |
| Aledade, Inc. Series E1  | 5/20/22  | 7637  |
| Beta Technologies, Inc. Series A  | 4/09/21  | 32374  |
| Blink Health LLC Series A1  | 12/30/20  | 1520  |
| Blink Health LLC Series C  | 11/07/19 - 7/14/21  | 8939  |
| Bolt Technology OU Series E  | 1/03/22  | 75500  |
| Bombas LLC  | 2/16/21 - 11/12/21  | 24316  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 24388  |
| ByteDance Ltd. Series E1  | 11/18/20  | 12756  |
| CelLink Corp. Series D  | 1/20/22  | 7930  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 24310  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 6559  |
| Convoy, Inc. Series D  | 10/30/19  | 14058  |
| Databricks, Inc. Series G  | 2/01/21  | 10713  |
| Databricks, Inc. Series H  | 8/31/21  | 2377  |
| Diamond Foundry, Inc. Series C  | 3/15/21  | 16184  |
| Enevate Corp. Series E  | 1/29/21  | 8730  |
| Enevate Corp. 0% 1/29/23  | 1/29/21  | 3352  |
| Epic Games, Inc.  | 7/13/20 - 3/29/21  | 45615  |
| GaN Systems, Inc. Series F1  | 11/30/21  | 2879  |
| GaN Systems, Inc. Series F2  | 11/30/21  | 1520  |
| GaN Systems, Inc. 0%  | 11/30/21  | 7958  |
| GoBrands, Inc. Series G  | 3/02/21  | 17580  |
| Gupshup, Inc.  | 6/08/21  | 11648  |
| Innovid Corp.  | 6/24/21  | 10177  |
| Instacart, Inc. Series H  | 11/13/20  | 16023  |
| Instacart, Inc. Series I  | 2/26/21  | 11319  |
| JUUL Labs, Inc. Class B  | 11/21/17  | 0  |
| JUUL Labs, Inc. Series C  | 5/22/15  | 0  |
| JUUL Labs, Inc. Series D  | 6/25/18  | 0  |
| Meesho Series F  | 9/21/21  | 18693  |
| Mountain Digital, Inc. Series D  | 11/05/21  | 20588  |
| Neutron Holdings, Inc.  | 2/04/21  | 5  |
| Neutron Holdings, Inc. Series 1C  | 7/03/18  | 1184  |
| Neutron Holdings, Inc. 4% 10/27/25  | 10/29/21  | 12391  |
| Neutron Holdings, Inc. 4% 5/22/27  | 6/04/20  | 843  |
| Neutron Holdings, Inc. 4% 6/12/27  | 6/12/20  | 232  |
| P3 Health Partners, Inc.  | 5/25/21  | 20325  |
| Payoneer Global, Inc.  | 2/03/21  | 4420  |
| Pine Labs Private Ltd.  | 6/30/21  | 6203  |
| Pine Labs Private Ltd. Series 1  | 6/30/21  | 14826  |
| Pine Labs Private Ltd. Series A  | 6/30/21  | 3705  |
| Pine Labs Private Ltd. Series B  | 6/30/21  | 4030  |
| Pine Labs Private Ltd. Series B2  | 6/30/21  | 3261  |
| Pine Labs Private Ltd. Series C  | 6/30/21  | 6065  |
| Pine Labs Private Ltd. Series C1  | 6/30/21  | 1278  |
| Pine Labs Private Ltd. Series D  | 6/30/21  | 1367  |
| Rad Power Bikes, Inc.  | 1/21/21  | 1845  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 240  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 946  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 3984  |
| Rapyd Financial Network 2016 Ltd.  | 3/30/21  | 25000  |
| Reddit, Inc. Series F  | 8/11/21  | 49057  |
| Relativity Space, Inc. Series E  | 5/27/21  | 24397  |
| SiMa.ai Series B  | 5/10/21  | 6145  |
| SiMa.ai Series B1  | 4/25/22 - 10/17/22  | 1213  |
| Skyryse, Inc. Series B  | 10/21/21  | 6024  |
| Space Exploration Technologies Corp. Class A  | 2/16/21  | 3570  |
| Space Exploration Technologies Corp. Series I  | 4/05/18  | 2778  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 13878  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 13359  |
| Stripe, Inc. Class B  | 5/18/21  | 2949  |
| Stripe, Inc. Series H  | 3/15/21  | 1232  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 1956  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 1830  |
| The Oncology Institute, Inc.  | 6/28/21  | 8148  |
| Thriveworks TopCo LLC Series B  | 7/23/21 - 2/25/22  | 21942  |
| Waymo LLC Series A2  | 5/08/20  | 4108  |
| Xsight Labs Ltd. Series D  | 2/16/21  | 4007  |
| Yanka Industries, Inc. Series E  | 5/15/20  | 4120  |
| Yanka Industries, Inc. Series F  | 4/08/21  | 12144  |

---

**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 (Amounts in thousands)  | 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 90946  | 3326897  | 3413282  | 692  | -  | -  | 4561  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 856362  | 2778596  | 3466017  | 2311  | -  | -  | 168941  | 0.5%  |
| Total  | 947308  | 6105493  | 6879299  | 3003  | -  | -  | 173502  |  |

---

Amounts in the 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.

Amount 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 payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | 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 ($)  |
|  Intapp, Inc.  | 88631  | 55  | 30247  | -  | (23289)  | (206)  | -  |
|  Magnite, Inc.  | 122205  | 25791  | 43234  | -  | (68263)  | 18181  | -  |
|  P3 Health Partners, Inc.  | -  | -  | -  | -  | -  | (10610)  | 9715  |
|  Repay Holdings Corp.  | 54502  | 18657  | 4170  | -  | (1879)  | (20908)  | 46202  |
|  TransMedics Group, Inc.  | 51730  | -  | 47627  | -  | 18294  | 53097  | -  |
| Total  | 317068  | 44503  | 125278  | -  | (75137)  | 39554  | 55917  |

---

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, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 2362303  | 2258997  | 1664  | 101642  |
| Consumer Discretionary  | 1812991  | 1552290  | 195645  | 65056  |
| Consumer Staples  | 52678  | 29819  | -  | 22859  |
| Energy  | 1478298  | 1478298  | -  | -  |
| Financials  | 276499  | 213512  | -  | 62987  |
| Health Care  | 1869321  | 1821104  | 29625  | 18592  |
| Industrials  | 320044  | 204007  | 4315  | 111722  |
| Information Technology  | 5905948  | 5726999  | 6364  | 172585  |
| Materials  | 399249  | 377381  | -  | 21868  |
| Real Estate  | 27724  | 27724  | -  | -  |
| Utilities  | 399700  | 340101  | 59599  | -  |
|  Corporate Bonds  | 11954  | -  | -  | 11954  |
|  Preferred Securities  | 9834  | -  | -  | 9834  |
|  Money Market Funds  | 173502  | 173502  | -  | -  |
| **Total Investments in Securities:**  | 15100045  | 14203734  | 297212  | 599099  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (1118)  | -  | -  | (1118)  |
| **Total**  | (1118)  | -  | -  | (1118)  |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

---

| | |
|:---|:---|
|  **(Amounts in thousands)**  |  |
| **Investments in Securities:**  |  |
|  <u>Consumer Discretionary</u>  |  |
|  Beginning Balance  | $168352  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (111823)  |
|  Cost of Purchases  | 7930  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 597  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $65056  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(111823)  |
|  <u>Information Technology</u>  |  |
|  Beginning Balance  | $229248  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (133376)  |
|  Cost of Purchases  | 76713  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $172585  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(133376)  |
|  <u>Other Investments in Securities</u>  |  |
|  Beginning Balance  | $291554  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | 62475  |
|  Cost of Purchases  | 12365  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | (4936)  |
|  Ending Balance  | $361458  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $62475  |
| <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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $170,806) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $11,950,671)  | $14870626  |  |
|  Fidelity Central Funds (cost $173,502)  | 173502  |  |
|  Other affiliated issuers (cost $109,484)  | 55917  |  |
|  Total Investment in Securities (cost $12,233,657)  |  | $15100045  |
|  Foreign currency held at value (cost $2)  |  | 2  |
| Receivable for investments sold  |  | 18581  |
|  Receivable for fund shares sold  |  | 15106  |
|  Dividends receivable  |  | 9905  |
|  Interest receivable  |  | 402  |
|  Distributions receivable from Fidelity Central Funds  |  | 101  |
|  Prepaid expenses  |  | 21  |
| Other receivables  |  | 19  |
| **Total assets**  |  | 15144182  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $11676  |  |
|  Unrealized depreciation on unfunded commitments  | 1118  |  |
|  Payable for fund shares redeemed  | 35805  |  |
|  Accrued management fee  | 3373  |  |
|  Distribution and service plan fees payable  | 2074  |  |
|  Other affiliated payables  | 1888  |  |
|  Other payables and accrued expenses  | 3366  |  |
|  Collateral on securities loaned  | 168922  |  |
| **Total Liabilities**  |  | 228222  |
| **Net Assets**  |  | $14915960  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $14112506  |
|  Total accumulated earnings (loss)  |  | 803454  |
|  **Net Assets**  |  | $14915960  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($2,749,192 ÷ 28,380 shares) <sup>(a)</sup>  |  | $96.87  |
|  Maximum offering price per share (100/94.25 of $96.87)  |  | $102.78  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($2,136,186 ÷ 22,395 shares) <sup>(a)</sup>  |  | $95.39  |
|  Maximum offering price per share (100/96.50 of $95.39)  |  | $98.85  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($827,607 ÷ 10,570 shares) <sup>(a)</sup>  |  | $78.30  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($6,873,035 ÷ 64,135 shares) <sup>(b)</sup>  |  | $107.16  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,329,940 ÷ 21,466 shares)  |  | $108.54  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |
| *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  | *(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $93719  |
| Interest  |  | 341  |
| Income from Fidelity Central Funds (including $2,311 from security lending)  |  | 3003  |
| **Total Income**  |  | 97063  |
|  **Expenses**  |  |  |
| Management fee  |  |  |
| Basic fee  | $94769  |  |
| Performance adjustment  | (11763)  |  |
| Transfer agent fees  | 26062  |  |
| Distribution and service plan fees  | 30271  |  |
| Accounting fees  | 1554  |  |
| Custodian fees and expenses  | 234  |  |
| Independent trustees' fees and expenses  | 66  |  |
| Registration fees  | 432  |  |
| Audit  | 77  |  |
| Legal  | 19  |  |
| Interest  | 132  |  |
| Miscellaneous  | 89  |  |
| Total expenses before reductions  | 141942  |  |
| Expense reductions  | (633)  |  |
| Total expenses after reductions  |  | 141309  |
| **Net Investment income (loss)**  |  | (44246)  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $16,872)  | (1846064)  |  |
| Affiliated issuers  | (75137)  |  |
| Foreign currency transactions  | (1025)  |  |
| Total net realized gain (loss)  |  | (1922226)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $21,540)  | (6325472)  |  |
| Affiliated issuers  | 39554  |  |
| Unfunded commitments  | (2322)  |  |
| Assets and liabilities in foreign currencies  | (54)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (6288294)  |
| **Net gain (loss)**  |  | (8210520)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(8254766)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $(44246)  | $(137686)  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1922226) <br>| 2645340 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (6288294)  | 1254700 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (8254766) <br>| 3762354 <br>|
| Distributions to shareholders  | (2251740) <br>| (1000273) <br>|
| Share transactions - net increase (decrease)  | (103196) <br>| 4306628 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (10609702) <br>| 7068709 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 25525662  | 18456953 <br>|
| &nbsp;&nbsp; End of period  | $14915960  | $25525662  |

---

**Financial Highlights** 

 **Fidelity Advisor® Growth Opportunities Fund Class A** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $159.95  | $141.06  | $90.00  | $76.87  | $68.76  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.38)  | (1.06)  | (.56)  | (.18) <sup>C</sup>  | (.25)  |
| Net realized and unrealized gain (loss)  | (48.08)  | 27.68  | 55.26  | 21.21  | 13.33  |
| Total from investment operations  | (48.46)  | 26.62  | 54.70  | 21.03  | 13.08  |
| Distributions from net realized gain  | (14.62)  | (7.73)  | (3.64)  | (7.90)  | (4.97)  |
| Total distributions  | (14.62)  | (7.73)  | (3.64)  | (7.90)  | (4.97)  |
| Net asset value, end of period  | $96.87  | $159.95  | $141.06  | $90.00  | $76.87  |
| **Total Return** <sup>D,E</sup>  | (33.31)%  | 19.60%  | 63.12%  | 31.29%  | 20.35%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .89%  | 1.04%  | 1.06%  | 1.11%  | 1.05%  |
| Expenses net of fee waivers, if any  | .89%  | 1.04%  | 1.06%  | 1.11%  | 1.05%  |
| Expenses net of all reductions  | .89%  | 1.04%  | 1.06%  | 1.10%  | 1.05%  |
| Net investment income (loss)  | (.35)%  | (.68)%  | (.52)%  | (.22)% <sup>C</sup>  | (.33)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $2749  | $4184  | $3037  | $1349  | $673  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 66%  | 47%  | 37% <sup>I</sup>  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 (.42)%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Growth Opportunities Fund Class M** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $157.62  | $139.13  | $89.03  | $76.28  | $68.27  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.64)  | (1.41)  | (.79)  | (.37) <sup>C</sup>  | (.41)  |
| Net realized and unrealized gain (loss)  | (47.42)  | 27.31  | 54.53  | 21.02  | 13.24  |
| Total from investment operations  | (48.06)  | 25.90  | 53.74  | 20.65  | 12.83  |
| Distributions from net realized gain  | (14.17)  | (7.41)  | (3.64)  | (7.90)  | (4.82)  |
| Total distributions  | (14.17)  | (7.41)  | (3.64)  | (7.90)  | (4.82)  |
| Net asset value, end of period  | $95.39  | $157.62  | $139.13  | $89.03  | $76.28  |
| **Total Return** <sup>D,E</sup>  | (33.47)%  | 19.31%  | 62.71%  | 31.01%  | 20.07%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.13%  | 1.28%  | 1.30%  | 1.34%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.13%  | 1.28%  | 1.30%  | 1.34%  | 1.28%  |
| Expenses net of all reductions  | 1.13%  | 1.28%  | 1.30%  | 1.34%  | 1.28%  |
| Net investment income (loss)  | (.59)%  | (.93)%  | (.76)%  | (.46)% <sup>C</sup>  | (.57)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $2136  | $3481  | $3153  | $2094  | $1671  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 66%  | 47%  | 37% <sup>I</sup>  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 (.65)%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the sales charges.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Growth Opportunities Fund Class C** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $132.10  | $118.14  | $76.50  | $67.03  | $60.60  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.99)  | (1.85)  | (1.15)  | (.67) <sup>C</sup>  | (.70)  |
| Net realized and unrealized gain (loss)  | (39.09)  | 23.04  | 46.43  | 18.04  | 11.68  |
| Total from investment operations  | (40.08)  | 21.19  | 45.28  | 17.37  | 10.98  |
| Distributions from net realized gain  | (13.72)  | (7.23)  | (3.64)  | (7.90)  | (4.55)  |
| Total distributions  | (13.72)  | (7.23)  | (3.64)  | (7.90)  | (4.55)  |
| Net asset value, end of period  | $78.30  | $132.10  | $118.14  | $76.50  | $67.03  |
| **Total Return** <sup>D,E</sup>  | (33.81)%  | 18.70%  | 61.89%  | 30.31%  | 19.44%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.65%  | 1.80%  | 1.81%  | 1.86%  | 1.81%  |
| Expenses net of fee waivers, if any  | 1.64%  | 1.80%  | 1.81%  | 1.86%  | 1.81%  |
| Expenses net of all reductions  | 1.64%  | 1.80%  | 1.81%  | 1.86%  | 1.80%  |
| Net investment income (loss)  | (1.10)%  | (1.44)%  | (1.27)%  | (.98)% <sup>C</sup>  | (1.09)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $828  | $1413  | $1159  | $483  | $244  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 66%  | 47%  | 37% <sup>I</sup>  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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 (1.17)%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Growth Opportunities Fund Class I** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $175.33  | $153.77  | $97.56  | $82.42  | $73.38  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | (.12)  | (.74)  | (.31)  | .03 <sup>C</sup>  | (.05)  |
| Net realized and unrealized gain (loss)  | (53.08)  | 30.27  | 60.16  | 23.01  | 14.25  |
| Total from investment operations  | (53.20)  | 29.53  | 59.85  | 23.04  | 14.20  |
| Distributions from net realized gain  | (14.97)  | (7.97)  | (3.64)  | (7.90)  | (5.16)  |
| Total distributions  | (14.97)  | (7.97)  | (3.64)  | (7.90)  | (5.16)  |
| Net asset value, end of period  | $107.16  | $175.33  | $153.77  | $97.56  | $82.42  |
| **Total Return** <sup>D</sup>  | (33.15)%  | 19.90%  | 63.52%  | 31.66%  | 20.67%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .64%  | .79%  | .80%  | .84%  | .78%  |
| Expenses net of fee waivers, if any  | .64%  | .79%  | .80%  | .84%  | .78%  |
| Expenses net of all reductions  | .64%  | .79%  | .80%  | .84%  | .78%  |
| Net investment income (loss)  | (.10)%  | (.43)%  | (.26)%  | .04% <sup>C</sup>  | (.06)%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $6873  | $12620  | $8282  | $2819  | $850  |
| Portfolio turnover rate <sup>G</sup>  | 75%  | 66%  | 47%  | 37% <sup>H</sup>  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.15)%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **Fidelity Advisor® Growth Opportunities Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $177.37  | $155.40  | $98.44  | $83.00  | $73.88  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .03  | (.54)  | (.17)  | .14 <sup>C</sup>  | .04  |
| Net realized and unrealized gain (loss)  | (53.71)  | 30.58  | 60.77  | 23.20  | 14.35  |
| Total from investment operations  | (53.68)  | 30.04  | 60.60  | 23.34  | 14.39  |
| Distributions from net investment income  | -  | -  | -  | -  | (.05)  |
| Distributions from net realized gain  | (15.15)  | (8.07)  | (3.64)  | (7.90)  | (5.22)  |
| Total distributions  | (15.15)  | (8.07)  | (3.64)  | (7.90)  | (5.27)  |
| Net asset value, end of period  | $108.54  | $177.37  | $155.40  | $98.44  | $83.00  |
| **Total Return** <sup>D</sup>  | (33.06)%  | 20.04%  | 63.72%  | 31.81%  | 20.82%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .52%  | .67%  | .69%  | .72%  | .66%  |
| Expenses net of fee waivers, if any  | .51%  | .67%  | .68%  | .72%  | .66%  |
| Expenses net of all reductions  | .51%  | .67%  | .68%  | .72%  | .65%  |
| Net investment income (loss)  | .03%  | (.31)%  | (.15)%  | .16% <sup>C</sup>  | .06%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $2330  | $3828  | $2826  | $1114  | $88  |
| Portfolio turnover rate <sup>G</sup>  | 75%  | 66%  | 47%  | 37% <sup>H</sup>  | 46%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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. 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 Input** <sup>A</sup>  |
| Equities  | $577311  | Recovery value  | Recovery value  | $0.00  | Increase  |
|  |  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 2.2 - 24.0 / 8.1  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 14.8  | Increase  |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 7.5  | Increase  |
|  |  |  | Premium rate  | 5.0%  | Increase  |
|  |  |  | Probability rate  | 20.0% - 80.0% / 50.0%  | Increase  |
|  |  | Market approach  | Discount rate  | 10.0% - 50.0% / 33.6%  | Decrease  |
|  |  |  | Transaction price  | $1.11 - $85.87 / $27.65  | Increase  |
|  |  |  | Probability rate  | 25.0% - 75.0% / 50.0%  | Increase  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.5  | Increase  |
|  |  | Black scholes  | Volatility  | 60.0% - 100.0% / 81.0%  | Increase  |
|  |  |  | Term  | 2.0 - 5.0 / 4.3  | Increase  |
| Corporate Bonds  | $11954  | Market comparable  | Discount rate  | 29.2%  | Decrease  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 2.9  | Increase  |
|  |  |  | Probability rate  | 10.0% - 50.0% / 33.3%  | Increase  |
|  |  | Black scholes  | Volatility  | 75.0%  | Increase  |
|  |  |  | Term  | 1.1  | Increase  |
| Preferred Securities  | $9834  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 4.8  | Increase  |
|  |  |  | Probability rate  | 10.0% - 90.0% / 50.0%  | Increase  |
|  |  | Market approach  | Discount rate  | 10.0% - 50.0% / 36.3%  | Decrease  |
|  |  |  | Transaction price  | $1.11 - $100.00 / $35.00  | Increase  |
|  |  |  | Probability rate  | 25.0% - 75.0% / 50.0%  | Increase  |
|  |  | Black scholes  | Volatility  | 70.0% - 100.0% / 89.7%  | Increase  |
|  |  |  | Term  | 2.0 - 3.0 / 2.7  | Increase  |

---

<sup>A</sup> *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, 2022, 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.

**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 Growth Opportunities Fund**  | $12  |

---

**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, 2022, 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 & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred Trustee compensation, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4607734  |
| **Gross unrealized depreciation**  | <u>(1856535)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$2751199</u>  |
| **Tax Cost**  | <u>$12347728</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(1897510)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2751159</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  | $(1897510)  |
| Long-term  | <u>(-)</u>  |
| **Total capital loss carryforward**  | <u>$(1897510)</u>  |

---

The Fund intends to elect to defer to its next fiscal year $46,910 of ordinary losses recognized during the period January 1, 2022 to November 30, 2022.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $167720  | $170667  |
| **Long-term Capital Gains**  | <u>2084020</u>  | <u>829606</u>  |
| **Total**  | <u>$2251740</u>  | <u>$1000273</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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements 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.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **Fidelity Advisor Growth Opportunities Fund**  | 13284  | .09  |

---

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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, 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 Statements 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 Growth Opportunities Fund**  | Stripe, Inc.  | $1118  | $(1118)  |

---

**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**  | 13633041  | 16095415  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .46% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

**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%  | $7808  | $230  |
| **Class M**  | .25%  | .25%  | 12466  | 8  |
| **Class C**  | .75%  | .25%  | <u>9997</u>  | <u>1819</u>  |
|  |  |  | <u>$30271</u>  | <u>$2057</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**  | $1770  |
| **Class M**  | 88  |
| **Class C** <sup>A</sup>  | <u>12</u>  |
|  | <u>$1870</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $5201  | .17  |
| **Class M**  | 3885  | .16  |
| **Class C**  | 1712  | .17  |
| **Class I**  | 14102  | .16  |
| **Class Z**  | <u>1162</u>  | .04  |
|  | <u>$26062</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Growth Opportunities Fund**  | .01  |

---

**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 Growth Opportunities Fund**  | $338  |

---

**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 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  | $35439  | .98%  | $125  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 1379364  | 1191672  | (28247)  |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)**  |
| **Fidelity Advisor Growth Opportunities Fund**  | 22  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Growth Opportunities Fund**  | $34  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $243  | $295  | $1857  |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance**  | **Weighted Average Interest Rate**  | **Interest Expense**  |
| **Fidelity Advisor Growth Opportunities Fund**  | $26329  | 2.23%  | $7  |

---

**9. Expense Reductions.** 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $633.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Fidelity Advisor Growth Opportunities Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $383847  | $169745  |
| Class M  | 311608  | 168099  |
| Class C  | 146868  | 72157  |
| Class I  | 1065687  | 439475  |
| Class Z  | <u>343730</u>  | <u>150797</u>  |
| Total  | <u>$2251740</u>  | <u>$1000273</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 November 30, 2022**  | **Year ended November 30, 2021**  | **Year ended November 30, 2022**  | **Year ended November 30, 2021**  |
| **Fidelity Advisor Growth Opportunities Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 7278  | 8318  | $794992  | $1283675  |
| Reinvestment of distributions  | 2511  | 1142  | 362972  | 161306  |
| Shares redeemed  | <u>(7570)</u>  | <u>(4829)</u>  | <u>(828468)</u>  | <u>(742467)</u>  |
| Net increase (decrease)  | <u>2219</u>  | <u>4631</u>  | <u>$329496</u>  | <u>$702514</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 2024  | 2549  | $223304  | $385475  |
| Reinvestment of distributions  | 2107  | 1163  | 300595  | 162126  |
| Shares redeemed  | <u>(3818)</u>  | <u>(4290)</u>  | <u>(419272)</u>  | <u>(654784)</u>  |
| Net increase (decrease)  | <u>313</u>  | <u>(578)</u>  | <u>$104627</u>  | <u>$(107183)</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 1830  | 3273  | $171562  | $416992  |
| Reinvestment of distributions  | 1177  | 581  | 138522  | 68282  |
| Shares redeemed  | <u>(3130)</u>  | <u>(2973)</u>  | <u>(280287)</u>  | <u>(379808)</u>  |
| Net increase (decrease)  | <u>(123)</u>  | <u>881</u>  | <u>$29797</u>  | <u>$105466</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 25262  | 34051  | $3147620  | $5739683  |
| Reinvestment of distributions  | 6084  | 2534  | 970856  | 391310  |
| Shares redeemed  | <u>(39190)</u>  | <u>(18463)</u>  | <u>(4835461)</u>  | <u>(3082104)</u>  |
| Net increase (decrease)  | <u>(7844)</u>  | <u>18122</u>  | <u>$(716985)</u>  | <u>$3048889</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 10960  | 12098  | $1437835  | $2064123  |
| Reinvestment of distributions  | 1870  | 860  | 301936  | 134230  |
| Shares redeemed  | <u>(12944)</u>  | <u>(9566)</u>  | <u>(1589902)</u>  | <u>(1641411)</u>  |
| Net increase (decrease)  | <u>(114)</u>  | <u>3392</u>  | <u>$149869</u>  | <u>$556942</u>  |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Growth Opportunities Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Growth Opportunities Fund**  |  |  |  |  |
| **Class A**  | .81%  |  |  |  |
| **Actual**  |  | $1000  | $942.10  | $3.94  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.01  | $4.10  |
| **Class M**  | 1.04%  |  |  |  |
| **Actual**  |  | $1000  | $941.10  | $5.06  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.85  | $5.27  |
| **Class C**  | 1.55%  |  |  |  |
| **Actual**  |  | $1000  | $938.60  | $7.53  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1017.30  | $7.84  |
| **Class I**  | .55%  |  |  |  |
| **Actual**  |  | $1000  | $943.30  | $2.68  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.31  | $2.79  |
| **Class Z**  | .43%  |  |  |  |
| **Actual**  |  | $1000  | $943.90  | $2.10  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.91  | $2.18  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

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.

Class A designates 43%; Class M designates 79%; Class C designates 100%; Class I designates 32%; and Class Z designates 28%; of the dividends distributed in December, as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 55%; Class M designates 100%; Class C designates 100%; Class I designates 41%; and Class Z designates 36%; of the dividends distributed in December, 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, Class I, and Class Z designate 1% of the dividends distributed in December respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87699_2.jpg) <br>

1.704314.125 GO-ANN-0123

**Fidelity® Real Estate High Income Fund**

**Annual Report**

**November 30, 2022**

![](img87677_1.jpg)

![](img87677_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary671)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments671)** |
| **[Financial Statements](#Sec_FinancialStatements671)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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 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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Fidelity® Real Estate High Income Fund  | &nbsp;&nbsp; -8.84%  | &nbsp;&nbsp; 1.00%  | &nbsp;&nbsp; 3.17%  |

---

---

| |
|:---|
| **$1,000,000 Over 10 Years**  |
| Let's say hypothetically that $1,000,000 was invested in Fidelity® Real Estate High Income Fund on November 30, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. CMBS ex AAA Index performed over the same period.  |

---

![](img87677_5.jpg)

**Management's Discussion of Fund Performance**

**Market Recap:**

Commercial mortgage-backed securities, as measured by the Bloomberg U.S. CMBS ex AAA Index, returned -13.18% for the 12 months ending November 30, 2022. It was a difficult year for most fixed-income asset classes - including CMBS - amid rising Treasury yields, the U.S. Federal Reserve's aggressive campaign to raise its benchmark interest rate to counteract persistent inflationary pressure, and volatility that erupted after Russia invaded Ukraine in late February. This period, the Fed hiked its key rate by 375 basis points, with all indications pointing to additional increases in the first half of 2023, potentially creating recessionary conditions. Reflecting the difficult backdrop, the Bloomberg index posted only three monthly gains this period. Real estate fundamentals were solid for much of the 12 months, especially in the industrial and multifamily sectors, while CMBS delinquency fell. However, many unanswered questions remained in the office sector, given the pandemic legacy of increased work from home. Toward the end of the period, real estate valuations started seeing signs of pressure, as interest rate increases took hold.

**Comments from Co-Portfolio Managers Stephen Rosen, William Maclay and Matthew Torchia:**

For the fiscal year, the fund returned -8.84%, considerably ahead of its benchmark, the Bloomberg U.S. CMBS ex AAA Index. Relative to the benchmark, the fund benefited from exposure to seasoned, short-duration conduit (multi-loan, multi-borrower) securities and floating-rate SASB (single-asset, single-borrower) CMBS holdings. The former were boosted by loan repayments and positive credit events, while also being less impacted by rising interest rates. The latter benefited from exposure to high-quality property types and institutional sponsors, as well as a positive correlation to rising rates, as floating-rate bond coupons reset each month. This period, roughly half of the fund was invested in SASB CMBS, about one-third in conduit CMBS, and the remainder in real estate company bonds and loans. The fund's average credit quality was BB-, reflecting our focus on high-yield securities in higher-quality tiers. One meaningful contributor was JPMCC 2012-CBX, a CMBS holding where the fund had exposure across multiple tranches. These positions benefited from loan repayments/resolutions and stabilizing performance at the two main retail assets remaining in the trust. Another contributor to performance was GSMS 2013-GC16 F, which benefited from loan repayments and positive performance on a large retail center loan. Conversely, two detractors from performance were BX 2020-VIVA (D and E tranches) and SLG 2021-OVA G - both longer-duration securities - which were more heavily impacted by increasing interest rates and a widening spread environment.

**Note to shareholders:**

On October 1, 2022, Matthew Torchia assumed co-management responsibilities for the fund.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  |
| (with maturities greater than one year)  | (with maturities greater than one year)  |
| BX Trust  | 7.3  |
| GS Mortgage Securities Trust  | 4.5  |
| Morgan Stanley Capital I Trust  | 4.5  |
| BANK  | 3.9  |
| Morgan Stanley BAML Trust  | 3.8  |
| BX Commercial Mortgage Trust  | 3.6  |
| COMM Mortgage Trust  | 3.5  |
| Benchmark Mortgage Trust  | 3.5  |
| JPMorgan Chase Commercial Mortgage Securities Trust  | 3.0  |
| Citigroup Commercial Mortgage Trust  | 3.0  |
|  | 40.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Diversified Financial Services  | 3.4  |
| Homebuilders/Real Estate  | 3.4  |
| Hotels  | 1.1  |
| Gaming  | 0.6  |
| Telecommunications  | 0.4  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img87677_6.jpg) <br>|
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87677_7.jpg)  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Corporate Bonds - 4.2%**  | &nbsp;&nbsp; **Corporate Bonds - 4.2%**  | &nbsp;&nbsp; **Corporate Bonds - 4.2%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Convertible Bonds - 0.3%  |  |  |
| Diversified Financial Services - 0.3%  |  |  |
|  Colony Capital Operating Co. LLC 5.75% 7/15/25 (b)  | 1264000  | 2130598  |
| Nonconvertible Bonds - 3.9%  |  |  |
| Gaming - 0.6%  |  |  |
|  Caesars Entertainment, Inc.:  |  |  |
|  6.25% 7/1/25 (b)  | 1690000  | 1670231  |
|  8.125% 7/1/27 (b)  | 2315000  | 2323797  |
|  |  | 3994028  |
| Healthcare - 0.1%  |  |  |
|  CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b)  | 1085000  | 926916  |
| Homebuilders/Real Estate - 1.7%  |  |  |
|  Adams Homes, Inc. 7.5% 2/15/25 (b)  | 1215000  | 1012730  |
|  American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (b)  | 3195000  | 2444175  |
|  American Tower Corp. 4.05% 3/15/32  | 1785000  | 1623051  |
|  DTZ U.S. Borrower LLC 6.75% 5/15/28 (b)  | 685000  | 654237  |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (b)  | 2290000  | 1894545  |
|  Kennedy-Wilson, Inc.:  |  |  |
|  4.75% 3/1/29  | 1520000  | 1233860  |
|  4.75% 2/1/30  | 2545000  | 2016913  |
|  Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b)  | 385000  | 294044  |
|  Service Properties Trust 7.5% 9/15/25  | 1095000  | 1059413  |
|  |  | 12232968  |
| Hotels - 1.1%  |  |  |
|  Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (b)  | 3200000  | 2641280  |
|  Marriott Ownership Resorts, Inc.:  |  |  |
|  4.5% 6/15/29 (b)  | 900000  | 758234  |
|  4.75% 1/15/28  | 3250000  | 2851000  |
|  Times Square Hotel Trust 8.528% 8/1/26 (b)  | 1548416  | 1524637  |
|  |  | 7775151  |
| Telecommunications - 0.4%  |  |  |
|  Uniti Group, Inc.:  |  |  |
|  6% 1/15/30 (b)  | 2395000  | 1728088  |
|  7.875% 2/15/25 (b)  | 1195000  | 1200023  |
|  |  | 2928111  |
|  TOTAL NONCONVERTIBLE BONDS  |  | 27857174  |
| <br> **TOTAL CORPORATE BONDS** <br> (Cost $33,088,106)  |  | <br> **29987772**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Asset-Backed Securities - 2.5%**  | &nbsp;&nbsp; **Asset-Backed Securities - 2.5%**  | &nbsp;&nbsp; **Asset-Backed Securities - 2.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(c)(d)(e)  | 2544766  | 25  |
|  Capital Trust RE CDO Ltd. Series 2005-1A:  |  |  |
|  Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (b)(c)(e)(f)  | 750000  | 75  |
|  Class E, 1 month U.S. LIBOR + 2.100% 3.9464% 3/20/50 (b)(c)(e)(f)  | 2670000  | 267  |
|  Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 6.4829% 1/28/40 (b)(c)(e)(f)  | 3107938  | 311  |
|  DataBank Issuer, LLC Series 2021-1A Class C, 4.43% 2/27/51 (b)  | 1500000  | 1250949  |
|  Diamond Infrastructure Funding LLC Series 2021-1A Class C, 3.475% 4/15/49 (b)  | 859000  | 665274  |
|  FirstKey Homes Trust Series 2021-SFR1 Class F1, 3.238% 8/17/38 (b)  | 1068000  | 875641  |
|  Home Partners of America Trust:  |  |  |
|  Series 2019-2 Class F, 3.866% 10/19/39 (b)  | 2039503  | 1686804  |
|  Series 2021-1 Class F, 3.325% 9/17/41 (b)  | 913110  | 716006  |
|  Series 2021-2 Class G, 4.505% 12/17/26 (b)  | 5389027  | 4402138  |
|  Series 2021-3 Class F, 4.242% 1/17/41 (b)  | 1242078  | 1019591  |
|  Merit Securities Corp. Series 13 Class M1, 7.88% 12/28/33 (c)  | 591296  | 580726  |
|  Progress Residential Trust:  |  |  |
|  Series 2019-SFR3:  |  |  |
|  Class F, 3.867% 9/17/36 (b) <br>| 1228000  | 1154762  |
|  Class G, 4.116% 9/17/36 (b) <br>| 998000  | 935944  |
|  Series 2020-SFR1:  |  |  |
|  Class G, 4.028% 4/17/37 (b) <br>| 1638000  | 1481538  |
|  Class H, 5.268% 4/17/37 (b) <br>| 462000  | 421726  |
|  Series 2020-SFR3 Class H, 6.234% 10/17/27 (b)  | 966000  | 892590  |
|  Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 3 month U.S. LIBOR + 4.500% 9.0316% 12/5/36 (b)(c)(e)(f)  | 5856569  | 439  |
|  Tricon American Homes:  |  |  |
|  Series 2017-SFR2 Class F, 5.104% 1/17/36 (b)  | 664000  | 641425  |
|  Series 2020-SFR1 Class F, 4.882% 7/17/38 (b)  | 574000  | 507537  |
|  Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (b)  | 672000  | 557606  |
| <br> **TOTAL ASSET-BACKED SECURITIES** <br> (Cost $28,004,985)  |  | **17791374**  |

---

---

| | | |
|:---|:---|:---|
| &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>|
| Private Sponsor - 0.0%  |  |  |
|  Countrywide Home Loans, Inc. Series 2003-R1 Class 2B4, 3.3614% 2/25/43 (b)(c)(e)  | 27816  | 3616  |
| U.S. Government Agency - 0.0%  |  |  |
|  Fannie Mae REMIC Trust:  |  |  |
|  Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.4206% 2/25/42 (b)(c)(e)  | 24704  | 5460  |
|  Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 3.675% 1/25/42 (b)(c)(e)  | 20064  | 1737  |
|  Series 2003-W10 subordinate REMIC pass thru certificates:  |  |  |
|  Class 2B4, 3.4275% 6/25/43 (c)(g) <br>| 88680  | 34944  |
|  Class 2B5, 3.4275% 6/25/43 (c)(e)(g) <br>| 9340  | 94  |
|  TOTAL U.S. GOVERNMENT AGENCY  |  | 42235  |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br> (Cost $43,970)  |  | <br> **45851**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 81.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 81.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 81.1%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  BAMLL Commercial Mortgage Securities Trust:  |  |  |
|  floater Series 2019-RLJ Class D, 1 month U.S. LIBOR + 1.950% 5.825% 4/15/36 (b)(c)(f)  | 4028000  | 3850646  |
|  Series 2015-200P Class F, 3.7157% 4/14/33 (b)(c)  | 2588000  | 2105548  |
|  BANK:  |  |  |
|  sequential payer Series 2022-BNK42:  |  |  |
|  Class D, 2.5% 6/15/55 (b) <br>| 1664000  | 983241  |
|  Class E, 2.5% 6/15/55 (b) <br>| 1302000  | 694306  |
|  Series 2017-BNK4 Class D, 3.357% 5/15/50 (b)  | 4416000  | 3152294  |
|  Series 2017-BNK6 Class D, 3.1% 7/15/60 (b)  | 2593000  | 1896693  |
|  Series 2017-BNK8:  |  |  |
|  Class D, 2.6% 11/15/50 (b) <br>| 4653000  | 3131983  |
|  Class E, 2.8% 11/15/50 (b) <br>| 2625000  | 1493626  |
|  Series 2018-BN12 Class D, 3% 5/15/61 (b)  | 2082000  | 1409437  |
|  Series 2019-BN18 Class D, 3% 5/15/62 (b)  | 4284000  | 2979555  |
|  Series 2019-BN19 Class D, 3% 8/15/61 (b)  | 3753000  | 2546520  |
|  Series 2019-BN22 Class D, 2.5% 11/15/62 (b)  | 2465000  | 1631303  |
|  Series 2020-BN26 Class D, 2.5% 3/15/63 (b)  | 1269000  | 807901  |
|  Series 2020-BN27 Class D, 2.5% 4/15/63 (b)  | 921000  | 594812  |
|  Series 2020-BN28 Class E, 2.5% 3/15/63 (b)  | 903000  | 523956  |
|  Series 2020-BN29 Class E, 2.5% 11/15/53 (b)  | 1064000  | 611452  |
|  Series 2020-BN30:  |  |  |
|  Class E, 2.5% 12/15/53 (b) <br>| 735000  | 405960  |
|  Class MCDG, 3.0155% 12/15/53 (c) <br>| 3921000  | 2353814  |
|  Series 2022-BNK43 Class D, 3% 8/15/55 (b)  | 2614000  | 1563376  |
|  Series 2022-BNK44 Class C, 5.7462% 11/15/32 (c)  | 2079000  | 1741248  |
|  Bank of America Commercial Mortgage Securities Trust Series 2017-BNK3 Class D, 3.25% 2/15/50 (b)  | 2201000  | 1659931  |
|  Bank of America Commercial Mortgage Trust Series 2016-UB10 Class D, 3% 7/15/49 (b)  | 726000  | 558080  |
|  Barclays Commercial Mortgage Securities LLC Series 2019-C5:  |  |  |
|  Class D, 2.5% 11/15/52 (b)  | 726000  | 476125  |
|  Class E, 2.5% 11/15/52 (b)  | 2545000  | 1554734  |
|  BBCMS Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2020-C8 Class E, 2.25% 10/15/53 (b) <br>| 3013000  | 1706878  |
|  Series 2022-C14 Class A5, 2.946% 2/15/55 <br>| 1486000  | 1249932  |
|  Series 2022-C17 Class D, 2.5% 9/15/55 (b) <br>| 1200000  | 701217  |
|  Series 2016-ETC Class D, 3.7292% 8/14/36 (b)(c)  | 1749000  | 1395465  |
|  Series 2020-C6 Class E, 2.4% 2/15/53 (b)  | 1512000  | 904923  |
|  Series 2020-C7 Class D, 3.7169% 4/15/53 (b)(c)  | 840000  | 554886  |
|  Series 2022-C16 Class A5, 4.6% 6/15/55  | 2793000  | 2683953  |
|  Series 2022-C17 Class B, 4.889% 9/15/55  | 1491000  | 1346089  |
|  Series 2022-C18 Class B, 6.1482% 12/15/55 (c)  | 1890000  | 1895720  |
|  Benchmark Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2019-B14: <br>|  |  |
|  Class 225D, 3.4041% 12/15/62 (b)(c)  | 1680000  | 1392930  |
|  Class 225E, 3.4041% 12/15/62 (b)(c)  | 1132000  | 942321  |
|  Series 2020-B20 Class E, 2% 10/15/53 (b) <br>| 2100000  | 1158513  |
|  Series 2018-B6 Class D, 3.2587% 10/10/51 (b)(c)  | 1877000  | 1355771  |
|  Series 2018-B7:  |  |  |
|  Class D, 3% 5/15/53 (b)(c) <br>| 833000  | 595101  |
|  Class E, 3% 5/15/53 (b)(c) <br>| 833000  | 555918  |
|  Series 2019-B12 Class B, 3.5702% 8/15/52  | 1186000  | 984047  |
|  Series 2020-B18:  |  |  |
|  Class AGNG, 4.5348% 7/15/53 (b)(c) <br>| 4074000  | 3279878  |
|  Class D, 2.25% 7/15/53 (b) <br>| 1500000  | 938211  |
|  Series 2020-B21:  |  |  |
|  Class D, 2% 12/17/53 (b) <br>| 1638000  | 962314  |
|  Class E, 2% 12/17/53 (b) <br>| 1533000  | 806008  |
|  Series 2020-B22 Class E, 2% 1/15/54 (b)  | 1826000  | 994532  |
|  Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (b)(c)  | 3049000  | 2154261  |
|  Series 2021-B25:  |  |  |
|  Class 300D, 3.094% 4/15/54 (b)(c) <br>| 6055000  | 4199781  |
|  Class 300E, 3.094% 4/15/54 (b)(c) <br>| 1113000  | 751350  |
|  Series 2022-B35 Class D, 2.5% 5/15/55 (b)  | 3003000  | 1734087  |
|  Series 2022-B36 Class D, 2.5% 7/15/55 (b)  | 1872000  | 1022973  |
|  Series 2022-B37 Class C, 5.9431% 11/15/55  | 2090000  | 1850201  |
|  BHP Trust floater Series 2019-BXHP Class F, 1 month U.S. LIBOR + 2.930% 6.813% 8/15/36 (b)(c)(f)  | 1165500  | 1073496  |
|  BMO Mortgage Trust Series 2022-C1:  |  |  |
|  Class 360D, 4.0699% 2/15/42 (b)(c)  | 1638000  | 1046617  |
|  Class 360E, 4.0699% 2/15/42 (b)(c)  | 1970000  | 1258157  |
|  Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 7.765% 10/15/38 (b)(c)(f)  | 6640840  | 6079214  |
|  BX Commercial Mortgage Trust:  |  |  |
|  floater:  |  |  |
|  Series 2021-CIP Class G, 1 month U.S. LIBOR + 3.960% 7.844% 12/15/38 (b)(c)(f) <br>| 2187000  | 1886256  |
|  Series 2021-MC Class G, 1 month U.S. LIBOR + 3.080% 6.9618% 4/15/34 (b)(c)(f) <br>| 1572000  | 1338509  |
|  Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 6.8221% 10/15/36 (b)(c)(f) <br>| 3192000  | 2866796  |
|  Series 2021-VINO: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 2.800% 6.6773% 5/15/38 (b)(c)(f)  | 2627000  | 2383308  |
|  Class G, 1 month U.S. LIBOR + 3.950% 7.8273% 5/15/38 (b)(c)(f)  | 4994000  | 4548331  |
|  Series 2020-VIVA:  |  |  |
|  Class D, 3.667% 3/11/44 (b)(c) <br>| 9422000  | 6909741  |
|  Class E, 3.667% 3/11/44 (b)(c) <br>| 8563000  | 5988157  |
|  Bx Commercial Mortgage Trust 2 floater Series 2022-LP2 Class G, CME Term SOFR 1 Month Index + 4.100% 7.9001% 2/15/39 (b)(c)(f)  | 3510248  | 3236348  |
|  BX Trust:  |  |  |
|  floater:  |  |  |
|  Series 2017-APPL Class F, 1 month U.S. LIBOR + 4.250% 8.25% 7/15/34 (b)(c)(f) <br>| 2249924  | 2200477  |
|  Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 7.473% 4/15/34 (b)(c)(f) <br>| 3255000  | 2995943  |
|  Series 2019-XL Class J, CME Term SOFR 1 Month Index + 2.760% 6.5587% 10/15/36 (b)(c)(f) <br>| 16482350  | 15551471  |
|  Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 7.171% 11/15/38 (b)(c)(f) <br>| 2541000  | 2336121  |
|  Series 2021-ARIA Class G, 1 month U.S. LIBOR + 3.140% 7.0171% 10/15/36 (b)(c)(f) <br>| 2500000  | 2164607  |
|  Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 7.2245% 10/15/26 (b)(c)(f) <br>| 4374000  | 3840857  |
|  Series 2021-MFM1: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 3.000% 6.8753% 1/15/34 (b)(c)(f)  | 834000  | 770664  |
|  Class G, 1 month U.S. LIBOR + 3.900% 7.7753% 1/15/34 (b)(c)(f)  | 417000  | 377438  |
|  Series 2021-SOAR: <br>|  |  |
|  Class G, 6.676% 6/15/38 (b)(c)  | 1271369  | 1165709  |
|  Class J, 7.626% 6/15/38 (b)(c)  | 2542738  | 2331255  |
|  Series 2021-VOLT: <br>|  |  |
|  Class E, 1 month U.S. LIBOR + 2.000% 5.8753% 9/15/36 (b)(c)(f)  | 1785000  | 1660850  |
|  Class G, 1 month U.S. LIBOR + 2.850% 6.7253% 9/15/36 (b)(c)(f)  | 2448000  | 2237105  |
|  Series 2022-LBA6: <br>|  |  |
|  Class C, CME Term SOFR 1 Month Index + 1.600% 5.3942% 1/15/39 (b)(c)(f)  | 1456000  | 1358648  |
|  Class F, CME Term SOFR 1 Month Index + 3.350% 7.1443% 1/15/39 (b)(c)(f)  | 4315000  | 3930262  |
|  Class G, CME Term SOFR 1 Month Index + 4.200% 7.9943% 1/15/39 (b)(c)(f)  | 1381000  | 1257712  |
|  floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 7.068% 10/15/36 (b)(c)(f)  | 1390000  | 1209739  |
|  Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(c)  | 9367000  | 7242790  |
|  BXP Trust Series 2021-601L Class E, 2.868% 1/15/44 (b)(c)  | 709000  | 412708  |
|  BXSC Commercial Mortgage Trust floater Series 2022-WSS Class F, 9.124% 3/15/35 (b)(c)  | 2283000  | 2117087  |
|  CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (b)(c)  | 3093000  | 2150192  |
|  CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 7.123% 12/15/37 (b)(c)(f)  | 10526000  | 9608890  |
|  Camb Commercial Mortgage Trust Series 2021-CX2 Class D, 2.8636% 11/10/46 (b)(c)  | 736000  | 505194  |
|  CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (b)  | 4073000  | 2708087  |
|  Citigroup Commercial Mortgage Trust:  |  |  |
|  Series 2013-GC15 Class D, 5.3345% 9/10/46 (b)(c)  | 7323000  | 6871637  |
|  Series 2016-C3 Class D, 3% 11/15/49 (b)  | 4412000  | 2760554  |
|  Series 2019-GC41:  |  |  |
|  Class D, 3% 8/10/56 (b) <br>| 2273000  | 1520753  |
|  Class E, 3% 8/10/56 (b) <br>| 1848000  | 1177625  |
|  Series 2019-GC43 Class E, 3% 11/10/52 (b)  | 2772000  | 1768990  |
|  Series 2020-420K Class E, 3.4222% 11/10/42 (b)(c)  | 2081000  | 1463123  |
|  Series 2020-GC46:  |  |  |
|  Class D, 2.6% 2/15/53 (b) <br>| 2756000  | 1809487  |
|  Class E, 2.6% 2/15/53 (b) <br>| 329000  | 199615  |
|  Series 2022-GC48:  |  |  |
|  Class D, 2.5% 6/15/55 (b) <br>| 3129000  | 1806788  |
|  Class E, 2.5% 6/15/55 (b) <br>| 2562000  | 1345610  |
|  Cologix Data Centers U.S. Issuer, LLC / Cologix Data Centers U.S. Co.-Issuer, LLC Series 2021-1A Class C, 5.99% 12/26/51 (b)  | 1500000  | 1257543  |
|  COMM Mortgage Trust:  |  |  |
|  floater Series 2018-HCLV Class G, 1 month U.S. LIBOR + 5.150% 9.0293% 9/15/33 (b)(c)(f)  | 1487000  | 1212909  |
|  sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b)  | 2840000  | 2430581  |
|  Series 2012-CR1:  |  |  |
|  Class D, 5.4718% 5/15/45 (b)(c) <br>| 7226000  | 5302045  |
|  Class G, 2.462% 5/15/45 (b)(e) <br>| 2322000  | 648107  |
|  Series 2013-CR10 Class D, 5.0312% 8/10/46 (b)(c)  | 3673000  | 3463552  |
|  Series 2014-CR15 Class D, 4.8183% 2/10/47 (b)(c)  | 1060000  | 1002965  |
|  Series 2014-CR17 Class E, 5.0066% 5/10/47 (b)(c)  | 589000  | 395244  |
|  Series 2014-UBS2 Class D, 5.1457% 3/10/47 (b)(c)  | 3454000  | 3045876  |
|  Series 2015-3BP Class F, 3.3463% 2/10/35 (b)(c)  | 4405000  | 3622868  |
|  Series 2017-CD4 Class D, 3.3% 5/10/50 (b)  | 3969000  | 2974611  |
|  Series 2019-CD4 Class C, 4.3497% 5/10/50 (c)  | 1920000  | 1599527  |
|  COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (b)  | 1146000  | 836115  |
|  Commercial Mortgage Trust Series 2016-CD2 Class D, 2.8632% 11/10/49 (c)  | 1680000  | 941315  |
|  Commercial Mortgage Trust pass-thru certificates:  |  |  |
|  Series 2012-CR2:  |  |  |
|  Class D, 5.0709% 8/15/45 (b)(c) <br>| 789000  | 732981  |
|  Class E, 5.0709% 8/15/45 (b)(c) <br>| 5385400  | 4558471  |
|  Class F, 4.25% 8/15/45 (b) <br>| 7162000  | 5345990  |
|  Series 2014-CR2 Class G, 4.25% 8/15/45 (b)(e)  | 1556000  | 854878  |
|  Core Industrial Trust floater Series 2019-CORE Class E, 1 month U.S. LIBOR + 1.900% 5.775% 12/15/31 (b)(c)(f)  | 2385600  | 2164906  |
|  CPT Mortgage Trust sequential payer Series 2019-CPT:  |  |  |
|  Class E, 3.0967% 11/13/39 (b)(c)  | 1785000  | 1213281  |
|  Class F, 3.0967% 11/13/39 (b)(c)  | 2772000  | 1778176  |
|  Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 8.0922% 6/15/34 (b)(f)  | 2561600  | 2312580  |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class H, 6% 5/17/40 (b)  | 25212  | 25204  |
|  Credit Suisse Mortgage Trust:  |  |  |
|  floater:  |  |  |
|  Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 7.7615% 11/15/23 (b)(c)(f) <br>| 7098000  | 6675037  |
|  Series 2021-BPNY Class A, 1 month U.S. LIBOR + 3.710% 7.5904% 8/15/23 (b)(c)(f) <br>| 2289000  | 2188929  |
|  Series 2019-UVIL Class E, 3.3928% 12/15/41 (b)(c)  | 2289000  | 1521817  |
|  Series 2020-NET Class F, 3.8277% 8/15/37 (b)(c)  | 918000  | 797704  |
|  Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 7.3677% 5/15/23 (b)(c)(f)  | 3724760  | 3465254  |
|  CRSNT Trust floater Series 2021-MOON:  |  |  |
|  Class F, 1 month U.S. LIBOR + 3.500% 7.38% 4/15/36 (b)(c)(f)  | 840000  | 745671  |
|  Class G, 1 month U.S. LIBOR + 4.500% 8.38% 4/15/36 (b)(c)(f)  | 493000  | 437256  |
|  CSAIL Commercial Mortgage Trust:  |  |  |
|  Series 2017-C8 Class D, 4.5867% 6/15/50 (b)(c)  | 3902000  | 2855845  |
|  Series 2017-CX9 Class D, 4.1944% 9/15/50 (b)(c)  | 1615000  | 1205561  |
|  DBCCRE Mortgage Trust Series 2014-ARCP:  |  |  |
|  Class D, 5.099% 1/10/34 (b)(c)  | 833000  | 765092  |
|  Class E, 5.099% 1/10/34 (b)(c)  | 4264000  | 3763705  |
|  DBGS Mortgage Trust:  |  |  |
|  Series 2018-C1:  |  |  |
|  Class C, 4.7807% 10/15/51 (c) <br>| 777000  | 662242  |
|  Class D, 3.0307% 10/15/51 (b)(c) <br>| 3459000  | 2472435  |
|  Series 2019-1735 Class F, 4.3344% 4/10/37 (b)(c)  | 1000000  | 662607  |
|  DC Office Trust Series 2019-MTC Class E, 3.1744% 9/15/45 (b)(c)  | 1029000  | 677965  |
|  ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, 1 month U.S. LIBOR + 3.610% 7.4909% 11/15/38 (b)(c)(f)  | 2289000  | 2003543  |
|  GS Mortgage Securities Corp. II Series 2010-C1 Class B, 5.148% 8/10/43 (b)  | 193730  | 190391  |
|  GS Mortgage Securities Corp. Trust floater Series 2019-70P Class F, 1 month U.S. LIBOR + 2.650% 6.525% 10/15/36 (b)(c)(f)  | 2550000  | 2303338  |
|  GS Mortgage Securities Trust:  |  |  |
|  Series 2011-GC5:  |  |  |
|  Class D, 5.299% 8/10/44 (b)(c) <br>| 1929752  | 795593  |
|  Class E, 5.299% 8/10/44 (b)(c)(e) <br>| 2432000  | 209656  |
|  Class F, 4.5% 8/10/44 (b)(e) <br>| 4308000  | 15112  |
|  Series 2012-GCJ9 Class D, 4.6339% 11/10/45 (b)(c)  | 4238000  | 4193077  |
|  Series 2013-GC12 Class D, 4.5614% 6/10/46 (b)(c)  | 869000  | 838585  |
|  Series 2013-GC16:  |  |  |
|  Class D, 5.4881% 11/10/46 (b)(c) <br>| 3923000  | 3672904  |
|  Class F, 3.5% 11/10/46 (b) <br>| 2530000  | 2273570  |
|  Series 2016-GS2 Class D, 2.753% 5/10/49 (b)  | 2058050  | 1590989  |
|  Series 2017-GS6 Class D, 3.243% 5/10/50 (b)  | 4676000  | 3520022  |
|  Series 2019-GC38 Class D, 3% 2/10/52 (b)  | 1162000  | 819012  |
|  Series 2019-GC39 Class D, 3% 5/10/52 (b)  | 2830000  | 1960042  |
|  Series 2019-GC40 Class D, 3% 7/10/52 (b)  | 2079000  | 1454044  |
|  Series 2019-GC42:  |  |  |
|  Class D, 2.8% 9/1/52 (b) <br>| 4807000  | 3256290  |
|  Class E, 2.8% 9/1/52 (b) <br>| 2519000  | 1597834  |
|  Series 2019-GS5 Class C, 4.299% 3/10/50 (c)  | 2499000  | 2081103  |
|  Series 2019-GSA1 Class E, 2.8% 11/10/52 (b)  | 1655000  | 1044807  |
|  Series 2020-GC45:  |  |  |
|  Class D, 2.85% 2/13/53 (b) <br>| 2289000  | 1530419  |
|  Class SWD, 3.3258% 12/13/39 (b)(c) <br>| 1764000  | 1136346  |
|  Series 2020-GC47 Class D, 3.5696% 5/12/53 (b)(c)  | 756000  | 528833  |
|  Hilton U.S.A. Trust:  |  |  |
|  Series 2016-HHV:  |  |  |
|  Class E, 4.3333% 11/5/38 (b)(c) <br>| 3079000  | 2634149  |
|  Class F, 4.3333% 11/5/38 (b)(c) <br>| 5977000  | 5050483  |
|  Series 2016-SFP Class F, 6.1552% 11/5/35 (b)  | 3595000  | 3330547  |
|  Home Partners of America Trust Series 2019-1:  |  |  |
|  Class E, 3.604% 9/17/39 (b)  | 1317003  | 1123181  |
|  Class F, 4.101% 9/17/39 (b)  | 213700  | 182848  |
|  Hudson Yards Mortgage Trust:  |  |  |
|  Series 2019-30HY Class E, 3.5579% 7/10/39 (b)(c)  | 1947000  | 1380767  |
|  Series 2019-55HY Class F, 3.0409% 12/10/41 (b)(c)  | 1617000  | 1097542  |
|  ILPT Commercial Mortgage Trust floater Series 2022-LPF2:  |  |  |
|  Class D, CME Term SOFR 1 Month Index + 4.190% 7.9863% 10/15/39 (b)(c)(f)  | 1150000  | 1124832  |
|  Class E, CME Term SOFR 1 Month Index + 5.940% 9.7343% 10/15/39 (b)(c)(f)  | 2058000  | 2027863  |
|  Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b)  | 2083000  | 1826155  |
|  Intown Mortgage Trust floater Series 2022-STAY Class E, CME Term SOFR 1 Month Index + 5.030% 8.8254% 8/15/39 (b)(c)(f)  | 1623000  | 1571332  |
|  J.P. Morgan Chase Commercial Mortgage Securities floater Series 2022-NXSS Class D, CME Term SOFR 1 Month Index + 4.120% 7.9233% 8/15/39 (b)(c)(f)  | 1000000  | 992473  |
|  JPMBB Commercial Mortgage Securities Trust:  |  |  |
|  Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b)  | 604000  | 443504  |
|  Series 2014-C26 Class D, 4.0155% 1/15/48 (b)(c)  | 2329000  | 1966580  |
|  Series 2015-C32 Class C, 4.8052% 11/15/48 (c)  | 1500000  | 1085431  |
|  JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5203% 12/15/49 (b)(c)  | 2418000  | 1802812  |
|  JPMDB Commercial Mortgage Securities Trust:  |  |  |
|  Series 2017-C7 Class D, 3% 10/15/50 (b)  | 3285000  | 2353737  |
|  Series 2018-C8 Class D, 3.4712% 6/15/51 (b)(c)  | 1171000  | 794353  |
|  Series 2019-COR6:  |  |  |
|  Class D, 2.5% 11/13/52 (b) <br>| 1354000  | 907124  |
|  Class E, 2.5% 11/13/52 (b) <br>| 2582000  | 1611068  |
|  Series 2020-COR7 Class D, 1.75% 5/13/53 (b)  | 1535000  | 908812  |
|  JPMorgan Chase Commercial Mortgage Securities Trust:  |  |  |
|  floater:  |  |  |
|  Series 2019-MFP Class F, 1 month U.S. LIBOR + 3.000% 6.875% 7/15/36 (b)(c)(f) <br>| 777000  | 713128  |
|  Series 2021-MHC Class E, 1 month U.S. LIBOR + 2.450% 6.325% 4/15/38 (b)(c)(f) <br>| 3060000  | 2875777  |
|  Series 2011-C3:  |  |  |
|  Class E, 5.709% 2/15/46 (b)(c) <br>| 3008000  | 1300508  |
|  Class G, 4.409% 2/15/46 (b)(c) <br>| 1082000  | 85856  |
|  Class H, 4.409% 2/15/46 (b)(c)(e) <br>| 2622000  | 252812  |
|  Series 2012-CBX:  |  |  |
|  Class E, 4.8344% 6/15/45 (b)(c) <br>| 2744008  | 2348319  |
|  Class F, 4% 6/15/45 (b)(e) <br>| 3743000  | 1410706  |
|  Class G 4% 6/15/45 (b) <br>| 4129000  | 1000923  |
|  Series 2013-LC11:  |  |  |
|  Class D, 4.3719% 4/15/46 (c) <br>| 3677000  | 3051575  |
|  Class E, 3.25% 4/15/46 (b)(c) <br>| 104000  | 71239  |
|  Class F, 3.25% 4/15/46 (b)(c)(e) <br>| 5894000  | 1192946  |
|  Series 2014-DSTY:  |  |  |
|  Class D, 3.9314% 6/10/27 (b)(c)(e) <br>| 3213000  | 8032  |
|  Class E, 3.9314% 6/10/27 (b)(c)(e) <br>| 4232000  | 10551  |
|  Series 2018-AON Class F, 4.767% 7/5/31 (b)(c)  | 2150000  | 1734653  |
|  Series 2019-OSB Class E, 3.9089% 6/5/39 (b)(c)  | 2350000  | 1794213  |
|  Series 2020-NNN:  |  |  |
|  Class EFX, 3.972% 1/16/37 (b) <br>| 2771000  | 2348649  |
|  Class FFX, 4.6254% 1/16/37 (b) <br>| 2388000  | 1958304  |
|  Class GFX, 4.8445% 1/16/37 (b)(c) <br>| 942000  | 758687  |
|  KNDR Trust floater Series 2021-KIND Class F, 1 month U.S. LIBOR + 3.950% 7.825% 8/15/38 (b)(c)(f)  | 4439911  | 3919396  |
|  La Quita Mortgage Trust floater Series 2022-LAQ Class F, CME Term SOFR 1 Month Index + 5.970% 9.7818% 3/15/39 (b)(c)(f)  | 1764000  | 1666195  |
|  Liberty Street Trust Series 2016-225L Class E, 4.8035% 2/10/36 (b)(c)  | 2063000  | 1715530  |
|  LIFE Mortgage Trust floater Series 2021-BMR Class G, 1 month U.S. LIBOR + 2.950% 6.825% 3/15/38 (b)(c)(f)  | 11211758  | 10452594  |
|  Market Mortgage Trust Series 2020-525M Class F, 3.0386% 2/12/40 (b)(c)  | 1976000  | 1082011  |
|  MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 9.126% 11/15/38 (b)(c)(f)  | 7774000  | 6848165  |
|  Merit floater Series 2021-STOR:  |  |  |
|  Class G, 1 month U.S. LIBOR + 2.750% 6.625% 7/15/38 (b)(c)(f)  | 735000  | 672358  |
|  Class J, 1 month U.S. LIBOR + 3.950% 7.825% 7/15/38 (b)(c)(f)  | 458000  | 410934  |
|  MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, 1 month U.S. LIBOR + 3.200% 7.076% 4/15/38 (b)(c)(f)  | 14000000  | 12838430  |
|  MHC Trust floater Series 2021-MHC2 Class F, 1 month U.S. LIBOR + 2.400% 6.275% 5/15/38 (b)(c)(f)  | 3850000  | 3541104  |
|  MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, CME Term SOFR 1 Month Index + 3.950% 7.7518% 1/15/27 (b)(c)(f)  | 2285341  | 2075082  |
|  MOFT Trust Series 2020-ABC:  |  |  |
|  Class D, 3.5926% 2/10/42 (b)(c)  | 1144000  | 761737  |
|  Class E, 3.5926% 2/10/42 (b)(c)  | 841000  | 528457  |
|  Morgan Stanley BAML Trust:  |  |  |
|  sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31  | 1666000  | 1412996  |
|  Series 2012-C5 Class E, 4.7919% 8/15/45 (b)(c)  | 889000  | 821086  |
|  Series 2012-C6 Class D, 4.6472% 11/15/45 (b)(c)  | 3633000  | 3353016  |
|  Series 2012-C6, Class F, 4.6472% 11/15/45 (b)(c)  | 1575000  | 1268557  |
|  Series 2013-C12 Class D, 4.9148% 10/15/46 (b)(c)  | 3996000  | 3572492  |
|  Series 2013-C13:  |  |  |
|  Class D, 5.0587% 11/15/46 (b)(c) <br>| 5150000  | 4709806  |
|  Class E, 5.0587% 11/15/46 (b)(c) <br>| 1666000  | 1426184  |
|  Series 2013-C8 Class D, 4.2065% 12/15/48 (b)(c)  | 1883000  | 1775547  |
|  Series 2013-C9:  |  |  |
|  Class D, 4.2346% 5/15/46 (b)(c) <br>| 4440000  | 4054704  |
|  Class E, 4.2346% 5/15/46 (b)(c) <br>| 1594370  | 1415147  |
|  Series 2016-C30 Class D, 3% 9/15/49 (b)  | 798000  | 514403  |
|  Series 2017-C33 Class D, 3.356% 5/15/50 (b)  | 2932000  | 2191111  |
|  Morgan Stanley Capital I Trust:  |  |  |
|  Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(c)  | 10678  | 10558  |
|  Series 2011-C2:  |  |  |
|  Class D, 5.385% 6/15/44 (b)(c) <br>| 3951280  | 3711913  |
|  Class F, 5.385% 6/15/44 (b)(c)(e) <br>| 3015000  | 1942084  |
|  Series 2011-C3:  |  |  |
|  Class C, 5.2525% 7/15/49 (b)(c) <br>| 342407  | 336774  |
|  Class D, 5.2525% 7/15/49 (b)(c) <br>| 8074000  | 7752733  |
|  Class E, 5.2525% 7/15/49 (b)(c)(e) <br>| 2610000  | 2306733  |
|  Class F, 5.2525% 7/15/49 (b)(c)(e) <br>| 984000  | 655837  |
|  Class G, 5.2525% 7/15/49 (b)(c)(e) <br>| 3536800  | 1819151  |
|  Series 2012-C4 Class D, 5.3359% 3/15/45 (b)(c)  | 888566  | 821916  |
|  Series 2015-MS1 Class D, 4.1581% 5/15/48 (b)(c)  | 4300000  | 3535952  |
|  Series 2016-BNK2 Class C, 3% 11/15/49 (b)(e)  | 4506000  | 3350383  |
|  Series 2017-H1 Class D, 2.546% 6/15/50 (b)  | 5262000  | 3742557  |
|  Series 2018-MP Class E, 4.4185% 7/11/40 (b)(c)  | 2499000  | 1794651  |
|  Series 2020-CNP Class D, 2.5085% 4/5/42 (b)(c)  | 1043000  | 664027  |
|  MSCCG Trust floater sequential payer Series 2018-SELF Class F, 1 month U.S. LIBOR + 3.050% 6.923% 10/15/37 (b)(c)(f)  | 935805  | 877313  |
|  MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (b)(c)  | 1014000  | 701431  |
|  Natixis Commercial Mortgage Securities Trust:  |  |  |
|  floater Series 2018-FL1 Class WAN2, 1 month U.S. LIBOR + 3.750% 7.6253% 6/15/35 (b)(c)(f)  | 222000  | 168638  |
|  Series 2018-TECH:  |  |  |
|  Class E, 1 month U.S. LIBOR + 2.250% 6.276% 11/15/34 (b)(c)(f) <br>| 638000  | 610708  |
|  Class F, 1 month U.S. LIBOR + 3.000% 7.026% 11/15/34 (b)(c)(f) <br>| 96000  | 90106  |
|  Class G, 1 month U.S. LIBOR + 4.000% 8.026% 11/15/34 (b)(c)(f) <br>| 572000  | 537029  |
|  Series 2019-10K:  |  |  |
|  Class E, 4.2724% 5/15/39 (b)(c) <br>| 984000  | 756699  |
|  Class F, 4.2724% 5/15/39 (b)(c) <br>| 3014000  | 2114300  |
|  Series 2020-2PAC:  |  |  |
|  Class AMZ2, 3.6167% 1/15/37 (b)(c) <br>| 1754950  | 1525341  |
|  Class AMZ3, 3.6167% 1/15/37 (b)(c) <br>| 822675  | 708822  |
|  OPG Trust floater Series 2021-PORT:  |  |  |
|  Class G, 1 month U.S. LIBOR + 2.390% 6.273% 10/15/36 (b)(c)(f)  | 912918  | 835133  |
|  Class J, 1 month U.S. LIBOR + 3.340% 7.221% 10/15/36 (b)(c)(f)  | 1516733  | 1359482  |
|  PKHL Commercial Mortgage Trust floater Series 2021-MF:  |  |  |
|  Class F, 1 month U.S. LIBOR + 3.350% 7.226% 7/15/38 (b)(c)(f)  | 2225000  | 1994331  |
|  Class NR, 1 month U.S. LIBOR + 6.000% 9.876% 7/15/38 (b)(c)(f)  | 631000  | 559870  |
|  Prima Capital Ltd. floater Series 2021-9A Class C, 1 month U.S. LIBOR + 2.350% 6.2886% 12/15/37 (b)(c)(f)  | 1000000  | 934552  |
|  Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b)  | 1557513  | 1598622  |
|  SFO Commercial Mortgage Trust floater Series 2021-555 Class F, 1 month U.S. LIBOR + 3.650% 7.525% 5/15/38 (b)(c)(f)  | 1383000  | 1180264  |
|  SG Commercial Mortgage Securities Trust:  |  |  |
|  Series 2019-PREZ Class F, 3.593% 9/15/39 (b)(c)  | 3206000  | 2263993  |
|  Series 2020-COVE:  |  |  |
|  Class F, 3.8518% 3/15/37 (b)(c) <br>| 3855000  | 3299322  |
|  Class G, 3.8518% 3/15/37 (b)(c) <br>| 1782000  | 1463379  |
|  SLG Office Trust Series 2021-OVA Class G, 2.8506% 7/15/41 (b)  | 8069000  | 4997851  |
|  SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 7.145% 1/15/39 (b)(c)(f)  | 3360000  | 3065237  |
|  SOHO Trust Series 2021-SOHO Class D, 2.7865% 8/10/38 (b)(c)  | 2499000  | 1670240  |
|  SREIT Trust floater:  |  |  |
|  Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 7.1408% 10/15/38 (b)(c)(f)  | 3339000  | 2952500  |
|  Series 2021-MFP:  |  |  |
|  Class E, 1 month U.S. LIBOR + 2.020% 5.9021% 11/15/38 (b)(c)(f) <br>| 3297000  | 3090447  |
|  Class F, 1 month U.S. LIBOR + 2.620% 6.5002% 11/15/38 (b)(c)(f) <br>| 1405000  | 1309941  |
|  Series 2021-MFP2:  |  |  |
|  Class G, 1 month U.S. LIBOR + 2.960% 6.8425% 11/15/36 (b)(c)(f) <br>| 3024000  | 2796677  |
|  Class J, 1 month U.S. LIBOR + 3.910% 7.7905% 11/15/36 (b)(c)(f) <br>| 1803000  | 1657213  |
|  STWD Trust floater sequential payer Series 2021-LIH:  |  |  |
|  Class F, 1 month U.S. LIBOR + 3.550% 7.426% 11/15/36 (b)(c)(f)  | 2500000  | 2285261  |
|  Class G, 1 month U.S. LIBOR + 4.200% 8.075% 11/15/36 (b)(c)(f)  | 1134000  | 1037052  |
|  TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 7.73% 6/15/26 (b)(c)(f)  | 1008000  | 927703  |
|  UBS Commercial Mortgage Trust:  |  |  |
|  Series 2012-C1:  |  |  |
|  Class D, 6.6606% 5/10/45 (b)(c)(e) <br>| 457821  | 416612  |
|  Class E, 5% 5/10/45 (b)(c)(e) <br>| 1911000  | 745290  |
|  Class F, 5% 5/10/45 (b)(c)(e) <br>| 2484000  | 128709  |
|  Series 2018-C8 Class C, 4.8664% 2/15/51 (c)  | 756000  | 653561  |
|  UBS-BAMLL Trust:  |  |  |
|  Series 12-WRM Class D, 4.3793% 6/10/30 (b)(c)(e)  | 2090000  | 1880786  |
|  Series 2012-WRM Class C, 4.3793% 6/10/30 (b)(c)(e)  | 890000  | 845371  |
|  VASA Trust:  |  |  |
|  floater Series 2021-VASA Class G, 1 month U.S. LIBOR + 5.000% 8.875% 7/15/39 (b)(c)(f)  | 693000  | 630882  |
|  floater sequential payer Series 2021-VASA Class F, 1 month U.S. LIBOR + 3.900% 7.775% 7/15/39 (b)(c)(f)  | 3009000  | 2746477  |
|  VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 8.4386% 1/18/37 (b)(c)(f)  | 9895000  | 9127390  |
|  Wells Fargo Commercial Mortgage Trust:  |  |  |
|  floater Series 2021-SAVE Class E, 1 month U.S. LIBOR + 3.650% 7.525% 2/15/40 (b)(c)(f)  | 511779  | 446886  |
|  sequential payer Series 2020-C57 Class D, 2.5% 8/15/53 (b)  | 2108000  | 1351915  |
|  Series 2015-NXS4 Class D, 3.8415% 12/15/48 (c)  | 1834000  | 1556471  |
|  Series 2016-BNK1 Class D, 3% 8/15/49 (b)  | 1526000  | 912872  |
|  Series 2016-NXS6 Class D, 3.059% 11/15/49 (b)  | 4250000  | 3217004  |
|  Series 2017-RB1 Class D, 3.401% 3/15/50 (b)  | 1824000  | 1318796  |
|  Series 2018-C44 Class D, 3% 5/15/51 (b)  | 3949000  | 2721040  |
|  WF-RBS Commercial Mortgage Trust:  |  |  |
|  sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(e)  | 1252600  | 89446  |
|  Series 2011-C3:  |  |  |
|  Class D, 5.4196% 3/15/44 (b)(c) <br>| 3921839  | 1568735  |
|  Class E, 5% 3/15/44 (b)(e) <br>| 1258000  | 6290  |
|  Class F, 5% 3/15/44 (b)(e) <br>| 1384543  | 122  |
|  Series 2011-C4:  |  |  |
|  Class D, 4.9882% 6/15/44 (b)(c) <br>| 1616000  | 1443802  |
|  Class E, 4.9882% 6/15/44 (b)(c) <br>| 1274000  | 1020062  |
|  Series 2011-C5:  |  |  |
|  Class E, 5.7043% 11/15/44 (b)(c) <br>| 1727064  | 1640711  |
|  Class F, 5.25% 11/15/44 (b)(c) <br>| 3930000  | 3576611  |
|  Class G, 5.25% 11/15/44 (b)(c) <br>| 1255150  | 1092127  |
|  Series 2012-C7 Class E, 4.806% 6/15/45 (b)(c)  | 1461203  | 111636  |
|  Series 2013-C11:  |  |  |
|  Class D, 4.4052% 3/15/45 (b)(c) <br>| 1865000  | 1719141  |
|  Class E, 4.4052% 3/15/45 (b)(c) <br>| 4999000  | 4155791  |
|  Series 2013-C13 Class D, 4.2887% 5/15/45 (b)(c)  | 1499000  | 1441970  |
|  Series 2013-C16 Class D, 5.148% 9/15/46 (b)(c)  | 668000  | 600844  |
|  WFCM Series 2022-C62 Class D, 2.5% 4/15/55 (b)  | 2352000  | 1342936  |
|  Worldwide Plaza Trust Series 2017-WWP Class F, 3.7154% 11/10/36 (b)(c)  | 1695000  | 955571  |
|  WP Glimcher Mall Trust Series 2015-WPG:  |  |  |
|  Class PR1, 3.6332% 6/5/35 (b)(c)  | 1638000  | 1296907  |
|  Class PR2, 3.6332% 6/5/35 (b)(c)  | 4354000  | 3230144  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $692,971,832)  |  | **585916221**  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 0.0%**  | &nbsp;&nbsp; **Common Stocks - 0.0%**  | &nbsp;&nbsp; **Common Stocks - 0.0%**  |
|  | Shares  | Value ($) <br>|
| Diversified Financial Services - 0.0%  |  |  |
|  Cyxtera Technologies, Inc. Class A (h) <br> (Cost $919,192)  | 92200  | **180712**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 2.2%**  | &nbsp;&nbsp; **Preferred Stocks - 2.2%**  | &nbsp;&nbsp; **Preferred Stocks - 2.2%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 0.2%  |  |  |
| Homebuilders/Real Estate - 0.2%  |  |  |
|  RLJ Lodging Trust Series A, 1.95%  | 70550  | 1742585  |
| Nonconvertible Preferred Stocks - 2.0%  |  |  |
| Diversified Financial Services - 0.5%  |  |  |
|  AGNC Investment Corp. Series E, 6.50% (c)  | 97792  | 2116219  |
|  MFA Financial, Inc. Series B, 7.50%  | 80525  | 1585537  |
|  |  | 3701756  |
| Homebuilders/Real Estate - 1.5%  |  |  |
|  Arbor Realty Trust, Inc. Series F, 6.25% (c)  | 92000  | 1829880  |
|  DiamondRock Hospitality Co. 8.25%  | 25800  | 637260  |
|  Digitalbridge Group, Inc.:  |  |  |
|  Series H, 7.125%  | 59229  | 1102844  |
|  Series I, 7.15%  | 71600  | 1351092  |
|  Dynex Capital, Inc. Series C 6.90% (c)  | 57707  | 1251665  |
|  Franklin BSP Realty Trust, Inc. 7.50%  | 87175  | 1638018  |
|  iStar Financial, Inc. Series G, 7.65%  | 20700  | 509427  |
|  Rexford Industrial Realty, Inc. Series B, 5.875%  | 91475  | 2074653  |
|  |  | 10394839  |
|  TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 14096595  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $18,383,049)  |  | <br> **15839180**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bank Loan Obligations - 2.6%**  | &nbsp;&nbsp; **Bank Loan Obligations - 2.6%**  | &nbsp;&nbsp; **Bank Loan Obligations - 2.6%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Diversified Financial Services - 2.6%  |  |  |
|  Agellan Portfolio 9% 8/7/25 (e)(i)  | 908000  | 908000  |
|  Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 8.7943% 1/9/24 (c)(e)(f)(i)  | 4858250  | 4615338  |
|  Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 8.3085% 1/21/27 (c)(e)(f)(i)  | 2792918  | 2792918  |
|  Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 12.3753% 11/15/23 (c)(e)(f)(i)  | 11130675  | 10685448  |
| <br> **TOTAL BANK LOAN OBLIGATIONS** <br> (Cost $19,686,253)  |  | <br> **19001704**  |

---

---

| | | |
|:---|:---|:---|
| &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>|
| Homebuilders/Real Estate - 0.0%  |  |  |
|  Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(e)  | 3000000  | 60000  |
|  Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (b)(e)  | 3100000  | 310  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $6,004,704)  |  | <br> **60310**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 7.1%**  | &nbsp;&nbsp; **Money Market Funds - 7.1%**  | &nbsp;&nbsp; **Money Market Funds - 7.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (j) <br>(Cost $51,234,326) <br>| 51224081  | **51234326**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%** <br> (Cost $850,336,417) <br>| <br>**720057450**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **2155546**  |
| **NET ASSETS - 100.0%**  | **722212996**  |

---

**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 $597,162,856 or 82.7% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(e) Level 3 security

(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(g) 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 $35,038 or 0.0% of net assets.

(h) Non-income producing

(i) 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.

(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.

---

| | | |
|:---|:---|:---|
| 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>|
| Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B4, 3.4275% 6/25/43  | 9/29/03  | 36013  |
| Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B5, 3.4275% 6/25/43  | 9/29/03  | 1275  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 52745879  | 238534508  | 240046061  | 379564  | -  | -  | 51234326  | 0.1%  |
| Total  | 52745879  | 238534508  | 240046061  | 379564  | -  | -  | 51234326  |  |

---

Amounts in the 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Financials  | 8421319  | 8421319  | -  | -  |
| Information Technology  | 180712  | 180712  | -  | -  |
| Real Estate  | 7417861  | 5675276  | 1742585  | -  |
|  Corporate Bonds  | 29987772  | -  | 29987772  | -  |
|  Asset-Backed Securities  | 17791374  | -  | 17790257  | 1117  |
|  Collateralized Mortgage Obligations  | 45851  | -  | 34944  | 10907  |
|  Commercial Mortgage Securities  | 585916221  | -  | 567126607  | 18789614  |
|  Bank Loan Obligations  | 19001704  | -  | -  | 19001704  |
|  Preferred Securities  | 60310  | -  | -  | 60310  |
|  Money Market Funds  | 51234326  | 51234326  | -  | -  |
| **Total Investments in Securities:**  | 720057450  | 65511633  | 616682165  | 37863652  |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

---

| | |
|:---|:---|
| **Investments in Securities:**  |  |
|  <u>Commercial Mortgage Securities</u>  |  |
|  Beginning Balance  | $18382360  |
|  Net Realized Gain (Loss) on Investment Securities  | (5637313)  |
|  Net Unrealized Gain (Loss) on Investment Securities  | 4803300  |
|  Cost of Purchases  | -  |
|  Proceeds of Sales  | (10614823)  |
|  Amortization/Accretion  | (536064)  |
|  Transfers into Level 3  | 16016006  |
|  Transfers out of Level 3  | (3623852)  |
|  Ending Balance  | $18789614  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(887798)  |
|  <u>Bank Loan Obligations</u>  |  |
|  Beginning Balance  | $19322516  |
|  Net Realized Gain (Loss) on Investment Securities  | 6276  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (738249)  |
|  Cost of Purchases  | 9692950  |
|  Proceeds of Sales  | (9293964)  |
|  Amortization/Accretion  | 12175  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $19001704  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(702710)  |
|  <u>Other Investments in Securities</u>  |  |
|  Beginning Balance  | $68384  |
|  Net Realized Gain (Loss) on Investment Securities  | 1760  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (106743)  |
|  Cost of Purchases  | 118617  |
|  Proceeds of Sales  | 320176  |
|  Amortization/Accretion  | (337586)  |
|  Transfers into Level 3  | 7726  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $72334  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(106743)  |
| <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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $799,102,091)  | $668823124  |  |
|  Fidelity Central Funds (cost $51,234,326)  | 51234326  |  |
|  Total Investment in Securities (cost $850,336,417)  |  | $720057450  |
|  Cash  |  | 20454  |
| Receivable for investments sold  |  | 1288628  |
|  Dividends receivable  |  | 9897  |
|  Interest receivable  |  | 3548923  |
|  Distributions receivable from Fidelity Central Funds  |  | 154465  |
|  Prepaid expenses  |  | 1066  |
| **Total assets**  |  | 725080883  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $1873249  |  |
|  Distributions payable  | 386720  |  |
|  Accrued management fee  | 417849  |  |
|  Other affiliated payables  | 31714  |  |
|  Audit fee payable  | 156980  |  |
|  Other payables and accrued expenses  | 1375  |  |
| **Total Liabilities**  |  | 2867887  |
| **Net Assets**  |  | $722212996  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $887160463  |
|  Total accumulated earnings (loss)  |  | (164947467)  |
|  **Net Assets**  |  | $722212996  |
|  **Net Asset Value** , offering price and redemption price per share ($722,212,996 ÷ 100,683,668 shares)  |  | $7.17  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $1182314  |
| Interest  |  | 42353470  |
| Income from Fidelity Central Funds  |  | 379564  |
| **Total Income**  |  | 43915348  |
|  **Expenses**  |  |  |
| Management fee  | $5831556  |  |
| Transfer agent fees  | 125380  |  |
| Accounting fees and expenses  | 338395  |  |
| Custodian fees and expenses  | 6334  |  |
| Independent trustees' fees and expenses  | 2949  |  |
| Audit  | 186045  |  |
| Legal  | 592  |  |
| Miscellaneous  | 8715  |  |
| Total expenses before reductions  | 6499966  |  |
| Expense reductions  | (17038)  |  |
| Total expenses after reductions  |  | 6482928  |
| **Net Investment income (loss)**  |  | 37432420  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (18182556)  |  |
| Total net realized gain (loss)  |  | (18182556)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (98119750)  |
| **Net gain (loss)**  |  | (116302306)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(78869886)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $37432420  | $32403728  |
| &nbsp;&nbsp; Net realized gain (loss)  | (18182556) <br>| 1569874 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (98119750)  | 45558308 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (78869886) <br>| 79531910 <br>|
| Distributions to shareholders  | (35148510) <br>| (35060206) <br>|
| Distributions to shareholders from tax return of capital  | (3443243) <br>| - <br>|
| **Total Distributions**  | (38591753) <br>| (35060206) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1542700  | 118054500  |
| Reinvestment of distributions  | 34056356 <br>| 31502367 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (141867241)  | (5109731)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (106268185) <br>| 144447136 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (223729824) <br>| 188918840 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 945942820  | 757023980 <br>|
| &nbsp;&nbsp; End of period  | $722212996  | $945942820  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 206697  | 14527015  |
| Issued in reinvestment of distributions  | 4453015 <br>| 3876956 <br>|
| &nbsp;&nbsp; Redeemed  | (18754870)  | (626815)  |
| &nbsp;&nbsp; Net increase (decrease)  | (14095158)  | 17777156  |

---

**Financial Highlights** 

 **Fidelity® Real Estate High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.24  | $7.80  | $8.77  | $8.44  | $8.60  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .345  | .305  | .341  | .418  | .417  |
| Net realized and unrealized gain (loss)  | (1.059)  | .469  | (.972)  | .338  | (.148)  |
| Total from investment operations  | (.714)  | .774  | (.631)  | .756  | .269  |
| Distributions from net investment income  | (.324)  | (.334)  | (.339)  | (.426)  | (.429)  |
| Tax return of capital  | (.032)  | -  | -  | -  | -  |
| Total distributions  | (.356)  | (.334)  | (.339)  | (.426)  | (.429)  |
| Net asset value, end of period  | $7.17  | $8.24  | $7.80  | $8.77  | $8.44  |
| **Total Return** <sup>C</sup>  | (8.84)%  | 10.07%  | (7.06)%  | 9.15%  | 3.23%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | .78%  | .78%  | .79%  | .80%  | .80%  |
| Expenses net of fee waivers, if any  | .78%  | .78%  | .79%  | .80%  | .80%  |
| Expenses net of all reductions  | .78%  | .78%  | .79%  | .79%  | .80%  |
| Net investment income (loss)  | 4.48%  | 3.74%  | 4.41%  | 4.83%  | 4.91%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $722213  | $945943  | $757024  | $821523  | $732992  |
| Portfolio turnover rate <sup>F</sup>  | 16%  | 22%  | 27%  | 26%  | 13% <sup>G</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *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.*

<sup>E</sup> *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.*

<sup>F</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>G</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

**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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, bank loan obligations, 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. 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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. 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.

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 Input <sup>A</sup>  |
| Bank Loan Obligations  | $19001704  | Discounted cash flow  | Yield  | 8.8% - 20.4% / 15.8%  | Decrease  |
| Preferred Securities  | $60310  | Indicative market price  | Evaluated bid  | $0.00 - $2.00 / $1.99  | Increase  |
| Asset-Backed Securities  | $1117  | Indicative market price  | Evaluated bid  | $0.00 - $0.01 / $0.01  | Increase  |
| Commercial Mortgage Securities  | $18789614  | Indicative market price  | Evaluated bid  | $0.01 - $94.99 / $62.79  | Increase  |
| Collateralized Mortgage Obligations  | $10907  | Indicative market price  | Evaluated bid  | $1.01 - $22.10 / $16.76  | Increase  |

---

<sup>A</sup> *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, 2022 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 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. 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, 2022, 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, tax return of capital 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**  | $5932153  |
| **Gross unrealized depreciation**  | <u>(136280387)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(130348234)</u>  |
| **Tax Cost**  | <u>$850405684</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(31437629)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(130348234)</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  | $(10443799)  |
| Long-term  | <u>(20993830)</u>  |
| Total capital loss carryforward  | <u>$(31437629)</u>  |

---

For the period ended November 30, 2022, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $35148510  | $35060206  |
| **Return of Capital**  | <u>$3443243</u>  | <u>$-</u>  |
| **Total**  | <u>$38591753</u>  | <u>$35060206</u>  |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**LIBOR Accounting Pronouncement.** In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Real Estate High Income Fund**  | 133110322  | 252328662  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .70% of the Fund's average net assets.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .02% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Real Estate High Income Fund**  | .04  |

---

**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 Real Estate High Income Fund**  | $71  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Real Estate High Income Fund**  | $1471  |

---

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,042.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $14,996.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Number of Unaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| Fidelity Real Estate High Income Fund  | 3  | 61%  |

---

**9. Credit and Liquidity Risk.**

The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities. As these securities have a higher degree of sensitivity to changes in economic conditions, including real estate values, the risk of default is higher, and the liquidity and/or value of such securities may be adversely affected.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 by correspondence with the custodian, agent banks 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 13, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at .

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity® Real Estate High Income Fund**  | .77%  |  |  |  |
| **Actual**  |  | $1000  | $962.20  | $3.79  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.21  | $3.90  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com* .

The fund designates $32,106,051 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $33,800,652 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 1% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 4% of the dividends 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 designates 6% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87677_2.jpg) <br>

1.734092.123 REHI-ANN-0123

**Fidelity Advisor® Series Growth Opportunities Fund**

**Annual Report**

**November 30, 2022**

![](img87696_1.jpg)

![](img87696_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2614)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2614)** |
| **[Financial Statements](#Sec_FinancialStatements2614)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Fidelity Advisor® Series Growth Opportunities Fund  | &nbsp;&nbsp; -32.42%  | &nbsp;&nbsp; 16.76%  | &nbsp;&nbsp; 15.15%  |

---

<sup>A</sup> From November 07, 2013

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Growth Opportunities Fund, on November 07, 2013, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.  |
| ![](img87696_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Kyle Weaver:**

For the fiscal year ending November 30, 2022, the fund returned -32.42%, trailing the -21.59% result of the benchmark, the Russell 3000® Growth Index. Versus the benchmark, security selection was the primary detractor, especially within consumer discretionary. Weak picks in the information technology sector, primarily within the software & services industry, also hurt. Also hampering our result was an overweighting in communication services. The fund's biggest individual relative detractor was an overweighting in Carvana, which returned -97% the past year. Also hindering performance was our outsized stake in Roku, which returned -74%. Another key detractor was our out-of-benchmark position in Sea Limited (-79%). Conversely, the largest contributor to performance versus the benchmark was an overweighting in energy. Also helping was an underweighting in consumer discretionary and an overweighting in utilities. Our non-benchmark stake in T-Mobile was the fund's biggest individual relative contributor, driven by an advance of 39%. This was among the fund's biggest holdings. The fund's non-benchmark position in Exxon Mobil, a position we established this period, gained 44%. Another notable relative contributor was our overweighting in Hess (+109%), another investment we established this period. Notable changes in positioning include a lower allocation to the consumer discretionary and communication services sectors.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 8.0  |
| Alphabet, Inc. Class C  | 5.1  |
| Amazon.com, Inc.  | 4.1  |
| T-Mobile U.S., Inc.  | 4.1  |
| NVIDIA Corp.  | 3.4  |
| Apple, Inc.  | 3.0  |
| Antero Resources Corp.  | 2.7  |
| Uber Technologies, Inc.  | 2.4  |
| UnitedHealth Group, Inc.  | 2.1  |
| Tesla, Inc.  | 2.1  |
|  | 37.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 39.2  |
| Communication Services  | 15.7  |
| Health Care  | 12.6  |
| Consumer Discretionary  | 12.4  |
| Energy  | 10.0  |
| Materials  | 2.7  |
| Utilities  | 2.6  |
| Industrials  | 2.4  |
| Financials  | 1.6  |
| Consumer Staples  | 0.3  |
| Real Estate  | 0.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87696_6.jpg)  |
| *Foreign investments - 12.3%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87696_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.3%**  | &nbsp;&nbsp; **Common Stocks - 97.3%**  | &nbsp;&nbsp; **Common Stocks - 97.3%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 15.6%  |  |  |
| Diversified Telecommunication Services - 0.0%  |  |  |
|  AT&T, Inc.  | 7300  | 140744  |
|  Cellnex Telecom SA (a)  | 2100  | 72216  |
|  Starry Group Holdings, Inc. Class A (b)  | 54022  | 10156  |
|  |  | 223116  |
| Entertainment - 1.3%  |  |  |
|  Netflix, Inc. (b)  | 4400  | 1344332  |
|  Roku, Inc. Class A (b)  | 50096  | 2974200  |
|  Sea Ltd. ADR (b)  | 84540  | 4934600  |
|  |  | 9253132  |
| Interactive Media & Services - 9.0%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (b)  | 129500  | 13078205  |
|  Class C (b)  | 356060  | 36122287  |
|  Epic Games, Inc. (b)(c)(d)  | 2200  | 1863070  |
|  Meta Platforms, Inc. Class A (b)  | 64789  | 7651581  |
|  Snap, Inc. Class A (b)  | 86500  | 891815  |
|  Zoominfo Technologies, Inc. (b)  | 129784  | 3711822  |
|  |  | 63318780  |
| Media - 1.2%  |  |  |
|  Charter Communications, Inc. Class A (b)  | 3700  | 1447773  |
|  Innovid Corp. (b)(c)  | 35509  | 105107  |
|  Magnite, Inc. (b)  | 235602  | 2617538  |
|  TechTarget, Inc. (b)  | 47100  | 2150586  |
|  The Trade Desk, Inc. (b)  | 39355  | 2051970  |
|  |  | 8372974  |
| Wireless Telecommunication Services - 4.1%  |  |  |
|  T-Mobile U.S., Inc. (b)  | 188824  | 28599283  |
|  TOTAL COMMUNICATION SERVICES  |  | 109767285  |
| CONSUMER DISCRETIONARY - 11.7%  |  |  |
| Auto Components - 0.1%  |  |  |
|  Aptiv PLC (b)  | 4800  | 512016  |
|  Mobileye Global, Inc.  | 5700  | 162507  |
|  |  | 674523  |
| Automobiles - 2.1%  |  |  |
|  General Motors Co.  | 3600  | 146016  |
|  Neutron Holdings, Inc. (b)(c)(d)  | 77208  | 1652  |
|  Rad Power Bikes, Inc. (b)(c)(d)  | 13874  | 60491  |
|  Rivian Automotive, Inc.  | 1700  | 54468  |
|  Tesla, Inc. (b)  | 73360  | 14283192  |
|  |  | 14545819  |
| Diversified Consumer Services - 0.0%  |  |  |
|  Duolingo, Inc. (b)  | 1500  | 104505  |
| Hotels, Restaurants & Leisure - 0.1%  |  |  |
|  Airbnb, Inc. Class A (b)  | 2827  | 288750  |
|  Domino's Pizza, Inc.  | 200  | 77746  |
|  Sonder Holdings, Inc. (b)(e)  | 53918  | 95435  |
|  Sonder Holdings, Inc.:  |  |  |
|  rights (b)(d)  | 1133  | 804  |
|  rights (b)(d)  | 1132  | 679  |
|  rights (b)(d)  | 1132  | 589  |
|  rights (b)(d)  | 1132  | 509  |
|  rights (b)(d)  | 1132  | 441  |
|  rights (b)(d)  | 1132  | 396  |
|  |  | 465349  |
| Household Durables - 0.0%  |  |  |
|  Lennar Corp. Class A  | 800  | 70264  |
| Internet & Direct Marketing Retail - 8.1%  |  |  |
|  Amazon.com, Inc. (b)  | 300280  | 28989031  |
|  Cazoo Group Ltd. Class A (b)(e)  | 518358  | 139957  |
|  Doordash, Inc. (b)  | 51872  | 3021544  |
|  FSN E-Commerce Ventures Private Ltd.  | 607320  | 1294184  |
|  Global-e Online Ltd. (b)  | 108831  | 2347485  |
|  Lyft, Inc. (b)  | 276072  | 3097528  |
|  Uber Technologies, Inc. (b)  | 581276  | 16938383  |
|  Wayfair LLC Class A (b)  | 26186  | 959455  |
|  |  | 56787567  |
| Specialty Retail - 0.6%  |  |  |
|  Auto1 Group SE (a)(b)  | 463968  | 4053752  |
|  Carvana Co. Class A (b)(e)  | 60800  | 468768  |
|  |  | 4522520  |
| Textiles, Apparel & Luxury Goods - 0.7%  |  |  |
|  Bombas LLC (b)(c)(d)  | 174908  | 620923  |
|  lululemon athletica, Inc. (b)  | 12101  | 4602131  |
|  |  | 5223054  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 82393601  |
| CONSUMER STAPLES - 0.2%  |  |  |
| Beverages - 0.1%  |  |  |
|  Boston Beer Co., Inc. Class A (b)  | 2000  | 768740  |
| Food Products - 0.1%  |  |  |
|  Local Bounti Corp. (b)(e)  | 187297  | 393324  |
| Tobacco - 0.0%  |  |  |
|  JUUL Labs, Inc. Class B (b)(c)(d)  | 709  | 3169  |
|  Philip Morris International, Inc.  | 2100  | 209307  |
|  |  | 212476  |
|  TOTAL CONSUMER STAPLES  |  | 1374540  |
| ENERGY - 10.0%  |  |  |
| Oil, Gas & Consumable Fuels - 10.0%  |  |  |
|  Antero Resources Corp. (b)  | 516700  | 18885385  |
|  Canadian Natural Resources Ltd.  | 142400  | 8501761  |
|  Cenovus Energy, Inc. (Canada)  | 303800  | 6041445  |
|  Cheniere Energy, Inc.  | 3900  | 683904  |
|  Exxon Mobil Corp.  | 112300  | 12503482  |
|  Hess Corp.  | 70000  | 10073700  |
|  Imperial Oil Ltd.  | 18056  | 1027265  |
|  Ovintiv, Inc.  | 130700  | 7287832  |
|  Range Resources Corp.  | 14400  | 415728  |
|  Tourmaline Oil Corp.  | 85900  | 5228140  |
|  |  | 70648642  |
| FINANCIALS - 1.6%  |  |  |
| Banks - 1.5%  |  |  |
|  Starling Bank Ltd. Series D (b)(c)(d)  | 244400  | 874852  |
|  Wells Fargo & Co.  | 202400  | 9705080  |
|  |  | 10579932  |
| Capital Markets - 0.1%  |  |  |
|  LPL Financial  | 2300  | 544433  |
|  TOTAL FINANCIALS  |  | 11124365  |
| HEALTH CARE - 12.5%  |  |  |
| Biotechnology - 2.5%  |  |  |
|  ADC Therapeutics SA (b)  | 9700  | 35502  |
|  Agios Pharmaceuticals, Inc. (b)(e)  | 32141  | 968730  |
|  Alnylam Pharmaceuticals, Inc. (b)  | 9863  | 2175679  |
|  ALX Oncology Holdings, Inc. (b)  | 25200  | 279720  |
|  Arcutis Biotherapeutics, Inc. (b)  | 7700  | 132671  |
|  Argenx SE ADR (b)  | 6290  | 2503231  |
|  Ascendis Pharma A/S sponsored ADR (b)  | 8116  | 998755  |
|  Blueprint Medicines Corp. (b)  | 4400  | 210276  |
|  Celldex Therapeutics, Inc. (b)  | 22700  | 841943  |
|  Cytokinetics, Inc. (b)  | 48641  | 2067243  |
|  Erasca, Inc. (b)  | 61629  | 465299  |
|  Exelixis, Inc. (b)  | 61209  | 1045450  |
|  Gilead Sciences, Inc.  | 1600  | 140528  |
|  Icosavax, Inc. (b)  | 29300  | 97862  |
|  Instil Bio, Inc. (b)  | 68500  | 91105  |
|  Keros Therapeutics, Inc. (b)  | 14100  | 702744  |
|  Moderna, Inc. (b)  | 400  | 70364  |
|  Monte Rosa Therapeutics, Inc. (b)  | 20023  | 169795  |
|  Morphic Holding, Inc. (b)  | 17000  | 467840  |
|  Natera, Inc. (b)  | 1400  | 57568  |
|  Nuvalent, Inc. Class A (b)  | 16700  | 549096  |
|  PTC Therapeutics, Inc. (b)  | 1500  | 62235  |
|  Relay Therapeutics, Inc. (b)  | 53  | 985  |
|  Tenaya Therapeutics, Inc. (b)  | 14500  | 38425  |
|  TG Therapeutics, Inc. (b)  | 32000  | 282240  |
|  Vaxcyte, Inc. (b)  | 52102  | 2399818  |
|  Verve Therapeutics, Inc. (b)  | 9400  | 218362  |
|  Zentalis Pharmaceuticals, Inc. (b)  | 32800  | 725536  |
|  |  | 17799002  |
| Health Care Equipment & Supplies - 2.3%  |  |  |
|  Blink Health LLC Series A1 (b)(c)(d)  | 1597  | 61772  |
|  Boston Scientific Corp. (b)  | 173201  | 7840809  |
|  Insulet Corp. (b)  | 4845  | 1450448  |
|  Penumbra, Inc. (b)  | 15695  | 3288259  |
|  TransMedics Group, Inc. (b)  | 58399  | 3613146  |
|  |  | 16254434  |
| Health Care Providers & Services - 6.7%  |  |  |
|  agilon health, Inc. (b)(e)  | 244983  | 4301901  |
|  Alignment Healthcare, Inc. (b)  | 35100  | 466830  |
|  Centene Corp. (b)  | 100587  | 8756098  |
|  Guardant Health, Inc. (b)  | 35400  | 1852836  |
|  Humana, Inc.  | 19519  | 10733498  |
|  LifeStance Health Group, Inc. (b)  | 166816  | 849093  |
|  Oak Street Health, Inc. (b)  | 225702  | 4879677  |
|  P3 Health Partners, Inc. (b)(c)  | 68956  | 329610  |
|  The Oncology Institute, Inc. (b)(c)  | 28268  | 39858  |
|  UnitedHealth Group, Inc.  | 27491  | 15058470  |
|  |  | 47267871  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  Danaher Corp.  | 10897  | 2979349  |
|  Sartorius Stedim Biotech  | 4169  | 1422893  |
|  Thermo Fisher Scientific, Inc.  | 2500  | 1400550  |
|  |  | 5802792  |
| Pharmaceuticals - 0.2%  |  |  |
|  Arvinas Holding Co. LLC (b)  | 15139  | 621305  |
|  AstraZeneca PLC sponsored ADR  | 1100  | 74767  |
|  Eli Lilly & Co.  | 1100  | 408188  |
|  |  | 1104260  |
|  TOTAL HEALTH CARE  |  | 88228359  |
| INDUSTRIALS - 1.5%  |  |  |
| Aerospace & Defense - 1.4%  |  |  |
|  Lockheed Martin Corp.  | 7100  | 3444849  |
|  Northrop Grumman Corp.  | 5300  | 2826437  |
|  Space Exploration Technologies Corp. Class A (b)(c)(d)  | 3000  | 210000  |
|  The Boeing Co. (b)  | 19300  | 3452384  |
|  |  | 9933670  |
| Air Freight & Logistics - 0.1%  |  |  |
|  Delhivery Private Ltd.  | 35800  | 148566  |
|  FedEx Corp.  | 300  | 54666  |
|  |  | 203232  |
| Road & Rail - 0.0%  |  |  |
|  Bird Global, Inc.:  |  |  |
|  rights (b)(d)  | 3816  | 153  |
|  rights (b)(d)  | 3816  | 114  |
|  rights (b)(d)  | 3815  | 76  |
|  |  | 343  |
|  TOTAL INDUSTRIALS  |  | 10137245  |
| INFORMATION TECHNOLOGY - 38.8%  |  |  |
| Electronic Equipment & Components - 1.4%  |  |  |
|  Flex Ltd. (b)  | 241890  | 5316742  |
|  Jabil, Inc.  | 59400  | 4288086  |
|  |  | 9604828  |
| IT Services - 8.3%  |  |  |
|  Block, Inc. Class A (b)  | 29479  | 1997792  |
|  Cloudflare, Inc. (b)  | 29800  | 1464372  |
|  Cyxtera Technologies, Inc. Class A (b)  | 33716  | 66083  |
|  Dlocal Ltd. (b)(e)  | 231129  | 3374483  |
|  EPAM Systems, Inc. (b)  | 10700  | 3943806  |
|  Euronet Worldwide, Inc. (b)  | 1600  | 148720  |
|  Fiserv, Inc. (b)  | 700  | 73052  |
|  Flywire Corp. (b)  | 46039  | 998586  |
|  Globant SA (b)  | 3800  | 712044  |
|  GoDaddy, Inc. (b)  | 86684  | 6859305  |
|  Marqeta, Inc. Class A (b)  | 302488  | 2023645  |
|  MasterCard, Inc. Class A  | 26801  | 9551876  |
|  MongoDB, Inc. Class A (b)  | 27200  | 4153168  |
|  Nuvei Corp. (a)(b)  | 147385  | 4542677  |
|  Okta, Inc. (b)  | 6400  | 341248  |
|  Payoneer Global, Inc. (b)(c)  | 15500  | 83700  |
|  Repay Holdings Corp. (b)  | 221030  | 1958326  |
|  Shift4 Payments, Inc. (b)(e)  | 61000  | 2826740  |
|  Snowflake, Inc. (b)  | 1900  | 271510  |
|  TaskUs, Inc. (b)  | 89984  | 1769985  |
|  Visa, Inc. Class A  | 50426  | 10942442  |
|  Wix.com Ltd. (b)  | 800  | 72392  |
|  |  | 58175952  |
| Semiconductors & Semiconductor Equipment - 12.9%  |  |  |
|  Advanced Micro Devices, Inc. (b)  | 177000  | 13740510  |
|  Applied Materials, Inc.  | 55466  | 6079074  |
|  ASML Holding NV (Netherlands)  | 100  | 61052  |
|  BE Semiconductor Industries NV  | 2800  | 182385  |
|  GlobalFoundries, Inc. (b)  | 176400  | 11351340  |
|  Lam Research Corp.  | 9619  | 4543823  |
|  Marvell Technology, Inc.  | 143639  | 6682086  |
|  Microchip Technology, Inc.  | 5700  | 451383  |
|  Micron Technology, Inc.  | 18760  | 1081514  |
|  NVIDIA Corp.  | 141376  | 23925060  |
|  NXP Semiconductors NV  | 54728  | 9623372  |
|  onsemi (b)  | 163442  | 12290838  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 8600  | 713628  |
|  |  | 90726065  |
| Software - 13.2%  |  |  |
|  Adobe, Inc. (b)  | 1400  | 482902  |
|  Bill.Com Holdings, Inc. (b)  | 25000  | 3010500  |
|  Confluent, Inc. (b)(e)  | 28900  | 665567  |
|  Datadog, Inc. Class A (b)  | 36300  | 2750814  |
|  DoubleVerify Holdings, Inc. (b)  | 98540  | 2581748  |
|  Dynatrace, Inc. (b)  | 177647  | 6883821  |
|  Elastic NV (b)  | 44013  | 2693155  |
|  Five9, Inc. (b)  | 30000  | 1923300  |
|  HubSpot, Inc. (b)  | 7774  | 2355755  |
|  Intapp, Inc. (b)  | 54979  | 1270565  |
|  Intuit, Inc.  | 9113  | 3714368  |
|  Microsoft Corp.  | 221283  | 56458148  |
|  Oracle Corp.  | 22800  | 1893084  |
|  Pegasystems, Inc.  | 1900  | 68875  |
|  Salesforce.com, Inc. (b)  | 15079  | 2416410  |
|  SentinelOne, Inc. (b)  | 11927  | 172942  |
|  ServiceNow, Inc. (b)  | 7468  | 3108928  |
|  Stripe, Inc. Class B (b)(c)(d)  | 2500  | 63450  |
|  Viant Technology, Inc. (b)  | 58358  | 222928  |
|  Zscaler, Inc. (b)  | 1900  | 253555  |
|  |  | 92990815  |
| Technology Hardware, Storage & Peripherals - 3.0%  |  |  |
|  Apple, Inc.  | 144813  | 21436668  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 272934328  |
| MATERIALS - 2.6%  |  |  |
| Chemicals - 1.0%  |  |  |
|  CF Industries Holdings, Inc.  | 28100  | 3040139  |
|  Nutrien Ltd.  | 41900  | 3368760  |
|  The Mosaic Co.  | 14300  | 733590  |
|  |  | 7142489  |
| Metals & Mining - 1.6%  |  |  |
|  Alcoa Corp.  | 65000  | 3258450  |
|  ArcelorMittal SA Class A unit GDR  | 129700  | 3508385  |
|  Freeport-McMoRan, Inc.  | 98273  | 3911265  |
|  MP Materials Corp. (b)(e)  | 6500  | 216125  |
|  |  | 10894225  |
|  TOTAL MATERIALS  |  | 18036714  |
| REAL ESTATE - 0.2%  |  |  |
| Real Estate Management & Development - 0.2%  |  |  |
|  Opendoor Technologies, Inc. (b)  | 494900  | 915565  |
|  WeWork, Inc. (b)  | 161500  | 445740  |
|  |  | 1361305  |
| UTILITIES - 2.6%  |  |  |
| Electric Utilities - 1.7%  |  |  |
|  Constellation Energy Corp.  | 32433  | 3117460  |
|  ORSTED A/S (a)  | 32626  | 2856746  |
|  PG&E Corp. (b)  | 391000  | 6138700  |
|  |  | 12112906  |
| Independent Power and Renewable Electricity Producers - 0.9%  |  |  |
|  NextEra Energy Partners LP  | 78590  | 6325709  |
|  TOTAL UTILITIES  |  | 18438615  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $533,640,382)  |  | <br> **684444999**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 2.3%**  | &nbsp;&nbsp; **Preferred Stocks - 2.3%**  | &nbsp;&nbsp; **Preferred Stocks - 2.3%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 1.9%  |  |  |
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Interactive Media & Services - 0.1%  |  |  |
|  ByteDance Ltd. Series E1 (b)(c)(d)  | 4644  | 854542  |
| CONSUMER DISCRETIONARY - 0.2%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(b)(c)(d)  | 1809  | 7887  |
|  Series C(b)(c)(d)  | 7117  | 31030  |
|  Series D(b)(c)(d)  | 12697  | 55359  |
|  |  | 94276  |
| Internet & Direct Marketing Retail - 0.1%  |  |  |
|  Circle Internet Financial Ltd. Series F (c)  | 5401  | 265342  |
|  Instacart, Inc.:  |  |  |
|  Series H(b)(c)(d)  | 10566  | 465961  |
|  Series I(b)(c)(d)  | 3119  | 137548  |
|  |  | 868851  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |
|  CelLink Corp. Series D (c)(d)  | 12100  | 190938  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1154065  |
| CONSUMER STAPLES - 0.1%  |  |  |
| Food & Staples Retailing - 0.1%  |  |  |
|  GoBrands, Inc. Series G (b)(c)(d)  | 2400  | 378744  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (b)(c)(d)  | 13745  | 312012  |
| Tobacco - 0.0%  |  |  |
|  JUUL Labs, Inc.:  |  |  |
|  Series C(b)(c)(d)  | 70175  | 313682  |
|  Series D(b)(c)(d)  | 938  | 4193  |
|  |  | 317875  |
|  TOTAL CONSUMER STAPLES  |  | 1008631  |
| HEALTH CARE - 0.1%  |  |  |
| Health Care Equipment & Supplies - 0.1%  |  |  |
|  Blink Health LLC Series C (b)(c)(d)  | 15631  | 604607  |
| Health Care Technology - 0.0%  |  |  |
|  Aledade, Inc. Series E1 (c)(d)  | 5837  | 280351  |
|  TOTAL HEALTH CARE  |  | 884958  |
| INDUSTRIALS - 0.9%  |  |  |
| Aerospace & Defense - 0.7%  |  |  |
|  Relativity Space, Inc. Series E (b)(c)(d)  | 36263  | 741941  |
|  Space Exploration Technologies Corp.:  |  |  |
|  Series I(b)(c)(d)  | 3290  | 2303000  |
|  Series N(b)(c)(d)  | 2559  | 1791300  |
|  |  | 4836241  |
| Construction & Engineering - 0.2%  |  |  |
|  Beta Technologies, Inc. Series A (b)(c)(d)  | 15188  | 1251795  |
|  TOTAL INDUSTRIALS  |  | 6088036  |
| INFORMATION TECHNOLOGY - 0.4%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  Enevate Corp. Series E (b)(c)(d)  | 285844  | 157214  |
| IT Services - 0.1%  |  |  |
|  Yanka Industries, Inc.:  |  |  |
|  Series E(b)(c)(d)  | 19716  | 219439  |
|  Series F(b)(c)(d)  | 13160  | 146471  |
|  |  | 365910  |
| Semiconductors & Semiconductor Equipment - 0.1%  |  |  |
|  GaN Systems, Inc.:  |  |  |
|  Series F1(c)(d)  | 10622  | 58527  |
|  Series F2(c)(d)  | 5609  | 30906  |
|  SiMa.ai:  |  |  |
|  Series B(b)(c)(d)  | 40700  | 253968  |
|  Series B1(c)(d)  | 5810  | 42413  |
|  Xsight Labs Ltd. Series D (b)(c)(d)  | 17400  | 122496  |
|  |  | 508310  |
| Software - 0.2%  |  |  |
|  Convoy, Inc. Series D (b)(c)(d)  | 93888  | 890997  |
|  Databricks, Inc. Series G (b)(c)(d)  | 6600  | 311850  |
|  Mountain Digital, Inc. Series D (c)(d)  | 28106  | 331651  |
|  Stripe, Inc. Series H (b)(c)(d)  | 1100  | 27918  |
|  Tenstorrent, Inc. Series C1 (b)(c)(d)  | 1200  | 64128  |
|  |  | 1626544  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 2657978  |
| MATERIALS - 0.1%  |  |  |
| Metals & Mining - 0.1%  |  |  |
|  Diamond Foundry, Inc. Series C (b)(c)(d)  | 23194  | 752181  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 13400391  |
| Nonconvertible Preferred Stocks - 0.4%  |  |  |
| CONSUMER DISCRETIONARY - 0.4%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Neutron Holdings, Inc. Series 1C (b)(c)(d)  | 1387600  | 29695  |
|  Waymo LLC Series A2 (b)(c)(d)  | 2896  | 133477  |
|  |  | 163172  |
| Internet & Direct Marketing Retail - 0.4%  |  |  |
|  Circle Internet Financial Ltd. Series E (c)  | 53240  | 2615591  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 2778763  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| IT Services - 0.0%  |  |  |
|  Gupshup, Inc. (b)(c)(d)  | 17900  | 317725  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 3096488  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $13,935,824)  |  | <br> **16496879**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  | &nbsp;&nbsp; **Convertible Bonds - 0.1%**  |
|  | Principal <br> Amount (f) <br>| Value ($) <br>|
| CONSUMER DISCRETIONARY - 0.1%  |  |  |
| Automobiles - 0.1%  |  |  |
|  Neutron Holdings, Inc.:  |  |  |
|  4% 10/27/25 (c)(d)(g)  | 380900  | 339077  |
|  4% 5/22/27 (c)(d)  | 47700  | 41055  |
|  4% 6/12/27 (c)(d)  | 13100  | 11275  |
| (Cost $441,700)  |  | **391407**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (f) <br>| Value ($) <br>|
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  Enevate Corp. 0% 1/29/23 (c)(d)  | 121700  | 114520  |
| Semiconductors & Semiconductor Equipment - 0.0%  |  |  |
|  GaN Systems, Inc. 0% (c)(d)(h)  | 248956  | 157465  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (c)(d)(h)  | 63300  | 56894  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $433,956)  |  | <br> **328879**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.3%**  | &nbsp;&nbsp; **Money Market Funds - 1.3%**  | &nbsp;&nbsp; **Money Market Funds - 1.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (i)  | 2313908  | 2314371  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (i)(j)  | 6707467  | 6708138  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $9,022,509)  |  | **9022509**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%** <br> (Cost $557,474,371) <br>| <br>**710684673**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(7007857)**  |
| **NET ASSETS - 100.0%**  | **703676816**  |

---

**Legend**

(a) 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 $11,525,391 or 1.6% of net assets.

(b) Non-income producing

(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 $21,534,819 or 3.1% of net assets.

(d) Level 3 security

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br>|
| Aledade, Inc. Series E1  | 5/20/22  | 290767  |
| Beta Technologies, Inc. Series A  | 4/09/21  | 1112825  |
| Blink Health LLC Series A1  | 12/30/20  | 43263  |
| Blink Health LLC Series C  | 11/07/19 - 7/14/21  | 596729  |
| Bombas LLC  | 2/16/21 - 11/12/21  | 830401  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 828127  |
| ByteDance Ltd. Series E1  | 11/18/20  | 508862  |
| CelLink Corp. Series D  | 1/20/22  | 251969  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 864100  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 227598  |
| Convoy, Inc. Series D  | 10/30/19  | 1271244  |
| Databricks, Inc. Series G  | 2/01/21  | 390209  |
| Diamond Foundry, Inc. Series C  | 3/15/21  | 556656  |
| Enevate Corp. Series E  | 1/29/21  | 316911  |
| Enevate Corp. 0% 1/29/23  | 1/29/21  | 121700  |
| Epic Games, Inc.  | 7/13/20 - 3/29/21  | 1730000  |
| GaN Systems, Inc. Series F1  | 11/30/21  | 90075  |
| GaN Systems, Inc. Series F2  | 11/30/21  | 47564  |
| GaN Systems, Inc. 0%  | 11/30/21  | 248956  |
| GoBrands, Inc. Series G  | 3/02/21  | 599322  |
| Gupshup, Inc.  | 6/08/21  | 409287  |
| Innovid Corp.  | 6/24/21  | 355090  |
| Instacart, Inc. Series H  | 11/13/20  | 633960  |
| Instacart, Inc. Series I  | 2/26/21  | 389875  |
| JUUL Labs, Inc. Class B  | 11/21/17  | 0  |
| JUUL Labs, Inc. Series C  | 5/22/15  | 0  |
| JUUL Labs, Inc. Series D  | 6/25/18  | 0  |
| Mountain Digital, Inc. Series D  | 11/05/21  | 645463  |
| Neutron Holdings, Inc.  | 2/04/21  | 772  |
| Neutron Holdings, Inc. Series 1C  | 7/03/18  | 253709  |
| Neutron Holdings, Inc. 4% 10/27/25  | 10/29/21  | 380900  |
| Neutron Holdings, Inc. 4% 5/22/27  | 6/04/20  | 47700  |
| Neutron Holdings, Inc. 4% 6/12/27  | 6/12/20  | 13100  |
| P3 Health Partners, Inc.  | 5/25/21  | 689560  |
| Payoneer Global, Inc.  | 2/03/21  | 155000  |
| Rad Power Bikes, Inc.  | 1/21/21  | 66926  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 8726  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 34331  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 121686  |
| Relativity Space, Inc. Series E  | 5/27/21  | 828069  |
| SiMa.ai Series B  | 5/10/21  | 208685  |
| SiMa.ai Series B1  | 4/25/22 - 10/17/22  | 41198  |
| Space Exploration Technologies Corp. Class A  | 2/16/21  | 125997  |
| Space Exploration Technologies Corp. Series I  | 4/05/18  | 556010  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 690930  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 468193  |
| Stripe, Inc. Class B  | 5/18/21  | 100321  |
| Stripe, Inc. Series H  | 3/15/21  | 44138  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 71345  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 63300  |
| The Oncology Institute, Inc.  | 6/28/21  | 282680  |
| Waymo LLC Series A2  | 5/08/20  | 248671  |
| Xsight Labs Ltd. Series D  | 2/16/21  | 139130  |
| Yanka Industries, Inc. Series E  | 5/15/20  | 238154  |
| Yanka Industries, Inc. Series F  | 4/08/21  | 419499  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 2387842  | 374022798  | 374096269  | 61306  | -  | -  | 2314371  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 47492497  | 308469741  | 349254100  | 141347  | -  | -  | 6708138  | 0.0%  |
| Total  | 49880339  | 682492539  | 723350369  | 202653  | -  | -  | 9022509  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 110621827  | 107831999  | 72216  | 2717612  |
| Consumer Discretionary  | 86326429  | 76359181  | 8228869  | 1738379  |
| Consumer Staples  | 2383171  | 1371371  | -  | 1011800  |
| Energy  | 70648642  | 70648642  | -  | -  |
| Financials  | 11124365  | 10249513  | -  | 874852  |
| Health Care  | 89113317  | 86743694  | 1422893  | 946730  |
| Industrials  | 16225281  | 9778336  | 148566  | 6298379  |
| Information Technology  | 275910031  | 272627441  | 243437  | 3039153  |
| Materials  | 18788895  | 18036714  | -  | 752181  |
| Real Estate  | 1361305  | 1361305  | -  | -  |
| Utilities  | 18438615  | 15581869  | 2856746  | -  |
|  Corporate Bonds  | 391407  | -  | -  | 391407  |
|  Preferred Securities  | 328879  | -  | -  | 328879  |
|  Money Market Funds  | 9022509  | 9022509  | -  | -  |
| **Total Investments in Securities:**  | 710684673  | 679612574  | 12972727  | 18099372  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (38467)  | -  | -  | (38467)  |
| **Total**  | (38467)  | -  | -  | (38467)  |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

---

| | |
|:---|:---|
| **Investments in Securities:**  |  |
|  <u>Industrials</u>  |  |
|  Beginning Balance  | $7139469  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (671123)  |
|  Cost of Purchases  | -  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | -  |
|  Transfers out of Level 3  | (169967)  |
|  Ending Balance  | $6298379  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(671123)  |
|  <u>Other Investments in Securities</u>  |  |
|  Beginning Balance  | $17135400  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (6036333)  |
|  Cost of Purchases  | 658256  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 43670  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $11800993  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2022  | $(6036333)  |
| <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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,582,000) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $548,451,862)  | $701662164  |  |
|  Fidelity Central Funds (cost $9,022,509)  | 9022509  |  |
|  Total Investment in Securities (cost $557,474,371)  |  | $710684673  |
|  Foreign currency held at value (cost $189)  |  | 192  |
| Receivable for investments sold  |  | 721782  |
|  Receivable for fund shares sold  |  | 50071258  |
|  Dividends receivable  |  | 436177  |
|  Interest receivable  |  | 15139  |
|  Distributions receivable from Fidelity Central Funds  |  | 13117  |
|  Receivable from investment adviser for expense reductions  |  | 1150  |
| **Total assets**  |  | 761943488  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $51346197  |  |
|  Unrealized depreciation on unfunded commitments  | 38467  |  |
|  Payable for fund shares redeemed  | 21326  |  |
|  Other payables and accrued expenses  | 151492  |  |
|  Collateral on securities loaned  | 6709190  |  |
| **Total Liabilities**  |  | 58266672  |
| **Net Assets**  |  | $703676816  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $598105446  |
|  Total accumulated earnings (loss)  |  | 105571370  |
|  **Net Assets**  |  | $703676816  |
|  **Net Asset Value** , offering price and redemption price per share ($703,676,816 ÷ 73,092,221 shares)  |  | $9.63  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $3722229  |
| Interest  |  | 11510  |
| Income from Fidelity Central Funds (including $141,347 from security lending)  |  | 202653  |
| **Total Income**  |  | 3936392  |
|  **Expenses**  |  |  |
| Custodian fees and expenses  | 49524  |  |
| Independent trustees' fees and expenses  | 2434  |  |
| Interest  | 5185  |  |
| Total expenses before reductions  | 57143  |  |
| Expense reductions  | (28991)  |  |
| Total expenses after reductions  |  | 28152  |
| **Net Investment income (loss)**  |  | 3908240  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $531,748)  | (46069635)  |  |
| Foreign currency transactions  | (12332)  |  |
| Total net realized gain (loss)  |  | (46081967)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $745,387)  | (225454725)  |  |
| Unfunded commitments  | (97355)  |  |
| Assets and liabilities in foreign currencies  | 10519  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (225541561)  |
| **Net gain (loss)**  |  | (271623528)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(267715288)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $3908240  | $2756361  |
| &nbsp;&nbsp; Net realized gain (loss)  | (46081967) <br>| 178515563 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (225541561)  | (30179053) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (267715288) <br>| 151092871 <br>|
| Distributions to shareholders  | (182406087) <br>| (183832859) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 362824993  | 152602013  |
| Reinvestment of distributions  | 182406087 <br>| 183832858 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (167505935)  | (240907112)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 377725145 <br>| 95527759 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (72396230) <br>| 62787771 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 776073046  | 713285275 <br>|
| &nbsp;&nbsp; End of period  | $703676816  | $776073046  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 33624140  | 8681006  |
| Issued in reinvestment of distributions  | 13132188 <br>| 11496739 <br>|
| &nbsp;&nbsp; Redeemed  | (15229553)  | (13323687)  |
| &nbsp;&nbsp; Net increase (decrease)  | 31526775  | 6854058  |

---

**Financial Highlights** 

 **Fidelity Advisor® Series Growth Opportunities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.67  | $20.55  | $16.27  | $15.46  | $13.86  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .06  | .06  | .08  | .11 <sup>C</sup>  | .10  |
| Net realized and unrealized gain (loss)  | (4.79)  | 3.39  | 7.91  | 3.56  | 2.83  |
| Total from investment operations  | (4.73)  | 3.45  | 7.99  | 3.67  | 2.93  |
| Distributions from net investment income  | (.06)  | (.11)  | (.13)  | (.11)  | (.11)  |
| Distributions from net realized gain  | (4.25)  | (5.22)  | (3.59)  | (2.75)  | (1.22)  |
| Total distributions  | (4.31)  | (5.33)  | (3.71) <sup>D</sup>  | (2.86)  | (1.33)  |
| Net asset value, end of period  | $9.63  | $18.67  | $20.55  | $16.27  | $15.46  |
| **Total Return** <sup>E</sup>  | (32.42)%  | 21.11%  | 63.04%  | 32.07%  | 23.13%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | .01%  |
| Expenses net of all reductions  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | .57%  | .35%  | .54%  | .77% <sup>C</sup>  | .69%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $703677  | $776073  | $713285  | $647544  | $636343  |
| Portfolio turnover rate <sup>I</sup>  | 97%  | 84%  | 78%  | 78% <sup>J</sup>  | 47%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .62%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount represents less than .005%.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

**1. Organization.**

Fidelity Advisor Series 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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type**  | **Fair Value**  | **Valuation Technique(s)**  | **Unobservable Input**  | **Amount or Range/Weighted Average**  | **Impact to Valuation from an Increase in Input** <sup>A</sup>  |
| Equities  | $17379086  | Recovery value  | Recovery value  | $0.00  | Increase  |
|  |  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 2.3 - 24.0 / 6.3  | Increase  |
|  |  |  | Enterprise value/Net income multiple (EV/NI)  | 14.8  | Increase  |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 7.5  | Increase  |
|  |  |  | Premium rate  | 5.0%  | Increase  |
|  |  |  | Probability rate  | 20.0% - 80.0% / 50.0%  | Increase  |
|  |  | Market approach  | Discount rate  | 10.0% - 50.0% / 35.6%  | Decrease  |
|  |  |  | Transaction price  | $1.11 - $85.87 / $34.42  | Increase  |
|  |  |  | Probability rate  | 25.0% - 75.0% / 50.0%  | Increase  |
|  |  | Discounted cash flow  | Weighted average cost of capital (WACC)  | 30.0%  | Decrease  |
|  |  |  | Exit multiple  | 2.5  | Increase  |
|  |  | Black scholes  | Volatility  | 60.0% - 100.0% / 81.1%  | Increase  |
|  |  |  | Term  | 2.0 - 5.0 / 4.3  | Increase  |
| Corporate Bonds  | $391407  | Market comparable  | Discount rate  | 29.2%  | Decrease  |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 2.9  | Increase  |
|  |  |  | Probability rate  | 10.0% - 50.0% / 33.3%  | Increase  |
|  |  | Black scholes  | Volatility  | 75.0%  | Increase  |
|  |  |  | Term  | 1.1  | Increase  |
| Preferred Securities  | $328879  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 4.8  | Increase  |
|  |  |  | Probability rate  | 10.0% - 90.0% / 50.0%  | Increase  |
|  |  | Market approach  | Discount rate  | 10.0% - 50.0% / 36.7%  | De crease  |
|  |  |  | Transaction price  | $1.11 - $100.00 / $33.93  | Increase  |
|  |  |  | Probability rate  | 25.0% - 75.0% / 50.0%  | Increase  |
|  |  | Black scholes  | Volatility  | 70.0% - 100.0% / 90.0%  | Increase  |
|  |  |  | Term  | 2.0 - 3.0 / 2.7  | Increase  |

---

<sup>A</sup> *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, 2022, 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, 2022, 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 & 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $211360084  |
| **Gross unrealized depreciation**  | <u>(69349116)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$142010968</u>  |
| **Tax Cost**  | <u>$568635238</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2942518</u>  |
| **Capital loss carryforward**  | <u>$(39249621)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$142022600</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**  | <u>$(39249621)</u>  |
| **Total capital loss carryforward**  | <u>$(39249621)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $31798276  | $42178700  |
| **Long-term Capital Gains**  | <u>150607811</u>  | <u>141654159</u>  |
| **Total**  | <u>$182406087</u>  | <u>$183832859</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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements 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.

**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 Statements 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**  | Stripe, Inc.  | $38467  | $(38467)  |

---

**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**  | 871935380  | 676826382  |

---

**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**  | $13624  |

---

**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 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  | $11645550  | .80%  | $5185  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 100956969  | 40780020  | 1239515  |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)**  |
| **Fidelity Advisor Series Growth Opportunities Fund**  | 2255  |

---

**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. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $15110  | $254  | $-  |

---

**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, 2026. 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 $28,991.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 12, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Series Growth Opportunities Fund**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $952.50  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.07  | $- <sup>E</sup> <br>|

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates 6% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 8% 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 2023 of amounts for use in preparing 2022 income tax returns.

![](img87696_2.jpg) <br>

1.967930.109 AXS3-ANN-0123

**Fidelity Advisor® Series Small Cap Fund**

**Annual Report**

**November 30, 2022**

![](img87695_1.jpg)

![](img87695_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2613)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2613)** |
| **[Financial Statements](#Sec_FinancialStatements2613)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Fidelity Advisor® Series Small Cap Fund  | &nbsp;&nbsp; -13.01%  | &nbsp;&nbsp; 8.29%  | &nbsp;&nbsp; 8.40%  |

---

<sup>A</sup> From November 07, 2013

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Small Cap Fund, on November 07, 2013, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.  |
| ![](img87695_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Portfolio Manager Jennifer Fo Cardillo:**

For the fiscal year ending November 30, 2022, the fund returned -13.01%, performing in line with the -13.01% result of the benchmark Russell 2000® Index. Versus the benchmark, security selection was the primary contributor, led by the industrials sector. Picks among information technology stocks also helped, as did investment choices in consumer discretionary, especially retailing firms. The biggest individual relative contributor was an overweight position in Antero Resources (+104%), which was among the portfolio's biggest holdings. A non-benchmark stake in LPL Financial Holdings gained about 50% and added value as well. We reduced our position in the company the past year. Another notable relative contributor was outsized exposure to Extreme Networks (+56%), one of our biggest holdings as of November 30. Conversely, the primary detractor from performance versus the benchmark was an underweighting in the market-leading energy sector. Weak investment choices in financials, especially banks, also hampered the fund's relative return. Further pressuring the portfolio's relative performance was an overweighting in information technology. Our largest individual relative detractor was an out-of-benchmark investment in Syneos Health (-64%). An overweighting in Synaptics (-62%) hurt as well. Further pressuring performance was our outsized stake in TechTarget, which returned -53%. Notable changes in positioning this period include increased exposure to the materials sector and a lower allocation to consumer discretionary stocks.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Commercial Metals Co.  | 1.7  |
| EMCOR Group, Inc.  | 1.6  |
| Extreme Networks, Inc.  | 1.6  |
| Antero Resources Corp.  | 1.5  |
| Insight Enterprises, Inc.  | 1.5  |
| Chemed Corp.  | 1.4  |
| First Interstate Bancsystem, Inc.  | 1.4  |
| Lamar Advertising Co. Class A  | 1.4  |
| Valvoline, Inc.  | 1.4  |
| Performance Food Group Co.  | 1.4  |
|  | 14.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 18.3  |
| Financials  | 16.7  |
| Information Technology  | 14.9  |
| Health Care  | 13.3  |
| Consumer Discretionary  | 11.0  |
| Materials  | 6.9  |
| Real Estate  | 4.9  |
| Energy  | 4.4  |
| Consumer Staples  | 3.8  |
| Communication Services  | 2.8  |
| Utilities  | 1.7  |
| Investment Companies  | 0.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87695_6.jpg)  |
| *Foreign investments - 15%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87695_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.7%**  | &nbsp;&nbsp; **Common Stocks - 98.7%**  | &nbsp;&nbsp; **Common Stocks - 98.7%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 2.8%  |  |  |
| Interactive Media & Services - 1.5%  |  |  |
|  Cars.com, Inc. (a)  | 242000  | 3576760  |
|  Ziff Davis, Inc. (a)  | 29584  | 2729420  |
|  |  | 6306180  |
| Media - 0.7%  |  |  |
|  TechTarget, Inc. (a)  | 59500  | 2716770  |
| Wireless Telecommunication Services - 0.6%  |  |  |
|  Gogo, Inc. (a)  | 156100  | 2449209  |
|  TOTAL COMMUNICATION SERVICES  |  | 11472159  |
| CONSUMER DISCRETIONARY - 11.0%  |  |  |
| Auto Components - 2.9%  |  |  |
|  Adient PLC (a)  | 116300  | 4528722  |
|  Fox Factory Holding Corp. (a)  | 30400  | 3225440  |
|  Patrick Industries, Inc.  | 74581  | 4171315  |
|  |  | 11925477  |
| Hotels, Restaurants & Leisure - 1.8%  |  |  |
|  Brinker International, Inc. (a)  | 59900  | 2003655  |
|  Churchill Downs, Inc.  | 19400  | 4306024  |
|  Lindblad Expeditions Holdings (a)  | 105200  | 955216  |
|  |  | 7264895  |
| Household Durables - 2.1%  |  |  |
|  Skyline Champion Corp. (a)  | 98591  | 5125746  |
|  Tempur Sealy International, Inc.  | 101800  | 3234186  |
|  |  | 8359932  |
| Internet & Direct Marketing Retail - 0.2%  |  |  |
|  Vivid Seats, Inc. Class A (b)  | 105298  | 821324  |
| Leisure Products - 0.3%  |  |  |
|  Clarus Corp.  | 134190  | 1116461  |
| Specialty Retail - 2.8%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 37450  | 1890476  |
|  Aritzia, Inc. (a)  | 43500  | 1654756  |
|  Lithia Motors, Inc. Class A (sub. vtg.) (b)  | 6000  | 1435860  |
|  Murphy U.S.A., Inc.  | 15200  | 4496312  |
|  Musti Group OYJ  | 129279  | 2066880  |
|  |  | 11544284  |
| Textiles, Apparel & Luxury Goods - 0.9%  |  |  |
|  Crocs, Inc. (a)  | 35682  | 3603882  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 44636255  |
| CONSUMER STAPLES - 3.8%  |  |  |
| Food & Staples Retailing - 2.9%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 40820  | 3071297  |
|  Performance Food Group Co. (a)  | 90600  | 5524788  |
|  Sprouts Farmers Market LLC (a)  | 87600  | 3007308  |
|  |  | 11603393  |
| Food Products - 0.9%  |  |  |
|  Nomad Foods Ltd. (a)  | 216100  | 3779589  |
|  TOTAL CONSUMER STAPLES  |  | 15382982  |
| ENERGY - 4.4%  |  |  |
| Energy Equipment & Services - 0.7%  |  |  |
|  TechnipFMC PLC (a)  | 222400  | 2757760  |
| Oil, Gas & Consumable Fuels - 3.7%  |  |  |
|  Antero Resources Corp. (a)  | 170000  | 6213500  |
|  Denbury, Inc. (a)  | 55300  | 4963728  |
|  Enviva, Inc. (b)  | 31200  | 1770600  |
|  Hess Midstream LP (b)  | 66999  | 2092379  |
|  |  | 15040207  |
|  TOTAL ENERGY  |  | 17797967  |
| FINANCIALS - 16.7%  |  |  |
| Banks - 8.5%  |  |  |
|  ConnectOne Bancorp, Inc.  | 173776  | 4559882  |
|  First Interstate Bancsystem, Inc.  | 127900  | 5578998  |
|  Independent Bank Group, Inc.  | 65034  | 4288342  |
|  Metropolitan Bank Holding Corp. (a)  | 50200  | 3189708  |
|  PacWest Bancorp  | 154300  | 4030316  |
|  Pinnacle Financial Partners, Inc.  | 53200  | 4462948  |
|  ServisFirst Bancshares, Inc.  | 56000  | 4245920  |
|  Trico Bancshares  | 77300  | 4212850  |
|  |  | 34568964  |
| Capital Markets - 2.8%  |  |  |
|  Houlihan Lokey  | 31900  | 3137365  |
|  LPL Financial  | 14900  | 3526979  |
|  Morningstar, Inc.  | 8564  | 2099293  |
|  Patria Investments Ltd.  | 189043  | 2580437  |
|  |  | 11344074  |
| Consumer Finance - 0.6%  |  |  |
|  PROG Holdings, Inc. (a)  | 117908  | 2321609  |
| Insurance - 3.0%  |  |  |
|  Old Republic International Corp.  | 150800  | 3694600  |
|  Primerica, Inc.  | 28800  | 4292064  |
|  Selective Insurance Group, Inc.  | 44927  | 4318383  |
|  |  | 12305047  |
| Thrifts & Mortgage Finance - 1.8%  |  |  |
|  Essent Group Ltd.  | 121500  | 4870935  |
|  Walker & Dunlop, Inc.  | 27900  | 2491749  |
|  |  | 7362684  |
|  TOTAL FINANCIALS  |  | 67902378  |
| HEALTH CARE - 13.3%  |  |  |
| Biotechnology - 3.8%  |  |  |
|  Avid Bioservices, Inc. (a)  | 60515  | 947665  |
|  Blueprint Medicines Corp. (a)  | 22900  | 1094391  |
|  Celldex Therapeutics, Inc. (a)  | 16700  | 619403  |
|  Cerevel Therapeutics Holdings (a)  | 45700  | 1323472  |
|  Cytokinetics, Inc. (a)  | 44700  | 1899750  |
|  Day One Biopharmaceuticals, Inc. (a)  | 28100  | 596563  |
|  Erasca, Inc. (a)  | 93800  | 708190  |
|  Exelixis, Inc. (a)  | 51900  | 886452  |
|  Instil Bio, Inc. (a)  | 89300  | 118769  |
|  Janux Therapeutics, Inc. (a)  | 38300  | 522412  |
|  Keros Therapeutics, Inc. (a)  | 13800  | 687792  |
|  Legend Biotech Corp. ADR (a)  | 17800  | 916878  |
|  Mirati Therapeutics, Inc. (a)  | 6400  | 584832  |
|  PepGen, Inc.  | 20500  | 306680  |
|  Prelude Therapeutics, Inc. (a)  | 59465  | 396632  |
|  PTC Therapeutics, Inc. (a)  | 32400  | 1344276  |
|  Relay Therapeutics, Inc. (a)  | 35800  | 665164  |
|  Xenon Pharmaceuticals, Inc. (a)  | 45100  | 1663288  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 9130  | 201956  |
|  |  | 15484565  |
| Health Care Equipment & Supplies - 3.0%  |  |  |
|  Envista Holdings Corp. (a)  | 104300  | 3558716  |
|  Heska Corp. (a)  | 9968  | 641441  |
|  Inspire Medical Systems, Inc. (a)  | 9000  | 2174130  |
|  Merit Medical Systems, Inc. (a)  | 38300  | 2757600  |
|  Tandem Diabetes Care, Inc. (a)  | 35800  | 1505390  |
|  TransMedics Group, Inc. (a)  | 27400  | 1695238  |
|  |  | 12332515  |
| Health Care Providers & Services - 4.8%  |  |  |
|  Acadia Healthcare Co., Inc. (a)  | 53100  | 4729086  |
|  Chemed Corp.  | 11300  | 5876000  |
|  Option Care Health, Inc. (a)  | 95166  | 2865448  |
|  Owens & Minor, Inc.  | 62400  | 1286064  |
|  The Ensign Group, Inc.  | 50500  | 4797500  |
|  |  | 19554098  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  BioLife Solutions, Inc. (a)  | 51700  | 1094489  |
|  Olink Holding AB ADR (a)  | 50528  | 1204082  |
|  Syneos Health, Inc. (a)  | 26100  | 920808  |
|  |  | 3219379  |
| Pharmaceuticals - 0.9%  |  |  |
|  Arvinas Holding Co. LLC (a)  | 30000  | 1231200  |
|  DICE Therapeutics, Inc. (a)  | 30100  | 1047781  |
|  Edgewise Therapeutics, Inc. (a)  | 59600  | 533420  |
|  Intra-Cellular Therapies, Inc. (a)  | 17731  | 961375  |
|  |  | 3773776  |
|  TOTAL HEALTH CARE  |  | 54364333  |
| INDUSTRIALS - 18.3%  |  |  |
| Aerospace & Defense - 0.7%  |  |  |
|  V2X, Inc. (a)  | 67400  | 2723634  |
| Building Products - 1.7%  |  |  |
|  CSW Industrials, Inc.  | 19685  | 2380901  |
|  Masonite International Corp. (a)  | 59000  | 4440930  |
|  |  | 6821831  |
| Commercial Services & Supplies - 0.7%  |  |  |
|  Tetra Tech, Inc.  | 18200  | 2813538  |
| Construction & Engineering - 2.9%  |  |  |
|  EMCOR Group, Inc.  | 43300  | 6707170  |
|  NV5 Global, Inc. (a)  | 36968  | 5342246  |
|  |  | 12049416  |
| Electrical Equipment - 1.9%  |  |  |
|  Array Technologies, Inc. (a)  | 157888  | 3306175  |
|  Atkore, Inc. (a)  | 36600  | 4470690  |
|  |  | 7776865  |
| Machinery - 1.9%  |  |  |
|  ITT, Inc.  | 39200  | 3313184  |
|  Luxfer Holdings PLC sponsored  | 138800  | 2034808  |
|  Oshkosh Corp.  | 24600  | 2264922  |
|  |  | 7612914  |
| Professional Services - 3.9%  |  |  |
|  ASGN, Inc. (a)  | 40200  | 3642120  |
|  FTI Consulting, Inc. (a)  | 19000  | 3283580  |
|  KBR, Inc.  | 104600  | 5404682  |
|  TriNet Group, Inc. (a)  | 52400  | 3797428  |
|  |  | 16127810  |
| Road & Rail - 0.8%  |  |  |
|  TFI International, Inc.  | 30100  | 3267355  |
| Trading Companies & Distributors - 3.8%  |  |  |
|  Applied Industrial Technologies, Inc.  | 27400  | 3630226  |
|  Beacon Roofing Supply, Inc. (a)  | 36100  | 2107879  |
|  Custom Truck One Source, Inc. Class A (a)  | 209002  | 1429574  |
|  GMS, Inc. (a)  | 86600  | 4252060  |
|  Rush Enterprises, Inc. Class A  | 75632  | 3897317  |
|  |  | 15317056  |
|  TOTAL INDUSTRIALS  |  | 74510419  |
| INFORMATION TECHNOLOGY - 14.9%  |  |  |
| Communications Equipment - 1.6%  |  |  |
|  Extreme Networks, Inc. (a)  | 318900  | 6687333  |
| Electronic Equipment & Components - 5.3%  |  |  |
|  Advanced Energy Industries, Inc.  | 40000  | 3705600  |
|  Fabrinet (a)  | 25600  | 3415296  |
|  Insight Enterprises, Inc. (a)  | 56798  | 5901880  |
|  Napco Security Technologies, Inc.  | 149482  | 3943335  |
|  TD SYNNEX Corp.  | 44913  | 4594600  |
|  |  | 21560711  |
| IT Services - 2.3%  |  |  |
|  Concentrix Corp.  | 38313  | 4688745  |
|  Endava PLC ADR (a)  | 33201  | 2546849  |
|  Perficient, Inc. (a)  | 27500  | 1953875  |
|  |  | 9189469  |
| Semiconductors & Semiconductor Equipment - 3.3%  |  |  |
|  AEHR Test Systems (a)(b)  | 62500  | 1629375  |
|  Ichor Holdings Ltd. (a)  | 103600  | 3085208  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 64700  | 4444243  |
|  SiTime Corp. (a)  | 13300  | 1402618  |
|  Synaptics, Inc. (a)  | 25058  | 2655396  |
|  |  | 13216840  |
| Software - 1.8%  |  |  |
|  Five9, Inc. (a)  | 21900  | 1404009  |
|  Intapp, Inc. (a)  | 124419  | 2875323  |
|  Rapid7, Inc. (a)  | 31000  | 911400  |
|  Tenable Holdings, Inc. (a)  | 60800  | 2321344  |
|  |  | 7512076  |
| Technology Hardware, Storage & Peripherals - 0.6%  |  |  |
|  Avid Technology, Inc. (a)  | 84900  | 2383992  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 60550421  |
| MATERIALS - 6.9%  |  |  |
| Chemicals - 2.8%  |  |  |
|  Element Solutions, Inc.  | 200100  | 3913956  |
|  Tronox Holdings PLC  | 147700  | 2087001  |
|  Valvoline, Inc.  | 167900  | 5537342  |
|  |  | 11538299  |
| Construction Materials - 1.3%  |  |  |
|  Eagle Materials, Inc.  | 37700  | 5140018  |
| Metals & Mining - 2.8%  |  |  |
|  Commercial Metals Co.  | 141900  | 6984317  |
|  Constellium NV (a)  | 367600  | 4576620  |
|  |  | 11560937  |
|  TOTAL MATERIALS  |  | 28239254  |
| REAL ESTATE - 4.9%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 4.1%  |  |  |
|  Essential Properties Realty Trust, Inc.  | 204392  | 4743938  |
|  Lamar Advertising Co. Class A  | 55700  | 5577798  |
|  Summit Industrial Income REIT  | 209200  | 3507014  |
|  Urban Edge Properties  | 187300  | 2946229  |
|  |  | 16774979  |
| Real Estate Management & Development - 0.8%  |  |  |
|  Cushman & Wakefield PLC (a)  | 271633  | 3102049  |
|  TOTAL REAL ESTATE  |  | 19877028  |
| UTILITIES - 1.7%  |  |  |
| Gas Utilities - 1.0%  |  |  |
|  Brookfield Infrastructure Corp. A Shares  | 88557  | 4151552  |
| Multi-Utilities - 0.7%  |  |  |
|  Telecom Plus PLC  | 90462  | 2735186  |
|  TOTAL UTILITIES  |  | 6886738  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $325,319,366)  |  | <br> **401619934**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 2.6%**  | &nbsp;&nbsp; **Money Market Funds - 2.6%**  | &nbsp;&nbsp; **Money Market Funds - 2.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (c)  | 3752713  | 3753464  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (c)(d)  | 7057530  | 7058236  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $10,811,700)  |  | **10811700**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 0.8%**  | &nbsp;&nbsp; **Equity Funds - 0.8%**  | &nbsp;&nbsp; **Equity Funds - 0.8%**  |
|  | Shares  | Value ($) <br>|
| Small Blend Funds - 0.8%  |  |  |
|  iShares Russell 2000 Index ETF (b) <br> (Cost $2,990,672)  | 16700  | **3129079**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%** <br> (Cost $339,121,738) <br>| <br>**415560713**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(8678601)**  |
| **NET ASSETS - 100.0%**  | **406882112**  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 1448899  | 145376343  | 143071778  | 71456  | -  | -  | 3753464  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 22495735  | 114960088  | 130397587  | 63644  | -  | -  | 7058236  | 0.0%  |
| Total  | 23944634  | 260336431  | 273469365  | 135100  | -  | -  | 10811700  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 11472159  | 11472159  | -  | -  |
| Consumer Discretionary  | 44636255  | 42569375  | 2066880  | -  |
| Consumer Staples  | 15382982  | 15382982  | -  | -  |
| Energy  | 17797967  | 17797967  | -  | -  |
| Financials  | 67902378  | 67902378  | -  | -  |
| Health Care  | 54364333  | 54364333  | -  | -  |
| Industrials  | 74510419  | 74510419  | -  | -  |
| Information Technology  | 60550421  | 60550421  | -  | -  |
| Materials  | 28239254  | 28239254  | -  | -  |
| Real Estate  | 19877028  | 19877028  | -  | -  |
| Utilities  | 6886738  | 4151552  | 2735186  | -  |
|  Money Market Funds  | 10811700  | 10811700  | -  | -  |
|  Equity Funds  | 3129079  | 3129079  | -  | -  |
| **Total Investments in Securities:**  | 415560713  | 410758647  | 4802066  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,129,030) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $328,310,038)  | $404749013  |  |
|  Fidelity Central Funds (cost $10,811,700)  | 10811700  |  |
|  Total Investment in Securities (cost $339,121,738)  |  | $415560713  |
|  Foreign currency held at value (cost $22)  |  | 23  |
| Receivable for investments sold  |  | 16410  |
|  Receivable for fund shares sold  |  | 193072  |
|  Dividends receivable  |  | 298133  |
|  Distributions receivable from Fidelity Central Funds  |  | 15237  |
|  Receivable from investment adviser for expense reductions  |  | 924  |
| **Total assets**  |  | 416084512  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $121690  |  |
|  Payable for fund shares redeemed  | 2018510  |  |
|  Other payables and accrued expenses  | 4474  |  |
|  Collateral on securities loaned  | 7057726  |  |
| **Total Liabilities**  |  | 9202400  |
| **Net Assets**  |  | $406882112  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $299095405  |
|  Total accumulated earnings (loss)  |  | 107786707  |
|  **Net Assets**  |  | $406882112  |
|  **Net Asset Value** , offering price and redemption price per share ($406,882,112 ÷ 33,472,695 shares)  |  | $12.16  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $3951833  |
| Income from Fidelity Central Funds (including $63,644 from security lending)  |  | 135100  |
| **Total Income**  |  | 4086933  |
|  **Expenses**  |  |  |
| Custodian fees and expenses  | 25648  |  |
| Independent trustees' fees and expenses  | 1587  |  |
| Interest  | 1658  |  |
| Total expenses before reductions  | 28893  |  |
| Expense reductions  | (12335)  |  |
| Total expenses after reductions  |  | 16558  |
| **Net Investment income (loss)**  |  | 4070375  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 36747588  |  |
| Foreign currency transactions  | 6501  |  |
| Total net realized gain (loss)  |  | 36754089  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (107069564)  |  |
| Assets and liabilities in foreign currencies  | 242  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (107069322)  |
| **Net gain (loss)**  |  | (70315233)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(66244858)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $4070375  | $3510593  |
| &nbsp;&nbsp; Net realized gain (loss)  | 36754089 <br>| 89406819 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (107069322)  | 63748699 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (66244858) <br>| 156666111 <br>|
| Distributions to shareholders  | (92151608) <br>| (15797916) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 93304376  | 48457272  |
| Reinvestment of distributions  | 92151608 <br>| 15797916 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (128622536)  | (163890152)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 56833448 <br>| (99634964) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (101563018) <br>| 41233231 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 508445130  | 467211899 <br>|
| &nbsp;&nbsp; End of period  | $406882112  | $508445130  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 7557448  | 3108160  |
| Issued in reinvestment of distributions  | 6549510 <br>| 1196812 <br>|
| &nbsp;&nbsp; Redeemed  | (10479350)  | (10736498)  |
| &nbsp;&nbsp; Net increase (decrease)  | 3627608  | (6431526)  |

---

**Financial Highlights** 

 **Fidelity Advisor® Series Small Cap Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.04  | $12.88  | $11.72  | $11.41  | $12.72  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .11  | .11  | .09  | .09  | .10  |
| Net realized and unrealized gain (loss)  | (1.91)  | 4.49  | 1.42  | 1.32  | (.58)  |
| Total from investment operations  | (1.80)  | 4.60  | 1.51  | 1.41  | (.48)  |
| Distributions from net investment income  | (.12)  | (.12)  | (.07)  | (.11) <sup>C</sup>  | (.07)  |
| Distributions from net realized gain  | (2.97)  | (.32)  | (.28)  | (.99) <sup>C</sup>  | (.76)  |
| Total distributions  | (3.08) <sup>D</sup>  | (.44)  | (.35)  | (1.10)  | (.83)  |
| Net asset value, end of period  | $12.16  | $17.04  | $12.88  | $11.72  | $11.41  |
| **Total Return** <sup>E</sup>  | (13.01)%  | 36.69%  | 13.21%  | 15.27%  | (4.02)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | .01%  |
| Expenses net of all reductions  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | -% <sup>H</sup>  |
| Net investment income (loss)  | .92%  | .68%  | .85%  | .89%  | .83%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $406882  | $508445  | $467212  | $469471  | $441154  |
| Portfolio turnover rate <sup>I</sup>  | 57%  | 51%  | 58%  | 76%  | 82%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount represents less than .005%.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

**1. Organization.**

Fidelity Advisor Series 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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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.

ETF 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 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, 2022 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. 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

**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, 2022, 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, 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**  | $108353566  |
| **Gross unrealized depreciation**  | <u>(34199106)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$74154460</u>  |
| **Tax Cost**  | <u>$341406253</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3226883</u>  |
| **Undistributed long-term capital gain**  | <u>$31231825</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$73327999</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $22701419  | $4292128  |
| **Long-term Capital Gains**  | <u>69450189</u>  | <u>11505788</u>  |
| **Total**  | <u>$92151608</u>  | <u>$15797916</u>  |

---

**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 Small Cap Fund**  | 249920839  | 280386054  |

---

**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 Small Cap Fund**  | $7818  |

---

**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 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 Small Cap Fund**  | Borrower  | $9867429  | .86%  | $1658  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 Small Cap Fund**  | 17844118  | 28096867  | 2966662  |

---

**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. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Small Cap Fund**  | $6806  | $50  | $-  |

---

**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, 2026. 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 $12,335.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Series 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 Series Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 13, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Series Small Cap Fund**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1032.30  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.07  | $- <sup>E</sup> <br>|

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

**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, 2022, $38,816,345, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 12% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 15% of the dividends 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 designates 1% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87695_2.jpg) <br>

1.967941.109 AXS5-ANN-0123

**Fidelity Advisor® Series Equity Growth Fund**

**Annual Report**

**November 30, 2022**

![](img87697_1.jpg)

![](img87697_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2645)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2645)** |
| **[Financial Statements](#Sec_FinancialStatements2645)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Fidelity Advisor® Series Equity Growth Fund  | &nbsp;&nbsp; -17.55%  | &nbsp;&nbsp; 14.64%  | &nbsp;&nbsp; 14.09%  |

---

<sup>A</sup> From June 06, 2014

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Equity Growth Fund, on June 06, 2014, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.  |
| ![](img87697_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from Co-Managers Asher Anolic and Jason Weiner:**

For the fiscal year ending November 30, 2022, the fund returned -17.55%, outperforming the -21.59% result of the benchmark Russell 3000® Growth Index. The top contributor to performance versus the benchmark was security selection in the communication services sector, primarily driven by the media & entertainment industry. Stock picks and an overweighting in health care and an overweighting in energy also helped. The fund's top individual relative contributor was an outsized stake in UnitedHealth Group, which gained approximately 25% the past year. The company was among our biggest holdings. Also lifting performance was our overweighting in Vertex Pharmaceuticals, which gained about 69%. Vertex Pharmaceuticals was among the fund's largest holdings. Avoiding Tesla, a benchmark component that returned -49%, also helped relative performance. In contrast, the biggest detractor from performance versus the benchmark was an overweighting in the communication services sector, primarily within the media & entertainment industry. Security selection in industrials and energy also hurt the fund's relative result. The fund's biggest individual relative detractor was our lighter-than-benchmark stake in Apple, which returned -9% the past 12 months, although the company was among the fund's largest holdings. Our second-largest relative detractor this period was avoiding AbbVie, a benchmark component that gained roughly 45%. Also hampering performance was our outsized stake in Adobe, which returned approximately -48%. Adobe was one of our biggest holdings the past 12 months. Notable changes in positioning include increased exposure to the health care sector and a lower allocation to communication services.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 10.0  |
| UnitedHealth Group, Inc.  | 5.6  |
| Alphabet, Inc. Class A  | 5.1  |
| Apple, Inc.  | 4.2  |
| Amazon.com, Inc.  | 3.5  |
| Vertex Pharmaceuticals, Inc.  | 3.1  |
| Universal Music Group NV  | 2.1  |
| Warner Music Group Corp. Class A  | 1.9  |
| Meta Platforms, Inc. Class A  | 1.9  |
| Uber Technologies, Inc.  | 1.9  |
|  | 39.3  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 26.9  |
| Health Care  | 19.8  |
| Communication Services  | 12.9  |
| Consumer Discretionary  | 11.3  |
| Industrials  | 8.1  |
| Financials  | 5.8  |
| Energy  | 5.5  |
| Materials  | 4.5  |
| Consumer Staples  | 4.4  |
| Real Estate  | 0.1  |
| Utilities  | 0.0  |

---

*Percentages shown as 0.0% may reflect amounts less than 0.05%.*

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87697_6.jpg)  |
| *Foreign investments - 10.2%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img87697_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 12.9%  |  |  |
| Entertainment - 4.5%  |  |  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 46003  | 2803423  |
|  Netflix, Inc. (a)  | 5536  | 1691414  |
|  Universal Music Group NV  | 884850  | 21042422  |
|  Warner Music Group Corp. Class A  | 537991  | 18436952  |
|  |  | 43974211  |
| Interactive Media & Services - 7.4%  |  |  |
|  Alphabet, Inc. Class A (a)  | 495240  | 50014288  |
|  Bumble, Inc. (a)  | 84822  | 2066264  |
|  Epic Games, Inc. (a)(b)(c)  | 805  | 681714  |
|  Meta Platforms, Inc. Class A (a)  | 155100  | 18317310  |
|  Zoominfo Technologies, Inc. (a)  | 53390  | 1526954  |
|  |  | 72606530  |
| Media - 1.0%  |  |  |
|  Charter Communications, Inc. Class A (a)  | 24324  | 9517738  |
|  Innovid Corp. (a)(b)  | 59313  | 175566  |
|  |  | 9693304  |
|  TOTAL COMMUNICATION SERVICES  |  | 126274045  |
| CONSUMER DISCRETIONARY - 11.3%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Mobileye Global, Inc.  | 8200  | 233782  |
| Automobiles - 0.7%  |  |  |
|  Ferrari NV  | 28624  | 6384583  |
|  XPeng, Inc. ADR (a)  | 4400  | 47564  |
|  |  | 6432147  |
| Diversified Consumer Services - 0.2%  |  |  |
|  Laureate Education, Inc. Class A  | 218019  | 2284839  |
| Hotels, Restaurants & Leisure - 1.6%  |  |  |
|  Airbnb, Inc. Class A (a)  | 59418  | 6068955  |
|  Chipotle Mexican Grill, Inc. (a)  | 1500  | 2440440  |
|  Flutter Entertainment PLC (a)  | 38260  | 5696821  |
|  Wingstop, Inc. (d)  | 10648  | 1762350  |
|  |  | 15968566  |
| Internet & Direct Marketing Retail - 5.4%  |  |  |
|  Amazon.com, Inc. (a)  | 358533  | 34612776  |
|  Uber Technologies, Inc. (a)  | 628167  | 18304786  |
|  |  | 52917562  |
| Multiline Retail - 0.1%  |  |  |
|  Dollarama, Inc.  | 9100  | 556966  |
| Specialty Retail - 2.2%  |  |  |
|  Aritzia, Inc. (a)  | 18344  | 697813  |
|  Five Below, Inc. (a)  | 43131  | 6938053  |
|  TJX Companies, Inc.  | 97829  | 7831211  |
|  Victoria's Secret & Co. (a)  | 126768  | 5831328  |
|  |  | 21298405  |
| Textiles, Apparel & Luxury Goods - 1.1%  |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 7990  | 6200470  |
|  On Holding AG (a)  | 2600  | 50492  |
|  Samsonite International SA (a)(e)  | 1815704  | 4921662  |
|  |  | 11172624  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 110864891  |
| CONSUMER STAPLES - 4.4%  |  |  |
| Beverages - 4.4%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 9880  | 3797576  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 23253  | 5984160  |
|  Keurig Dr. Pepper, Inc.  | 150000  | 5800500  |
|  Monster Beverage Corp. (a)  | 91672  | 9429382  |
|  The Coca-Cola Co.  | 282824  | 17990435  |
|  |  | 43002053  |
| ENERGY - 5.5%  |  |  |
| Energy Equipment & Services - 1.1%  |  |  |
|  Baker Hughes Co. Class A  | 170146  | 4937637  |
|  Cactus, Inc.  | 26389  | 1435298  |
|  Championx Corp.  | 99828  | 3078696  |
|  Helmerich & Payne, Inc.  | 26409  | 1348972  |
|  TechnipFMC PLC (a)  | 15700  | 194680  |
|  |  | 10995283  |
| Oil, Gas & Consumable Fuels - 4.4%  |  |  |
|  Canadian Natural Resources Ltd.  | 64647  | 3860719  |
|  Cheniere Energy, Inc.  | 82500  | 14467200  |
|  Denbury, Inc. (a)  | 21200  | 1902912  |
|  New Fortress Energy, Inc.  | 58964  | 3001268  |
|  Ovintiv, Inc.  | 18026  | 1005130  |
|  Range Resources Corp.  | 118756  | 3428486  |
|  Reliance Industries Ltd.  | 453368  | 15261843  |
|  |  | 42927558  |
|  TOTAL ENERGY  |  | 53922841  |
| FINANCIALS - 5.8%  |  |  |
| Banks - 1.1%  |  |  |
|  Bank of America Corp.  | 238914  | 9042895  |
|  HDFC Bank Ltd. (a)  | 24372  | 483740  |
|  Signature Bank  | 8600  | 1199700  |
|  |  | 10726335  |
| Capital Markets - 1.9%  |  |  |
|  CME Group, Inc.  | 81607  | 14403636  |
|  MSCI, Inc.  | 9655  | 4903099  |
|  |  | 19306735  |
| Insurance - 2.7%  |  |  |
|  American Financial Group, Inc.  | 38598  | 5489408  |
|  Arthur J. Gallagher & Co.  | 59012  | 11749879  |
|  BRP Group, Inc. (a)  | 60821  | 1827063  |
|  Marsh & McLennan Companies, Inc.  | 43685  | 7565368  |
|  |  | 26631718  |
| Thrifts & Mortgage Finance - 0.1%  |  |  |
|  Rocket Companies, Inc. (d)  | 83000  | 688900  |
|  TOTAL FINANCIALS  |  | 57353688  |
| HEALTH CARE - 19.8%  |  |  |
| Biotechnology - 6.6%  |  |  |
|  2seventy bio, Inc. (a)  | 11500  | 180205  |
|  Adamas Pharmaceuticals, Inc.:  |  |  |
|  rights (a)(c)  | 220830  | 13250  |
|  rights (a)(c)  | 220830  | 13250  |
|  Affimed NV (a)  | 69014  | 147690  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 23788  | 5247395  |
|  Applied Therapeutics, Inc. (a)  | 8800  | 9856  |
|  Arcellx, Inc.  | 8500  | 169490  |
|  Beam Therapeutics, Inc. (a)(d)  | 8525  | 393770  |
|  Cytokinetics, Inc. (a)  | 25500  | 1083750  |
|  EQRx, Inc. (a)  | 57568  | 216456  |
|  Erasca, Inc. (a)  | 22300  | 168365  |
|  Evelo Biosciences, Inc. (a)  | 61000  | 127490  |
|  Galapagos NV sponsored ADR (a)  | 57390  | 2282400  |
|  Gamida Cell Ltd. (a)(d)  | 312401  | 499842  |
|  Genmab A/S (a)  | 2100  | 973129  |
|  Hookipa Pharma, Inc. (a)  | 157000  | 166420  |
|  Immunocore Holdings PLC ADR (a)  | 15100  | 948431  |
|  Innovent Biologics, Inc. (a)(e)  | 124005  | 500772  |
|  Insmed, Inc. (a)  | 102686  | 1898664  |
|  Legend Biotech Corp. ADR (a)  | 16600  | 855066  |
|  Prelude Therapeutics, Inc. (a)  | 4000  | 26680  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 15640  | 11756588  |
|  Rubius Therapeutics, Inc. (a)  | 28487  | 6324  |
|  Seagen, Inc. (a)  | 42264  | 5130427  |
|  Seres Therapeutics, Inc. (a)  | 54600  | 354900  |
|  Synlogic, Inc. (a)  | 165200  | 98823  |
|  Vertex Pharmaceuticals, Inc. (a)  | 96540  | 30545256  |
|  Vor Biopharma, Inc. (a)  | 56431  | 259583  |
|  XOMA Corp. (a)(d)  | 52786  | 1117480  |
|  |  | 65191752  |
| Health Care Equipment & Supplies - 0.7%  |  |  |
|  Edwards Lifesciences Corp. (a)  | 48029  | 3710240  |
|  Insulet Corp. (a)  | 1500  | 449055  |
|  Nevro Corp. (a)  | 8055  | 376249  |
|  Penumbra, Inc. (a)  | 12414  | 2600857  |
|  |  | 7136401  |
| Health Care Providers & Services - 7.0%  |  |  |
|  Guardant Health, Inc. (a)  | 61501  | 3218962  |
|  HealthEquity, Inc. (a)  | 160096  | 10162894  |
|  Option Care Health, Inc. (a)  | 10500  | 316155  |
|  UnitedHealth Group, Inc.  | 100868  | 55251456  |
|  |  | 68949467  |
| Health Care Technology - 0.3%  |  |  |
|  Certara, Inc. (a)  | 86208  | 1463812  |
|  Doximity, Inc. (a)  | 14000  | 475860  |
|  Simulations Plus, Inc.  | 17721  | 719295  |
|  |  | 2658967  |
| Life Sciences Tools & Services - 2.5%  |  |  |
|  Bio-Techne Corp.  | 30574  | 2598484  |
|  Bruker Corp.  | 72520  | 4888573  |
|  Charles River Laboratories International, Inc. (a)  | 4200  | 959994  |
|  Codexis, Inc. (a)  | 75001  | 410255  |
|  Danaher Corp.  | 39418  | 10777275  |
|  Nanostring Technologies, Inc. (a)  | 14449  | 100999  |
|  Thermo Fisher Scientific, Inc.  | 7934  | 4444785  |
|  |  | 24180365  |
| Pharmaceuticals - 2.7%  |  |  |
|  Aclaris Therapeutics, Inc. (a)  | 31400  | 477908  |
|  AstraZeneca PLC sponsored ADR  | 90171  | 6128923  |
|  Eli Lilly & Co.  | 48071  | 17838187  |
|  Nuvation Bio, Inc. (a)  | 41625  | 79504  |
|  Revance Therapeutics, Inc. (a)  | 85814  | 1863022  |
|  |  | 26387544  |
|  TOTAL HEALTH CARE  |  | 194504496  |
| INDUSTRIALS - 8.1%  |  |  |
| Aerospace & Defense - 2.5%  |  |  |
|  Axon Enterprise, Inc. (a)  | 14427  | 2655001  |
|  Northrop Grumman Corp.  | 16243  | 8662229  |
|  The Boeing Co. (a)  | 70183  | 12554335  |
|  |  | 23871565  |
| Electrical Equipment - 1.4%  |  |  |
|  AMETEK, Inc.  | 23036  | 3280787  |
|  Bloom Energy Corp. Class A (a)(d)  | 20256  | 431250  |
|  Eaton Corp. PLC  | 7785  | 1272458  |
|  Hubbell, Inc. Class B  | 8900  | 2261134  |
|  Rockwell Automation, Inc.  | 25183  | 6653852  |
|  |  | 13899481  |
| Machinery - 1.8%  |  |  |
|  Chart Industries, Inc. (a)  | 9828  | 1405306  |
|  Ingersoll Rand, Inc.  | 171937  | 9279440  |
|  Parker Hannifin Corp.  | 13461  | 4024031  |
|  Westinghouse Air Brake Tech Co.  | 25400  | 2567686  |
|  |  | 17276463  |
| Professional Services - 1.4%  |  |  |
|  ASGN, Inc. (a)  | 21419  | 1940561  |
|  KBR, Inc.  | 203387  | 10509006  |
|  Kforce, Inc.  | 9430  | 557030  |
|  Upwork, Inc. (a)  | 75654  | 926762  |
|  |  | 13933359  |
| Road & Rail - 0.3%  |  |  |
|  Old Dominion Freight Lines, Inc.  | 10532  | 3187089  |
| Trading Companies & Distributors - 0.7%  |  |  |
|  Ferguson PLC  | 62184  | 7049860  |
|  TOTAL INDUSTRIALS  |  | 79217817  |
| INFORMATION TECHNOLOGY - 26.8%  |  |  |
| IT Services - 1.4%  |  |  |
|  Cloudflare, Inc. (a)  | 48089  | 2363093  |
|  MasterCard, Inc. Class A  | 21294  | 7589182  |
|  MongoDB, Inc. Class A (a)  | 24839  | 3792667  |
|  Snowflake, Inc. (a)  | 1700  | 242930  |
|  |  | 13987872  |
| Semiconductors & Semiconductor Equipment - 5.1%  |  |  |
|  Aixtron AG  | 106484  | 3510498  |
|  Allegro MicroSystems LLC (a)  | 27500  | 856350  |
|  ASML Holding NV  | 8397  | 5106384  |
|  eMemory Technology, Inc.  | 7897  | 386738  |
|  Enphase Energy, Inc. (a)  | 29210  | 9364434  |
|  Monolithic Power Systems, Inc.  | 1600  | 611136  |
|  NVIDIA Corp.  | 78035  | 13205863  |
|  NXP Semiconductors NV  | 11539  | 2029018  |
|  Qualcomm, Inc.  | 63476  | 8029079  |
|  Silicon Laboratories, Inc. (a)  | 1900  | 276336  |
|  SiTime Corp. (a)  | 26619  | 2807240  |
|  Universal Display Corp.  | 36109  | 4066596  |
|  |  | 50249672  |
| Software - 16.1%  |  |  |
|  Adobe, Inc. (a)  | 51989  | 17932566  |
|  Confluent, Inc. (a)(d)  | 50090  | 1153573  |
|  Elastic NV (a)  | 988  | 60456  |
|  HashiCorp, Inc. (d)  | 37467  | 1022849  |
|  HubSpot, Inc. (a)  | 5228  | 1584241  |
|  Intuit, Inc.  | 20460  | 8339291  |
|  Manhattan Associates, Inc. (a)  | 37878  | 4770355  |
|  Microsoft Corp.  | 386644  | 98648343  |
|  Oracle Corp.  | 127096  | 10552781  |
|  Palo Alto Networks, Inc. (a)  | 77123  | 13103198  |
|  Volue A/S (a)  | 214702  | 670520  |
|  |  | 157838173  |
| Technology Hardware, Storage & Peripherals - 4.2%  |  |  |
|  Apple, Inc.  | 276054  | 40864274  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 262939991  |
| MATERIALS - 4.2%  |  |  |
| Chemicals - 3.7%  |  |  |
|  Albemarle Corp.  | 43724  | 12154835  |
|  Aspen Aerogels, Inc. (a)  | 97779  | 1179215  |
|  CF Industries Holdings, Inc.  | 101029  | 10930328  |
|  Sherwin-Williams Co.  | 50205  | 12510082  |
|  |  | 36774460  |
| Metals & Mining - 0.5%  |  |  |
|  Lynas Rare Earths Ltd. (a)  | 400856  | 2377889  |
|  MP Materials Corp. (a)(d)  | 69143  | 2299005  |
|  |  | 4676894  |
|  TOTAL MATERIALS  |  | 41451354  |
| REAL ESTATE - 0.1%  |  |  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Doma Holdings, Inc. (a)(b)  | 115014  | 45431  |
|  WeWork, Inc. (a)(d)  | 522414  | 1441863  |
|  |  | 1487294  |
| UTILITIES - 0.0%  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  Brookfield Renewable Partners LP  | 17267  | 488483  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $669,703,264)  |  | <br> **971506953**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Convertible Preferred Stocks - 0.4%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.4%**  | &nbsp;&nbsp; **Convertible Preferred Stocks - 0.4%**  |
|  | Shares  | Value ($) <br>|
| HEALTH CARE - 0.0%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 26300  | 120270  |
| INFORMATION TECHNOLOGY - 0.1%  |  |  |
| IT Services - 0.0%  |  |  |
|  AppNexus, Inc. Series E (Escrow) (a)(b)(c)  | 38419  | 1203  |
| Software - 0.1%  |  |  |
|  ASAPP, Inc. Series C (a)(b)(c)  | 90925  | 346424  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 347627  |
| MATERIALS - 0.3%  |  |  |
| Metals & Mining - 0.3%  |  |  |
|  Illuminated Holdings, Inc.:  |  |  |
|  Series C2 (a)(b)(c)  | 21131  | 995693  |
|  Series C3 (a)(b)(c)  | 26414  | 1244628  |
|  Series C4 (a)(b)(c)  | 6345  | 298976  |
|  Series C5 (a)(b)(c)  | 13150  | 619628  |
|  |  | 3158925  |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS** <br> (Cost $2,827,365)  |  | <br> **3626822**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 8263760  | 8265413  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 7580547  | 7581305  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $15,846,718)  |  | **15846718**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%** <br> (Cost $688,377,347) <br>| <br>**990980493**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(8619258)**  |
| **NET ASSETS - 100.0%**  | **982361235**  |

---

**Legend**

(a) Non-income producing

(b) 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 $4,529,533 or 0.5% of net assets.

(c) Level 3 security

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

(e) 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 $5,422,434 or 0.6% of net assets.

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

(g) 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>|
| AppNexus, Inc. Series E (Escrow)  | 8/01/14  | 0  |
| ASAPP, Inc. Series C  | 4/30/21  | 599841  |
| Doma Holdings, Inc.  | 3/02/21  | 1150140  |
| ElevateBio LLC Series C  | 3/09/21  | 110329  |
| Epic Games, Inc.  | 3/29/21  | 712425  |
| Illuminated Holdings, Inc. Series C2  | 7/07/20  | 528275  |
| Illuminated Holdings, Inc. Series C3  | 7/07/20  | 792420  |
| Illuminated Holdings, Inc. Series C4  | 1/08/21  | 228420  |
| Illuminated Holdings, Inc. Series C5  | 6/16/21  | 568080  |
| Innovid Corp.  | 6/24/21  | 593130  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 5815026  | 333981194  | 331530807  | 94502  | -  | -  | 8265413  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 3733005  | 174078552  | 170230252  | 97547  | -  | -  | 7581305  | 0.0%  |
| Total  | 9548031  | 508059746  | 501761059  | 192049  | -  | -  | 15846718  |  |

---

Amounts in the 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.

Amount 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 payments 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, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 126274045  | 104549909  | 21042422  | 681714  |
| Consumer Discretionary  | 110864891  | 94045938  | 16818953  | -  |
| Consumer Staples  | 43002053  | 43002053  | -  | -  |
| Energy  | 53922841  | 38660998  | 15261843  | -  |
| Financials  | 57353688  | 56869948  | 483740  | -  |
| Health Care  | 194624766  | 193004095  | 1473901  | 146770  |
| Industrials  | 79217817  | 72167957  | 7049860  | -  |
| Information Technology  | 263287618  | 258372235  | 4567756  | 347627  |
| Materials  | 44610279  | 39073465  | 2377889  | 3158925  |
| Real Estate  | 1487294  | 1487294  | -  | -  |
| Utilities  | 488483  | 488483  | -  | -  |
|  Money Market Funds  | 15846718  | 15846718  | -  | -  |
| **Total Investments in Securities:**  | 990980493  | 917569093  | 69076364  | 4335036  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,777,084) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $672,530,629)  | $975133775  |  |
|  Fidelity Central Funds (cost $15,846,718)  | 15846718  |  |
|  Total Investment in Securities (cost $688,377,347)  |  | $990980493  |
| Receivable for investments sold  |  | 2856296  |
|  Receivable for fund shares sold  |  | 47536842  |
|  Dividends receivable  |  | 835484  |
|  Distributions receivable from Fidelity Central Funds  |  | 30784  |
|  Receivable from investment adviser for expense reductions  |  | 344  |
| Other receivables  |  | 1521  |
| **Total assets**  |  | 1042241764  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $51420579  |  |
|  Payable for fund shares redeemed  | 30152  |  |
|  Other payables and accrued expenses  | 849273  |  |
|  Collateral on securities loaned  | 7580525  |  |
| **Total Liabilities**  |  | 59880529  |
| **Net Assets**  |  | $982361235  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $635299158  |
|  Total accumulated earnings (loss)  |  | 347062077  |
|  **Net Assets**  |  | $982361235  |
|  **Net Asset Value** , offering price and redemption price per share ($982,361,235 ÷ 73,063,279 shares)  |  | $13.45  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $8168234  |
| Income from Fidelity Central Funds (including $97,547 from security lending)  |  | 192049  |
| **Total Income**  |  | 8360283  |
|  **Expenses**  |  |  |
| Custodian fees and expenses  | 32975  |  |
| Independent trustees' fees and expenses  | 3533  |  |
| Interest  | 6162  |  |
| Total expenses before reductions  | 42670  |  |
| Expense reductions  | (3233)  |  |
| Total expenses after reductions  |  | 39437  |
| **Net Investment income (loss)**  |  | 8320846  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $299,964)  | 45052472  |  |
| Foreign currency transactions  | 853  |  |
| Total net realized gain (loss)  |  | 45053325  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $143,378)  | (251303168)  |  |
| Unfunded commitments  | 59640  |  |
| Assets and liabilities in foreign currencies  | 20963  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (251222565)  |
| **Net gain (loss)**  |  | (206169240)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(197848394)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $8320846  | $10798695  |
| &nbsp;&nbsp; Net realized gain (loss)  | 45053325 <br>| 187264860 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (251222565)  | 78025985 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (197848394) <br>| 276089540 <br>|
| Distributions to shareholders  | (197714407) <br>| (221400049) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 273453496  | 185720214  |
| Reinvestment of distributions  | 197714406 <br>| 221400048 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (216449387)  | (346246254)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 254718515 <br>| 60874008 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (140844286) <br>| 115563499 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1123205521  | 1007642022 <br>|
| &nbsp;&nbsp; End of period  | $982361235  | $1123205521  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 19207680  | 10636009  |
| Issued in reinvestment of distributions  | 12026424 <br>| 13907038 <br>|
| &nbsp;&nbsp; Redeemed  | (15067731)  | (18706744)  |
| &nbsp;&nbsp; Net increase (decrease)  | 16166373  | 5836303  |

---

**Financial Highlights** 

 **Fidelity Advisor® Series Equity Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.74  | $19.73  | $15.53  | $14.20  | $15.41  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .12  | .17 <sup>C</sup>  | .10  | .12  | .13  |
| Net realized and unrealized gain (loss)  | (2.96)  | 4.20  | 6.02  | 2.33  | 1.05  |
| Total from investment operations  | (2.84)  | 4.37  | 6.12  | 2.45  | 1.18  |
| Distributions from net investment income  | (.20)  | (.13)  | (.13)  | (.13)  | (.09)  |
| Distributions from net realized gain  | (3.26)  | (4.23)  | (1.79)  | (.99)  | (2.30)  |
| Total distributions  | (3.45) <sup>D</sup>  | (4.36)  | (1.92)  | (1.12)  | (2.39)  |
| Net asset value, end of period  | $13.45  | $19.74  | $19.73  | $15.53  | $14.20  |
| **Total Return** <sup>E</sup>  | (17.55)%  | 27.43%  | 44.43%  | 19.73%  | 8.96%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | -% <sup>H</sup>  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | .01%  |
| Expenses net of all reductions  | -% <sup>H</sup>  | -% <sup>H</sup>  | .01%  | .01%  | -% <sup>H</sup>  |
| Net investment income (loss)  | .84%  | .95% <sup>C</sup>  | .65%  | .84%  | .92%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $982361  | $1123206  | $1007642  | $977722  | $947353  |
| Portfolio turnover rate <sup>I</sup>  | 49%  | 51%  | 56%  | 52% <sup>J</sup>  | 38%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *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%.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount represents less than .005%.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended November 30, 2022

**1. Organization.**

Fidelity Advisor Series 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. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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, 2022 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.

**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, 2022, 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 & 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, 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**  | $343279895  |
| **Gross unrealized depreciation**  | <u>(43310690)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$299969205</u>  |
| **Tax Cost**  | <u>$691011288</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$7034228</u>  |
| **Undistributed long-term capital gain**  | <u>$40879665</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$299991935</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | $46480631  | $36586650  |
| **Long-term Capital Gains**  | <u>151233776</u>  | <u>184813399</u>  |
| **Total**  | <u>$197714407</u>  | <u>$221400049</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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements 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.

**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**  | 545220024  | 490977302  |

---

**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**  | $8028  |

---

**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 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  | $24782667  | .74%  | $4578  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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**  | 43245421  | 30707258  | 2251837  |

---

**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. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $10346  | $2541  | $444570  |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance**  | **Weighted Average Interest Rate**  | **Interest Expense**  |
| **Fidelity Advisor Series Equity Growth Fund**  | $2654833  | 3.58%  | $1584  |

---

**9. 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, 2026. 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 $3,233.

**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.

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.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 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 13, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity Advisor® Series Equity Growth Fund**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $991.20  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.07  | $- <sup>E</sup> <br>|

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

**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, 2022, $46,919,340, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 21% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 23% 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 designates 1% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

![](img87697_2.jpg) <br>

1.9860268.108 AXM1-ANN-0123

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2022, 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 Equity Income Fund, Fidelity Advisor Equity Value Fund, Fidelity Advisor Growth & Income Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Large Cap Fund, Fidelity Advisor 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, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Equity Growth Fund | $46900  | $- | $8500  | $1100  |
| Fidelity Advisor Equity Income Fund | $43300  | $- | $8800  | $1000  |
| Fidelity Advisor Equity Value Fund | $41200  | $- | $10000  | $1000  |
| Fidelity Advisor Growth & Income Fund | $43000  | $- | $7100  | $1000  |
| Fidelity Advisor Growth Opportunities Fund | $50500  | $- | $9700  | $1200  |
| Fidelity Advisor Large Cap Fund | $44100  | $- | $7300  | $1000  |
| Fidelity Advisor Series Growth Opportunities Fund | $47400  | $- | $8800  | $1100  |
| Fidelity Advisor Stock Selector Mid Cap Fund | $43000  | $- | $7100  | $1000  |
| Fidelity Advisor Value Strategies Fund | $41900  | $- | $10500  | $1100  |

---

**<u>November 30, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Equity Growth Fund | $44900  | $- | $8500  | $1100  |
| Fidelity Advisor Equity Income Fund | $41800  | $- | $9200  | $1000  |
| Fidelity Advisor Equity Value Fund | $39700  | $- | $9900  | $1000  |
| Fidelity Advisor Growth & Income Fund | $41400  | $- | $7400  | $1000  |
| Fidelity Advisor Growth Opportunities Fund | $48700  | $- | $9000  | $1200  |
| Fidelity Advisor Large Cap Fund | $42500  | $- | $7300  | $1000  |
| Fidelity Advisor Series Growth Opportunities Fund | $45600  | $- | $9000  | $1100  |
| Fidelity Advisor Stock Selector Mid Cap Fund | $41100  | $- | $7600  | $1000  |
| Fidelity Advisor Value Strategies Fund | $40600  | $- | $10900  | $1100  |

---

<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 Dividend Growth Fund, Fidelity Advisor Series Equity Growth Fund, Fidelity Advisor Series Small Cap Fund, Fidelity Advisor Small Cap Fund, and Fidelity Real Estate High Income Fund (the "Funds"):

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

**<u>November 30, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Dividend Growth Fund | $45500  | $4000  | $8200  | $1400  |
| Fidelity Advisor Series Equity Growth Fund | $25100  | $2400  | $6800  | $800  |
| Fidelity Advisor Series Small Cap Fund | $34600  | $3200  | $8300  | $1100  |
| Fidelity Advisor Small Cap Fund | $36500  | $3300  | $9000  | $1100  |
| Fidelity Real Estate High Income Fund | $151500  | $12400  | $14200  | $4200  |

---

**<u>November 30, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Dividend Growth Fund | $44300  | $4300  | $7800  | $1400  |
| Fidelity Advisor Series Equity Growth Fund | $24400  | $2500  | $6400  | $800  |
| Fidelity Advisor Series Small Cap Fund | $33700  | $3400  | $8700  | $1100  |
| Fidelity Advisor Small Cap Fund | $35600  | $3600  | $8600  | $1200  |
| Fidelity Real Estate High Income Fund | $148300  | $13300  | $15200  | $4400  |

---

<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>**

---

| | | |
|:---|:---|:---|
|  | **<u>November 30, 2022</u><sup>A</sup>** | **<u>November 30, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **<u>November 30, 2022</u><sup>A</sup>** | **<u>November 30, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $7914600  | $8522600  |
| Tax Fees | $1000  | $354200  |
| All Other Fees | $- | $- |

---

<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:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>November 30, 2022</u><sup>A</sup>** | **<u>November 30, 2021</u><sup>A</sup>** |
| Deloitte Entities | $544900  | $609900  |
| PwC | $12963400  | $14202200  |

---

<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).

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>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<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 11.

<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 12.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<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.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | January 19, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | January 19, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | January 19, 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;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 19, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 19, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: January 19, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: January 19, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &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; · &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; · &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; · &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; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use his or her 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; · &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; · &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; · &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; · &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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &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; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his 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; · &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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &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 he or she has received, read, and understands the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the Fidelity Ethics Office promptly if he or she knows of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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