N-CSRS 1 filing5937.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03785

Fidelity Advisor Series I

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	July 31

Date of reporting period:	January 31, 2023

Item 1.

Reports to Stockholders

Fidelity Advisor® Leveraged Company Stock Fund

Semi-Annual Report

January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

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.

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.

Investment Summary January 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

IQVIA Holdings, Inc.	3.6
Boyd Gaming Corp.	3.3
UnitedHealth Group, Inc.	3.0
Caesars Entertainment, Inc.	3.0
Nexstar Broadcasting Group, Inc. Class A	2.8
Cheniere Energy, Inc.	2.7
The Chemours Co. LLC	2.7
PG&E Corp.	2.5
Thermo Fisher Scientific, Inc.	2.5
Microsoft Corp.	2.3
	28.4

Market Sectors (% of Fund's net assets)

Information Technology	20.9
Consumer Discretionary	16.8
Health Care	14.1
Materials	8.6
Communication Services	8.0
Energy	6.8
Financials	6.8
Industrials	6.1
Consumer Staples	4.6
Utilities	4.0
Real Estate	0.5

Asset Allocation (% of Fund's net assets)

Foreign investments - 5.9%

Schedule of Investments January 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 8.0%
Entertainment - 1.2%
Netflix, Inc. (a)	32,700	11,571
Interactive Media & Services - 2.9%
Alphabet, Inc. Class C (a)	159,600	15,939
Cars.com, Inc. (a)	240,100	4,106
Meta Platforms, Inc. Class A (a)	58,000	8,640
		28,685
Media - 2.8%
Nexstar Broadcasting Group, Inc. Class A (b)	137,288	28,112
Wireless Telecommunication Services - 1.1%
T-Mobile U.S., Inc. (a)	77,300	11,542
TOTAL COMMUNICATION SERVICES		79,910
CONSUMER DISCRETIONARY - 16.7%
Automobiles - 1.7%
Tesla, Inc. (a)	98,200	17,010
Hotels, Restaurants & Leisure - 6.8%
Boyd Gaming Corp.	533,891	33,267
Caesars Entertainment, Inc. (a)	568,609	29,602
New Cotai LLC/New Cotai Capital Corp. (a)(c)(d)	411,029	333
Studio City International Holdings Ltd.:
ADR (e)	361,261	2,482
(NYSE) ADR (a)	397,700	2,732
		68,416
Household Durables - 1.6%
Tempur Sealy International, Inc.	388,902	15,848
Multiline Retail - 0.9%
Dollar General Corp.	39,200	9,157
Specialty Retail - 4.6%
Dick's Sporting Goods, Inc. (b)	86,500	11,311
Lowe's Companies, Inc.	84,900	17,680
Ulta Beauty, Inc. (a)	20,500	10,536
Victoria's Secret & Co. (a)	31,433	1,325
Williams-Sonoma, Inc. (b)	34,454	4,649
		45,501
Textiles, Apparel & Luxury Goods - 1.1%
Tapestry, Inc.	249,700	11,379
TOTAL CONSUMER DISCRETIONARY		167,311
CONSUMER STAPLES - 4.6%
Food & Staples Retailing - 1.5%
Albertsons Companies, Inc.	173,300	3,674
BJ's Wholesale Club Holdings, Inc. (a)	121,478	8,804
Performance Food Group Co. (a)	39,400	2,416
		14,894
Food Products - 3.1%
Darling Ingredients, Inc. (a)	139,675	9,259
JBS SA	5,707,000	22,575
		31,834
TOTAL CONSUMER STAPLES		46,728
ENERGY - 6.8%
Energy Equipment & Services - 0.3%
Halliburton Co.	73,091	3,013
Oil, Gas & Consumable Fuels - 6.5%
Antero Resources Corp. (a)	297,900	8,591
Cheniere Energy, Inc.	174,600	26,677
Chesapeake Energy Corp.	113,985	9,885
Denbury, Inc. (a)	118,500	10,283
Diamondback Energy, Inc.	37,500	5,480
Occidental Petroleum Corp.	68,700	4,451
		65,367
TOTAL ENERGY		68,380
FINANCIALS - 6.8%
Banks - 3.5%
Bank of America Corp.	457,901	16,246
JPMorgan Chase & Co.	99,200	13,884
Wells Fargo & Co.	99,800	4,678
		34,808
Consumer Finance - 1.7%
OneMain Holdings, Inc.	401,200	17,308
Insurance - 1.6%
Arthur J. Gallagher & Co.	81,900	16,029
TOTAL FINANCIALS		68,145
HEALTH CARE - 14.1%
Biotechnology - 0.8%
Regeneron Pharmaceuticals, Inc. (a)	10,500	7,964
Health Care Providers & Services - 5.6%
HCA Holdings, Inc.	23,221	5,923
Humana, Inc.	30,100	15,402
Tenet Healthcare Corp. (a)	86,800	4,761
UnitedHealth Group, Inc.	59,900	29,901
		55,987
Life Sciences Tools & Services - 6.7%
Charles River Laboratories International, Inc. (a)	26,700	6,495
IQVIA Holdings, Inc. (a)	157,700	36,181
Thermo Fisher Scientific, Inc.	43,300	24,695
		67,371
Pharmaceuticals - 1.0%
AstraZeneca PLC sponsored ADR	69,600	4,550
Bristol-Myers Squibb Co.	75,400	5,478
		10,028
TOTAL HEALTH CARE		141,350
INDUSTRIALS - 6.1%
Aerospace & Defense - 0.7%
Lockheed Martin Corp.	14,800	6,856
Building Products - 1.5%
Builders FirstSource, Inc. (a)	82,203	6,552
Carrier Global Corp.	197,000	8,969
		15,521
Electrical Equipment - 1.4%
Generac Holdings, Inc. (a)	25,000	3,015
Regal Rexnord Corp.	82,100	11,428
		14,443
Marine - 0.0%
Genco Shipping & Trading Ltd.	662	12
Professional Services - 1.3%
ASGN, Inc. (a)	142,300	12,942
Trading Companies & Distributors - 1.2%
United Rentals, Inc.	27,300	12,038
TOTAL INDUSTRIALS		61,812
INFORMATION TECHNOLOGY - 20.9%
Electronic Equipment & Components - 2.0%
CDW Corp.	101,400	19,877
IT Services - 6.0%
EPAM Systems, Inc. (a)	25,400	8,449
Fiserv, Inc. (a)	102,200	10,903
Global Payments, Inc.	91,100	10,269
MasterCard, Inc. Class A	15,500	5,744
SS&C Technologies Holdings, Inc.	187,100	11,291
Visa, Inc. Class A	58,700	13,513
		60,169
Semiconductors & Semiconductor Equipment - 8.5%
Advanced Micro Devices, Inc. (a)	34,300	2,578
ASML Holding NV	10,000	6,608
Broadcom, Inc.	8,800	5,148
Lam Research Corp.	12,400	6,201
Marvell Technology, Inc.	245,700	10,602
Microchip Technology, Inc.	269,800	20,942
NXP Semiconductors NV	71,600	13,197
onsemi (a)	274,637	20,172
		85,448
Software - 4.4%
Adobe, Inc. (a)	15,200	5,629
Microsoft Corp.	95,100	23,567
Palo Alto Networks, Inc. (a)	95,100	15,087
		44,283
TOTAL INFORMATION TECHNOLOGY		209,777
MATERIALS - 8.6%
Chemicals - 4.0%
CF Industries Holdings, Inc.	157,400	13,332
The Chemours Co. LLC	726,400	26,434
		39,766
Containers & Packaging - 2.7%
Berry Global Group, Inc.	156,800	9,679
Graphic Packaging Holding Co.	337,600	8,133
WestRock Co.	241,700	9,484
		27,296
Metals & Mining - 1.9%
ATI, Inc. (a)	77,200	2,809
Cleveland-Cliffs, Inc. (a)	179,300	3,828
First Quantum Minerals Ltd.	324,300	7,524
Freeport-McMoRan, Inc.	111,700	4,984
		19,145
TOTAL MATERIALS		86,207
REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Crown Castle International Corp.	31,500	4,665
UTILITIES - 4.0%
Electric Utilities - 2.9%
NRG Energy, Inc.	116,725	3,994
PG&E Corp. (a)	1,566,656	24,910
		28,904
Independent Power and Renewable Electricity Producers - 1.1%
Vistra Corp.	477,800	11,018
TOTAL UTILITIES		39,922
TOTAL COMMON STOCKS (Cost $649,981)		974,207

Convertible Bonds - 0.1%
	Principal Amount (f) (000s)	Value ($) (000s)
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
New Cotai LLC 5% 2/24/27 (d) (Cost $475)	492	1,056

Money Market Funds - 2.5%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 4.38% (g)	18,872,414	18,876
Fidelity Securities Lending Cash Central Fund 4.38% (g)(h)	6,424,158	6,425
TOTAL MONEY MARKET FUNDS (Cost $25,301)		25,301

TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $675,757)	1,000,564
NET OTHER ASSETS (LIABILITIES) - 0.3%	2,531
NET ASSETS - 100.0%	1,003,095

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)	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 $333,000 or 0.0% of net assets.

(d)	Level 3 security

(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 $2,482,000 or 0.2% of net assets.

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

(g)

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

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
New Cotai LLC/New Cotai Capital Corp.	9/11/20	2,036

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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.38%	48,881	170,215	200,220	540	-	-	18,876	0.0%
Fidelity Securities Lending Cash Central Fund 4.38%	13,402	108,112	115,089	7	-	-	6,425	0.0%
Total	62,283	278,327	315,309	547	-	-	25,301

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

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 January 31, 2023, 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:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	79,910	79,910	-	-
Consumer Discretionary	167,311	166,978	-	333
Consumer Staples	46,728	46,728	-	-
Energy	68,380	68,380	-	-
Financials	68,145	68,145	-	-
Health Care	141,350	141,350	-	-
Industrials	61,812	61,812	-	-
Information Technology	209,777	209,777	-	-
Materials	86,207	86,207	-	-
Real Estate	4,665	4,665	-	-
Utilities	39,922	39,922	-	-

Corporate Bonds	1,056	-	-	1,056

Money Market Funds	25,301	25,301	-	-
Total Investments in Securities:	1,000,564	999,175	-	1,389

Financial Statements (Unaudited)

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				January 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $6,498) - See accompanying schedule:
Unaffiliated issuers (cost $650,456)	$	975,263
Fidelity Central Funds (cost $25,301)		25,301


Total Investment in Securities (cost $675,757)			$	1,000,564
Receivable for investments sold				12,491
Receivable for fund shares sold				142
Dividends receivable				285
Interest receivable				3
Distributions receivable from Fidelity Central Funds				75
Prepaid expenses				1
Other receivables				58
Total assets				1,013,619
Liabilities
Payable for investments purchased	$	2,381
Payable for fund shares redeemed		861
Accrued management fee		463
Distribution and service plan fees payable		198
Other affiliated payables		160
Other payables and accrued expenses		36
Collateral on securities loaned		6,425
Total Liabilities				10,524
Net Assets			$	1,003,095
Net Assets consist of:
Paid in capital			$	662,121
Total accumulated earnings (loss)				340,974
Net Assets			$	1,003,095

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($491,925 ÷ 11,783 shares) (a)			$	41.75
Maximum offering price per share (100/94.25 of $41.75)			$	44.30
Class M :
Net Asset Value and redemption price per share ($199,744 ÷ 5,095 shares) (a)			$	39.20
Maximum offering price per share (100/96.50 of $39.20)			$	40.62
Class C :
Net Asset Value and offering price per share ($24,382 ÷ 726 shares) (a)(b)			$	33.57
Class I :
Net Asset Value , offering price and redemption price per share ($256,738 ÷ 5,873 shares)			$	43.71
Class Z :
Net Asset Value , offering price and redemption price per share ($30,306 ÷ 690 shares) (b)			$	43.95
(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

Statement of Operations
Amounts in thousands				Six months ended January 31, 2023 (Unaudited)
Investment Income
Dividends			$	8,299
Interest				14
Income from Fidelity Central Funds (including $7 from security lending)				547
Total Income				8,860
Expenses
Management fee	$	2,875
Transfer agent fees		843
Distribution and service plan fees		1,225
Accounting fees		148
Custodian fees and expenses		8
Independent trustees' fees and expenses		2
Registration fees		64
Audit		34
Legal		1
Miscellaneous		4
Total expenses before reductions		5,204
Expense reductions		(19)
Total expenses after reductions				5,185
Net Investment income (loss)				3,675
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		51,074
Foreign currency transactions		(5)
Total net realized gain (loss)				51,069
Change in net unrealized appreciation (depreciation) on investment securities				(56,870)
Net gain (loss)				(5,801)
Net increase (decrease) in net assets resulting from operations			$	(2,126)

Statement of Changes in Net Assets

Amount in thousands		Six months ended January 31, 2023 (Unaudited)		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,675	$	2,019
Net realized gain (loss)		51,069		138,467
Change in net unrealized appreciation (depreciation)		(56,870)		(282,589)
Net increase (decrease) in net assets resulting from operations		(2,126)		(142,103)
Distributions to shareholders		(119,906)		(130,097)
Share transactions - net increase (decrease)		36,801		(51,782)
Total increase (decrease) in net assets		(85,231)		(323,982)

Net Assets
Beginning of period		1,088,326		1,412,308
End of period	$	1,003,095	$	1,088,326

Financial Highlights

Fidelity Advisor® Leveraged Company Stock Fund Class A

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	46.87	$	57.91	$	37.71	$	38.39	$	45.16	$	53.06
Income from Investment Operations
Net investment income (loss) A,B		.15		.08		(.09) C		(.04)		(.04)		.02
Net realized and unrealized gain (loss)		(.12) D		(5.80)		21.71		1.35		(1.61)		4.99
Total from investment operations		.03		(5.72)		21.62		1.31		(1.65)		5.01
Distributions from net investment income		(.17)		(.07)		-		-		-		(.28)
Distributions from net realized gain		(4.99)		(5.25)		(1.42)		(1.99)		(5.12)		(12.63)
Total distributions		(5.15) E		(5.32)		(1.42)		(1.99)		(5.12)		(12.91)
Net asset value, end of period	$	41.75	$	46.87	$	57.91	$	37.71	$	38.39	$	45.16
Total Return F,G,H		.20% D		(11.11)%		58.43%		3.56%		(3.83)%		12.15%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.05% K		1.04%		1.05%		1.08%		1.07%		1.07%
Expenses net of fee waivers, if any		1.05% K		1.04%		1.05%		1.08%		1.07%		1.07%
Expenses net of all reductions		1.05% K		1.04%		1.05%		1.07%		1.07%		1.06%
Net investment income (loss)		.73% K		.15%		(.19)% C		(.12)%		(.10)%		.05%
Supplemental Data
Net assets, end of period (in millions)	$	492	$	523	$	656	$	452	$	537	$	600
Portfolio turnover rate L		59% K		27%		14%		59%		25%		32%

A Calculated based on average shares outstanding during the period.

B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.30)%.

D 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 .11%.

E Total distributions per share do not sum due to rounding.

F Total returns for periods of less than one year are not annualized.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

H Total returns do not include the effect of the sales charges.

I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

K Annualized.

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

Fidelity Advisor® Leveraged Company Stock Fund Class M

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	44.33	$	55.13	$	36.04	$	36.87	$	43.67	$	51.72
Income from Investment Operations
Net investment income (loss) A,B		.09		(.05)		(.21) C		(.13)		(.13)		(.08)
Net realized and unrealized gain (loss)		(.10) D		(5.48)		20.72		1.29		(1.55)		4.83
Total from investment operations		(.01)		(5.53)		20.51		1.16		(1.68)		4.75
Distributions from net investment income		(.13)		(.02)		-		-		-		(.18)
Distributions from net realized gain		(4.99)		(5.25)		(1.42)		(1.99)		(5.12)		(12.62)
Total distributions		(5.12)		(5.27)		(1.42)		(1.99)		(5.12)		(12.80)
Net asset value, end of period	$	39.20	$	44.33	$	55.13	$	36.04	$	36.87	$	43.67
Total Return E,F,G		.09% D		(11.34)%		58.05%		3.28%		(4.06)%		11.89%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.30% J		1.29%		1.30%		1.32%		1.32%		1.31%
Expenses net of fee waivers, if any		1.30% J		1.28%		1.30%		1.32%		1.32%		1.31%
Expenses net of all reductions		1.30% J		1.28%		1.30%		1.31%		1.31%		1.30%
Net investment income (loss)		.48% J		(.10)%		(.44)% C		(.37)%		(.35)%		(.19)%
Supplemental Data
Net assets, end of period (in millions)	$	200	$	212	$	284	$	217	$	288	$	407
Portfolio turnover rate K		59% J		27%		14%		59%		25%		32%

A Calculated based on average shares outstanding during the period.

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.55)%.

D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been -%.

E Total returns for periods of less than one year are not annualized.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

G Total returns do not include the effect of the sales charges.

H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

J Annualized.

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

Fidelity Advisor® Leveraged Company Stock Fund Class C

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	38.72	$	48.98	$	32.31	$	33.42	$	40.27	$	48.67
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.27)		(.41) C		(.28)		(.29)		(.28)
Net realized and unrealized gain (loss)		(.09) D		(4.79)		18.50		1.16		(1.44)		4.48
Total from investment operations		(.10)		(5.06)		18.09		.88		(1.73)		4.20
Distributions from net investment income		(.06)		-		-		-		-		(.05)
Distributions from net realized gain		(4.99)		(5.20)		(1.42)		(1.99)		(5.12)		(12.56)
Total distributions		(5.05)		(5.20)		(1.42)		(1.99)		(5.12)		(12.60) E
Net asset value, end of period	$	33.57	$	38.72	$	48.98	$	32.31	$	33.42	$	40.27
Total Return F,G,H		(.18)% D		(11.81)%		57.23%		2.76%		(4.58)%		11.35%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.84% K		1.81%		1.83%		1.85%		1.83%		1.82%
Expenses net of fee waivers, if any		1.83% K		1.81%		1.83%		1.85%		1.83%		1.82%
Expenses net of all reductions		1.83% K		1.81%		1.83%		1.84%		1.83%		1.81%
Net investment income (loss)		(.06)% K		(.62)%		(.96)% C		(.90)%		(.86)%		(.70)%
Supplemental Data
Net assets, end of period (in millions)	$	24	$	29	$	51	$	56	$	90	$	273
Portfolio turnover rate L		59% K		27%		14%		59%		25%		32%

A Calculated based on average shares outstanding during the period.

E Total distributions per share do not sum due to rounding.

F Total returns for periods of less than one year are not annualized.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

H Total returns do not include the effect of the contingent deferred sales charge.

K Annualized.

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

Fidelity Advisor® Leveraged Company Stock Fund Class I

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	48.81	$	60.01	$	38.93	$	39.47	$	46.20	$	54.02
Income from Investment Operations
Net investment income (loss) A,B		.21		.22		.04 C		.05		.06		.15
Net realized and unrealized gain (loss)		(.11) D		(6.04)		22.46		1.40		(1.65)		5.10
Total from investment operations		.10		(5.82)		22.50		1.45		(1.59)		5.25
Distributions from net investment income		(.21)		(.13)		-		-		(.02)		(.44)
Distributions from net realized gain		(4.99)		(5.25)		(1.42)		(1.99)		(5.12)		(12.63)
Total distributions		(5.20)		(5.38)		(1.42)		(1.99)		(5.14)		(13.07)
Net asset value, end of period	$	43.71	$	48.81	$	60.01	$	38.93	$	39.47	$	46.20
Total Return E,F		.34% D		(10.88)%		58.87%		3.82%		(3.59)%		12.46%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.79% I		.78%		.79%		.81%		.81%		.81%
Expenses net of fee waivers, if any		.79% I		.78%		.79%		.81%		.81%		.80%
Expenses net of all reductions		.79% I		.78%		.79%		.80%		.80%		.79%
Net investment income (loss)		.99% I		.41%		.07% C		.14%		.16%		.32%
Supplemental Data
Net assets, end of period (in millions)	$	257	$	290	$	378	$	261	$	354	$	558
Portfolio turnover rate J		59% I		27%		14%		59%		25%		32%

A Calculated based on average shares outstanding during the period.

E Total returns for periods of less than one year are not annualized.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

I Annualized.

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

Fidelity Advisor® Leveraged Company Stock Fund Class Z

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	49.05	$	60.24	$	39.03	$	39.52	$	46.22	$	54.06
Income from Investment Operations
Net investment income (loss) A,B		.24		.29		.10 C		.10		.11		.20
Net realized and unrealized gain (loss)		(.12) D		(6.07)		22.53		1.40		(1.64)		5.10
Total from investment operations		.12		(5.78)		22.63		1.50		(1.53)		5.30
Distributions from net investment income		(.23)		(.16)		-		-		(.05)		(.51)
Distributions from net realized gain		(4.99)		(5.25)		(1.42)		(1.99)		(5.12)		(12.63)
Total distributions		(5.22)		(5.41)		(1.42)		(1.99)		(5.17)		(13.14)
Net asset value, end of period	$	43.95	$	49.05	$	60.24	$	39.03	$	39.52	$	46.22
Total Return E,F		.39% D		(10.78)%		59.05%		3.95%		(3.45)%		12.59%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.67% I		.66%		.67%		.68%		.68%		.68%
Expenses net of fee waivers, if any		.67% I		.66%		.67%		.68%		.68%		.68%
Expenses net of all reductions		.67% I		.66%		.67%		.67%		.68%		.67%
Net investment income (loss)		1.11% I		.53%		.20% C		.27%		.29%		.44%
Supplemental Data
Net assets, end of period (in millions)	$	30	$	34	$	43	$	25	$	32	$	37
Portfolio turnover rate J		59% I		27%		14%		59%		25%		32%

A Calculated based on average shares outstanding during the period.

E Total returns for periods of less than one year are not annualized.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

I Annualized.

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

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2023

( Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Leveraged Company Stock 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 A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, 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	$354,742
Gross unrealized depreciation	(34,714)
Net unrealized appreciation (depreciation)	$320,028
Tax cost	$680,536

The Fund elected to defer to its next fiscal year approximately $18,810 of capital losses recognized during the period November 1, 2021 to July 31, 2022.

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 Leveraged Company Stock Fund	286,772	346,514

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 .35% 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 annualized management fee rate was .58% 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%	$603	$-
Class M	.25%	.25%	493	-
Class C	.75%	.25%	129	4
			$1,225	$4

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	$6
Class M	2
Class C A	- B
	$8

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

B 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 A
Class A	$428	.18
Class M	170	.17
Class C	27	.21
Class I	212	.16
Class Z	6	.04
	$843

A Annualized

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 annualized rates:

	% of Average Net Assets
Fidelity Advisor Leveraged Company Stock 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 Leveraged Company Stock Fund	$4

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 Leveraged Company Stock Fund	16,092	11,555	2,369

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
Fidelity Advisor Leveraged Company Stock Fund	10

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 Leveraged Company Stock Fund	$1

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 Leveraged Company Stock Fund	$1	$-	$-

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 less than five-hundred dollars.

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 $19

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2023	Year ended July 31, 2022
Fidelity Advisor Leveraged Company Stock Fund
Distributions to shareholders
Class A	$57,445	$60,408
Class M	24,642	26,805
Class C	3,790	5,122
Class I	30,416	33,788
Class Z	3,613	3,974
Total	$119,906	$130,097

10. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2023	Year ended July 31, 2022	Six months ended January 31, 2023	Year ended July 31, 2022
Fidelity Advisor Leveraged Company Stock Fund
Class A
Shares sold	296	708	$12,232	$37,700
Reinvestment of distributions	1,305	1,036	54,610	57,346
Shares redeemed	(972)	(1,923)	(39,821)	(100,806)
Net increase (decrease)	629	(179)	$27,021	$(5,760)
Class M
Shares sold	183	322	$7,290	$16,030
Reinvestment of distributions	613	499	24,126	26,202
Shares redeemed	(479)	(1,187)	(18,445)	(58,630)
Net increase (decrease)	317	(366)	$12,971	$(16,398)
Class C
Shares sold	35	43	$1,295	$1,887
Reinvestment of distributions	112	110	3,776	5,095
Shares redeemed	(175)	(448)	(5,803)	(19,487)
Net increase (decrease)	(28)	(295)	$(732)	$(12,505)
Class I
Shares sold	352	827	$15,148	$45,916
Reinvestment of distributions	642	542	28,104	31,141
Shares redeemed	(1,072)	(1,721)	(45,798)	(93,429)
Net increase (decrease)	(78)	(352)	$(2,546)	$(16,372)
Class Z
Shares sold	45	216	$1,899	$12,179
Reinvestment of distributions	67	58	2,970	3,359
Shares redeemed	(116)	(291)	(4,782)	(16,285)
Net increase (decrease)	(4)	(17)	$87	$(747)

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.

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 (August 1, 2022 to January 31, 2023).

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- A	Beginning Account Value August 1, 2022	Ending Account Value January 31, 2023	Expenses Paid During Period- C August 1, 2022 to January 31, 2023
Fidelity Advisor® Leveraged Company Stock Fund
Class A	1.05%
Actual		$ 1,000	$ 1,002.00	$ 5.30
Hypothetical- B		$ 1,000	$ 1,019.91	$ 5.35
Class M	1.30%
Actual		$ 1,000	$ 1,000.90	$ 6.56
Hypothetical- B		$ 1,000	$ 1,018.65	$ 6.61
Class C	1.83%
Actual		$ 1,000	$ 998.20	$ 9.22
Hypothetical- B		$ 1,000	$ 1,015.98	$ 9.30
Class I	.79%
Actual		$ 1,000	$ 1,003.40	$ 3.99
Hypothetical- B		$ 1,000	$ 1,021.22	$ 4.02
Class Z	.67%
Actual		$ 1,000	$ 1,003.90	$ 3.38
Hypothetical- B		$ 1,000	$ 1,021.83	$ 3.41

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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.759104.124

ALSF-SANN-0423

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable

assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(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.

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:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	March 23, 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:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	March 23, 2023


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	March 23, 2023