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.

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.

Average Annual Total Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	14.07%	14.64%	13.49%
Class M (incl. 3.50% sales charge)	16.49%	14.91%	13.49%
Class C (incl. contingent deferred sales charge)	19.01%	15.10%	13.46%
Class I	21.40%	16.31%	14.47%
Class Z	21.48%	16.45%	14.61%

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® Equity Growth Fund - Class A, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 13.84% for the 12 months ending November 30, 2023, according to the S&P 500® index, as a slowing in the pace of inflation and a resilient U.S. economy provided a favorable backdrop for higher-risk assets for much of 2023. After returning -18.11% in 2022, the index's upturn was mostly driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. Since March 2022, the Fed has raised its benchmark interest rate 11 times before pausing and twice deciding to hold rates at a 22-year high while it observes the effect on inflation and the economy. After the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline that was due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. Favorable data on inflation provided a further boost and the index rose 9.13% in November. By sector for the full 12 months, information technology (+41%) and communications services (+37%) led the way, followed by consumer discretionary (+20%). In contrast, the defensive-oriented utilities (-9%) and consumer staples (-5%) sectors lagged most the past 12 months.

Comments from Co-Managers Asher Anolic and Jason Weiner:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 20% to 21%, versus 24.56% for the benchmark Russell 3000® Growth Index. Relative to the benchmark, market selection was the primary detractor, especially an underweight in information technology. Stock selection in financials also hurt. An overweight in health care also hampered the fund's result. Also detracting from our result was security selection in materials. The fund's stake in Block returned -31% and was the largest individual relative detractor. The second-largest relative detractor was our stake in UnitedHealth (-1%). UnitedHealth was among the fund's top holdings this period. This period we decreased our investment in UnitedHealth. A stake in Signature Bank returned -100% and notably hurt. Signature Bank was not held at period end. In contrast, the biggest contributor to performance versus the benchmark was stock selection in industrials. Picks in information technology also boosted relative performance. Also lifting the fund's relative result was an underweight in consumer staples. The top individual relative contributor was an overweight in Uber Technologies (+94%). Uber Technologies was one of our biggest holdings. A second notable relative contributor was an overweight in Nvidia (+179%). Nvidia was among the fund's largest holdings. This period we increased our position in Nvidia. An overweight in MongoDB (+174%) also helped. Notable changes in positioning include decreased exposure to the materials and consumer staples 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, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	15.0
NVIDIA Corp.	6.6
Amazon.com, Inc.	4.9
Alphabet, Inc. Class A	4.8
Apple, Inc.	4.4
Uber Technologies, Inc.	4.3
Eli Lilly & Co.	2.4
Boston Scientific Corp.	2.2
Netflix, Inc.	1.9
Universal Music Group NV	1.9
	48.4

Market Sectors (% of Fund's net assets)

Information Technology	39.7
Health Care	15.2
Industrials	13.2
Consumer Discretionary	10.5
Communication Services	9.7
Financials	5.2
Energy	4.0
Consumer Staples	1.2
Materials	0.2

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 9.7%
Entertainment - 4.9%
Netflix, Inc. (a)	307,942	145,955
Universal Music Group NV	5,454,591	144,116
Warner Music Group Corp. Class A	2,669,478	88,386
		378,457
Interactive Media & Services - 4.8%
Alphabet, Inc. Class A (a)	2,751,762	364,691
Epic Games, Inc. (a)(b)(c)	3,289	1,944
		366,635
TOTAL COMMUNICATION SERVICES		745,092
CONSUMER DISCRETIONARY - 10.5%
Automobiles - 0.3%
BYD Co. Ltd. (H Shares)	1,000,871	26,900
Broadline Retail - 6.2%
Amazon.com, Inc. (a)	2,600,228	379,867
MercadoLibre, Inc. (a)	52,402	84,915
Savers Value Village, Inc. (d)	665,700	10,019
		474,801
Hotels, Restaurants & Leisure - 2.0%
Airbnb, Inc. Class A (a)	417,082	52,694
Booking Holdings, Inc. (a)	14,500	45,323
Flutter Entertainment PLC (a)	300,282	46,894
Kura Sushi U.S.A., Inc. Class A (a)	107,500	6,717
		151,628
Household Durables - 0.0%
Blu Investments LLC (a)(b)(c)	12,123,162	4
Specialty Retail - 1.0%
TJX Companies, Inc.	898,268	79,146
Textiles, Apparel & Luxury Goods - 1.0%
LVMH Moet Hennessy Louis Vuitton SE	52,628	40,255
Samsonite International SA (a)(e)	12,634,276	36,878
		77,133
TOTAL CONSUMER DISCRETIONARY		809,612
CONSUMER STAPLES - 1.2%
Beverages - 0.8%
Monster Beverage Corp.	1,194,690	65,887
Personal Care Products - 0.4%
Estee Lauder Companies, Inc. Class A	229,253	29,273
TOTAL CONSUMER STAPLES		95,160
ENERGY - 4.0%
Energy Equipment & Services - 0.5%
Baker Hughes Co. Class A	1,119,949	37,798
Oil, Gas & Consumable Fuels - 3.5%
Cheniere Energy, Inc.	677,900	123,479
New Fortress Energy, Inc. (d)	479,132	18,437
Range Resources Corp.	1,235,956	40,169
Reliance Industries Ltd.	2,580,905	73,588
Southwestern Energy Co. (a)	1,765,100	11,632
		267,305
TOTAL ENERGY		305,103
FINANCIALS - 5.2%
Capital Markets - 1.3%
Ares Management Corp.	141,900	15,928
CME Group, Inc.	397,618	86,824
		102,752
Financial Services - 2.8%
Apollo Global Management, Inc.	78,100	7,185
Corebridge Financial, Inc.	774,600	16,290
Fiserv, Inc. (a)	121,600	15,882
Global Payments, Inc.	163,600	19,050
MasterCard, Inc. Class A	337,343	139,603
One97 Communications Ltd. (a)	562,300	5,906
Rocket Companies, Inc. (a)(d)	1,174,300	10,968
		214,884
Insurance - 1.1%
Arthur J. Gallagher & Co.	273,639	68,136
BRP Group, Inc. (a)	687,593	12,026
		80,162
TOTAL FINANCIALS		397,798
HEALTH CARE - 15.2%
Biotechnology - 4.1%
Adamas Pharmaceuticals, Inc.:
rights (a)(c)	1,000,100	250
rights (a)(c)	1,000,100	110
Alnylam Pharmaceuticals, Inc. (a)	272,913	45,918
Arcellx, Inc. (a)	61,800	3,246
Arrowhead Pharmaceuticals, Inc. (a)	105,000	2,226
Beam Therapeutics, Inc. (a)	74,400	2,089
BioMarin Pharmaceutical, Inc. (a)	155,500	14,163
Blueprint Medicines Corp. (a)	41,600	2,897
Cerevel Therapeutics Holdings (a)	93,600	2,427
Cytokinetics, Inc. (a)	225,400	7,546
Galapagos NV sponsored ADR (a)	404,332	15,134
Gamida Cell Ltd. (a)	1,895,116	587
Gamida Cell Ltd. warrants 4/21/28 (a)	354,200	10
Hookipa Pharma, Inc. (a)	669,700	381
Immunocore Holdings PLC ADR (a)	169,488	8,937
Insmed, Inc. (a)	637,949	15,961
Legend Biotech Corp. ADR (a)	158,800	9,658
Regeneron Pharmaceuticals, Inc. (a)	78,771	64,892
Repligen Corp. (a)(d)	171,504	26,969
Sarepta Therapeutics, Inc. (a)	56,100	4,560
Seres Therapeutics, Inc. (a)	235,000	244
Synlogic, Inc. (a)	43,186	108
Vertex Pharmaceuticals, Inc. (a)	226,996	80,540
Vor Biopharma, Inc. (a)	474,939	879
XOMA Corp. (a)	291,100	4,320
		314,052
Health Care Equipment & Supplies - 3.3%
Axonics Modulation Technologies, Inc. (a)	275,100	15,403
Boston Scientific Corp. (a)	3,038,327	169,812
Inspire Medical Systems, Inc. (a)	64,400	9,358
Lantheus Holdings, Inc. (a)	73,500	5,264
Masimo Corp. (a)	476,000	44,630
Penumbra, Inc. (a)	48,840	10,847
		255,314
Health Care Providers & Services - 2.5%
HealthEquity, Inc. (a)	1,043,631	69,944
UnitedHealth Group, Inc.	225,088	124,467
		194,411
Health Care Technology - 0.1%
Evolent Health, Inc.	304,700	8,471
Life Sciences Tools & Services - 2.3%
Agilent Technologies, Inc.	58,400	7,464
Bio-Techne Corp.	240,535	15,130
Bruker Corp.	489,308	31,849
Chemometec A/S	43,000	2,154
Codexis, Inc. (a)	1,124,704	2,654
Danaher Corp.	213,939	47,775
Sartorius Stedim Biotech	101,863	22,885
Thermo Fisher Scientific, Inc.	100,456	49,802
		179,713
Pharmaceuticals - 2.9%
Aclaris Therapeutics, Inc. (a)	156,900	137
AstraZeneca PLC sponsored ADR	595,517	38,464
Eli Lilly & Co.	312,868	184,918
		223,519
TOTAL HEALTH CARE		1,175,480
INDUSTRIALS - 13.2%
Commercial Services & Supplies - 0.0%
Veralto Corp.	45,613	3,524
Electrical Equipment - 1.3%
Eaton Corp. PLC	410,665	93,504
HD Hyundai Electric Co. Ltd.	99,470	6,436
		99,940
Ground Transportation - 4.3%
Uber Technologies, Inc. (a)	5,851,036	329,881
Industrial Conglomerates - 1.5%
General Electric Co.	969,971	118,142
Machinery - 2.1%
Energy Recovery, Inc. (a)	287,700	5,484
Ingersoll Rand, Inc.	1,120,578	80,043
Parker Hannifin Corp.	118,931	51,519
Westinghouse Air Brake Tech Co.	183,757	21,419
		158,465
Passenger Airlines - 0.5%
Ryanair Holdings PLC sponsored ADR (a)	354,587	41,919
Professional Services - 2.6%
Equifax, Inc.	486,701	105,960
KBR, Inc.	1,284,240	66,357
TransUnion Holding Co., Inc.	446,422	26,214
		198,531
Trading Companies & Distributors - 0.9%
Ferguson PLC	405,977	68,576
TOTAL INDUSTRIALS		1,018,978
INFORMATION TECHNOLOGY - 39.6%
Electronic Equipment, Instruments & Components - 1.3%
Flex Ltd. (a)	2,060,645	52,443
Jabil, Inc.	416,951	48,083
		100,526
IT Services - 2.0%
Gartner, Inc. (a)	77,549	33,721
MongoDB, Inc. Class A (a)	212,307	88,265
Snowflake, Inc. (a)	190,082	35,675
		157,661
Semiconductors & Semiconductor Equipment - 13.0%
Aixtron AG	748,038	27,204
Allegro MicroSystems LLC (a)	330,136	8,986
Arm Holdings Ltd. ADR (d)	64,100	3,942
ASML Holding NV (depository receipt)	78,743	53,841
BE Semiconductor Industries NV	398,903	55,774
eMemory Technology, Inc.	36,000	2,884
KLA Corp.	89,932	48,979
Marvell Technology, Inc.	258,600	14,412
Monolithic Power Systems, Inc.	45,229	24,818
NVIDIA Corp.	1,078,266	504,305
NXP Semiconductors NV	300,464	61,319
SiTime Corp. (a)	293,083	32,415
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,205,112	117,269
Universal Display Corp.	263,323	44,554
		1,000,702
Software - 18.9%
ASAPP, Inc. warrants 8/28/28 (a)(b)(c)	2,071,818	4,662
Confluent, Inc. (a)	1,463,707	31,060
HubSpot, Inc. (a)	104,654	51,692
Manhattan Associates, Inc. (a)	249,992	55,761
Microsoft Corp.	3,054,197	1,157,266
NICE Ltd. sponsored ADR (a)	128,131	24,313
Oracle Corp.	866,941	100,747
ServiceNow, Inc. (a)	45,013	30,867
Volue A/S (a)	1,207,600	2,047
		1,458,415
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.	1,781,651	338,425
TOTAL INFORMATION TECHNOLOGY		3,055,729
MATERIALS - 0.1%
Chemicals - 0.1%
Aspen Aerogels, Inc. (a)(d)	510,800	5,353
TOTAL COMMON STOCKS (Cost $5,019,674)		7,608,305

Convertible Preferred Stocks - 0.2%
	Shares	Value ($) (000s)
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Canva, Inc.:
Series A (b)(c)	846	946
Series A2 (b)(c)	154	172
		1,118
HEALTH CARE - 0.0%
Biotechnology - 0.0%
ElevateBio LLC Series C (a)(b)(c)	111,100	334
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
ASAPP, Inc.:
Series C (a)(b)(c)	367,427	1,069
Series D (b)(c)	3,611,038	9,316
		10,385
MATERIALS - 0.1%
Metals & Mining - 0.1%
Illuminated Holdings, Inc.:
Series C2 (a)(b)(c)	76,285	1,756
Series C3 (a)(b)(c)	95,356	2,195
Series C4 (a)(b)(c)	27,230	627
Series C5 (a)(b)(c)	53,844	1,239
		5,817
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $25,974)		17,654

Convertible Bonds - 0.0%
	Principal Amount (f) (000s)	Value ($) (000s)
MATERIALS - 0.0%
Metals & Mining - 0.0%
Illuminated Holdings, Inc. 0% (b)(c)(g) (Cost $1,619)	1,619	1,622

Preferred Securities - 0.0%
	Principal Amount (f) (000s)	Value ($) (000s)
MATERIALS - 0.0%
Metals & Mining - 0.0%
Illuminated Holdings, Inc. 0% (b)(c)(g) (Cost $2,252)	2,252	2,253

Money Market Funds - 1.9%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (h)	91,710,666	91,729
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)	54,543,154	54,549
TOTAL MONEY MARKET FUNDS (Cost $146,278)		146,278

TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $5,195,797)	7,776,112
NET OTHER ASSETS (LIABILITIES) - (0.8)%	(65,497)
NET ASSETS - 100.0%	7,710,615

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 $28,139,000 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 $36,878,000 or 0.5% of net assets.

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

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

(h)

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.

(i)	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)
ASAPP, Inc. warrants 8/28/28	8/29/23	0

ASAPP, Inc. Series C	4/30/21	2,424

ASAPP, Inc. Series D	8/29/23	13,944

Blu Investments LLC	5/21/20	21

Canva, Inc. Series A	9/22/23	902

Canva, Inc. Series A2	9/22/23	164

ElevateBio LLC Series C	3/09/21	466

Epic Games, Inc.	3/29/21	2,911

Illuminated Holdings, Inc. Series C2	7/07/20	1,907

Illuminated Holdings, Inc. Series C3	7/07/20	2,861

Illuminated Holdings, Inc. Series C4	1/08/21	980

Illuminated Holdings, Inc. Series C5	6/16/21	2,326

Illuminated Holdings, Inc. 0%	6/14/23 - 9/27/23	3,871

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 5.40%	121,727	2,100,253	2,130,251	5,941	-	-	91,729	0.2%
Fidelity Securities Lending Cash Central Fund 5.39%	30,152	473,777	449,380	610	-	-	54,549	0.2%
Total	151,879	2,574,030	2,579,631	6,551	-	-	146,278

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium 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, 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	745,092	599,032	144,116	1,944
Consumer Discretionary	810,730	782,708	26,900	1,122
Consumer Staples	95,160	95,160	-	-
Energy	305,103	305,103	-	-
Financials	397,798	397,798	-	-
Health Care	1,175,814	1,175,110	10	694
Industrials	1,018,978	1,018,978	-	-
Information Technology	3,066,114	3,051,067	-	15,047
Materials	11,170	5,353	-	5,817

Corporate Bonds	1,622	-	-	1,622

Preferred Securities	2,253	-	-	2,253

Money Market Funds	146,278	146,278	-	-
Total Investments in Securities:	7,776,112	7,576,587	171,026	28,499

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $53,557) - See accompanying schedule:
Unaffiliated issuers (cost $5,049,519)	$	7,629,834
Fidelity Central Funds (cost $146,278)		146,278


Total Investment in Securities (cost $5,195,797)			$	7,776,112
Foreign currency held at value (cost $1,056)				1,055
Receivable for investments sold				7,720
Receivable for fund shares sold				12,662
Dividends receivable				4,113
Distributions receivable from Fidelity Central Funds				782
Prepaid expenses				8
Other receivables				25
Total assets				7,802,477
Liabilities
Payable for investments purchased	$	23,360
Payable for fund shares redeemed		6,381
Accrued management fee		3,265
Distribution and service plan fees payable		1,136
Other affiliated payables		901
Other payables and accrued expenses		2,276
Collateral on securities loaned		54,543
Total Liabilities				91,862
Net Assets			$	7,710,615
Net Assets consist of:
Paid in capital			$	5,102,331
Total accumulated earnings (loss)				2,608,284
Net Assets			$	7,710,615

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($1,821,007 ÷ 111,116 shares)(a)			$	16.39
Maximum offering price per share (100/94.25 of $16.39)			$	17.39
Class M :
Net Asset Value and redemption price per share ($1,619,005 ÷ 102,600 shares)(a)			$	15.78
Maximum offering price per share (100/96.50 of $15.78)			$	16.35
Class C :
Net Asset Value and offering price per share ($132,579 ÷ 10,792 shares)(a)			$	12.28
Class I :
Net Asset Value, offering price and redemption price per share ($2,548,297 ÷ 134,219 shares)			$	18.99
Class Z :
Net Asset Value, offering price and redemption price per share ($1,589,727 ÷ 82,514 shares)			$	19.27
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Year ended November 30, 2023
Investment Income
Dividends			$	44,021
Income from Fidelity Central Funds (including $610 from security lending)				6,551
Total Income				50,572
Expenses
Management fee	$	33,030
Transfer agent fees		8,922
Distribution and service plan fees		12,533
Accounting fees		1,012
Custodian fees and expenses		130
Independent trustees' fees and expenses		34
Registration fees		198
Audit		81
Legal		8
Miscellaneous		220
Total expenses before reductions		56,168
Expense reductions		(383)
Total expenses after reductions				55,785
Net Investment income (loss)				(5,213)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $1,844)		58,049
Foreign currency transactions		148
Total net realized gain (loss)				58,197
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of decrease in deferred foreign taxes of $2,093)		1,227,762
Assets and liabilities in foreign currencies		(42)
Total change in net unrealized appreciation (depreciation)				1,227,720
Net gain (loss)				1,285,917
Net increase (decrease) in net assets resulting from operations			$	1,280,704

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(5,213)	$	(5,924)
Net realized gain (loss)		58,197		101,764
Change in net unrealized appreciation (depreciation)		1,227,720		(1,034,185)
Net increase (decrease) in net assets resulting from operations		1,280,704		(938,345)
Distributions to shareholders		(103,218)		(584,982)

Share transactions - net increase (decrease)		1,647,315		1,234,456
Total increase (decrease) in net assets		2,824,801		(288,871)

Net Assets
Beginning of period		4,885,814		5,174,685
End of period	$	7,710,615	$	4,885,814

Financial Highlights

Fidelity Advisor® Equity Growth Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.85	$	19.23	$	17.06	$	13.07	$	11.84
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.02)		- C		(.05)		(.02)
Net realized and unrealized gain (loss)		2.85		(3.14)		4.08		5.22		1.97
Total from investment operations		2.83		(3.16)		4.08		5.17		1.95
Distributions from net realized gain		(.29)		(2.22)		(1.91)		(1.18)		(.72)
Total distributions		(.29)		(2.22)		(1.91)		(1.18)		(.72)
Net asset value, end of period	$	16.39	$	13.85	$	19.23	$	17.06	$	13.07
Total Return D,E		21.03%		(18.79)%		26.35%		42.92%		18.34%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.96%		.97%		.97%		.99%		1.01%
Expenses net of fee waivers, if any		.96%		.97%		.97%		.99%		1.01%
Expenses net of all reductions		.96%		.97%		.97%		.99%		1.01%
Net investment income (loss)		(.16)%		(.11)%		(.02)% C		(.33)%		(.16)%
Supplemental Data
Net assets, end of period (in millions)	$	1,821	$	1,422	$	1,752	$	1,477	$	1,049
Portfolio turnover rate H		43%		40%		44%		52%		49% I

ACalculated based on average shares outstanding during the period.

BNet 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.

CNet 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)%.

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

ETotal returns do not include the effect of the sales charges.

FFees 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.

GExpense 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.

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Growth Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.38	$	18.64	$	16.60	$	12.78	$	11.61
Income from Investment Operations
Net investment income (loss) A,B		(.06)		(.05)		(.04) C		(.08)		(.05)
Net realized and unrealized gain (loss)		2.75		(3.04)		3.95		5.08		1.94
Total from investment operations		2.69		(3.09)		3.91		5.00		1.89
Distributions from net realized gain		(.29)		(2.17)		(1.87)		(1.18)		(.72)
Total distributions		(.29)		(2.17)		(1.87)		(1.18)		(.72)
Net asset value, end of period	$	15.78	$	13.38	$	18.64	$	16.60	$	12.78
Total Return D,E		20.71%		(18.95)%		25.99%		42.54%		18.18%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.21%		1.21%		1.21%		1.23%		1.25%
Expenses net of fee waivers, if any		1.20%		1.21%		1.21%		1.23%		1.25%
Expenses net of all reductions		1.20%		1.21%		1.21%		1.23%		1.24%
Net investment income (loss)		(.40)%		(.36)%		(.26)% C		(.57)%		(.40)%
Supplemental Data
Net assets, end of period (in millions)	$	1,619	$	1,437	$	1,938	$	1,747	$	1,417
Portfolio turnover rate H		43%		40%		44%		52%		49% I

ACalculated based on average shares outstanding during the period.

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

ETotal returns do not include the effect of the sales charges.

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Growth Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.54	$	15.14	$	13.84	$	10.90	$	10.07
Income from Investment Operations
Net investment income (loss) A,B		(.10)		(.10)		(.11) C		(.13)		(.09)
Net realized and unrealized gain (loss)		2.13		(2.39)		3.24		4.25		1.64
Total from investment operations		2.03		(2.49)		3.13		4.12		1.55
Distributions from net realized gain		(.29)		(2.11)		(1.83)		(1.18)		(.72)
Total distributions		(.29)		(2.11)		(1.83)		(1.18)		(.72)
Net asset value, end of period	$	12.28	$	10.54	$	15.14	$	13.84	$	10.90
Total Return D,E		20.01%		(19.38)%		25.36%		41.73%		17.53%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.74%		1.75%		1.74%		1.78%		1.80%
Expenses net of fee waivers, if any		1.74%		1.75%		1.74%		1.77%		1.80%
Expenses net of all reductions		1.74%		1.75%		1.74%		1.77%		1.79%
Net investment income (loss)		(.93)%		(.89)%		(.79)% C		(1.12)%		(.95)%
Supplemental Data
Net assets, end of period (in millions)	$	133	$	98	$	134	$	131	$	101
Portfolio turnover rate H		43%		40%		44%		52%		49% I

ACalculated based on average shares outstanding during the period.

CNet 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)%.

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

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Growth Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	15.95	$	21.82	$	19.10	$	14.46	$	12.98
Income from Investment Operations
Net investment income (loss) A,B		.02		.02		.05 C		(.01)		.01
Net realized and unrealized gain (loss)		3.31		(3.63)		4.61		5.83		2.19
Total from investment operations		3.33		(3.61)		4.66		5.82		2.20
Distributions from net realized gain		(.29)		(2.26)		(1.94)		(1.18)		(.72)
Total distributions		(.29)		(2.26)		(1.94)		(1.18)		(.72)
Net asset value, end of period	$	18.99	$	15.95	$	21.82	$	19.10	$	14.46
Total Return D		21.40%		(18.62)%		26.65%		43.32%		18.68%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.71%		.72%		.71%		.74%		.75%
Expenses net of fee waivers, if any		.71%		.71%		.71%		.73%		.75%
Expenses net of all reductions		.71%		.71%		.71%		.73%		.75%
Net investment income (loss)		.09%		.14%		.24% C		(.07)%		.10%
Supplemental Data
Net assets, end of period (in millions)	$	2,548	$	1,285	$	1,067	$	770	$	548
Portfolio turnover rate G		43%		40%		44%		52%		49% H

ACalculated based on average shares outstanding during the period.

CNet 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)%.

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

EFees 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.

FExpense 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.

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Growth Fund Class Z

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.17	$	22.07	$	19.30	$	14.59	$	13.07
Income from Investment Operations
Net investment income (loss) A,B		.04		.04		.07 C		.01		.03
Net realized and unrealized gain (loss)		3.35		(3.66)		4.66		5.88		2.21
Total from investment operations		3.39		(3.62)		4.73		5.89		2.24
Distributions from net realized gain		(.29)		(2.28)		(1.96)		(1.18)		(.72)
Total distributions		(.29)		(2.28)		(1.96)		(1.18)		(.72)
Net asset value, end of period	$	19.27	$	16.17	$	22.07	$	19.30	$	14.59
Total Return D		21.48%		(18.46)%		26.77%		43.43%		18.87%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.59%		.60%		.60%		.61%		.62%
Expenses net of fee waivers, if any		.59%		.60%		.60%		.61%		.62%
Expenses net of all reductions		.59%		.60%		.60%		.61%		.62%
Net investment income (loss)		.22%		.26%		.35% C		.05%		.23%
Supplemental Data
Net assets, end of period (in millions)	$	1,590	$	645	$	285	$	180	$	112
Portfolio turnover rate G		43%		40%		44%		52%		49% H

ACalculated based on average shares outstanding during the period.

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended November 30, 2023

(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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:

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

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, 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. 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 (ETFs). 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 (ETF). 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, 2023, 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, net operating losses, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, 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	$2,731,981
Gross unrealized depreciation	(157,893)
Net unrealized appreciation (depreciation)	$2,574,088
Tax Cost	$5,202,024

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

Undistributed long-term capital gain	$42,008
Net unrealized appreciation (depreciation) on securities and other investments	$2,574,083

The Fund intends to elect to defer to its next fiscal year $5,659 of ordinary losses recognized during the period January 1, 2023 to November 30,2023.

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$-	$ 62,096
Long-term Capital Gains	103,218	522,886
Total	$103,218	$ 584,982

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 Equity Growth Fund	4,206,980	2,687,520

5. Fees and Other Transactions with Affiliates.

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%	$3,933	$78
Class M	.25%	.25%	7,463	38
Class C	.75%	.25%	1,137	228
			$12,533	$344

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	$544
Class M	33
Class CA	4
	$581

A 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	$2,595	.16
Class M	2,355	.16
Class C	219	.19
Class I	3,278	.16
Class Z	475	.04
	$8,922

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1635%
Class M	0.1570%
Class C	0.1883%
Class I	0.1641%

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

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Advisor Equity Growth Fund	0.0147%

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	$43

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	297,355	185,829	(2,584)

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	$10

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	$66	$26	$6,744

8. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$2

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 $378.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Growth Fund
Distributions to shareholders
Class A	$29,592	$201,902
Class M	30,631	224,409
Class C	2,701	18,487
Class I	27,944	110,672
Class Z	12,350	29,512
Total	$103,218	$584,982

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, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Growth Fund
Class A
Shares sold	21,267	16,685	$310,421	$238,232
Reinvestment of distributions	2,171	10,895	27,414	189,362
Shares redeemed	(15,004)	(16,000)	(218,142)	(233,550)
Net increase (decrease)	8,434	11,580	$119,693	$194,044
Class M
Shares sold	7,691	8,496	$107,913	$121,186
Reinvestment of distributions	2,457	13,013	29,949	218,886
Shares redeemed	(14,950)	(18,044)	(210,990)	(258,376)
Net increase (decrease)	(4,802)	3,465	$(73,128)	$81,696
Class C
Shares sold	4,131	2,281	$45,054	$25,246
Reinvestment of distributions	276	1,360	2,629	18,111
Shares redeemed	(2,881)	(3,196)	(31,585)	(36,259)
Net increase (decrease)	1,526	445	$16,098	$7,098
Class I
Shares sold	80,228	45,700	$1,321,123	$738,514
Reinvestment of distributions	1,802	5,203	26,307	103,900
Shares redeemed	(28,342)	(19,286)	(479,338)	(320,943)
Net increase (decrease)	53,688	31,617	$868,092	$521,471
Class Z
Shares sold	58,182	29,802	$985,369	$472,459
Reinvestment of distributions	773	1,400	11,444	28,312
Shares redeemed	(16,335)	(4,204)	(280,253)	(70,624)
Net increase (decrease)	42,620	26,998	$716,560	$430,147

11. Other.

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

12. Risk and Uncertainties.

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

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, 2023, 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, 2023, 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, 2023, 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 16, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

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. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. 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.

Board Structure and Oversight Function. 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® 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 alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® 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® 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® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® 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® 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® 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.

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® 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 & Sustainability 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), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-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).

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® 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. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® 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 Board of Ariel Alternatives, LLC (private equity, 2022-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® 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® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® 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 served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® 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), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® 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® 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® 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 Lead Director of the Board 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® 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® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® 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).

Advisory Board Members and Officers:

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.

Name, Year of Birth; Principal Occupation

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® 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).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® 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 is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities 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 is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves as Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

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 is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® 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 is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. 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).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

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 (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

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 is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® 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, 2023 to November 30, 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 June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity Advisor® Equity Growth Fund
Class A	.95%
Actual		$ 1,000	$ 1,121.10	$ 5.05
Hypothetical-B		$ 1,000	$ 1,020.31	$ 4.81
Class M	1.19%
Actual		$ 1,000	$ 1,119.90	$ 6.32
Hypothetical-B		$ 1,000	$ 1,019.10	$ 6.02
Class C	1.72%
Actual		$ 1,000	$ 1,116.40	$ 9.13
Hypothetical-B		$ 1,000	$ 1,016.44	$ 8.69
Class I	.70%
Actual		$ 1,000	$ 1,122.30	$ 3.72
Hypothetical-B		$ 1,000	$ 1,021.56	$ 3.55
Class Z	.58%
Actual		$ 1,000	$ 1,123.60	$ 3.09
Hypothetical-B		$ 1,000	$ 1,022.16	$ 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, 2023, $43,670,338 or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Equity Growth Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it is the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Class I, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps ) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.

Proxy Voting Results

A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer.
	# of Votes	% of Votes
Affirmative	1,592,061,872.840	86.000
Against	163,155,598.550	9.000
Abstain	97,556,276.240	5.000
TOTAL	1,852,773,747.630	100.000

Proposal 1 was not approved by shareholders.

1.539469.126

EPG-ANN-0124

Fidelity Advisor® Value Strategies Fund

Annual Report

November 30, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

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 Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-1.24%	10.54%	7.84%
Class M (incl. 3.50% sales charge)	0.85%	10.80%	7.86%
Class C (incl. contingent deferred sales charge)	2.97%	10.98%	7.81%
Fidelity® Value Strategies Fund	5.01%	12.15%	8.78%
Class K	5.16%	12.30%	8.93%
Class I	5.03%	12.14%	8.75%

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, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

The U.S. equities gained 13.84% for the 12 months ending November 30, 2023, according to the S&P 500® index, as a slowing in the pace of inflation and a resilient U.S. economy provided a favorable backdrop for higher-risk assets for much of 2023. After returning -18.11% in 2022, the index's upturn was mostly driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. Since March 2022, the Fed has raised its benchmark interest rate 11 times before pausing and twice deciding to hold rates at a 22-year high while it observes the effect on inflation and the economy. After the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline that was due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. Favorable data on inflation provided a further boost and the index rose 9.13% in November. By sector for the full 12 months, information technology (+41%) and communications services (+37%) led the way, followed by consumer discretionary (+20%). In contrast, the defensive-oriented utilities (-9%) and consumer staples (-5%) sectors lagged most the past 12 months.

Comments from Portfolio Manager Matt Friedman:

For the fiscal year ending November 30, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 4% to 5%, versus -0.75% for the benchmark Russell Midcap Value Index. Relative to the benchmark, security selection was the primary contributor, led by materials. Stock picking in utilities also helped. Stock picks in industrials and real estate also boosted the fund's relative performance. The top individual relative contributor was an overweight in Builders FirstSource (+109%). Builders FirstSource was among the fund's largest holdings this period. This period we decreased our stake in Builders FirstSource. The second-largest relative contributor was an overweight in XPO (+118%). XPO was among the biggest holdings at period end. An overweight in First Citizens Bancshares (+81%) also helped. First Citizens Bancshares was among the fund's largest holdings this period. In contrast, the biggest detractor from performance versus the benchmark was security selection in health care, primarily within the health care equipment & services industry. An overweight in materials also hampered the fund's result. Also detracting from our result was stock picking in communication services. The largest individual relative detractor was our stake in Signature Bank (-100%). Signature Bank was not held at period end. A second notable relative detractor was an overweight in Darling Ingredients (-39%). Another notable relative detractor was our non-benchmark stake in AdaptHealth (-62%). Notable changes in positioning include higher allocations to the information technology and financials sectors.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Constellation Energy Corp.	2.2
Canadian Natural Resources Ltd.	2.2
Centene Corp.	2.1
Cigna Group	1.8
PG&E Corp.	1.8
Welltower, Inc.	1.7
Apollo Global Management, Inc.	1.6
XPO, Inc.	1.5
Gildan Activewear, Inc.	1.5
Global Payments, Inc.	1.5
	17.9

Market Sectors (% of Fund's net assets)

Financials	20.8
Industrials	16.3
Consumer Discretionary	10.8
Materials	9.4
Utilities	8.7
Real Estate	7.9
Energy	7.7
Health Care	6.3
Information Technology	5.1
Consumer Staples	4.6
Communication Services	1.3

Asset Allocation (% of Fund's net assets)

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.9%
Cellnex Telecom SA (a)	449,600	17,165
Media - 0.4%
Nexstar Broadcasting Group, Inc. Class A	49,500	7,026
TOTAL COMMUNICATION SERVICES		24,191
CONSUMER DISCRETIONARY - 10.8%
Automobile Components - 1.5%
Adient PLC (b)	203,000	6,537
Atmus Filtration Technologies, Inc. (c)	447,500	9,791
Autoliv, Inc.	118,300	12,258
		28,586
Automobiles - 0.8%
Harley-Davidson, Inc.	509,400	15,277
Hotels, Restaurants & Leisure - 0.9%
Hilton Grand Vacations, Inc. (b)	256,400	8,784
Red Rock Resorts, Inc.	178,850	7,964
		16,748
Household Durables - 1.3%
Newell Brands, Inc.	858,800	6,553
Tempur Sealy International, Inc.	475,400	19,168
		25,721
Leisure Products - 0.6%
Brunswick Corp.	150,600	11,878
Specialty Retail - 4.2%
American Eagle Outfitters, Inc.	1,028,222	19,567
Lithia Motors, Inc. Class A (sub. vtg.) (c)	44,000	11,748
Signet Jewelers Ltd. (c)	177,700	14,603
Upbound Group, Inc.	571,000	16,616
Victoria's Secret & Co. (b)	622,400	16,774
		79,308
Textiles, Apparel & Luxury Goods - 1.5%
Gildan Activewear, Inc.	773,000	27,982
TOTAL CONSUMER DISCRETIONARY		205,500
CONSUMER STAPLES - 4.6%
Consumer Staples Distribution & Retail - 1.2%
U.S. Foods Holding Corp. (b)	530,700	23,261
Food Products - 2.2%
Bunge Global SA	185,700	20,403
Darling Ingredients, Inc. (b)	487,922	21,405
		41,808
Household Products - 0.4%
Energizer Holdings, Inc.	266,700	8,225
Personal Care Products - 0.8%
Kenvue, Inc.	733,900	15,001
TOTAL CONSUMER STAPLES		88,295
ENERGY - 7.7%
Energy Equipment & Services - 2.3%
Expro Group Holdings NV (b)	1,307,300	20,329
Valaris Ltd. (b)	335,400	23,008
		43,337
Oil, Gas & Consumable Fuels - 5.4%
Antero Resources Corp. (b)	770,422	18,205
Canadian Natural Resources Ltd.	629,300	42,021
Targa Resources Corp.	226,800	20,514
Tourmaline Oil Corp. (c)	463,700	22,444
		103,184
TOTAL ENERGY		146,521
FINANCIALS - 20.8%
Banks - 4.6%
East West Bancorp, Inc.	426,900	26,861
First Citizens Bancshares, Inc.	18,700	27,450
Popular, Inc.	161,200	11,895
U.S. Bancorp	588,400	22,430
		88,636
Capital Markets - 3.1%
Ameriprise Financial, Inc.	65,700	23,226
LPL Financial	94,300	20,963
Raymond James Financial, Inc.	137,500	14,458
		58,647
Consumer Finance - 2.6%
OneMain Holdings, Inc.	493,500	20,875
PROG Holdings, Inc. (b)	376,452	10,262
SLM Corp.	1,189,284	17,875
		49,012
Financial Services - 4.8%
Apollo Global Management, Inc.	326,300	30,020
Global Payments, Inc.	240,000	27,946
NCR Atleos Corp.	506,100	11,240
Walker & Dunlop, Inc.	260,200	21,862
		91,068
Insurance - 5.7%
American Financial Group, Inc.	200,200	22,901
Assurant, Inc.	150,800	25,337
First American Financial Corp.	197,500	11,771
Globe Life, Inc.	93,600	11,525
Reinsurance Group of America, Inc.	100,733	16,426
The Travelers Companies, Inc.	109,900	19,850
		107,810
TOTAL FINANCIALS		395,173
HEALTH CARE - 6.3%
Health Care Providers & Services - 5.6%
AdaptHealth Corp. (b)	841,000	7,132
Centene Corp. (b)	549,200	40,465
Cigna Group	130,200	34,227
CVS Health Corp.	365,900	24,863
		106,687
Pharmaceuticals - 0.7%
Jazz Pharmaceuticals PLC (b)	116,300	13,750
TOTAL HEALTH CARE		120,437
INDUSTRIALS - 16.3%
Air Freight & Logistics - 1.2%
FedEx Corp.	86,600	22,415
Building Products - 1.1%
Builders FirstSource, Inc. (b)	155,500	20,854
Commercial Services & Supplies - 1.1%
The Brink's Co.	272,700	21,516
Construction & Engineering - 3.5%
Fluor Corp. (b)	562,800	21,403
Granite Construction, Inc.	264,900	12,172
MDU Resources Group, Inc.	764,800	14,638
Willscot Mobile Mini Holdings (b)	445,200	18,574
		66,787
Electrical Equipment - 1.1%
Regal Rexnord Corp.	180,700	21,648
Ground Transportation - 4.7%
Knight-Swift Transportation Holdings, Inc. Class A	331,900	17,850
TFI International, Inc. (Canada)	172,600	20,423
U-Haul Holding Co. (non-vtg.)	384,500	20,821
XPO, Inc. (b)	338,500	29,206
		88,300
Machinery - 2.4%
Allison Transmission Holdings, Inc.	384,800	20,579
Chart Industries, Inc. (b)	88,900	11,560
Timken Co.	192,400	13,930
		46,069
Professional Services - 0.6%
Manpower, Inc.	163,200	12,111
Trading Companies & Distributors - 0.6%
Beacon Roofing Supply, Inc. (b)	107,100	8,607
GMS, Inc. (b)	38,031	2,572
		11,179
TOTAL INDUSTRIALS		310,879
INFORMATION TECHNOLOGY - 5.1%
Communications Equipment - 1.1%
Lumentum Holdings, Inc. (b)	494,800	21,177
Electronic Equipment, Instruments & Components - 2.1%
Coherent Corp. (b)	218,500	8,039
Flex Ltd. (b)	874,400	22,253
Vontier Corp.	310,300	10,466
		40,758
Software - 1.0%
NCR Voyix Corp. (b)	1,155,300	18,115
Technology Hardware, Storage & Peripherals - 0.9%
Seagate Technology Holdings PLC	224,900	17,790
TOTAL INFORMATION TECHNOLOGY		97,840
MATERIALS - 9.4%
Chemicals - 6.1%
Axalta Coating Systems Ltd. (b)	363,700	11,446
Celanese Corp. Class A (c)	179,100	24,834
Methanex Corp.	364,900	15,578
Olin Corp.	404,383	19,063
The Chemours Co. LLC	729,300	20,005
Tronox Holdings PLC	544,400	6,941
Westlake Corp.	134,900	17,320
		115,187
Containers & Packaging - 1.0%
Graphic Packaging Holding Co.	495,500	11,233
O-I Glass, Inc. (b)	562,100	8,297
		19,530
Metals & Mining - 1.4%
Constellium NV (b)	862,900	15,014
Freeport-McMoRan, Inc.	293,000	10,935
		25,949
Paper & Forest Products - 0.9%
Louisiana-Pacific Corp.	283,100	17,266
TOTAL MATERIALS		177,932
REAL ESTATE - 7.9%
Equity Real Estate Investment Trusts (REITs) - 6.2%
Camden Property Trust (SBI)	105,400	9,513
CubeSmart	199,000	7,912
Equity Lifestyle Properties, Inc.	226,600	16,111
Essex Property Trust, Inc.	78,200	16,693
Prologis (REIT), Inc.	131,137	15,072
Ventas, Inc.	460,800	21,123
Welltower, Inc.	358,100	31,907
		118,331
Real Estate Management & Development - 1.7%
Colliers International Group, Inc.	89,500	9,313
Jones Lang LaSalle, Inc. (b)	139,100	21,633
		30,946
TOTAL REAL ESTATE		149,277
UTILITIES - 8.7%
Electric Utilities - 6.5%
Constellation Energy Corp.	349,000	42,238
Edison International	412,200	27,613
NextEra Energy, Inc.	332,300	19,443
PG&E Corp.	1,943,600	33,372
		122,666
Independent Power and Renewable Electricity Producers - 1.4%
The AES Corp.	1,581,900	27,224
Multi-Utilities - 0.8%
Sempra	218,500	15,922
TOTAL UTILITIES		165,812
TOTAL COMMON STOCKS (Cost $1,598,147)		1,881,857

Money Market Funds - 3.1%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (d)	23,451,815	23,457
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	36,471,255	36,475
TOTAL MONEY MARKET FUNDS (Cost $59,932)		59,932

TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $1,658,079)	1,941,789
NET OTHER ASSETS (LIABILITIES) - (2.0)%	(38,876)
NET ASSETS - 100.0%	1,902,913

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

Legend

(a)

(b)	Non-income producing

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

(d)

(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, 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 5.40%	1,324	573,508	551,375	993	-	-	23,457	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	51,754	609,048	624,327	201	-	-	36,475	0.1%
Total	53,078	1,182,556	1,175,702	1,194	-	-	59,932

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	24,191	7,026	17,165	-
Consumer Discretionary	205,500	205,500	-	-
Consumer Staples	88,295	88,295	-	-
Energy	146,521	146,521	-	-
Financials	395,173	395,173	-	-
Health Care	120,437	120,437	-	-
Industrials	310,879	310,879	-	-
Information Technology	97,840	97,840	-	-
Materials	177,932	177,932	-	-
Real Estate	149,277	149,277	-	-
Utilities	165,812	165,812	-	-

Money Market Funds	59,932	59,932	-	-
Total Investments in Securities:	1,941,789	1,924,624	17,165	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $35,776) - See accompanying schedule:
Unaffiliated issuers (cost $1,598,147)	$	1,881,857
Fidelity Central Funds (cost $59,932)		59,932


Total Investment in Securities (cost $1,658,079)			$	1,941,789
Receivable for fund shares sold				3,036
Dividends receivable				1,860
Distributions receivable from Fidelity Central Funds				223
Prepaid expenses				2
Total assets				1,946,910
Liabilities
Payable for investments purchased	$	3,203
Payable for fund shares redeemed		2,802
Accrued management fee		1,012
Distribution and service plan fees payable		178
Other affiliated payables		271
Other payables and accrued expenses		56
Collateral on securities loaned		36,475
Total Liabilities				43,997
Net Assets			$	1,902,913
Net Assets consist of:
Paid in capital			$	1,570,144
Total accumulated earnings (loss)				332,769
Net Assets			$	1,902,913

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($355,355 ÷ 8,426 shares)(a)(b)			$	42.18
Maximum offering price per share (100/94.25 of $42.18)			$	44.75
Class M :
Net Asset Value and redemption price per share ($223,355 ÷ 4,933 shares)(a)			$	45.28
Maximum offering price per share (100/96.50 of $45.28)			$	46.92
Class C :
Net Asset Value and offering price per share ($19,120 ÷ 555 shares)(a)			$	34.45
Fidelity Value Strategies Fund :
Net Asset Value, offering price and redemption price per share ($629,237 ÷ 12,081 shares)			$	52.08
Class K :
Net Asset Value, offering price and redemption price per share ($218,927 ÷ 4,207 shares)			$	52.04
Class I :
Net Asset Value, offering price and redemption price per share ($456,919 ÷ 9,561 shares)			$	47.79
(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				Year ended November 30, 2023
Investment Income
Dividends			$	26,381
Income from Fidelity Central Funds (including $201 from security lending)				1,194
Total Income				27,575
Expenses
Management fee
Basic fee	$	8,352
Performance adjustment		2,522
Transfer agent fees		2,615
Distribution and service plan fees		2,098
Accounting fees		439
Custodian fees and expenses		30
Independent trustees' fees and expenses		9
Registration fees		173
Audit		66
Legal		11
Interest		13
Miscellaneous		8
Total expenses before reductions		16,336
Expense reductions		(96)
Total expenses after reductions				16,240
Net Investment income (loss)				11,335
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		44,473
Foreign currency transactions		9
Total net realized gain (loss)				44,482
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		15,373
Assets and liabilities in foreign currencies		1
Total change in net unrealized appreciation (depreciation)				15,374
Net gain (loss)				59,856
Net increase (decrease) in net assets resulting from operations			$	71,191

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	11,335	$	10,616
Net realized gain (loss)		44,482		32,400
Change in net unrealized appreciation (depreciation)		15,374		24,245
Net increase (decrease) in net assets resulting from operations		71,191		67,261
Distributions to shareholders		(32,384)		(104,569)

Share transactions - net increase (decrease)		317,548		256,598
Total increase (decrease) in net assets		356,355		219,290

Net Assets
Beginning of period		1,546,558		1,327,268
End of period	$	1,902,913	$	1,546,558

Financial Highlights

Fidelity Advisor® Value Strategies Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	41.23	$	42.62	$	32.58	$	33.23	$	33.48
Income from Investment Operations
Net investment income (loss) A,B		.23		.24		.37 C		.29		.42 D
Net realized and unrealized gain (loss)		1.65		2.05		9.96		.87		3.66
Total from investment operations		1.88		2.29		10.33		1.16		4.08
Distributions from net investment income		(.27)		(.39)		(.29)		(.46) E		(.29)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(.93) F		(3.68)		(.29)		(1.81) F		(4.33)
Net asset value, end of period	$	42.18	$	41.23	$	42.62	$	32.58	$	33.23
Total Return G,H		4.78%		5.18%		31.91%		3.53%		16.34%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.15%		1.14%		1.13%		1.03%		1.02%
Expenses net of fee waivers, if any		1.15%		1.13%		1.13%		1.02%		1.02%
Expenses net of all reductions		1.15%		1.13%		1.13%		1.01%		1.01%
Net investment income (loss)		.58%		.61%		.90% C		1.03%		1.39% D
Supplemental Data
Net assets, end of period (in millions)	$	355	$	318	$	254	$	191	$	204
Portfolio turnover rate K		59%		46%		53%		72%		66%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

FTotal distributions per share do not sum due to rounding.

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

HTotal returns do not include the effect of the sales charges.

IFees 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.

JExpense 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.

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

Fidelity Advisor® Value Strategies Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	44.16	$	45.37	$	34.67	$	35.23	$	35.16
Income from Investment Operations
Net investment income (loss) A,B		.15		.16		.29 C		.24		.37 D
Net realized and unrealized gain (loss)		1.76		2.17		10.61		.92		3.93
Total from investment operations		1.91		2.33		10.90		1.16		4.30
Distributions from net investment income		(.14)		(.25)		(.20)		(.37) E		(.19)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(.79)		(3.54)		(.20)		(1.72) F		(4.23)
Net asset value, end of period	$	45.28	$	44.16	$	45.37	$	34.67	$	35.23
Total Return G,H		4.51%		4.95%		31.59%		3.32%		16.07%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.39%		1.37%		1.37%		1.25%		1.25%
Expenses net of fee waivers, if any		1.39%		1.37%		1.37%		1.25%		1.24%
Expenses net of all reductions		1.39%		1.37%		1.37%		1.24%		1.24%
Net investment income (loss)		.34%		.37%		.66% C		.81%		1.16% D
Supplemental Data
Net assets, end of period (in millions)	$	223	$	231	$	237	$	204	$	234
Portfolio turnover rate K		59%		46%		53%		72%		66%

ACalculated based on average shares outstanding during the period.

CNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

FTotal distributions per share do not sum due to rounding.

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

HTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Value Strategies Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.87	$	35.64	$	27.33	$	28.07	$	28.95
Income from Investment Operations
Net investment income (loss) A,B		(.06)		(.06)		.04 C		.05		.15 D
Net realized and unrealized gain (loss)		1.34		1.72		8.37		.71		3.04
Total from investment operations		1.28		1.66		8.41		.76		3.19
Distributions from net investment income		(.05)		(.14)		(.10)		(.16) E		(.03)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(.70)		(3.43)		(.10)		(1.50)		(4.07)
Net asset value, end of period	$	34.45	$	33.87	$	35.64	$	27.33	$	28.07
Total Return F,G		3.97%		4.37%		30.84%		2.73%		15.41%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.93%		1.92%		1.92%		1.83%		1.82%
Expenses net of fee waivers, if any		1.93%		1.91%		1.91%		1.83%		1.82%
Expenses net of all reductions		1.93%		1.91%		1.91%		1.82%		1.82%
Net investment income (loss)		(.19)%		(.17)%		.11% C		.23%		.58% D
Supplemental Data
Net assets, end of period (in millions)	$	19	$	18	$	14	$	11	$	14
Portfolio turnover rate J		59%		46%		53%		72%		66%

ACalculated based on average shares outstanding during the period.

CNet 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)%.

DNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

HFees 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.

IExpense 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.

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

Fidelity® Value Strategies Fund

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	50.65	$	51.53	$	39.30	$	39.68	$	39.04
Income from Investment Operations
Net investment income (loss) A,B		.41		.43		.58 C		.43		.60 D
Net realized and unrealized gain (loss)		2.02		2.47		12.00		1.07		4.46
Total from investment operations		2.43		2.90		12.58		1.50		5.06
Distributions from net investment income		(.35)		(.49)		(.35)		(.54) E		(.38)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(1.00)		(3.78)		(.35)		(1.88)		(4.42)
Net asset value, end of period	$	52.08	$	50.65	$	51.53	$	39.30	$	39.68
Total Return F		5.01%		5.48%		32.24%		3.85%		16.63%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.90%		.88%		.86%		.76%		.74%
Expenses net of fee waivers, if any		.90%		.87%		.86%		.76%		.74%
Expenses net of all reductions		.90%		.87%		.86%		.75%		.74%
Net investment income (loss)		.84%		.87%		1.17% C		1.30%		1.66% D
Supplemental Data
Net assets, end of period (in millions)	$	629	$	565	$	513	$	285	$	332
Portfolio turnover rate I		59%		46%		53%		72%		66%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

GFees 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.

HExpense 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.

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

Fidelity® Value Strategies Fund Class K

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	50.61	$	51.49	$	39.27	$	39.65	$	39.03
Income from Investment Operations
Net investment income (loss) A,B		.48		.49		.64 C		.48		.64 D
Net realized and unrealized gain (loss)		2.02		2.46		11.98		1.07		4.46
Total from investment operations		2.50		2.95		12.62		1.55		5.10
Distributions from net investment income		(.42)		(.54)		(.40)		(.59) E		(.44)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(1.07)		(3.83)		(.40)		(1.93)		(4.48)
Net asset value, end of period	$	52.04	$	50.61	$	51.49	$	39.27	$	39.65
Total Return F		5.16%		5.59%		32.41%		3.99%		16.80%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.77%		.75%		.75%		.62%		.61%
Expenses net of fee waivers, if any		.77%		.75%		.75%		.61%		.61%
Expenses net of all reductions		.77%		.75%		.75%		.60%		.61%
Net investment income (loss)		.97%		.99%		1.28% C		1.44%		1.79% D
Supplemental Data
Net assets, end of period (in millions)	$	219	$	62	$	54	$	37	$	49
Portfolio turnover rate I		59%		46%		53%		72%		66%

ACalculated based on average shares outstanding during the period.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

Fidelity Advisor® Value Strategies Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	46.56	$	47.69	$	36.40	$	36.90	$	36.64
Income from Investment Operations
Net investment income (loss) A,B		.38		.39		.54 C		.40		.55 D
Net realized and unrealized gain (loss)		1.86		2.28		11.10		.98		4.12
Total from investment operations		2.24		2.67		11.64		1.38		4.67
Distributions from net investment income		(.36)		(.51)		(.35)		(.53) E		(.37)
Distributions from net realized gain		(.65)		(3.29)		-		(1.34) E		(4.04)
Total distributions		(1.01)		(3.80)		(.35)		(1.88) F		(4.41)
Net asset value, end of period	$	47.79	$	46.56	$	47.69	$	36.40	$	36.90
Total Return G		5.03%		5.44%		32.23%		3.80%		16.64%
Ratios to Average Net Assets A,H,I
Expenses before reductions		.90%		.89%		.88%		.78%		.78%
Expenses net of fee waivers, if any		.90%		.88%		.88%		.78%		.78%
Expenses net of all reductions		.90%		.88%		.88%		.77%		.77%
Net investment income (loss)		.83%		.86%		1.15% C		1.27%		1.63% D
Supplemental Data
Net assets, end of period (in millions)	$	457	$	352	$	256	$	61	$	72
Portfolio turnover rate J		59%		46%		53%		72%		66%

ANet 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.

BCalculated based on average shares outstanding during the period.

CNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

FTotal distributions per share do not sum due to rounding.

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

JAmount 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, 2023

(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. Class A, Class M, Class C, and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

3. Significant Accounting Policies.

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:

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.

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	$364,861
Gross unrealized depreciation	(83,688)
Net unrealized appreciation (depreciation)	$281,173
Tax Cost	$1,660,616

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

Undistributed ordinary income	$10,059
Undistributed long-term capital gain	$41,536
Net unrealized appreciation (depreciation) on securities and other investments	$281,173

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$10,213	$16,274
Long-term Capital Gains	22,171	88,295
Total	$32,384	$104,569

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	1,216,525	938,379

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 .22% 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 .68% 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 Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$803	$20
Class M	.25%	.25%	1,115	6
Class C	.75%	.25%	180	35
			$2,098	$61

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$73
Class M	10
Class CA	-B
	$83

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 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	$560	.17
Class M	365	.16
Class C	36	.20
Fidelity Value Strategies Fund	964	.17
Class K	40	.04
Class I	650	.17
	$2,615

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1726%
Class M	0.1616%
Class C	0.1991%
Fidelity Value Strategies Fund	0.1690%
Class I	0.1733%

	% of Average Net Assets
Fidelity Advisor Value Strategies Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Advisor Value Strategies Fund	0.0275%

	Amount
Fidelity Advisor Value Strategies Fund	$22

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	$5,685	5.07%	$13

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Value Strategies Fund	97,472	74,055	6,034

6. Committed Line of Credit.

	Amount
Fidelity Advisor Value Strategies Fund	$3

7. Security Lending.

	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	$22	$-	$-

8. Expense Reductions.

Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$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 $95.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Value Strategies Fund
Distributions to shareholders
Class A	$7,159	$21,936
Class M	4,122	18,416
Class C	374	1,360
Fidelity Value Strategies Fund	11,158	37,615
Class K	1,988	4,029
Class I	7,583	21,213
Total	$32,384	$104,569

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, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Value Strategies Fund
Class A
Shares sold	1,747	2,196	$70,562	$89,027
Reinvestment of distributions	158	488	6,023	20,592
Shares redeemed	(1,186)	(926)	(47,456)	(36,950)
Net increase (decrease)	719	1,758	$29,129	$72,669
Class M
Shares sold	212	311	$9,079	$13,538
Reinvestment of distributions	93	374	3,805	16,915
Shares redeemed	(614)	(668)	(26,529)	(28,828)
Net increase (decrease)	(309)	17	$(13,645)	$1,625
Class C
Shares sold	157	242	$5,213	$8,153
Reinvestment of distributions	11	38	360	1,324
Shares redeemed	(147)	(141)	(4,832)	(4,671)
Net increase (decrease)	21	139	$741	$4,806
Fidelity Value Strategies Fund
Shares sold	4,397	4,143	$222,550	$207,243
Reinvestment of distributions	219	684	10,304	35,310
Shares redeemed	(3,692)	(3,616)	(180,063)	(176,732)
Net increase (decrease)	924	1,211	$52,791	$65,821
Class K
Shares sold	4,192	569	$211,390	$28,021
Reinvestment of distributions	42	78	1,988	4,029
Shares redeemed	(1,246)	(485)	(59,323)	(23,528)
Net increase (decrease)	2,988	162	$154,055	$8,522
Class I
Shares sold	4,655	4,791	$215,597	$217,077
Reinvestment of distributions	166	430	7,191	20,448
Shares redeemed	(2,829)	(3,013)	(128,311)	(134,370)
Net increase (decrease)	1,992	2,208	$94,477	$103,155

11. Other.

12. Risk and Uncertainties.

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, 2023, 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, 2023, 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

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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 12, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

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.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* 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.

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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, 2023 to November 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity Advisor® Value Strategies Fund
Class A	1.14%
Actual		$ 1,000	$ 1,123.90	$ 6.07
Hypothetical-B		$ 1,000	$ 1,019.35	$ 5.77
Class M	1.38%
Actual		$ 1,000	$ 1,122.50	$ 7.34
Hypothetical-B		$ 1,000	$ 1,018.15	$ 6.98
Class C	1.92%
Actual		$ 1,000	$ 1,119.60	$ 10.20
Hypothetical-B		$ 1,000	$ 1,015.44	$ 9.70
Fidelity® Value Strategies Fund	.89%
Actual		$ 1,000	$ 1,125.10	$ 4.74
Hypothetical-B		$ 1,000	$ 1,020.61	$ 4.51
Class K	.77%
Actual		$ 1,000	$ 1,125.90	$ 4.10
Hypothetical-B		$ 1,000	$ 1,021.21	$ 3.90
Class I	.89%
Actual		$ 1,000	$ 1,125.30	$ 4.74
Hypothetical-B		$ 1,000	$ 1,020.61	$ 4.51

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

B 5% return per year before expenses

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, 2023, $44,896,215, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Value Strategies Fund designates 98%; Class K designates 82%; and Class I designates 96%; of the dividend distributed in December 2022 during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K and Class I designate 100% of each 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 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Value Strategies Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Adviser's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.539180.126

SO-ANN-0124

Fidelity Advisor® Equity Value Fund

Annual Report

November 30, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

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 Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-7.99%	6.53%	7.00%
Class M (incl. 3.50% sales charge)	-6.01%	6.77%	6.97%
Class C (incl. contingent deferred sales charge)	-4.06%	6.97%	6.96%
Class I	-2.09%	8.10%	7.94%
Class Z	-1.96%	8.24%	8.04%

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, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Sean Gavin:

For the fiscal year ending November 30, 2023, the fund's share classes (excluding sales charges, if applicable) returned about -3% to -2%, versus a gain of 1.00% for the benchmark Russell 3000 Value Index. The biggest detractor from performance versus the benchmark was stock picking in information technology, primarily within the software & services industry. Also hurting the portfolio's relative result was outsized exposure to utilities and health care stocks. The largest individual relative detractor this period was avoiding Meta Platforms, a benchmark component that gained approximately 144%. A non-benchmark stake in Dollar General returned about -58% and further pressured relative performance, though it was no longer held at period end. An overweight in Bristol-Myers Squibb (-36%) also detracted. The stock was among the fund's largest holdings this period. In contrast, the biggest contributor to performance versus the benchmark was security selection in utilities. Picks among consumer discretionary companies also boosted relative performance. Investment choices and an underweight in real estate, primarily within the equity real estate investment trusts (REITs) industry, also helped. Lastly, the fund's position in cash provided an added lift. The top individual relative contributor this period was the decision to avoid Pfizer, a benchmark component that returned about -36%. A stake in Activision Blizzard (+30%), which was not held at period end, proved beneficial as well. Lastly, not owning Chevron, a benchmark component that returned approximately -19%, was another key relative contributor. Notable changes in positioning include increased exposure to the consumer staples sector and a lower allocation to communication services stocks.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Berkshire Hathaway, Inc. Class B	4.5
Exxon Mobil Corp.	4.2
Comcast Corp. Class A	3.2
JPMorgan Chase & Co.	3.1
Chubb Ltd.	2.7
Centene Corp.	2.5
Cigna Group	2.4
The Travelers Companies, Inc.	2.3
PG&E Corp.	2.3
Bank of America Corp.	2.3
	29.5

Market Sectors (% of Fund's net assets)

Financials	22.9
Health Care	18.8
Consumer Staples	13.1
Utilities	9.5
Energy	8.6
Industrials	7.9
Information Technology	6.9
Communication Services	4.1
Consumer Discretionary	2.9
Materials	2.2
Real Estate	0.8

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 4.1%
Entertainment - 0.9%
The Walt Disney Co.	19,800	1,835,262
Media - 3.2%
Comcast Corp. Class A	156,955	6,574,845
TOTAL COMMUNICATION SERVICES		8,410,107
CONSUMER DISCRETIONARY - 2.9%
Diversified Consumer Services - 1.9%
H&R Block, Inc.	88,832	4,034,749
Specialty Retail - 1.0%
Ross Stores, Inc.	15,152	1,975,518
TOTAL CONSUMER DISCRETIONARY		6,010,267
CONSUMER STAPLES - 13.1%
Beverages - 2.7%
Coca-Cola European Partners PLC	24,821	1,505,145
Keurig Dr. Pepper, Inc.	50,005	1,578,658
The Coca-Cola Co.	42,532	2,485,570
		5,569,373
Consumer Staples Distribution & Retail - 1.5%
BJ's Wholesale Club Holdings, Inc. (a)	17,600	1,136,608
U.S. Foods Holding Corp. (a)	44,614	1,955,432
		3,092,040
Food Products - 3.1%
Lamb Weston Holdings, Inc.	9,500	950,285
Mondelez International, Inc.	61,293	4,355,481
Tyson Foods, Inc. Class A	25,319	1,185,942
		6,491,708
Household Products - 2.8%
Procter & Gamble Co.	20,119	3,088,669
Reckitt Benckiser Group PLC	20,799	1,419,884
The Clorox Co.	8,643	1,238,974
		5,747,527
Personal Care Products - 3.0%
Haleon PLC	355,995	1,491,466
Kenvue, Inc.	176,739	3,612,545
Unilever PLC sponsored ADR	24,002	1,144,895
		6,248,906
TOTAL CONSUMER STAPLES		27,149,554
ENERGY - 8.6%
Oil, Gas & Consumable Fuels - 8.6%
Antero Resources Corp. (a)	40,321	952,785
ConocoPhillips Co.	2,186	252,636
Equinor ASA sponsored ADR	47,143	1,502,447
Exxon Mobil Corp.	84,941	8,726,838
Occidental Petroleum Corp.	24,687	1,460,236
Ovintiv, Inc.	28,229	1,251,674
Parex Resources, Inc.	90,476	1,855,593
Shell PLC ADR	27,590	1,815,422
		17,817,631
FINANCIALS - 22.9%
Banks - 9.4%
Bank of America Corp.	154,863	4,721,773
Cullen/Frost Bankers, Inc.	4,143	407,215
JPMorgan Chase & Co.	41,801	6,524,300
M&T Bank Corp.	9,470	1,213,770
PNC Financial Services Group, Inc.	13,646	1,828,018
U.S. Bancorp	27,989	1,066,941
Wells Fargo & Co.	82,169	3,663,916
		19,425,933
Capital Markets - 2.9%
Affiliated Managers Group, Inc.	8,938	1,211,546
BlackRock, Inc. Class A	4,812	3,614,919
Northern Trust Corp.	13,980	1,107,915
		5,934,380
Financial Services - 4.5%
Berkshire Hathaway, Inc. Class B (a)	25,636	9,228,958
Insurance - 6.1%
Chubb Ltd.	24,320	5,579,738
The Travelers Companies, Inc.	26,563	4,797,809
Willis Towers Watson PLC	9,353	2,303,644
		12,681,191
TOTAL FINANCIALS		47,270,462
HEALTH CARE - 18.8%
Health Care Providers & Services - 11.0%
Centene Corp. (a)	69,391	5,112,729
Cigna Group	19,050	5,007,864
CVS Health Corp.	39,574	2,689,053
Elevance Health, Inc.	6,638	3,182,855
Humana, Inc.	5,952	2,885,887
UnitedHealth Group, Inc.	7,138	3,947,100
		22,825,488
Pharmaceuticals - 7.8%
AstraZeneca PLC sponsored ADR	47,833	3,089,533
Bristol-Myers Squibb Co.	73,938	3,651,058
Johnson & Johnson	22,910	3,543,261
Roche Holding AG (participation certificate)	9,122	2,454,011
Sanofi SA sponsored ADR	72,582	3,393,209
		16,131,072
TOTAL HEALTH CARE		38,956,560
INDUSTRIALS - 7.9%
Aerospace & Defense - 3.9%
Airbus Group NV	7,563	1,123,959
L3Harris Technologies, Inc.	8,653	1,651,079
Lockheed Martin Corp.	4,369	1,956,307
Northrop Grumman Corp.	7,000	3,326,120
		8,057,465
Air Freight & Logistics - 0.5%
DHL Group	23,143	1,087,468
Electrical Equipment - 0.5%
Eaton Corp. PLC	2,928	666,676
Regal Rexnord Corp.	2,660	318,668
		985,344
Industrial Conglomerates - 0.9%
Siemens AG	10,194	1,712,414
Machinery - 1.5%
Deere & Co.	3,990	1,453,996
Oshkosh Corp.	2,690	261,710
Pentair PLC	22,146	1,429,303
		3,145,009
Professional Services - 0.6%
Maximus, Inc.	15,264	1,274,391
TOTAL INDUSTRIALS		16,262,091
INFORMATION TECHNOLOGY - 5.7%
Communications Equipment - 2.1%
Cisco Systems, Inc.	91,068	4,405,870
IT Services - 2.3%
Amdocs Ltd.	29,428	2,465,184
Capgemini SA	5,854	1,197,951
Cognizant Technology Solutions Corp. Class A	16,110	1,133,822
		4,796,957
Software - 1.3%
Gen Digital, Inc.	74,442	1,643,679
Open Text Corp.	24,400	979,416
		2,623,095
TOTAL INFORMATION TECHNOLOGY		11,825,922
MATERIALS - 2.2%
Chemicals - 1.4%
CF Industries Holdings, Inc.	14,600	1,097,190
DuPont de Nemours, Inc.	11,275	806,614
Nutrien Ltd.	19,000	1,015,930
		2,919,734
Containers & Packaging - 0.5%
Crown Holdings, Inc.	13,414	1,153,738
Metals & Mining - 0.3%
Newmont Corp.	14,451	580,786
TOTAL MATERIALS		4,654,258
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.2%
Crown Castle International Corp.	3,600	422,208
Real Estate Management & Development - 0.6%
CBRE Group, Inc. (a)	14,875	1,174,530
TOTAL REAL ESTATE		1,596,738
UTILITIES - 9.5%
Electric Utilities - 6.3%
Constellation Energy Corp.	20,303	2,457,475
Edison International	36,981	2,477,357
NextEra Energy, Inc.	17,068	998,649
PG&E Corp.	278,674	4,784,833
Southern Co.	32,658	2,318,065
		13,036,379
Independent Power and Renewable Electricity Producers - 0.5%
The AES Corp.	59,806	1,029,261
Multi-Utilities - 2.7%
Dominion Energy, Inc.	41,733	1,892,174
National Grid PLC	78,926	1,023,613
Sempra	35,394	2,579,161
		5,494,948
TOTAL UTILITIES		19,560,588
TOTAL COMMON STOCKS (Cost $166,764,001)		199,514,178

Nonconvertible Preferred Stocks - 1.2%
	Shares	Value ($)
INFORMATION TECHNOLOGY - 1.2%
Technology Hardware, Storage & Peripherals - 1.2%
Samsung Electronics Co. Ltd. (Cost $2,512,336)	58,340	2,598,674

Money Market Funds - 1.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (b) (Cost $2,706,127)	2,705,586	2,706,128

TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $171,982,464)	204,818,980
NET OTHER ASSETS (LIABILITIES) - 1.0%	2,003,715
NET ASSETS - 100.0%	206,822,695

Legend

(a)	Non-income producing

(b)

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, 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 5.40%	2,498,638	50,821,765	50,614,276	204,561	-	1	2,706,128	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	1,345,750	29,092,046	30,437,796	23,857	-	-	-	0.0%
Total	3,844,388	79,913,811	81,052,072	228,418	-	1	2,706,128

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	8,410,107	8,410,107	-	-
Consumer Discretionary	6,010,267	6,010,267	-	-
Consumer Staples	27,149,554	24,238,204	2,911,350	-
Energy	17,817,631	17,817,631	-	-
Financials	47,270,462	47,270,462	-	-
Health Care	38,956,560	36,502,549	2,454,011	-
Industrials	16,262,091	12,338,250	3,923,841	-
Information Technology	14,424,596	14,424,596	-	-
Materials	4,654,258	4,654,258	-	-
Real Estate	1,596,738	1,596,738	-	-
Utilities	19,560,588	18,536,975	1,023,613	-

Money Market Funds	2,706,128	2,706,128	-	-
Total Investments in Securities:	204,818,980	194,506,165	10,312,815	-

Financial Statements

Statement of Assets and Liabilities
				November 30, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $169,276,337)	$	202,112,852
Fidelity Central Funds (cost $2,706,127)		2,706,128


Total Investment in Securities (cost $171,982,464)			$	204,818,980
Foreign currency held at value (cost $170)				1,094
Receivable for investments sold				3,137,202
Receivable for fund shares sold				110,642
Dividends receivable				525,430
Distributions receivable from Fidelity Central Funds				14,616
Prepaid expenses				258
Total assets				208,608,222
Liabilities
Payable for investments purchased	$	1,378,948
Payable for fund shares redeemed		187,059
Accrued management fee		90,521
Distribution and service plan fees payable		46,887
Other affiliated payables		35,067
Other payables and accrued expenses		47,045
Total Liabilities				1,785,527
Net Assets			$	206,822,695
Net Assets consist of:
Paid in capital			$	167,583,070
Total accumulated earnings (loss)				39,239,625
Net Assets			$	206,822,695

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($110,909,750 ÷ 4,953,898 shares)(a)			$	22.39
Maximum offering price per share (100/94.25 of $22.39)			$	23.76
Class M :
Net Asset Value and redemption price per share ($30,938,246 ÷ 1,382,816 shares)(a)			$	22.37
Maximum offering price per share (100/96.50 of $22.37)			$	23.18
Class C :
Net Asset Value and offering price per share ($13,766,475 ÷ 633,570 shares)(a)			$	21.73
Class I :
Net Asset Value, offering price and redemption price per share ($35,933,799 ÷ 1,559,734 shares)			$	23.04
Class Z :
Net Asset Value, offering price and redemption price per share ($15,274,425 ÷ 667,058 shares)			$	22.90
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended November 30, 2023
Investment Income
Dividends			$	4,928,042
Income from Fidelity Central Funds (including $23,857 from security lending)				228,418
Total Income				5,156,460
Expenses
Management fee
Basic fee	$	1,142,884
Performance adjustment		156,952
Transfer agent fees		375,772
Distribution and service plan fees		595,668
Accounting fees		77,141
Custodian fees and expenses		19,075
Independent trustees' fees and expenses		1,286
Registration fees		75,753
Audit		58,852
Legal		5,353
Interest		1,189
Miscellaneous		887
Total expenses before reductions		2,510,812
Expense reductions		(19,169)
Total expenses after reductions				2,491,643
Net Investment income (loss)				2,664,817
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		5,121,620
Foreign currency transactions		2,886
Total net realized gain (loss)				5,124,506
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(14,278,224)
Fidelity Central Funds		1
Assets and liabilities in foreign currencies		4,060
Total change in net unrealized appreciation (depreciation)				(14,274,163)
Net gain (loss)				(9,149,657)
Net increase (decrease) in net assets resulting from operations			$	(6,484,840)

Statement of Changes in Net Assets

		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,664,817	$	2,019,358
Net realized gain (loss)		5,124,506		2,605,567
Change in net unrealized appreciation (depreciation)		(14,274,163)		11,328,352
Net increase (decrease) in net assets resulting from operations		(6,484,840)		15,953,277
Distributions to shareholders		(3,783,745)		(7,393,417)

Share transactions - net increase (decrease)		(24,978,755)		5,051,034
Total increase (decrease) in net assets		(35,247,340)		13,610,894

Net Assets
Beginning of period		242,070,035		228,459,141
End of period	$	206,822,695	$	242,070,035

Financial Highlights

Fidelity Advisor® Equity Value Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.31	$	22.52	$	18.87	$	18.81	$	18.77
Income from Investment Operations
Net investment income (loss) A,B		.27		.20		.16		.24 C		.26
Net realized and unrealized gain (loss)		(.83)		1.30		3.69		.80		1.25
Total from investment operations		(.56)		1.50		3.85		1.04		1.51
Distributions from net investment income		(.19)		(.11)		(.20)		(.45)		(.28)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)
Total distributions		(.36)		(.71)		(.20)		(.98)		(1.47)
Net asset value, end of period	$	22.39	$	23.31	$	22.52	$	18.87	$	18.81
Total Return D,E		(2.38)%		6.63%		20.58%		5.68%		9.75%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.14%		1.19%		1.14%		1.11%		1.00%
Expenses net of fee waivers, if any		1.13%		1.15%		1.14%		1.10%		1.00%
Expenses net of all reductions		1.13%		1.15%		1.14%		1.09%		.99%
Net investment income (loss)		1.24%		.90%		.73%		1.44% C		1.47%
Supplemental Data
Net assets, end of period (000 omitted)	$	110,910	$	117,379	$	96,669	$	67,291	$	71,916
Portfolio turnover rate H		29%		40%		35%		75%		43% I

ACalculated based on average shares outstanding during the period.

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

ETotal returns do not include the effect of the sales charges.

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Value Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.28	$	22.50	$	18.85	$	18.79	$	18.73
Income from Investment Operations
Net investment income (loss) A,B		.22		.14		.11		.20 C		.21
Net realized and unrealized gain (loss)		(.83)		1.29		3.69		.79		1.26
Total from investment operations		(.61)		1.43		3.80		.99		1.47
Distributions from net investment income		(.13)		(.05)		(.15)		(.40)		(.23)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)
Total distributions		(.30)		(.65)		(.15)		(.93)		(1.41) D
Net asset value, end of period	$	22.37	$	23.28	$	22.50	$	18.85	$	18.79
Total Return E,F		(2.60)%		6.32%		20.31%		5.37%		9.51%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.38%		1.44%		1.39%		1.37%		1.26%
Expenses net of fee waivers, if any		1.38%		1.40%		1.38%		1.36%		1.26%
Expenses net of all reductions		1.37%		1.40%		1.38%		1.35%		1.26%
Net investment income (loss)		.99%		.65%		.48%		1.19% C		1.21%
Supplemental Data
Net assets, end of period (000 omitted)	$	30,938	$	33,509	$	31,217	$	25,905	$	28,791
Portfolio turnover rate I		29%		40%		35%		75%		43% J

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the sales charges.

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

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Value Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	22.65	$	21.89	$	18.33	$	18.29	$	18.25
Income from Investment Operations
Net investment income (loss) A,B		.10		.03		(.01)		.10 C		.12
Net realized and unrealized gain (loss)		(.80)		1.25		3.61		.76		1.24
Total from investment operations		(.70)		1.28		3.60		.86		1.36
Distributions from net investment income		(.05)		-		(.04)		(.29)		(.13)
Distributions from net realized gain		(.17)		(.52)		-		(.53)		(1.19)
Total distributions		(.22)		(.52)		(.04)		(.82)		(1.32)
Net asset value, end of period	$	21.73	$	22.65	$	21.89	$	18.33	$	18.29
Total Return D,E		(3.10)%		5.81%		19.67%		4.78%		8.95%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.94%		1.98%		1.93%		1.91%		1.79%
Expenses net of fee waivers, if any		1.90%		1.90%		1.93%		1.90%		1.79%
Expenses net of all reductions		1.90%		1.90%		1.93%		1.89%		1.79%
Net investment income (loss)		.47%		.15%		(.06)%		.64% C		.68%
Supplemental Data
Net assets, end of period (000 omitted)	$	13,766	$	17,461	$	14,096	$	11,555	$	15,819
Portfolio turnover rate H		29%		40%		35%		75%		43% I

ACalculated based on average shares outstanding during the period.

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

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Value Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.96	$	23.14	$	19.39	$	19.16	$	19.09
Income from Investment Operations
Net investment income (loss) A,B		.34		.26		.22		.30 C		.31
Net realized and unrealized gain (loss)		(.84)		1.33		3.79		.81		1.28
Total from investment operations		(.50)		1.59		4.01		1.11		1.59
Distributions from net investment income		(.25)		(.18)		(.26)		(.35)		(.34)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)
Total distributions		(.42)		(.77) D		(.26)		(.88)		(1.52) D
Net asset value, end of period	$	23.04	$	23.96	$	23.14	$	19.39	$	19.16
Total Return E		(2.09)%		6.86%		20.93%		5.95%		10.12%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.88%		.94%		.90%		.77%		.72%
Expenses net of fee waivers, if any		.88%		.90%		.90%		.76%		.72%
Expenses net of all reductions		.88%		.90%		.90%		.75%		.72%
Net investment income (loss)		1.49%		1.15%		.97%		1.78% C		1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$	35,934	$	52,405	$	51,171	$	16,291	$	18,538
Portfolio turnover rate H		29%		40%		35%		75%		43% I

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Equity Value Fund Class Z

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.82	$	23.00	$	19.26	$	19.18	$	19.12
Income from Investment Operations
Net investment income (loss) A,B		.37		.30		.26		.32 C		.33
Net realized and unrealized gain (loss)		(.84)		1.32		3.75		.82		1.28
Total from investment operations		(.47)		1.62		4.01		1.14		1.61
Distributions from net investment income		(.28)		(.20)		(.27)		(.52)		(.37)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)
Total distributions		(.45)		(.80)		(.27)		(1.06) D		(1.55) D
Net asset value, end of period	$	22.90	$	23.82	$	23.00	$	19.26	$	19.18
Total Return E		(1.96)%		7.02%		21.07%		6.09%		10.27%
Ratios to Average Net Assets A,F,G
Expenses before reductions		.75%		.79%		.74%		.70%		.58%
Expenses net of fee waivers, if any		.74%		.75%		.74%		.69%		.58%
Expenses net of all reductions		.74%		.75%		.74%		.68%		.58%
Net investment income (loss)		1.63%		1.30%		1.12%		1.86% C		1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$	15,274	$	21,317	$	35,306	$	2,606	$	3,852
Portfolio turnover rate H		29%		40%		35%		75%		43% I

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended November 30, 2023

1. Organization.

Fidelity Advisor Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

3. Significant Accounting Policies.

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:

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.

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	$40,208,406
Gross unrealized depreciation	(7,548,666)
Net unrealized appreciation (depreciation)	$32,659,740
Tax Cost	$172,159,240

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

Undistributed ordinary income	$2,437,321
Undistributed long-term capital gain	$4,140,383
Net unrealized appreciation (depreciation) on securities and other investments	$32,661,923

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$2,016,020	$3,074,115
Long-term Capital Gains	1,767,725	4,319,301
Total	$3,783,745	$7,393,416

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	61,968,003	85,095,392

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 .22% 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 .60% 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 Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$282,130	$6,340
Class M	.25%	.25%	156,998	1,207
Class C	.75%	.25%	156,540	20,450
			$595,668	$27,997

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$32,250
Class M	2,601
Class CA	325
	$35,176

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$207,809	.18
Class M	55,456	.18
Class C	34,864	.22
Class I	70,688	.17
Class Z	6,955	.04
	$375,772

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.1822%
Class M	.1766%
Class C	.2000%
Class I	.1657%

	% of Average Net Assets
Fidelity Advisor Equity Value Fund	.04

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Advisor Equity Value Fund	.0353%

	Amount
Fidelity Advisor Equity Value Fund	$1,134

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Equity Value Fund	Borrower	$4,687,000	4.57%	$1,189

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Equity Value Fund	4,410,515	14,334,621	7,399

6. Committed Line of Credit.

	Amount
Fidelity Advisor Equity Value Fund	$404

7. Security Lending.

	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	$2,360	$-	$-

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, 2025. 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 C	1.90%	$5,163

Through arrangements with the Fund's custodian and each class' transfer agent, 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 $286. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$419

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 $13,301.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Value Fund
Distributions to shareholders
Class A	$1,831,872	$3,052,916
Class M	434,839	897,128
Class C	171,624	335,659
Class I	936,668	1,735,387
Class Z	408,742	1,372,327
Total	$3,783,745	$7,393,417

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, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Value Fund
Class A
Shares sold	785,862	1,322,626	$17,424,123	$29,846,718
Reinvestment of distributions	79,706	125,386	1,767,079	2,944,057
Shares redeemed	(948,277)	(704,458)	(20,950,026)	(15,754,356)
Net increase (decrease)	(82,709)	743,554	$(1,758,824)	$17,036,419
Class M
Shares sold	99,039	236,755	$2,185,687	$5,321,237
Reinvestment of distributions	19,273	37,646	427,869	885,059
Shares redeemed	(174,626)	(222,986)	(3,872,905)	(4,958,113)
Net increase (decrease)	(56,314)	51,415	$(1,259,349)	$1,248,183
Class C
Shares sold	134,070	326,262	$2,891,489	$7,171,335
Reinvestment of distributions	7,175	14,355	155,486	329,881
Shares redeemed	(278,632)	(213,704)	(5,991,560)	(4,679,466)
Net increase (decrease)	(137,387)	126,913	$(2,944,585)	$2,821,750
Class I
Shares sold	497,498	1,266,409	$11,370,113	$29,316,775
Reinvestment of distributions	37,937	68,071	863,451	1,639,827
Shares redeemed	(1,162,451)	(1,359,296)	(26,274,605)	(31,653,830)
Net increase (decrease)	(627,016)	(24,816)	$(14,041,041)	$(697,228)
Class Z
Shares sold	439,775	677,338	$10,048,100	$15,778,041
Reinvestment of distributions	15,951	49,426	360,343	1,181,767
Shares redeemed	(683,473)	(1,367,272)	(15,383,399)	(32,317,898)
Net increase (decrease)	(227,747)	(640,508)	$(4,974,956)	$(15,358,090)

11. Other.

12. Risk and Uncertainties.

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, 2023, 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, 2023, 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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 12, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

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.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* 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.

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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, 2023 to November 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity Advisor® Equity Value Fund
Class A	1.12%
Actual		$ 1,000	$ 1,051.70	$ 5.76
Hypothetical-B		$ 1,000	$ 1,019.45	$ 5.67
Class M	1.35%
Actual		$ 1,000	$ 1,050.20	$ 6.94
Hypothetical-B		$ 1,000	$ 1,018.30	$ 6.83
Class C	1.90%
Actual		$ 1,000	$ 1,047.20	$ 9.75
Hypothetical-B		$ 1,000	$ 1,015.54	$ 9.60
Class I	.86%
Actual		$ 1,000	$ 1,053.00	$ 4.43
Hypothetical-B		$ 1,000	$ 1,020.76	$ 4.36
Class Z	.72%
Actual		$ 1,000	$ 1,053.40	$ 3.71
Hypothetical-B		$ 1,000	$ 1,021.46	$ 3.65

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

B 5% return per year before expenses

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 30,2023 $4,660,049, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Advisor® Equity Value Fund Class A, Class C, Class M, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Advisor® Equity Value Fund Class A, Class C, Class M, 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 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Equity Value Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has no investment minimum, unlike most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board considered that, when compared to retail funds and classes, Class I would not be above the similar sales load structure growth competitive median for 2022. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

In connection its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, and 0.75% through March 31, 2024.

Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.767075.122

AEV-ANN-0124

Fidelity Advisor® Stock Selector Mid Cap Fund

Annual Report

November 30, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

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 Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-3.65%	6.70%	7.46%
Class M (incl. 3.50% sales charge)	-1.58%	6.95%	7.45%
Class C (incl. contingent deferred sales charge)	0.53%	7.13%	7.44%
Fidelity® Stock Selector Mid Cap Fund	2.52%	8.24%	8.35%
Class I	2.49%	8.23%	8.35%
Class Z	2.63%	8.39%	8.46%

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, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Managers Chad Colman, Ali Khan and Ingrid Chung:

For the fiscal year ending November 30, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 1% to 3%, versus 1.17% for the benchmark S&P MidCap 400 Index. Relative to the benchmark, security selection was the primary contributor, especially within financials. Stock picks in real estate, primarily among equity real estate investment trusts, also helped. Investment choices and an overweight in information technology - software & services companies in particular - boosted the portfolio's relative result as well. The top individual relative contributor was a non-benchmark stake in MongoDB (+142%), though the stock was no longer held at period end. Outsized exposure to XPO (+123%), which was among the largest holdings on November 30, also helped. Another notable relative contributor was a non-benchmark stake in Bancorp (+30%), the fund's top holding. In contrast, the biggest detractor from performance versus the benchmark was stock picking in industrials, especially within the capital goods industry. Picks among consumer discretionary firms also hurt. Not owning Builders FirstSource, a benchmark component that gained 110%, was the biggest individual relative detractor. A non-benchmark stake in SolarEdge Technologies returned roughly -73% and proved quite detrimental. This period we increased our investment in the stock. Another notable relative detractor this period was the decision to avoid Super Micro Computer, a benchmark component that gained 226%. Noteworthy changes in positioning include increased exposure to the industrials sector and a lower allocation to health care stocks.

Notes to shareholders:

After nearly four decades with Fidelity, Robert Stansky retired from the company on December 31, 2022. On January 1, 2023, Chris Lee assumed Stansky's responsibilities for the fund.

On October 2, 2023, Ingrid Chung assumed co-management responsibilities for the fund's consumer discretionary and communication services sleeves, joining Co-Manager Nicola Stafford. Laurie Mundt assumed co-management responsibilities, also with Stafford, for the fund's consumer staples sleeve. On December 31, 2023, Nicola Stafford came off of the fund as well as the fund's consumer discretionary and communication services sleeves, leaving Ingrid Chung as sole manager of these sleeves. Stafford also came off of the fund's consumer staples sleeve, leaving Laurie Mundt as sole manager.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Bancorp, Inc., Delaware	1.8
East West Bancorp, Inc.	1.7
Flowserve Corp.	1.3
Carlisle Companies, Inc.	1.3
XPO, Inc.	1.2
Reliance Steel & Aluminum Co.	1.2
WESCO International, Inc.	1.2
ESAB Corp.	1.2
CACI International, Inc. Class A	1.2
Landstar System, Inc.	1.2
	13.3

Market Sectors (% of Fund's net assets)

Industrials	21.8
Financials	15.3
Consumer Discretionary	13.9
Information Technology	10.3
Health Care	7.7
Real Estate	7.3
Materials	7.1
Consumer Staples	4.9
Energy	4.4
Utilities	3.2
Communication Services	1.8

Asset Allocation (% of Fund's net assets)

Futures - 0.9%

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 1.8%
Diversified Telecommunication Services - 0.5%
Frontier Communications Parent, Inc. (a)(b)	234,000	5,122
GCI Liberty, Inc. Class A (c)	24,724	0
Iridium Communications, Inc.	98,900	3,768
		8,890
Entertainment - 0.4%
Endeavor Group Holdings, Inc.	102,000	2,480
Liberty Media Corp. Liberty Formula One Class C	39,200	2,495
TKO Group Holdings, Inc.	27,900	2,158
		7,133
Interactive Media & Services - 0.3%
Ziff Davis, Inc. (a)	23,200	1,481
Zoominfo Technologies, Inc. (a)	320,600	4,607
		6,088
Media - 0.6%
Nexstar Broadcasting Group, Inc. Class A	38,100	5,408
The New York Times Co. Class A	134,800	6,334
		11,742
TOTAL COMMUNICATION SERVICES		33,853
CONSUMER DISCRETIONARY - 13.9%
Automobile Components - 1.2%
Adient PLC (a)	243,200	7,831
Lear Corp.	117,353	15,696
		23,527
Automobiles - 0.4%
Harley-Davidson, Inc.	255,172	7,653
Broadline Retail - 0.6%
Ollie's Bargain Outlet Holdings, Inc. (a)	146,600	10,741
Diversified Consumer Services - 0.9%
H&R Block, Inc.	235,900	10,715
Service Corp. International	116,700	7,150
		17,865
Hotels, Restaurants & Leisure - 5.2%
ARAMARK Holdings Corp.	502,900	14,086
Brinker International, Inc. (a)	127,000	4,573
Caesars Entertainment, Inc. (a)	218,402	9,767
Churchill Downs, Inc.	176,194	20,398
Domino's Pizza, Inc.	33,400	13,123
Penn Entertainment, Inc. (a)	89,700	2,203
Planet Fitness, Inc. (a)	102,100	6,937
Red Rock Resorts, Inc.	40,000	1,781
Vail Resorts, Inc.	25,800	5,607
Wyndham Hotels & Resorts, Inc.	257,933	19,949
		98,424
Household Durables - 1.3%
Leggett & Platt, Inc.	203,540	4,655
NVR, Inc. (a)	1,178	7,251
Taylor Morrison Home Corp. (a)	300,464	13,551
		25,457
Specialty Retail - 2.2%
Burlington Stores, Inc. (a)	74,400	12,617
Five Below, Inc. (a)	84,500	15,925
Foot Locker, Inc.	192,300	5,179
Valvoline, Inc.	247,504	8,475
		42,196
Textiles, Apparel & Luxury Goods - 2.1%
Capri Holdings Ltd. (a)	151,664	7,347
Levi Strauss & Co. Class A	102,400	1,586
Prada SpA	906,200	4,983
PVH Corp.	147,354	14,408
Tapestry, Inc.	347,549	11,007
		39,331
TOTAL CONSUMER DISCRETIONARY		265,194
CONSUMER STAPLES - 4.9%
Beverages - 0.5%
Boston Beer Co., Inc. Class A (a)	13,200	4,683
Celsius Holdings, Inc. (a)	114,900	5,689
		10,372
Consumer Staples Distribution & Retail - 2.7%
BJ's Wholesale Club Holdings, Inc. (a)	216,400	13,975
Casey's General Stores, Inc.	24,500	6,747
Performance Food Group Co. (a)	271,700	17,674
Sprouts Farmers Market LLC (a)	135,400	5,833
U.S. Foods Holding Corp. (a)	178,700	7,832
		52,061
Food Products - 1.1%
Darling Ingredients, Inc. (a)	188,300	8,261
Ingredion, Inc.	69,400	7,113
Lamb Weston Holdings, Inc.	44,600	4,461
Nomad Foods Ltd. (a)	72,900	1,177
		21,012
Household Products - 0.2%
Energizer Holdings, Inc.	111,400	3,436
Personal Care Products - 0.4%
BellRing Brands, Inc. (a)	68,446	3,621
Edgewell Personal Care Co.	119,000	4,142
		7,763
TOTAL CONSUMER STAPLES		94,644
ENERGY - 4.4%
Energy Equipment & Services - 1.3%
Championx Corp.	419,500	12,300
Liberty Oilfield Services, Inc. Class A	587,060	11,653
		23,953
Oil, Gas & Consumable Fuels - 3.1%
Chesapeake Energy Corp. (b)	159,000	12,769
Chord Energy Corp.	71,500	11,593
EQT Corp.	222,092	8,875
HF Sinclair Corp.	195,006	10,234
Northern Oil & Gas, Inc.	240,800	9,011
Targa Resources Corp.	79,500	7,191
		59,673
TOTAL ENERGY		83,626
FINANCIALS - 15.3%
Banks - 5.7%
Associated Banc-Corp.	484,153	8,589
Bancorp, Inc., Delaware (a)	904,809	35,292
East West Bancorp, Inc.	520,220	32,732
Pathward Financial, Inc.	189,948	9,420
Piraeus Financial Holdings SA (a)	1,022,216	3,627
Popular, Inc.	215,600	15,909
Zions Bancorp NA	116,666	4,157
		109,726
Capital Markets - 1.1%
AllianceBernstein Holding LP	141,300	4,091
Interactive Brokers Group, Inc.	186,180	14,492
Patria Investments Ltd.	144,000	2,039
		20,622
Consumer Finance - 0.9%
NerdWallet, Inc. (a)	496,143	5,830
OneMain Holdings, Inc.	262,080	11,086
		16,916
Financial Services - 3.9%
AvidXchange Holdings, Inc. (a)	461,496	4,924
Cannae Holdings, Inc. (a)	174,561	3,135
Essent Group Ltd.	270,382	13,070
Flywire Corp. (a)	406,800	9,478
MGIC Investment Corp.	373,661	6,573
Nuvei Corp. (Canada) (d)	261,814	5,372
Repay Holdings Corp. (a)	697,924	5,234
Shift4 Payments, Inc. (a)	42,713	2,811
UWM Holdings Corp. Class A (b)	966,440	5,267
Voya Financial, Inc.	127,370	9,108
WEX, Inc. (a)	53,934	9,524
		74,496
Insurance - 3.7%
American Financial Group, Inc.	87,027	9,955
BRP Group, Inc. (a)	548,744	9,598
Fairfax Financial Holdings Ltd. (sub. vtg.)	8,625	7,928
Primerica, Inc.	68,300	14,310
Reinsurance Group of America, Inc.	93,936	15,317
Unum Group	301,454	12,963
		70,071
TOTAL FINANCIALS		291,831
HEALTH CARE - 7.7%
Biotechnology - 1.0%
Repligen Corp. (a)(b)	60,500	9,514
United Therapeutics Corp. (a)	39,500	9,480
		18,994
Health Care Equipment & Supplies - 2.4%
Glaukos Corp. (a)	80,500	5,143
ICU Medical, Inc. (a)	56,000	4,915
Inspire Medical Systems, Inc. (a)	31,500	4,577
Masimo Corp. (a)	115,000	10,782
Penumbra, Inc. (a)	76,500	16,990
Tandem Diabetes Care, Inc. (a)	190,000	3,846
		46,253
Health Care Providers & Services - 3.0%
Acadia Healthcare Co., Inc. (a)	148,500	10,839
agilon health, Inc. (a)	524,000	5,565
Alignment Healthcare, Inc. (a)	715,617	5,367
Chemed Corp.	23,800	13,495
Molina Healthcare, Inc. (a)	20,800	7,604
Privia Health Group, Inc. (a)	318,000	6,570
Surgery Partners, Inc. (a)	245,000	8,024
		57,464
Health Care Technology - 0.3%
Evolent Health, Inc. (a)	225,000	6,255
Life Sciences Tools & Services - 1.0%
10X Genomics, Inc. (a)	168,403	7,329
Bruker Corp.	180,500	11,749
		19,078
TOTAL HEALTH CARE		148,044
INDUSTRIALS - 21.8%
Aerospace & Defense - 2.0%
HEICO Corp. Class A	148,613	20,421
Howmet Aerospace, Inc.	226,600	11,919
Spirit AeroSystems Holdings, Inc. Class A (a)	205,900	5,660
		38,000
Building Products - 1.3%
Carlisle Companies, Inc.	85,740	24,042
Commercial Services & Supplies - 0.9%
The Brink's Co.	228,592	18,036
Construction & Engineering - 1.2%
EMCOR Group, Inc.	13,700	2,912
Willscot Mobile Mini Holdings (a)	494,798	20,643
		23,555
Electrical Equipment - 1.6%
nVent Electric PLC	190,300	10,133
Regal Rexnord Corp.	163,633	19,603
		29,736
Ground Transportation - 2.7%
Landstar System, Inc.	128,711	22,222
RXO, Inc. (a)	271,800	5,697
XPO, Inc. (a)	270,900	23,373
		51,292
Machinery - 6.9%
AGCO Corp.	140,800	15,985
Allison Transmission Holdings, Inc.	114,363	6,116
Chart Industries, Inc. (a)	79,600	10,350
Crane Co.	140,100	14,806
Dover Corp.	63,500	8,964
ESAB Corp.	294,900	22,752
Flowserve Corp.	635,894	24,329
IDEX Corp.	39,675	8,002
ITT, Inc.	185,287	20,061
		131,365
Marine Transportation - 0.8%
Kirby Corp. (a)	209,494	16,079
Professional Services - 2.6%
CACI International, Inc. Class A (a)	70,800	22,723
Ceridian HCM Holding, Inc. (a)(b)	45,200	3,114
FTI Consulting, Inc. (a)	17,332	3,821
KBR, Inc.	373,960	19,323
		48,981
Trading Companies & Distributors - 1.8%
Air Lease Corp. Class A	306,600	11,893
WESCO International, Inc.	146,813	22,881
		34,774
TOTAL INDUSTRIALS		415,860
INFORMATION TECHNOLOGY - 10.3%
Communications Equipment - 0.6%
Ciena Corp. (a)	53,700	2,462
Lumentum Holdings, Inc. (a)	216,400	9,262
		11,724
Electronic Equipment, Instruments & Components - 2.0%
Avnet, Inc.	156,700	7,327
Cognex Corp.	216,671	8,168
Coherent Corp. (a)	94,500	3,477
Crane Nxt Co.	125,300	6,448
Jabil, Inc.	46,900	5,409
Trimble, Inc. (a)	91,900	4,264
TTM Technologies, Inc. (a)	189,500	2,844
		37,937
IT Services - 2.0%
Akamai Technologies, Inc. (a)	22,300	2,576
EPAM Systems, Inc. (a)	32,200	8,314
GoDaddy, Inc. (a)	72,100	7,214
Okta, Inc. (a)	102,600	6,879
Twilio, Inc. Class A (a)	143,900	9,307
Wix.com Ltd. (a)	49,200	4,994
		39,284
Semiconductors & Semiconductor Equipment - 1.4%
Cirrus Logic, Inc. (a)	142,500	10,817
Lattice Semiconductor Corp. (a)	133,100	7,793
SolarEdge Technologies, Inc. (a)(b)	93,700	7,438
		26,048
Software - 4.2%
Bill Holdings, Inc. (a)	116,500	7,627
Blackbaud, Inc. (a)	127,200	9,571
BlackLine, Inc. (a)	137,600	7,960
Elastic NV (a)	103,200	8,293
Five9, Inc. (a)	123,000	9,375
Gen Digital, Inc.	424,500	9,373
Guidewire Software, Inc. (a)	23,500	2,349
PTC, Inc. (a)	52,900	8,324
Tenable Holdings, Inc. (a)	222,900	9,226
Workiva, Inc. (a)	88,432	8,505
		80,603
Technology Hardware, Storage & Peripherals - 0.1%
Western Digital Corp. (a)	24,400	1,179
TOTAL INFORMATION TECHNOLOGY		196,775
MATERIALS - 7.1%
Chemicals - 2.0%
Celanese Corp. Class A	57,800	8,015
RPM International, Inc.	159,500	16,417
Westlake Corp.	103,000	13,224
		37,656
Construction Materials - 1.3%
Eagle Materials, Inc.	98,200	17,779
Knife River Holding Co. (b)	126,600	7,555
		25,334
Containers & Packaging - 0.9%
Aptargroup, Inc.	125,300	15,899
Metals & Mining - 2.2%
Cleveland-Cliffs, Inc. (a)	602,100	10,332
Lundin Mining Corp.	1,228,900	8,513
Reliance Steel & Aluminum Co.	84,600	23,287
		42,132
Paper & Forest Products - 0.7%
Louisiana-Pacific Corp.	227,700	13,887
TOTAL MATERIALS		134,908
REAL ESTATE - 7.3%
Equity Real Estate Investment Trusts (REITs) - 6.7%
Americold Realty Trust	187,100	5,282
CubeSmart	221,272	8,798
Douglas Emmett, Inc.	228,100	2,787
EastGroup Properties, Inc.	89,300	15,516
Equity Lifestyle Properties, Inc.	166,400	11,831
Essex Property Trust, Inc.	28,600	6,105
Four Corners Property Trust, Inc.	451,700	10,385
Lamar Advertising Co. Class A	96,700	9,795
NETSTREIT Corp.	159,520	2,453
Omega Healthcare Investors, Inc.	335,100	10,639
Postal Realty Trust, Inc.	728,630	10,201
Ryman Hospitality Properties, Inc.	20,200	2,027
SITE Centers Corp.	675,000	8,903
Tanger Factory Outlet Centers, Inc.	170,100	4,246
Terreno Realty Corp.	167,400	9,560
Ventas, Inc.	222,700	10,209
		128,737
Real Estate Management & Development - 0.6%
Doma Holdings, Inc. Class A (a)(b)	113,015	693
Jones Lang LaSalle, Inc. (a)	67,200	10,451
		11,144
TOTAL REAL ESTATE		139,881
UTILITIES - 3.2%
Electric Utilities - 1.5%
Allete, Inc.	73,100	4,056
IDACORP, Inc.	54,000	5,211
OGE Energy Corp.	248,000	8,692
PNM Resources, Inc.	143,400	5,961
Portland General Electric Co.	98,255	4,034
		27,954
Gas Utilities - 0.6%
National Fuel Gas Co.	78,400	3,982
Southwest Gas Holdings, Inc.	113,600	6,715
		10,697
Independent Power and Renewable Electricity Producers - 0.3%
Vistra Corp.	176,000	6,232
Multi-Utilities - 0.3%
NorthWestern Energy Corp.	134,400	6,762
Water Utilities - 0.5%
Essential Utilities, Inc.	262,615	9,352
TOTAL UTILITIES		60,997
TOTAL COMMON STOCKS (Cost $1,648,211)		1,865,613

U.S. Treasury Obligations - 0.1%
	Principal Amount (e) (000s)	Value ($) (000s)
U.S. Treasury Bills, yield at date of purchase 5.37% to 5.4% 12/21/23 to 12/28/23 (f) (Cost $1,007)	1,010	1,007

Money Market Funds - 3.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (g)	26,890,193	26,896
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)	38,815,196	38,819
TOTAL MONEY MARKET FUNDS (Cost $65,713)		65,715

TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $1,714,931)	1,932,335
NET OTHER ASSETS (LIABILITIES) - (1.2)%	(22,797)
NET ASSETS - 100.0%	1,909,538

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($) (000s)	Value ($) (000s)	Unrealized Appreciation/ (Depreciation) ($) (000s)
Purchased

Equity Index Contracts
CME E-mini S&P MidCap 400 Index Contracts (United States)	64	Dec 2023	16,433	(14)	(14)

The notional amount of futures purchased as a percentage of Net Assets is 0.9%

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)	Level 3 security

(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,372,000 or 0.3% of net assets.

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

(f)	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 $239,000.

(g)

(h)	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, 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 5.40%	56,961	545,419	575,485	1,615	2	(1)	26,896	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	29,703	709,930	700,814	325	-	-	38,819	0.1%
Total	86,664	1,255,349	1,276,299	1,940	2	(1)	65,715

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	33,853	33,853	-	-
Consumer Discretionary	265,194	265,194	-	-
Consumer Staples	94,644	94,644	-	-
Energy	83,626	83,626	-	-
Financials	291,831	291,831	-	-
Health Care	148,044	148,044	-	-
Industrials	415,860	415,860	-	-
Information Technology	196,775	196,775	-	-
Materials	134,908	134,908	-	-
Real Estate	139,881	139,881	-	-
Utilities	60,997	60,997	-	-

U.S. Government and Government Agency Obligations	1,007	-	1,007	-

Money Market Funds	65,715	65,715	-	-
Total Investments in Securities:	1,932,335	1,931,328	1,007	-
Derivative Instruments: Liabilities
Futures Contracts	(14)	(14)	-	-
Total Liabilities	(14)	(14)	-	-
Total Derivative Instruments:	(14)	(14)	-	-

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, 2023. 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	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	0	(14)
Total Equity Risk	0	(14)
Total Value of Derivatives	0	(14)

(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
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $37,904) - See accompanying schedule:
Unaffiliated issuers (cost $1,649,218)	$	1,866,620
Fidelity Central Funds (cost $65,713)		65,715


Total Investment in Securities (cost $1,714,931)			$	1,932,335
Cash				65
Receivable for investments sold				18,429
Receivable for fund shares sold				770
Dividends receivable				1,762
Distributions receivable from Fidelity Central Funds				162
Receivable for daily variation margin on futures contracts				44
Prepaid expenses				2
Total assets				1,953,569
Liabilities
Payable for investments purchased	$	1,755
Payable for fund shares redeemed		2,079
Accrued management fee		715
Distribution and service plan fees payable		313
Other affiliated payables		292
Other payables and accrued expenses		57
Collateral on securities loaned		38,820
Total Liabilities				44,031
Net Assets			$	1,909,538
Net Assets consist of:
Paid in capital			$	1,687,300
Total accumulated earnings (loss)				222,238
Net Assets			$	1,909,538

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($603,063 ÷ 17,014 shares)(a)(b)			$	35.44
Maximum offering price per share (100/94.25 of $35.44)			$	37.60
Class M :
Net Asset Value and redemption price per share ($428,856 ÷ 11,984 shares)(a)(b)			$	35.78
Maximum offering price per share (100/96.50 of $35.78)			$	37.08
Class C :
Net Asset Value and offering price per share ($18,853 ÷ 620 shares)(a)(b)			$	30.42
Fidelity Stock Selector Mid Cap Fund :
Net Asset Value, offering price and redemption price per share ($326,507 ÷ 8,577 shares)			$	38.07
Class I :
Net Asset Value, offering price and redemption price per share ($340,854 ÷ 8,926 shares)			$	38.19
Class Z :
Net Asset Value, offering price and redemption price per share ($191,405 ÷ 5,017 shares)			$	38.15
(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				Year ended November 30, 2023
Investment Income
Dividends			$	28,390
Non-Cash dividends				2,014
Interest				226
Income from Fidelity Central Funds (including $325 from security lending)				1,940
Total Income				32,570
Expenses
Management fee
Basic fee	$	10,149
Performance adjustment		(526)
Transfer agent fees		3,183
Distribution and service plan fees		3,974
Accounting fees		521
Custodian fees and expenses		49
Independent trustees' fees and expenses		11
Registration fees		116
Audit		59
Legal		7
Interest		8
Miscellaneous		8
Total expenses before reductions		17,559
Expense reductions		(120)
Total expenses after reductions				17,439
Net Investment income (loss)				15,131
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,050)
Fidelity Central Funds		2
Foreign currency transactions		(9)
Futures contracts		637
Total net realized gain (loss)				(420)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		24,400
Fidelity Central Funds		(1)
Assets and liabilities in foreign currencies		9
Futures contracts		(1,272)
Total change in net unrealized appreciation (depreciation)				23,136
Net gain (loss)				22,716
Net increase (decrease) in net assets resulting from operations			$	37,847

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	15,131	$	11,268
Net realized gain (loss)		(420)		174,994
Change in net unrealized appreciation (depreciation)		23,136		(275,836)
Net increase (decrease) in net assets resulting from operations		37,847		(89,574)
Distributions to shareholders		(176,342)		(266,942)

Share transactions - net increase (decrease)		(44,418)		259,019
Total increase (decrease) in net assets		(182,913)		(97,497)

Net Assets
Beginning of period		2,092,451		2,189,948
End of period	$	1,909,538	$	2,092,451

Financial Highlights

Fidelity Advisor® Stock Selector Mid Cap Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	38.19	$	45.46	$	37.74	$	36.07	$	39.28
Income from Investment Operations
Net investment income (loss) A,B		.26		.20		.20		.30 C		.25
Net realized and unrealized gain (loss)		.35		(1.76)		8.40		2.85		2.80 D
Total from investment operations		.61		(1.56)		8.60		3.15		3.05
Distributions from net investment income		(.18)		(.21)		(.35)		(.21)		(.25)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)
Total distributions		(3.36)		(5.71)		(.88) E		(1.48)		(6.26)
Net asset value, end of period	$	35.44	$	38.19	$	45.46	$	37.74	$	36.07
Total Return F,G		2.23%		(4.66)%		23.19%		8.99%		12.13% D
Ratios to Average Net Assets B,H,I
Expenses before reductions		.96%		.97%		1.05%		1.14%		1.14%
Expenses net of fee waivers, if any		.96%		.97%		1.05%		1.14%		1.14%
Expenses net of all reductions		.96%		.97%		1.05%		1.13%		1.14%
Net investment income (loss)		.73%		.52%		.45%		.94% C		.75%
Supplemental Data
Net assets, end of period (in millions)	$	603	$	654	$	736	$	626	$	623
Portfolio turnover rate J		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DNet 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%.

ETotal distributions per share do not sum due to rounding.

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

GTotal returns do not include the effect of the sales charges.

JAmount 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

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	38.50	$	45.77	$	37.99	$	36.30	$	39.43
Income from Investment Operations
Net investment income (loss) A,B		.17		.11		.09		.22 C		.17
Net realized and unrealized gain (loss)		.37		(1.80)		8.48		2.86		2.85 D
Total from investment operations		.54		(1.69)		8.57		3.08		3.02
Distributions from net investment income		(.08)		(.09)		(.25)		(.12)		(.14)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)
Total distributions		(3.26)		(5.58) E		(.79)		(1.39)		(6.15)
Net asset value, end of period	$	35.78	$	38.50	$	45.77	$	37.99	$	36.30
Total Return F,G		1.99%		(4.90)%		22.91%		8.71%		11.88% D
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.21%		1.22%		1.29%		1.38%		1.38%
Expenses net of fee waivers, if any		1.20%		1.21%		1.29%		1.38%		1.38%
Expenses net of all reductions		1.20%		1.21%		1.29%		1.37%		1.38%
Net investment income (loss)		.49%		.27%		.20%		.70% C		.51%
Supplemental Data
Net assets, end of period (in millions)	$	429	$	464	$	552	$	496	$	544
Portfolio turnover rate J		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

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

GTotal returns do not include the effect of the sales charges.

JAmount 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

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.33	$	40.31	$	33.58	$	32.15	$	35.67
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.09)		(.14)		.04 C		(.01)
Net realized and unrealized gain (loss)		.29		(1.53)		7.51		2.50		2.46 D
Total from investment operations		.27		(1.62)		7.37		2.54		2.45
Distributions from net investment income		-		-		(.10)		-		-
Distributions from net realized gain		(3.18)		(5.36)		(.54)		(1.11)		(5.97)
Total distributions		(3.18)		(5.36)		(.64)		(1.11)		(5.97)
Net asset value, end of period	$	30.42	$	33.33	$	40.31	$	33.58	$	32.15
Total Return E,F		1.44%		(5.41)%		22.25%		8.10%		11.27% D
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.76%		1.77%		1.84%		1.93%		1.93%
Expenses net of fee waivers, if any		1.75%		1.76%		1.84%		1.93%		1.93%
Expenses net of all reductions		1.75%		1.76%		1.84%		1.92%		1.93%
Net investment income (loss)		(.07)%		(.28)%		(.35)%		.15% C		(.04)%
Supplemental Data
Net assets, end of period (in millions)	$	19	$	22	$	27	$	30	$	35
Portfolio turnover rate I		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

CNet 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)%.

DNet 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%.

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

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

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

Fidelity® Stock Selector Mid Cap Fund

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	40.76	$	48.16	$	39.90	$	38.00	$	41.00
Income from Investment Operations
Net investment income (loss) A,B		.37		.32		.34		.40 C		.34
Net realized and unrealized gain (loss)		.40		(1.90)		8.88		3.01		2.99 D
Total from investment operations		.77		(1.58)		9.22		3.41		3.33
Distributions from net investment income		(.27)		(.33)		(.42)		(.24)		(.32)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)
Total distributions		(3.46) E		(5.82) E		(.96)		(1.51)		(6.33)
Net asset value, end of period	$	38.07	$	40.76	$	48.16	$	39.90	$	38.00
Total Return F		2.52%		(4.43)%		23.52%		9.24%		12.38% D
Ratios to Average Net Assets B,G,H
Expenses before reductions		.71%		.72%		.79%		.89%		.94%
Expenses net of fee waivers, if any		.71%		.72%		.79%		.89%		.94%
Expenses net of all reductions		.71%		.72%		.79%		.88%		.94%
Net investment income (loss)		.98%		.77%		.71%		1.19% C		.95%
Supplemental Data
Net assets, end of period (in millions)	$	327	$	349	$	395	$	342	$	362
Portfolio turnover rate I		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

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

IAmount 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

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	40.88	$	48.29	$	40.01	$	38.15	$	41.11
Income from Investment Operations
Net investment income (loss) A,B		.36		.31		.33		.40 C		.35
Net realized and unrealized gain (loss)		.40		(1.90)		8.91		3.02		3.01 D
Total from investment operations		.76		(1.59)		9.24		3.42		3.36
Distributions from net investment income		(.27)		(.32)		(.42)		(.29)		(.31)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)
Total distributions		(3.45)		(5.82)		(.96)		(1.56)		(6.32)
Net asset value, end of period	$	38.19	$	40.88	$	48.29	$	40.01	$	38.15
Total Return E		2.49%		(4.45)%		23.50%		9.23%		12.41% D
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.74%		.82%		.90%		.91%
Expenses net of fee waivers, if any		.72%		.74%		.81%		.90%		.91%
Expenses net of all reductions		.72%		.74%		.81%		.89%		.91%
Net investment income (loss)		.96%		.75%		.68%		1.18% C		.98%
Supplemental Data
Net assets, end of period (in millions)	$	341	$	386	$	413	$	293	$	312
Portfolio turnover rate H		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

CNet 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%.

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

HAmount 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

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	40.86	$	48.26	$	39.97	$	38.12	$	41.15
Income from Investment Operations
Net investment income (loss) A,B		.42		.36		.38		.44 C		.41
Net realized and unrealized gain (loss)		.38		(1.88)		8.92		3.03		2.99 D
Total from investment operations		.80		(1.52)		9.30		3.47		3.40
Distributions from net investment income		(.33)		(.38)		(.47)		(.35)		(.42)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)
Total distributions		(3.51)		(5.88)		(1.01)		(1.62)		(6.43)
Net asset value, end of period	$	38.15	$	40.86	$	48.26	$	39.97	$	38.12
Total Return E		2.63%		(4.30)%		23.69%		9.39%		12.59% D
Ratios to Average Net Assets B,F,G
Expenses before reductions		.58%		.59%		.67%		.75%		.75%
Expenses net of fee waivers, if any		.57%		.59%		.67%		.75%		.75%
Expenses net of all reductions		.57%		.59%		.67%		.73%		.75%
Net investment income (loss)		1.11%		.90%		.82%		1.33% C		1.14%
Supplemental Data
Net assets, end of period (in millions)	$	191	$	217	$	67	$	150	$	245
Portfolio turnover rate H		44%		64%		43%		86%		57%

ACalculated based on average shares outstanding during the period.

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

HAmount 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, 2023

(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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

3. Significant Accounting Policies.

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:

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.

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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, 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	$329,878
Gross unrealized depreciation	(116,713)
Net unrealized appreciation (depreciation)	$213,165
Tax Cost	$1,719,170

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

Undistributed ordinary income	$11,284
Capital loss carryforward	$(2,206)
Net unrealized appreciation (depreciation) on securities and other investments	$213,160

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	$(2,206)
Long-term	-
Total capital loss carryforward	$(2,206)

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$10,326	$ 101,427
Long-term Capital Gains	166,016	165,515
Total	$176,342	$ 266,942

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.

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	839,511	1,019,688

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 .22% 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 .50% 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 Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$1,546	$ 14
Class M	.25%	.25%	2,224	13
Class C	.75%	.25%	204	15
			$3,974	$42

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$42
Class M	9
Class C A	- B
	$51

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.

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,073	.17
Class M	741	.17
Class C	44	.22
Fidelity Stock Selector Mid Cap Fund	591	.18
Class I	666	.19
Class Z	68	.04
	$3,183

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1710%
Class M	0.1648%
Class C	0.2000%
Fidelity Stock Selector Mid Cap Fund	0.1652%
Class I	0.1868%

	% of Average Net Assets
Fidelity Advisor Stock Selector Mid Cap Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Advisor Stock Selector Mid Cap Fund	0.0268%

	Amount
Fidelity Advisor Stock Selector Mid Cap Fund	$ 21

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Stock Selector Mid Cap Fund	Borrower	$ 8,430	4.69%	$8

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Stock Selector Mid Cap Fund	38,189	68,292	(5,021)

7. Committed Line of Credit.

	Amount
Fidelity Advisor Stock Selector Mid Cap Fund	$4

8. Security Lending.

	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	$34	$ 48	$178

9. Expense Reductions.

	Expense reduction

Class M	$3

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 $117.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Stock Selector Mid Cap Fund
Distributions to shareholders
Class A	$56,107	$91,386
Class M	39,007	66,607
Class C	2,087	3,596
Fidelity Stock Selector Mid Cap Fund	29,748	47,323
Class I	32,276	49,700
Class Z	17,117	8,330
Total	$176,342	$266,942

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, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Stock Selector Mid Cap Fund
Class A
Shares sold	965	1,111	$33,647	$42,903
Reinvestment of distributions	1,583	2,014	52,298	85,227
Shares redeemed	(2,666)	(2,177)	(93,885)	(85,105)
Net increase (decrease)	(118)	948	$(7,940)	$43,025
Class M
Shares sold	696	651	$24,702	$25,411
Reinvestment of distributions	1,139	1,517	38,061	64,852
Shares redeemed	(1,907)	(2,178)	(67,682)	(84,679)
Net increase (decrease)	(72)	(10)	$(4,919)	$5,584
Class C
Shares sold	78	65	$2,379	$2,165
Reinvestment of distributions	73	96	2,083	3,589
Shares redeemed	(192)	(178)	(5,778)	(6,017)
Net increase (decrease)	(41)	(17)	$(1,316)	$(263)
Fidelity Stock Selector Mid Cap Fund
Shares sold	857	668	$32,477	$27,209
Reinvestment of distributions	800	1,010	28,328	45,509
Shares redeemed	(1,654)	(1,295)	(61,906)	(53,611)
Net increase (decrease)	3	383	$(1,101)	$19,107
Class I
Shares sold	1,283	1,936	$48,524	$77,354
Reinvestment of distributions	881	1,062	31,280	48,006
Shares redeemed	(2,678)	(2,110)	(100,697)	(87,273)
Net increase (decrease)	(514)	888	$(20,893)	$38,087
Class Z
Shares sold	2,610	4,138	$99,830	$161,875
Reinvestment of distributions	461	168	16,346	7,560
Shares redeemed	(3,356)	(396)	(124,425)	(15,956)
Net increase (decrease)	(285)	3,910	$(8,249)	$153,479

12. Other.

13. Risk and Uncertainties.

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, 2023, 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, 2023, 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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 12, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* 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.

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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, 2023 to November 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity Advisor® Stock Selector Mid Cap Fund
Class A	.94%
Actual		$ 1,000	$ 1,061.40	$ 4.86
Hypothetical-B		$ 1,000	$ 1,020.36	$ 4.76
Class M	1.18%
Actual		$ 1,000	$ 1,060.10	$ 6.09
Hypothetical-B		$ 1,000	$ 1,019.15	$ 5.97
Class C	1.73%
Actual		$ 1,000	$ 1,057.40	$ 8.92
Hypothetical-B		$ 1,000	$ 1,016.39	$ 8.74
Fidelity® Stock Selector Mid Cap Fund	.69%
Actual		$ 1,000	$ 1,063.10	$ 3.57
Hypothetical-B		$ 1,000	$ 1,021.61	$ 3.50
Class I	.71%
Actual		$ 1,000	$ 1,062.90	$ 3.67
Hypothetical-B		$ 1,000	$ 1,021.51	$ 3.60
Class Z	.56%
Actual		$ 1,000	$ 1,063.60	$ 2.90
Hypothetical-B		$ 1,000	$ 1,022.26	$ 2.84

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 87%; Class I designates 88%; and Class Z designates 71%; of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 88.96%; Class I designates 90.62%; and Class Z designates 73.16%; of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 0%; Class M designates 0%; Fidelity Stock Selector Mid Cap Fund designates 11.05%; Class I designates 9.39% and Class Z designates 26.85%; of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Stock Selector Mid Cap Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

Based on its review, the Board concluded that the fund's management fee, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.539186.126

MC-ANN-0124

Fidelity Advisor® Growth & Income Fund

Annual Report

November 30, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

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 Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	1.89%	9.71%	9.00%
Class M (incl. 3.50% sales charge)	4.08%	9.95%	8.98%
Class C (incl. contingent deferred sales charge)	6.32%	10.16%	8.98%
Class I	8.39%	11.29%	9.94%
Class Z	8.54%	11.45%	10.04%

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, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matt Fruhan:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 7% to 9%, versus 13.84% for the benchmark S&P 500® index. Market selection was the primary detractor versus the benchmark, especially an underweight in information technology. An overweight in energy also hurt. Also hurting our result were stock picking and an underweight in communication services and picks and an overweight in financials, primarily within the banks industry. Lastly, the fund's position in cash was a notable detractor. The biggest individual relative detractor was an underweight in Nvidia (+176%). This period we increased our stake in Nvidia. Not owning Meta Platforms, a benchmark component that gained 177%, was a second notable relative detractor. An overweight in Exxon Mobil (-4%) also detracted. Exxon Mobil was the fund's largest holding the past 12 months. In contrast, the biggest contributor to performance versus the benchmark was security selection in industrials, primarily within the capital goods industry. Picks and an underweight in health care and utilities also boosted the fund's relative performance. The top individual relative contributor was an overweight in General Electric (+83%). General Electric was among our biggest holdings. The second-largest relative contributor this period was avoiding Pfizer, a benchmark component that returned about -36%. Another notable relative contributor this period was avoiding Chevron, a benchmark component that returned about -19%. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	9.1
Exxon Mobil Corp.	6.8
Wells Fargo & Co.	5.3
General Electric Co.	4.7
Apple, Inc.	3.2
Bank of America Corp.	2.5
UnitedHealth Group, Inc.	2.2
Visa, Inc. Class A	2.0
The Boeing Co.	2.0
Comcast Corp. Class A	1.7
	39.5

Market Sectors (% of Fund's net assets)

Information Technology	19.9
Financials	17.7
Industrials	16.0
Health Care	11.9
Energy	10.2
Consumer Staples	6.4
Communication Services	4.1
Consumer Discretionary	2.6
Utilities	2.3
Materials	1.7
Real Estate	1.7

Asset Allocation (% of Fund's net assets)

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 0.6%
Cellnex Telecom SA (a)	90,400	3,451
Verizon Communications, Inc.	82,209	3,151
		6,602
Entertainment - 1.2%
The Walt Disney Co.	49,700	4,607
Universal Music Group NV	230,200	6,082
Warner Music Group Corp. Class A	56,000	1,854
		12,543
Media - 2.2%
Comcast Corp. Class A	443,658	18,585
Interpublic Group of Companies, Inc. (b)	185,100	5,690
		24,275
TOTAL COMMUNICATION SERVICES		43,420
CONSUMER DISCRETIONARY - 2.6%
Automobile Components - 0.2%
BorgWarner, Inc.	64,200	2,163
Hotels, Restaurants & Leisure - 1.2%
Amadeus IT Holding SA Class A	67,300	4,602
Churchill Downs, Inc.	9,200	1,065
Domino's Pizza, Inc.	6,100	2,397
Marriott International, Inc. Class A	12,600	2,554
Starbucks Corp.	22,200	2,204
		12,822
Household Durables - 0.2%
Sony Group Corp. sponsored ADR	14,100	1,212
Whirlpool Corp. (b)	4,200	457
		1,669
Specialty Retail - 0.7%
Lowe's Companies, Inc.	39,457	7,845
Textiles, Apparel & Luxury Goods - 0.3%
Compagnie Financiere Richemont SA	399	50
Compagnie Financiere Richemont SA Series A	1,740	218
NIKE, Inc. Class B	15,900	1,753
Puma AG	18,944	1,220
Tapestry, Inc.	300	10
Wolverine World Wide, Inc.	20,800	178
		3,429
TOTAL CONSUMER DISCRETIONARY		27,928
CONSUMER STAPLES - 6.4%
Beverages - 2.3%
Diageo PLC sponsored ADR	30,500	4,287
Keurig Dr. Pepper, Inc.	236,800	7,476
Pernod Ricard SA	11,700	2,019
Remy Cointreau SA	4,044	481
The Coca-Cola Co.	176,184	10,296
		24,559
Consumer Staples Distribution & Retail - 1.4%
Sysco Corp.	76,600	5,528
Target Corp.	34,300	4,590
Walmart, Inc. (c)	32,700	5,091
		15,209
Household Products - 0.2%
Colgate-Palmolive Co.	6,800	536
Kimberly-Clark Corp.	1,700	210
Procter & Gamble Co.	9,300	1,428
		2,174
Personal Care Products - 1.6%
Estee Lauder Companies, Inc. Class A	25,500	3,256
Haleon PLC ADR	730,809	6,256
Kenvue, Inc.	390,107	7,974
		17,486
Tobacco - 0.9%
Altria Group, Inc.	184,920	7,774
Philip Morris International, Inc.	18,300	1,708
		9,482
TOTAL CONSUMER STAPLES		68,910
ENERGY - 10.2%
Oil, Gas & Consumable Fuels - 10.2%
Enterprise Products Partners LP	23,300	624
Exxon Mobil Corp.	719,575	73,929
Hess Corp.	118,715	16,687
Imperial Oil Ltd.	163,300	9,200
Kosmos Energy Ltd. (d)	394,300	2,677
Shell PLC ADR	110,900	7,297
		110,414
FINANCIALS - 17.7%
Banks - 11.5%
Bank of America Corp.	896,742	27,342
JPMorgan Chase & Co.	63,543	9,918
M&T Bank Corp.	26,300	3,371
PNC Financial Services Group, Inc.	93,816	12,568
Truist Financial Corp.	141,049	4,533
U.S. Bancorp	262,130	9,992
Wells Fargo & Co.	1,278,850	57,024
		124,748
Capital Markets - 2.2%
3i Group PLC	15,800	445
Brookfield Corp. Class A	76,601	2,702
Charles Schwab Corp.	6,600	405
CME Group, Inc.	1,600	349
Intercontinental Exchange, Inc.	1,100	125
KKR & Co. LP	64,113	4,862
Moody's Corp.	1,500	547
Morgan Stanley	25,730	2,041
Northern Trust Corp.	104,637	8,292
Raymond James Financial, Inc.	36,250	3,812
State Street Corp.	7,570	551
		24,131
Financial Services - 3.1%
Edenred SA	61,300	3,336
Fidelity National Information Services, Inc.	53,200	3,120
Global Payments, Inc.	22,400	2,608
MasterCard, Inc. Class A	7,600	3,145
Visa, Inc. Class A	84,140	21,597
		33,806
Insurance - 0.9%
American Financial Group, Inc.	4,500	515
Arthur J. Gallagher & Co.	3,300	822
Brookfield Reinsurance Ltd.	172	6
Chubb Ltd.	12,100	2,776
Marsh & McLennan Companies, Inc.	17,766	3,543
The Travelers Companies, Inc.	8,000	1,445
		9,107
TOTAL FINANCIALS		191,792
HEALTH CARE - 11.9%
Health Care Equipment & Supplies - 1.8%
Abbott Laboratories	22,200	2,315
Becton, Dickinson & Co.	14,593	3,447
Boston Scientific Corp. (d)	180,120	10,067
GE Healthcare Holding LLC	11,212	768
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (b)	105,029	2,145
Sonova Holding AG	2,713	782
		19,524
Health Care Providers & Services - 5.8%
Cardinal Health, Inc. (c)	55,400	5,932
Cigna Group	49,200	12,934
CVS Health Corp.	80,451	5,467
Humana, Inc.	4,100	1,988
McKesson Corp. (c)	25,133	11,827
UnitedHealth Group, Inc.	43,700	24,165
		62,313
Life Sciences Tools & Services - 0.7%
Danaher Corp.	31,500	7,034
Thermo Fisher Scientific, Inc.	1,500	744
		7,778
Pharmaceuticals - 3.6%
Bristol-Myers Squibb Co.	217,400	10,735
Eli Lilly & Co. (c)	16,100	9,516
GSK PLC sponsored ADR	175,447	6,314
Johnson & Johnson	50,975	7,884
Sanofi SA sponsored ADR	22,200	1,038
UCB SA	47,600	3,515
Zoetis, Inc. Class A	1,500	265
		39,267
TOTAL HEALTH CARE		128,882
INDUSTRIALS - 16.0%
Aerospace & Defense - 3.8%
Airbus Group NV	40,900	6,078
General Dynamics Corp.	15,200	3,754
Howmet Aerospace, Inc.	30,050	1,581
Huntington Ingalls Industries, Inc.	13,600	3,223
RTX Corp. (c)	15,700	1,279
Safran SA	14,300	2,514
Textron, Inc.	19,700	1,510
The Boeing Co. (d)	91,110	21,104
		41,043
Air Freight & Logistics - 1.6%
Expeditors International of Washington, Inc.	700	84
FedEx Corp.	12,600	3,261
United Parcel Service, Inc. Class B	93,179	14,127
		17,472
Building Products - 0.3%
A.O. Smith Corp.	19,500	1,470
Johnson Controls International PLC	35,900	1,896
		3,366
Commercial Services & Supplies - 0.5%
GFL Environmental, Inc.	165,900	4,761
Veralto Corp.	9,733	752
		5,513
Electrical Equipment - 0.9%
Acuity Brands, Inc.	14,600	2,617
AMETEK, Inc.	3,400	528
Hubbell, Inc. Class B	13,612	4,084
Regal Rexnord Corp.	16,700	2,001
Rockwell Automation, Inc.	2,100	578
		9,808
Ground Transportation - 0.4%
Knight-Swift Transportation Holdings, Inc. Class A	82,100	4,415
Industrial Conglomerates - 4.8%
3M Co.	11,400	1,129
General Electric Co. (c)	418,236	50,941
		52,070
Machinery - 1.7%
Allison Transmission Holdings, Inc.	43,300	2,316
Caterpillar, Inc.	3,000	752
Cummins, Inc.	7,100	1,592
Donaldson Co., Inc.	77,500	4,715
Fortive Corp.	32,000	2,207
Nordson Corp.	17,700	4,166
Otis Worldwide Corp.	9,565	821
Stanley Black & Decker, Inc.	9,910	901
Westinghouse Air Brake Tech Co.	7,331	855
		18,325
Passenger Airlines - 0.0%
Copa Holdings SA Class A	3,400	315
Professional Services - 0.8%
Equifax, Inc.	9,500	2,068
Genpact Ltd.	66,400	2,255
Paycom Software, Inc.	2,000	363
RELX PLC (London Stock Exchange)	94,538	3,638
TransUnion Holding Co., Inc.	8,500	499
		8,823
Trading Companies & Distributors - 1.0%
Brenntag SE	8,300	716
Watsco, Inc. (b)	22,764	8,701
WESCO International, Inc.	8,800	1,371
		10,788
Transportation Infrastructure - 0.2%
Aena SME SA (a)	9,700	1,668
TOTAL INDUSTRIALS		173,606
INFORMATION TECHNOLOGY - 19.9%
Electronic Equipment, Instruments & Components - 0.3%
CDW Corp.	12,900	2,720
IT Services - 0.5%
Amdocs Ltd.	28,800	2,413
IBM Corp.	19,400	3,076
		5,489
Semiconductors & Semiconductor Equipment - 4.8%
Analog Devices, Inc.	20,600	3,778
Applied Materials, Inc.	21,695	3,249
BE Semiconductor Industries NV	11,900	1,664
Broadcom, Inc.	4,200	3,888
Lam Research Corp.	4,400	3,150
Marvell Technology, Inc.	144,600	8,059
Microchip Technology, Inc.	6,200	517
NVIDIA Corp.	31,205	14,595
NXP Semiconductors NV	24,100	4,918
Qualcomm, Inc. (c)	30,698	3,962
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	39,400	3,834
Teradyne, Inc.	8,600	793
		52,407
Software - 11.0%
Intuit, Inc.	15,400	8,800
Microsoft Corp.	258,083	97,790
Sage Group PLC	160,900	2,296
SAP SE sponsored ADR	63,300	10,072
		118,958
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc. (c)	181,992	34,569
Samsung Electronics Co. Ltd.	17,790	996
		35,565
TOTAL INFORMATION TECHNOLOGY		215,139
MATERIALS - 1.7%
Chemicals - 0.6%
Air Products & Chemicals, Inc.	2,800	758
DuPont de Nemours, Inc.	58,200	4,164
International Flavors & Fragrances, Inc.	4,800	362
LyondellBasell Industries NV Class A	4,523	430
PPG Industries, Inc.	6,000	852
Sherwin-Williams Co.	1,600	446
		7,012
Metals & Mining - 1.1%
First Quantum Minerals Ltd.	392,200	3,211
Freeport-McMoRan, Inc.	237,800	8,875
		12,086
TOTAL MATERIALS		19,098
REAL ESTATE - 1.7%
Equity Real Estate Investment Trusts (REITs) - 1.7%
American Tower Corp.	31,500	6,577
Crown Castle International Corp.	56,700	6,650
Equinix, Inc.	110	90
Public Storage	200	52
Simon Property Group, Inc.	43,000	5,370
		18,739
UTILITIES - 2.3%
Electric Utilities - 2.2%
Constellation Energy Corp.	5,600	678
Duke Energy Corp.	20,200	1,864
Entergy Corp.	16,900	1,714
Eversource Energy	37,000	2,198
Exelon Corp.	18,400	709
FirstEnergy Corp.	14,700	543
PG&E Corp.	106,900	1,835
Southern Co.	194,100	13,777
		23,318
Multi-Utilities - 0.1%
Sempra	16,400	1,195
TOTAL UTILITIES		24,513
TOTAL COMMON STOCKS (Cost $729,261)		1,022,441

Convertible Bonds - 0.1%
	Principal Amount (e) (000s)	Value ($) (000s)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
Snap, Inc. 0.125% 3/1/28 (Cost $1,076)	1,477	1,075

U.S. Treasury Obligations - 0.4%
	Principal Amount (e) (000s)	Value ($) (000s)
U.S. Treasury Bills, yield at date of purchase 5.36% to 5.39% 12/7/23 to 12/21/23 (Cost $4,189)	4,200	4,189

Money Market Funds - 5.9%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (f)	53,004,591	53,015
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)	10,760,299	10,761
TOTAL MONEY MARKET FUNDS (Cost $63,776)		63,776

TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $798,302)	1,091,481
NET OTHER ASSETS (LIABILITIES) - (0.8)%	(8,848)
NET ASSETS - 100.0%	1,082,633

Written Options
	Counterparty	Number of Contracts	Notional Amount ($) (000s)	Exercise Price ($)	Expiration Date	Value ($) (000s)
Call Options
Apple, Inc.	Chicago Board Options Exchange	87	1,653	200.00	01/19/24	(11)
Cardinal Health, Inc.	Chicago Board Options Exchange	50	535	97.50	12/15/23	(48)
Eli Lilly & Co.	Chicago Board Options Exchange	8	473	580.00	12/15/23	(15)
General Electric Co.	Chicago Board Options Exchange	201	2,448	120.00	01/19/24	(102)
McKesson Corp.	Chicago Board Options Exchange	34	1,600	480.00	12/15/23	(10)
Qualcomm, Inc.	Chicago Board Options Exchange	298	3,846	135.00	01/19/24	(67)
Raytheon Co.	Chicago Board Options Exchange	157	1,279	80.00	01/19/24	(52)
Walmart, Inc.	Chicago Board Options Exchange	24	374	170.00	12/15/23	0
Walmart, Inc.	Chicago Board Options Exchange	270	4,204	175.00	01/19/24	(4)

TOTAL WRITTEN OPTIONS						(309)

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 $5,119,000 or 0.5% of net assets.

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

(c)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $16,412,000.

(d)	Non-income producing

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

(f)

(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, 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 5.40%	73,093	175,939	196,017	3,123	-	-	53,015	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	12,462	102,340	104,041	99	-	-	10,761	0.0%
Total	85,555	278,279	300,058	3,222	-	-	63,776

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	43,420	33,887	9,533	-
Consumer Discretionary	27,928	27,710	218	-
Consumer Staples	68,910	68,910	-	-
Energy	110,414	110,414	-	-
Financials	191,792	191,792	-	-
Health Care	128,882	128,882	-	-
Industrials	173,606	161,376	12,230	-
Information Technology	215,139	215,139	-	-
Materials	19,098	19,098	-	-
Real Estate	18,739	18,739	-	-
Utilities	24,513	24,513	-	-

Corporate Bonds	1,075	-	1,075	-

U.S. Government and Government Agency Obligations	4,189	-	4,189	-

Money Market Funds	63,776	63,776	-	-
Total Investments in Securities:	1,091,481	1,064,236	27,245	-
Derivative Instruments: Liabilities
Written Options	(309)	(309)	-	-
Total Liabilities	(309)	(309)	-	-
Total Derivative Instruments:	(309)	(309)	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(309)
Total Equity Risk	0	(309)
Total Value of Derivatives	0	(309)

(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
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $10,560) - See accompanying schedule:
Unaffiliated issuers (cost $734,526)	$	1,027,705
Fidelity Central Funds (cost $63,776)		63,776


Total Investment in Securities (cost $798,302)			$	1,091,481
Receivable for investments sold				1,000
Receivable for fund shares sold				848
Dividends receivable				2,789
Distributions receivable from Fidelity Central Funds				229
Prepaid expenses				1
Total assets				1,096,348
Liabilities
Payable for investments purchased	$	1,427
Payable for fund shares redeemed		422
Accrued management fee		370
Distribution and service plan fees payable		214
Written options, at value (premium received $269)		309
Other affiliated payables		160
Other payables and accrued expenses		52
Collateral on securities loaned		10,761
Total Liabilities				13,715
Net Assets			$	1,082,633
Net Assets consist of:
Paid in capital			$	773,912
Total accumulated earnings (loss)				308,721
Net Assets			$	1,082,633

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($477,138 ÷ 13,652 shares)(a)			$	34.95
Maximum offering price per share (100/94.25 of $34.95)			$	37.08
Class M :
Net Asset Value and redemption price per share ($187,925 ÷ 5,364 shares)(a)			$	35.03
Maximum offering price per share (100/96.50 of $35.03)			$	36.30
Class C :
Net Asset Value and offering price per share ($50,106 ÷ 1,563 shares)(a)(b)			$	32.07
Class I :
Net Asset Value, offering price and redemption price per share ($222,973 ÷ 6,204 shares)			$	35.94
Class Z :
Net Asset Value, offering price and redemption price per share ($144,491 ÷ 4,012 shares)(b)			$	36.02
(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				Year ended November 30, 2023
Investment Income
Dividends			$	19,086
Interest				93
Income from Fidelity Central Funds (including $99 from security lending)				3,222
Total Income				22,401
Expenses
Management fee	$	4,005
Transfer agent fees		1,529
Distribution and service plan fees		2,485
Accounting fees		284
Custodian fees and expenses		37
Independent trustees' fees and expenses		5
Registration fees		110
Audit		81
Legal		8
Miscellaneous		5
Total expenses before reductions		8,549
Expense reductions		(61)
Total expenses after reductions				8,488
Net Investment income (loss)				13,913
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		14,598
Foreign currency transactions		5
Written options		819
Total net realized gain (loss)				15,422
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		48,774
Assets and liabilities in foreign currencies		5
Written options		47
Total change in net unrealized appreciation (depreciation)				48,826
Net gain (loss)				64,248
Net increase (decrease) in net assets resulting from operations			$	78,161

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	13,913	$	9,162
Net realized gain (loss)		15,422		2,169
Change in net unrealized appreciation (depreciation)		48,826		21,109
Net increase (decrease) in net assets resulting from operations		78,161		32,440
Distributions to shareholders		(15,697)		(33,061)

Share transactions - net increase (decrease)		199,181		173,331
Total increase (decrease) in net assets		261,645		172,710

Net Assets
Beginning of period		820,988		648,278
End of period	$	1,082,633	$	820,988

Financial Highlights

Fidelity Advisor® Growth & Income Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.90	$	33.01	$	27.71	$	28.32	$	28.69
Income from Investment Operations
Net investment income (loss) A,B		.49		.42		.59 C		.44		.49
Net realized and unrealized gain (loss)		2.13		1.09		6.08		.90		2.48
Total from investment operations		2.62		1.51		6.67		1.34		2.97
Distributions from net investment income		(.47)		(.83)		(.48)		(.48)		(.47)
Distributions from net realized gain		(.10)		(.80)		(.89)		(1.47)		(2.87)
Total distributions		(.57)		(1.62) D		(1.37)		(1.95)		(3.34)
Net asset value, end of period	$	34.95	$	32.90	$	33.01	$	27.71	$	28.32
Total Return E,F		8.11%		4.64%		25.08%		4.86%		13.65%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.91%		.91%		.92%		.95%		.96%
Expenses net of fee waivers, if any		.90%		.91%		.92%		.95%		.96%
Expenses net of all reductions		.90%		.91%		.92%		.95%		.95%
Net investment income (loss)		1.47%		1.31%		1.85% C		1.78%		1.93%
Supplemental Data
Net assets, end of period (in millions)	$	477	$	406	$	344	$	277	$	288
Portfolio turnover rate I		12%		8%		15%		28%		29%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Growth & Income Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.97	$	33.01	$	27.71	$	28.31	$	28.67
Income from Investment Operations
Net investment income (loss) A,B		.41		.34		.51 C		.38		.43
Net realized and unrealized gain (loss)		2.14		1.10		6.10		.89		2.47
Total from investment operations		2.55		1.44		6.61		1.27		2.90
Distributions from net investment income		(.38)		(.68)		(.42)		(.40)		(.39)
Distributions from net realized gain		(.10)		(.80)		(.89)		(1.47)		(2.87)
Total distributions		(.49) D		(1.48)		(1.31)		(1.87)		(3.26)
Net asset value, end of period	$	35.03	$	32.97	$	33.01	$	27.71	$	28.31
Total Return E,F		7.85%		4.38%		24.77%		4.61%		13.33%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.15%		1.15%		1.16%		1.20%		1.21%
Expenses net of fee waivers, if any		1.14%		1.15%		1.16%		1.20%		1.21%
Expenses net of all reductions		1.14%		1.15%		1.16%		1.20%		1.20%
Net investment income (loss)		1.23%		1.07%		1.61% C		1.53%		1.68%
Supplemental Data
Net assets, end of period (in millions)	$	188	$	180	$	173	$	153	$	172
Portfolio turnover rate I		12%		8%		15%		28%		29%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Growth & Income Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	30.24	$	30.33	$	25.56	$	26.22	$	26.79
Income from Investment Operations
Net investment income (loss) A,B		.22		.16		.32 C		.23		.27
Net realized and unrealized gain (loss)		1.96		1.00		5.62		.82		2.28
Total from investment operations		2.18		1.16		5.94		1.05		2.55
Distributions from net investment income		(.25)		(.45)		(.28)		(.24)		(.26)
Distributions from net realized gain		(.10)		(.80)		(.89)		(1.47)		(2.87)
Total distributions		(.35)		(1.25)		(1.17)		(1.71)		(3.12) D
Net asset value, end of period	$	32.07	$	30.24	$	30.33	$	25.56	$	26.22
Total Return E,F		7.32%		3.80%		24.14%		4.07%		12.74%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.67%		1.67%		1.69%		1.73%		1.73%
Expenses net of fee waivers, if any		1.66%		1.67%		1.69%		1.73%		1.73%
Expenses net of all reductions		1.66%		1.67%		1.69%		1.73%		1.73%
Net investment income (loss)		.71%		.55%		1.09% C		1.00%		1.15%
Supplemental Data
Net assets, end of period (in millions)	$	50	$	47	$	41	$	34	$	41
Portfolio turnover rate I		12%		8%		15%		28%		29%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

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

Fidelity Advisor® Growth & Income Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.81	$	33.95	$	28.45	$	29.01	$	29.33
Income from Investment Operations
Net investment income (loss) A,B		.59		.51		.69 C		.52		.57
Net realized and unrealized gain (loss)		2.19		1.12		6.24		.93		2.52
Total from investment operations		2.78		1.63		6.93		1.45		3.09
Distributions from net investment income		(.55)		(.97)		(.55)		(.54)		(.54)
Distributions from net realized gain		(.10)		(.80)		(.89)		(1.47)		(2.87)
Total distributions		(.65)		(1.77)		(1.43) D		(2.01)		(3.41)
Net asset value, end of period	$	35.94	$	33.81	$	33.95	$	28.45	$	29.01
Total Return E		8.39%		4.86%		25.40%		5.16%		13.89%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.66%		.66%		.67%		.70%		.70%
Expenses net of fee waivers, if any		.66%		.66%		.67%		.70%		.69%
Expenses net of all reductions		.66%		.66%		.67%		.69%		.69%
Net investment income (loss)		1.71%		1.56%		2.10% C		2.03%		2.19%
Supplemental Data
Net assets, end of period (in millions)	$	223	$	128	$	76	$	45	$	48
Portfolio turnover rate H		12%		8%		15%		28%		29%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DTotal distributions per share do not sum due to rounding.

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

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

Fidelity Advisor® Growth & Income Fund Class Z

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.88	$	34.04	$	28.52	$	29.09	$	29.35
Income from Investment Operations
Net investment income (loss) A,B		.64		.55		.73 C		.55		.62
Net realized and unrealized gain (loss)		2.19		1.13		6.26		.93		2.53
Total from investment operations		2.83		1.68		6.99		1.48		3.15
Distributions from net investment income		(.59)		(1.05)		(.59)		(.58)		(.54)
Distributions from net realized gain		(.10)		(.80)		(.89)		(1.47)		(2.87)
Total distributions		(.69)		(1.84) D		(1.47) D		(2.05)		(3.41)
Net asset value, end of period	$	36.02	$	33.88	$	34.04	$	28.52	$	29.09
Total Return E		8.54%		5.03%		25.59%		5.26%		14.11%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.52%		.53%		.53%		.55%		.56%
Expenses net of fee waivers, if any		.52%		.52%		.53%		.55%		.56%
Expenses net of all reductions		.52%		.52%		.53%		.55%		.55%
Net investment income (loss)		1.86%		1.69%		2.24% C		2.18%		2.33%
Supplemental Data
Net assets, end of period (in millions)	$	144	$	60	$	14	$	11	$	7
Portfolio turnover rate H		12%		8%		15%		28%		29%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

HAmount 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, 2023

(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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

3. Significant Accounting Policies.

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:

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.

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.

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	$324,168
Gross unrealized depreciation	(33,051)
Net unrealized appreciation (depreciation)	$291,117
Tax Cost	$800,055

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

Undistributed ordinary income	$3,196
Undistributed long-term capital gain	$14,448
Net unrealized appreciation (depreciation) on securities and other investments	$291,076

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$13,886	$18,783
Long-term Capital Gains	1,811	14,278
Total	$15,697	$33,061

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 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.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.

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 Growth & Income Fund	320,180	103,615

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,092	$32
Class M	.25%	.25%	904	9
Class C	.75%	.25%	489	89
			$2,485	$130

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$188
Class M	14
Class CA	1
	$203

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$765	.18
Class M	304	.17
Class C	93	.19
Class I	324	.18
Class Z	43	.04
	$1,529

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.1733%
Class M	.1657%
Class C	.1860%
Class I	.1866%

	% of Average Net Assets
Fidelity Advisor Growth & Income Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Advisor Growth & Income Fund	.0295%

	Amount
Fidelity Advisor Growth & Income Fund	$3

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Growth & Income Fund	19,377	2,575	443

7. Committed Line of Credit.

	Amount
Fidelity Advisor Growth & Income Fund	$2

8. Security Lending.

	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	$10	$-A	$10

A In the amount of less than five hundred dollars.

9. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, 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. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class A	-A
Class M	3
	$4

A In the amount of 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 $56.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Growth & Income Fund
Distributions to shareholders
Class A	$7,367	$17,363
Class M	2,629	7,787
Class C	559	1,696
Class I	3,171	4,201
Class Z	1,971	2,014
Total	$15,697	$33,061

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, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Advisor Growth & Income Fund
Class A
Shares sold	2,709	2,812	$89,706	$90,084
Reinvestment of distributions	217	504	7,040	16,493
Shares redeemed	(1,605)	(1,415)	(53,452)	(44,767)
Net increase (decrease)	1,321	1,901	$43,294	$61,810
Class M
Shares sold	489	643	$16,232	$20,917
Reinvestment of distributions	79	231	2,574	7,629
Shares redeemed	(666)	(650)	(22,069)	(20,594)
Net increase (decrease)	(98)	224	$(3,263)	$7,952
Class C
Shares sold	526	649	$15,943	$19,167
Reinvestment of distributions	18	55	534	1,666
Shares redeemed	(541)	(486)	(16,496)	(14,200)
Net increase (decrease)	3	218	$(19)	$6,633
Class I
Shares sold	4,443	2,275	$151,618	$74,876
Reinvestment of distributions	88	112	2,946	3,758
Shares redeemed	(2,105)	(850)	(72,062)	(27,709)
Net increase (decrease)	2,426	1,537	$82,502	$50,925
Class Z
Shares sold	2,810	1,643	$96,484	$55,104
Reinvestment of distributions	52	56	1,753	1,860
Shares redeemed	(633)	(334)	(21,570)	(10,953)
Net increase (decrease)	2,229	1,365	$76,667	$46,011

12. Other.

13. Risk and Uncertainties.

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, 2023, 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, 2023, 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

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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 12, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

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.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* 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.

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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, 2023 to November 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity Advisor® Growth & Income Fund
Class A	.89%
Actual		$ 1,000	$ 1,086.30	$ 4.65
Hypothetical-B		$ 1,000	$ 1,020.61	$ 4.51
Class M	1.13%
Actual		$ 1,000	$ 1,085.00	$ 5.91
Hypothetical-B		$ 1,000	$ 1,019.40	$ 5.72
Class C	1.65%
Actual		$ 1,000	$ 1,082.50	$ 8.61
Hypothetical-B		$ 1,000	$ 1,016.80	$ 8.34
Class I	.65%
Actual		$ 1,000	$ 1,087.70	$ 3.40
Hypothetical-B		$ 1,000	$ 1,021.81	$ 3.29
Class Z	.51%
Actual		$ 1,000	$ 1,088.60	$ 2.67
Hypothetical-B		$ 1,000	$ 1,022.51	$ 2.59

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

B 5% return per year before expenses

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, 2023, $14,785,134, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.76% 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 97.48% 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, Class I and Class Z designate 100% of 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 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 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Growth & Income Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the Class I of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Class I of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Class I of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.539472.126

AGAI-ANN-0124

Fidelity Advisor® Large Cap Fund

Annual Report

November 30, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

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 Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	5.20%	10.20%	9.51%
Class M (incl. 3.50% sales charge)	7.46%	10.45%	9.49%
Class C (incl. contingent deferred sales charge)	9.77%	10.66%	9.49%
Class I	11.90%	11.82%	10.45%
Class Z	12.06%	11.95%	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 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, a class of the fund, on November 30, 2013, and the current 5.75% sales charge was paid.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matt Fruhan:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 11% to 12%, versus 13.84% for the benchmark S&P 500® index. Market selection was the primary detractor versus the benchmark, especially an underweight in information technology. An overweight in energy also hurt. Stock picking and an overweight in financials, primarily within the banks industry, also hampered the fund's result. Also detracting from our result was security selection in materials. The biggest individual relative detractor was an underweight in Nvidia (+176%). This period we increased our stake in Nvidia. The second-largest relative detractor was an overweight in Exxon Mobil (-5%). Exxon Mobil was the fund's top holding the past 12 months. An underweight in Amazon.com (+51%) also detracted. In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials, primarily within the capital goods industry. Security selection and an underweight in utilities and health care also boosted the fund's relative performance. The top individual relative contributor was an overweight in General Electric (+83%). General Electric was among the fund's largest holdings. A non-benchmark stake in Vertiv Holdings gained 212% and was a second notable relative contributor. Not owning Pfizer, a benchmark component that returned roughly -36%, was another notable relative contributor. Notable changes in positioning include higher allocations to the information technology and communication services sectors.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	7.8
General Electric Co.	6.6
Exxon Mobil Corp.	6.3
Wells Fargo & Co.	5.4
Apple, Inc.	3.1
The Boeing Co.	2.6
Bank of America Corp.	2.6
UnitedHealth Group, Inc.	2.1
Meta Platforms, Inc. Class A	2.0
Visa, Inc. Class A	1.9
	40.4

Market Sectors (% of Fund's net assets)

Information Technology	18.4
Financials	16.8
Industrials	15.6
Health Care	12.6
Energy	10.3
Communication Services	9.8
Consumer Staples	5.3
Consumer Discretionary	3.5
Materials	2.0
Real Estate	1.1
Utilities	1.1

Asset Allocation (% of Fund's net assets)

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 9.8%
Diversified Telecommunication Services - 0.3%
Cellnex Telecom SA (a)	45,400	1,733,306
Verizon Communications, Inc.	54,276	2,080,399
		3,813,705
Entertainment - 1.0%
The Walt Disney Co.	58,875	5,457,124
Universal Music Group NV	214,634	5,670,848
		11,127,972
Interactive Media & Services - 6.2%
Alphabet, Inc.:
Class A (b)	163,780	21,705,763
Class C (b)	151,560	20,296,915
Match Group, Inc. (b)	90,400	2,927,152
Meta Platforms, Inc. Class A (b)	73,300	23,980,095
Snap, Inc. Class A (b)	315,900	4,368,897
		73,278,822
Media - 2.3%
Charter Communications, Inc. Class A (b)	2,100	840,273
Comcast Corp. Class A	535,423	22,428,869
Interpublic Group of Companies, Inc.	137,920	4,239,661
		27,508,803
TOTAL COMMUNICATION SERVICES		115,729,302
CONSUMER DISCRETIONARY - 3.5%
Automobile Components - 0.1%
BorgWarner, Inc.	48,216	1,624,397
Automobiles - 0.1%
General Motors Co.	22,800	720,480
Broadline Retail - 0.1%
Amazon.com, Inc. (b)	11,700	1,709,253
Hotels, Restaurants & Leisure - 1.9%
Amadeus IT Holding SA Class A	28,700	1,962,494
Booking Holdings, Inc. (b)	4,019	12,562,188
Expedia, Inc. (b)	19,000	2,587,420
Marriott International, Inc. Class A	18,200	3,689,140
Starbucks Corp.	14,500	1,439,850
		22,241,092
Household Durables - 0.3%
Mohawk Industries, Inc. (b)	23,906	2,111,139
Sony Group Corp. sponsored ADR	13,200	1,134,540
Whirlpool Corp.	4,834	526,423
		3,772,102
Specialty Retail - 0.9%
Lowe's Companies, Inc.	47,630	9,470,273
RH (b)	3,200	863,904
		10,334,177
Textiles, Apparel & Luxury Goods - 0.1%
Compagnie Financiere Richemont SA Series A	1,890	236,382
NIKE, Inc. Class B	8,800	970,376
		1,206,758
TOTAL CONSUMER DISCRETIONARY		41,608,259
CONSUMER STAPLES - 5.3%
Beverages - 1.6%
Diageo PLC sponsored ADR	30,000	4,217,100
Keurig Dr. Pepper, Inc.	152,300	4,808,111
The Coca-Cola Co.	161,981	9,466,170
		18,491,381
Consumer Staples Distribution & Retail - 1.5%
Performance Food Group Co. (b)	38,900	2,530,445
Sysco Corp.	84,900	6,127,233
Target Corp.	27,100	3,626,251
U.S. Foods Holding Corp. (b)	47,800	2,095,074
Walmart, Inc.	19,300	3,004,817
		17,383,820
Household Products - 0.0%
Procter & Gamble Co.	1,500	230,280
Personal Care Products - 1.5%
Estee Lauder Companies, Inc. Class A	22,300	2,847,487
Haleon PLC ADR	850,638	7,281,461
Kenvue, Inc.	394,507	8,063,723
		18,192,671
Tobacco - 0.7%
Altria Group, Inc.	182,180	7,658,847
Philip Morris International, Inc.	9,600	896,256
		8,555,103
TOTAL CONSUMER STAPLES		62,853,255
ENERGY - 10.3%
Oil, Gas & Consumable Fuels - 10.3%
Exxon Mobil Corp.	725,868	74,575,678
Hess Corp.	155,735	21,890,112
Imperial Oil Ltd.	142,900	8,050,927
Kosmos Energy Ltd. (b)	899,395	6,106,892
MEG Energy Corp. (b)	216,000	4,084,572
Shell PLC ADR	97,200	6,395,760
		121,103,941
FINANCIALS - 16.8%
Banks - 11.4%
Bank of America Corp.	987,414	30,106,253
JPMorgan Chase & Co.	81,018	12,645,289
M&T Bank Corp.	19,928	2,554,172
PNC Financial Services Group, Inc.	87,641	11,740,388
Truist Financial Corp.	125,327	4,028,010
U.S. Bancorp	232,990	8,881,579
Wells Fargo & Co.	1,424,103	63,500,753
		133,456,444
Capital Markets - 2.1%
Charles Schwab Corp.	12,200	748,104
CME Group, Inc.	1,500	327,540
KKR & Co. LP	106,391	8,068,693
Moody's Corp.	1,700	620,432
Morgan Stanley	39,425	3,127,980
Northern Trust Corp.	111,791	8,859,437
Raymond James Financial, Inc.	23,293	2,449,259
State Street Corp.	8,419	613,072
		24,814,517
Financial Services - 3.1%
Acacia Research Corp. (b)	36,900	134,316
Edenred SA	68,100	3,706,343
Fidelity National Information Services, Inc.	45,000	2,638,800
Global Payments, Inc.	9,000	1,047,960
MasterCard, Inc. Class A	11,215	4,641,103
PayPal Holdings, Inc. (b)	27,900	1,607,319
Radian Group, Inc.	17,342	445,863
Visa, Inc. Class A	87,827	22,543,434
		36,765,138
Insurance - 0.2%
Chubb Ltd.	10,495	2,407,868
TOTAL FINANCIALS		197,443,967
HEALTH CARE - 12.6%
Biotechnology - 0.5%
Alnylam Pharmaceuticals, Inc. (b)	12,119	2,039,022
Argenx SE ADR (b)	1,900	856,159
Insmed, Inc. (b)	47,497	1,188,375
Vaxcyte, Inc. (b)	31,000	1,604,870
Verve Therapeutics, Inc. (b)(c)	19,900	224,472
		5,912,898
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories	7,500	782,175
Becton, Dickinson & Co.	10,797	2,550,035
Boston Scientific Corp. (b)	284,726	15,913,336
GE Healthcare Holding LLC	111,971	7,665,535
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)	50,462	1,030,434
		27,941,515
Health Care Providers & Services - 5.7%
Cardinal Health, Inc.	72,582	7,772,081
Centene Corp. (b)	8,400	618,912
Cigna Group	50,203	13,197,365
CVS Health Corp.	87,568	5,950,246
Guardant Health, Inc. (b)	22,800	573,876
Humana, Inc.	3,900	1,890,954
McKesson Corp.	25,806	12,143,271
UnitedHealth Group, Inc.	43,799	24,219,533
		66,366,238
Life Sciences Tools & Services - 0.4%
Danaher Corp.	20,400	4,555,524
Thermo Fisher Scientific, Inc.	1,100	545,336
		5,100,860
Pharmaceuticals - 3.6%
Bristol-Myers Squibb Co.	287,917	14,217,341
Eli Lilly & Co.	15,800	9,338,432
GSK PLC sponsored ADR	212,030	7,630,960
Johnson & Johnson	54,187	8,380,561
Sanofi SA sponsored ADR	12,700	593,725
UCB SA	29,800	2,200,546
		42,361,565
TOTAL HEALTH CARE		147,683,076
INDUSTRIALS - 15.4%
Aerospace & Defense - 3.9%
Airbus Group NV	49,300	7,326,612
General Dynamics Corp.	13,129	3,242,469
Howmet Aerospace, Inc.	2,300	120,980
Huntington Ingalls Industries, Inc.	10,319	2,445,809
Safran SA	8,000	1,406,617
Textron, Inc.	10,600	812,596
The Boeing Co. (b)	132,167	30,613,842
		45,968,925
Air Freight & Logistics - 1.5%
FedEx Corp.	21,892	5,666,306
United Parcel Service, Inc. Class B	82,563	12,517,376
		18,183,682
Building Products - 0.1%
Johnson Controls International PLC	15,400	813,120
Commercial Services & Supplies - 0.2%
ACV Auctions, Inc. Class A (b)	86,600	1,353,558
Veralto Corp.	7,633	589,649
		1,943,207
Electrical Equipment - 1.5%
Acuity Brands, Inc.	18,456	3,308,423
Hubbell, Inc. Class B	11,785	3,535,500
Regal Rexnord Corp.	21,600	2,587,680
Vertiv Holdings Co.	180,100	7,863,166
		17,294,769
Ground Transportation - 0.4%
Knight-Swift Transportation Holdings, Inc. Class A	85,158	4,579,797
Industrial Conglomerates - 6.7%
3M Co.	9,559	947,010
General Electric Co.	636,613	77,539,463
		78,486,473
Machinery - 0.8%
Chart Industries, Inc. (b)(c)	12,000	1,560,360
Cummins, Inc.	7,000	1,569,120
Fortive Corp.	30,400	2,096,992
Nordson Corp.	2,000	470,680
Otis Worldwide Corp.	19,696	1,689,720
Stanley Black & Decker, Inc. (c)	10,800	981,720
Westinghouse Air Brake Tech Co.	11,445	1,334,029
		9,702,621
Passenger Airlines - 0.1%
Copa Holdings SA Class A	3,200	296,448
Ryanair Holdings PLC sponsored ADR (b)	9,400	1,111,268
		1,407,716
Professional Services - 0.2%
Equifax, Inc.	4,200	914,382
Genpact Ltd.	42,200	1,433,112
Paycom Software, Inc.	3,200	581,312
		2,928,806
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	46,900	518,387
TOTAL INDUSTRIALS		181,827,503
INFORMATION TECHNOLOGY - 18.4%
IT Services - 0.4%
EPAM Systems, Inc. (b)	3,000	774,570
IBM Corp.	11,500	1,823,440
Snowflake, Inc. (b)	800	150,144
Twilio, Inc. Class A (b)	24,000	1,552,320
		4,300,474
Semiconductors & Semiconductor Equipment - 3.8%
Analog Devices, Inc.	12,318	2,258,875
Applied Materials, Inc.	24,216	3,627,072
Broadcom, Inc.	4,100	3,795,493
Lam Research Corp.	4,500	3,221,640
Marvell Technology, Inc.	136,401	7,601,628
NVIDIA Corp.	34,220	16,004,694
Qualcomm, Inc.	33,501	4,323,304
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	37,700	3,668,587
		44,501,293
Software - 11.0%
Adobe, Inc. (b)	19,900	12,159,099
Autodesk, Inc. (b)	13,341	2,914,075
DoubleVerify Holdings, Inc. (b)	16,500	547,800
Elastic NV (b)	32,800	2,635,808
Intuit, Inc.	6,700	3,828,782
Microsoft Corp.	242,153	91,754,194
PTC, Inc. (b)	9,300	1,463,448
Sage Group PLC	63,500	906,272
Salesforce, Inc. (b)	4,500	1,133,550
SAP SE sponsored ADR (c)	70,817	11,268,401
Workday, Inc. Class A (b)	3,300	893,376
		129,504,805
Technology Hardware, Storage & Peripherals - 3.2%
Apple, Inc.	195,568	37,148,142
Samsung Electronics Co. Ltd.	22,520	1,261,266
		38,409,408
TOTAL INFORMATION TECHNOLOGY		216,715,980
MATERIALS - 2.0%
Chemicals - 0.5%
DuPont de Nemours, Inc.	65,500	4,685,870
LyondellBasell Industries NV Class A	3,787	360,144
Sherwin-Williams Co.	2,100	585,480
		5,631,494
Metals & Mining - 1.5%
First Quantum Minerals Ltd.	545,500	4,466,270
Freeport-McMoRan, Inc.	315,804	11,785,805
Ivanhoe Mines Ltd. (b)	231,700	2,067,790
		18,319,865
TOTAL MATERIALS		23,951,359
REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
American Tower Corp.	15,009	3,133,579
Crown Castle International Corp.	40,100	4,702,928
Equinix, Inc.	442	360,234
Simon Property Group, Inc.	39,100	4,883,199
		13,079,940
UTILITIES - 1.1%
Electric Utilities - 1.1%
Duke Energy Corp.	2,600	239,928
Entergy Corp.	8,900	902,549
PG&E Corp.	68,500	1,176,145
Southern Co.	139,600	9,908,808
		12,227,430
Multi-Utilities - 0.0%
Sempra	4,068	296,435
TOTAL UTILITIES		12,523,865
TOTAL COMMON STOCKS (Cost $718,071,421)		1,134,520,447

Preferred Stocks - 0.2%
	Shares	Value ($)
Convertible Preferred Stocks - 0.0%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (b)(d)(e)	1,200	37,692

Nonconvertible Preferred Stocks - 0.2%
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Embraer SA sponsored ADR (b)	119,400	2,088,306

TOTAL PREFERRED STOCKS (Cost $1,471,102)		2,125,998

Money Market Funds - 3.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (f)	39,329,969	39,337,835
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)	6,522,179	6,522,831
TOTAL MONEY MARKET FUNDS (Cost $45,860,666)		45,860,666

TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $765,403,189)	1,182,507,111
NET OTHER ASSETS (LIABILITIES) - (0.4)%	(4,511,515)
NET ASSETS - 100.0%	1,177,995,596

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 $1,733,306 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 $37,692 or 0.0% of net assets.

(e)	Level 3 security

(f)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Reddit, Inc. Series E	5/18/21	50,969

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, 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 5.40%	40,544,606	85,956,240	87,163,011	2,138,109	-	-	39,337,835	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	3,679,031	110,671,812	107,828,012	76,585	-	-	6,522,831	0.0%
Total	44,223,637	196,628,052	194,991,023	2,214,694	-	-	45,860,666

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	115,766,994	108,325,148	7,404,154	37,692
Consumer Discretionary	41,608,259	41,371,877	236,382	-
Consumer Staples	62,853,255	62,853,255	-	-
Energy	121,103,941	121,103,941	-	-
Financials	197,443,967	197,443,967	-	-
Health Care	147,683,076	147,683,076	-	-
Industrials	183,915,809	175,182,580	8,733,229	-
Information Technology	216,715,980	216,715,980	-	-
Materials	23,951,359	23,951,359	-	-
Real Estate	13,079,940	13,079,940	-	-
Utilities	12,523,865	12,523,865	-	-

Money Market Funds	45,860,666	45,860,666	-	-
Total Investments in Securities:	1,182,507,111	1,166,095,654	16,373,765	37,692

Financial Statements

Statement of Assets and Liabilities
				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $6,432,181) - See accompanying schedule:
Unaffiliated issuers (cost $719,542,523)	$	1,136,646,445
Fidelity Central Funds (cost $45,860,666)		45,860,666


Total Investment in Securities (cost $765,403,189)			$	1,182,507,111
Receivable for investments sold				1,010,430
Receivable for fund shares sold				1,192,421
Dividends receivable				2,784,489
Distributions receivable from Fidelity Central Funds				168,570
Prepaid expenses				1,333
Total assets				1,187,664,354
Liabilities
Payable for investments purchased	$	1,268,059
Payable for fund shares redeemed		712,457
Accrued management fee		673,074
Distribution and service plan fees payable		256,262
Other affiliated payables		181,222
Other payables and accrued expenses		52,709
Collateral on securities loaned		6,524,975
Total Liabilities				9,668,758
Net Assets			$	1,177,995,596
Net Assets consist of:
Paid in capital			$	723,069,555
Total accumulated earnings (loss)				454,926,041
Net Assets			$	1,177,995,596

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($608,811,023 ÷ 15,361,486 shares)(a)			$	39.63
Maximum offering price per share (100/94.25 of $39.63)			$	42.05
Class M :
Net Asset Value and redemption price per share ($169,909,961 ÷ 4,302,422 shares)(a)			$	39.49
Maximum offering price per share (100/96.50 of $39.49)			$	40.92
Class C :
Net Asset Value and offering price per share ($78,499,378 ÷ 2,301,039 shares)(a)			$	34.11
Class I :
Net Asset Value, offering price and redemption price per share ($263,768,542 ÷ 6,208,533 shares)			$	42.48
Class Z :
Net Asset Value, offering price and redemption price per share ($57,006,692 ÷ 1,342,719 shares)			$	42.46
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended November 30, 2023
Investment Income
Dividends			$	19,379,899
Income from Fidelity Central Funds (including $76,585 from security lending)				2,214,694
Total Income				21,594,593
Expenses
Management fee
Basic fee	$	5,728,530
Performance adjustment		1,786,889
Transfer agent fees		1,818,942
Distribution and service plan fees		3,017,772
Accounting fees		319,189
Custodian fees and expenses		37,054
Independent trustees' fees and expenses		6,232
Registration fees		96,365
Audit		64,316
Legal		6,029
Miscellaneous		4,899
Total expenses before reductions		12,886,217
Expense reductions		(69,614)
Total expenses after reductions				12,816,603
Net Investment income (loss)				8,777,990
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		34,455,417
Foreign currency transactions		7,050
Total net realized gain (loss)				34,462,467
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		78,334,277
Assets and liabilities in foreign currencies		10,332
Total change in net unrealized appreciation (depreciation)				78,344,609
Net gain (loss)				112,807,076
Net increase (decrease) in net assets resulting from operations			$	121,585,066

Statement of Changes in Net Assets

		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,777,990	$	10,686,103
Net realized gain (loss)		34,462,467		12,808,864
Change in net unrealized appreciation (depreciation)		78,344,609		(9,405,688)
Net increase (decrease) in net assets resulting from operations		121,585,066		14,089,279
Distributions to shareholders		(21,109,328)		(67,019,635)

Share transactions - net increase (decrease)		27,953,133		70,348,927
Total increase (decrease) in net assets		128,428,871		17,418,571

Net Assets
Beginning of period		1,049,566,725		1,032,148,154
End of period	$	1,177,995,596	$	1,049,566,725

Financial Highlights

Fidelity Advisor® Large Cap Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	36.29	$	38.14	$	31.98	$	32.80	$	33.76
Income from Investment Operations
Net investment income (loss) A,B		.30		.38		.62 C		.50		.51
Net realized and unrealized gain (loss)		3.79		.28		7.29		1.36		2.97
Total from investment operations		4.09		.66		7.91		1.86		3.48
Distributions from net investment income		(.38)		(.61)		(.57)		(.60)		(.45)
Distributions from net realized gain		(.37)		(1.90)		(1.18)		(2.08)		(3.99)
Total distributions		(.75)		(2.51)		(1.75)		(2.68)		(4.44)
Net asset value, end of period	$	39.63	$	36.29	$	38.14	$	31.98	$	32.80
Total Return D,E		11.62%		1.49%		25.87%		5.91%		14.19%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.16%		.92%		.80%		.75%		.91%
Expenses net of fee waivers, if any		1.15%		.91%		.80%		.75%		.91%
Expenses net of all reductions		1.15%		.91%		.80%		.75%		.90%
Net investment income (loss)		.82%		1.07%		1.67% C		1.76%		1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$	608,811	$	532,911	$	468,894	$	389,143	$	423,325
Portfolio turnover rate H		13%		11%		17%		22%		28% I

ACalculated based on average shares outstanding during the period.

CNet 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%.

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

ETotal returns do not include the effect of the sales charges.

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Large Cap Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	36.14	$	37.99	$	31.86	$	32.69	$	33.63
Income from Investment Operations
Net investment income (loss) A,B		.21		.29		.52 C		.42		.43
Net realized and unrealized gain (loss)		3.78		.27		7.28		1.35		2.98
Total from investment operations		3.99		.56		7.80		1.77		3.41
Distributions from net investment income		(.27)		(.52)		(.49)		(.52)		(.36)
Distributions from net realized gain		(.37)		(1.90)		(1.18)		(2.08)		(3.99)
Total distributions		(.64)		(2.41) D		(1.67)		(2.60)		(4.35)
Net asset value, end of period	$	39.49	$	36.14	$	37.99	$	31.86	$	32.69
Total Return E,F		11.36%		1.23%		25.55%		5.62%		13.93%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.41%		1.17%		1.05%		1.01%		1.17%
Expenses net of fee waivers, if any		1.40%		1.16%		1.05%		1.01%		1.16%
Expenses net of all reductions		1.40%		1.16%		1.05%		1.00%		1.16%
Net investment income (loss)		.58%		.83%		1.42% C		1.50%		1.46%
Supplemental Data
Net assets, end of period (000 omitted)	$	169,910	$	166,368	$	176,983	$	153,918	$	175,139
Portfolio turnover rate I		13%		11%		17%		22%		28% J

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the sales charges.

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

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Large Cap Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.34	$	33.25	$	28.08	$	29.09	$	30.44
Income from Investment Operations
Net investment income (loss) A,B		.02		.09		.29 C		.25		.25
Net realized and unrealized gain (loss)		3.27		.24		6.40		1.18		2.60
Total from investment operations		3.29		.33		6.69		1.43		2.85
Distributions from net investment income		(.15)		(.34)		(.34)		(.36)		(.21)
Distributions from net realized gain		(.37)		(1.90)		(1.18)		(2.08)		(3.99)
Total distributions		(.52)		(2.24)		(1.52)		(2.44)		(4.20)
Net asset value, end of period	$	34.11	$	31.34	$	33.25	$	28.08	$	29.09
Total Return D,E		10.77%		.70%		24.90%		5.10%		13.33%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.93%		1.69%		1.57%		1.53%		1.67%
Expenses net of fee waivers, if any		1.93%		1.68%		1.57%		1.52%		1.67%
Expenses net of all reductions		1.93%		1.68%		1.57%		1.52%		1.67%
Net investment income (loss)		.05%		.30%		.90% C		.98%		.95%
Supplemental Data
Net assets, end of period (000 omitted)	$	78,499	$	81,509	$	89,886	$	88,926	$	119,072
Portfolio turnover rate H		13%		11%		17%		22%		28% I

ACalculated based on average shares outstanding during the period.

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

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Large Cap Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	38.83	$	40.63	$	33.94	$	34.63	$	35.37
Income from Investment Operations
Net investment income (loss) A,B		.43		.51		.76 C		.61		.62
Net realized and unrealized gain (loss)		4.04		.30		7.76		1.44		3.17
Total from investment operations		4.47		.81		8.52		2.05		3.79
Distributions from net investment income		(.45)		(.71)		(.64)		(.66)		(.54)
Distributions from net realized gain		(.37)		(1.90)		(1.18)		(2.08)		(3.99)
Total distributions		(.82)		(2.61)		(1.83) D		(2.74)		(4.53)
Net asset value, end of period	$	42.48	$	38.83	$	40.63	$	33.94	$	34.63
Total Return E		11.90%		1.77%		26.22%		6.17%		14.54%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.90%		.65%		.54%		.48%		.64%
Expenses net of fee waivers, if any		.89%		.65%		.54%		.48%		.64%
Expenses net of all reductions		.89%		.65%		.54%		.48%		.64%
Net investment income (loss)		1.08%		1.34%		1.93% C		2.03%		1.98%
Supplemental Data
Net assets, end of period (000 omitted)	$	263,769	$	224,889	$	257,331	$	206,090	$	301,067
Portfolio turnover rate H		13%		11%		17%		22%		28% I

ACalculated based on average shares outstanding during the period.

CNet 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%.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Large Cap Fund Class Z

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	38.81	$	40.61	$	33.93	$	34.64	$	35.41
Income from Investment Operations
Net investment income (loss) A,B		.48		.55		.81 C		.64		.66
Net realized and unrealized gain (loss)		4.04		.30		7.74		1.45		3.16
Total from investment operations		4.52		.85		8.55		2.09		3.82
Distributions from net investment income		(.50)		(.76)		(.69)		(.72)		(.60)
Distributions from net realized gain		(.37)		(1.90)		(1.18)		(2.08)		(3.99)
Total distributions		(.87)		(2.65) D		(1.87)		(2.80)		(4.59)
Net asset value, end of period	$	42.46	$	38.81	$	40.61	$	33.93	$	34.64
Total Return E		12.06%		1.88%		26.36%		6.30%		14.67%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.78%		.53%		.42%		.36%		.51%
Expenses net of fee waivers, if any		.77%		.53%		.42%		.36%		.51%
Expenses net of all reductions		.77%		.53%		.42%		.36%		.51%
Net investment income (loss)		1.20%		1.46%		2.05% C		2.15%		2.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	57,007	$	43,889	$	39,055	$	30,308	$	28,596
Portfolio turnover rate H		13%		11%		17%		22%		28% I

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended November 30, 2023

1. Organization.

Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%