N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3785

Fidelity Advisor Series I
(Exact name of registrant as specified in charter)

245 Summer Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2014

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Leveraged Company Stock

Fund - Class A, Class T, Class B
and Class C

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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 $10,000 table and the fund's 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. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	9.99%	18.09%	10.84%
Class T (incl. 3.50% sales charge)	12.34%	18.38%	10.84%
Class B (incl. contingent deferred sales charge) ^A	10.77%	18.34%	10.88%
Class C (incl. contingent deferred sales charge) ^B	14.82%	18.62%	10.68%

^A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^B 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.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Leveraged Company Stock Fund - Class A on July 31, 2004, 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.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: U.S. stocks overcame a slowing economy early in 2014 to post a strong gain for the 12-month period ending July 31, 2014, supported by corporate profits and continued low interest rates. The S&P 500® Index rose 16.94%, reaching an all-time high near period end. The technology-heavy Nasdaq Composite Index® gained 22.00%. The Russell 2000® Index returned 8.56%, reflecting the relatively lackluster performance of small-cap stocks. Information technology (+28%) was the top-performing sector within the S&P 500®, driven by strong semiconductor and computer hardware sales. Materials (+23%) gained amid higher prices for many commodity products. Health care (+21%) rose, driven by gains in pharmaceuticals, biotechnology & life sciences companies. Energy stocks (+19%) advanced in the latter part of the period amid healthy U.S. output and the threat of supply disruptions in Iraq. Conversely, most defensive sectors, including consumer staples, utilities and telecommunication services, lagged the broader market. Volatility remained tame throughout most of the period, with markets supported by declining unemployment, near-record profit margins for companies, muted cost inflation and fairly low corporate debt levels. Geopolitical tension remained a concern at period end, with conflict in Ukraine and strained relations between Russia and the West posing a potential threat to global growth.

Comments from Thomas Soviero, Portfolio Manager of Fidelity Advisor® Leveraged Company Stock Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned 16.70%, 16.41%, 15.77% and 15.82%, respectively (excluding sales charges), compared with 16.94% for the S&P 500® Index. I continued to concentrate the fund in what I considered to be my best ideas. I remained concerned about the health of economies abroad, so I maintained a relatively defensive posture, highlighting U.S.-centric investments and holding an average weighting of 8% in cash during the period. This cash stance was a drag on performance relative to the S&P 500®. Performance versus the benchmark was buoyed by stock selection in materials and transportation, especially investments in chemicals manufacturer LyondellBasell Industries, as well as Delta Air Lines and American Airlines Group. American was not in the index. Semiconductor manufacturer Micron Technology was another top contributor. On the down side, we were held back by positioning in information technology and consumer discretionary. General Motors was a main detractor, along with video game retailer GameStop and not owning consumer electronics giant and index component Apple.

Annual Report

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.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (February 1, 2014 to July 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

Annual Report

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Class A	1.07%
Actual		$ 1,000.00	$ 1,088.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Class T	1.31%
Actual		$ 1,000.00	$ 1,087.40	$ 6.78
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.56
Class B	1.87%
Actual		$ 1,000.00	$ 1,084.40	$ 9.66
Hypothetical^A		$ 1,000.00	$ 1,015.52	$ 9.35
Class C	1.82%
Actual		$ 1,000.00	$ 1,084.50	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,015.77	$ 9.10
Institutional Class	.81%
Actual		$ 1,000.00	$ 1,090.10	$ 4.20
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class Z	.67%
Actual		$ 1,000.00	$ 1,090.90	$ 3.47
Hypothetical^A		$ 1,000.00	$ 1,021.47	$ 3.36

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
LyondellBasell Industries NV Class A	10.2	8.2
Service Corp. International	3.9	3.6
Comcast Corp. Class A	3.6	4.0
Ford Motor Co.	2.5	2.4
General Motors Co.	2.5	2.8
Delta Air Lines, Inc.	2.3	2.0
Bank of America Corp.	2.2	2.6
Boston Scientific Corp.	2.2	2.5
GameStop Corp. Class A	2.0	1.7
Rock-Tenn Co. Class A	1.9	1.7
	33.3
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.9	23.6
Materials	14.2	12.3
Health Care	11.0	10.9
Financials	10.7	11.4
Industrials	10.6	10.7

Asset Allocation (% of fund's net assets)
As of July 31, 2014 *			As of January 31, 2014 **
	Stocks 93.9%			Stocks 91.7%
	Bonds 0.4%			Bonds 0.6%
	Convertible Securities 0.0%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 5.7%			Short-Term Investments and Net Other Assets (Liabilities) 7.6%
* Foreign investments		17.2%	** Foreign investments		14.9%

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Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.9%
Auto Components - 2.1%
Delphi Automotive PLC	446,000		$ 29,793
Tenneco, Inc. (a)	630,300		40,150
TRW Automotive Holdings Corp. (a)	298,400		30,523
			100,466
Automobiles - 5.4%
Ford Motor Co.	7,095,667		120,768
General Motors Co.	3,475,822		117,552
General Motors Co.:
warrants 7/10/16 (a)	384,439		9,438
warrants 7/10/19 (a)	384,439		6,497
Motors Liquidation Co. GUC Trust (a)	100,812		2,430
			256,685
Diversified Consumer Services - 3.9%
Service Corp. International	8,897,167		186,841
Hotels, Restaurants & Leisure - 0.6%
ARAMARK Holdings Corp.	849,156		22,893
Penn National Gaming, Inc. (a)	297,660		3,119
Station Holdco LLC unit (a)(g)(h)	116,342		44
			26,056
Household Durables - 1.9%
Hovnanian Enterprises, Inc. Class A (a)(d)	1,181,000		4,724
Lennar Corp. Class A (d)	576,600		20,890
Newell Rubbermaid, Inc.	1,935,853		62,877
			88,491
Media - 6.8%
AMC Networks, Inc. Class A (a)	389,700		23,331
Cinemark Holdings, Inc.	2,129,655		69,853
Comcast Corp. Class A	3,208,166		172,375
Gray Television, Inc. (a)(e)	3,167,163		38,576
Nexstar Broadcasting Group, Inc. Class A (d)	394,502		18,380
			322,515
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a)	314,878		21,264
GameStop Corp. Class A (d)	2,257,875		94,763
Sally Beauty Holdings, Inc. (a)	1,303,600		33,828
			149,855
TOTAL CONSUMER DISCRETIONARY			1,130,909
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 1.5%
Food Products - 1.2%
ConAgra Foods, Inc.	438,800		$ 13,221
Darling International, Inc. (a)	2,452,617		45,913
			59,134
Personal Products - 0.3%
Revlon, Inc. (a)	459,739		14,022
TOTAL CONSUMER STAPLES			73,156
ENERGY - 9.4%
Energy Equipment & Services - 2.7%
Ensco PLC Class A	90,000		4,559
Halliburton Co.	943,707		65,106
Noble Corp.	753,990		23,653
Oil States International, Inc. (a)	203,434		12,468
Schlumberger Ltd.	90,600		9,820
Transocean Ltd. (United States) (d)	316,300		12,760
			128,366
Oil, Gas & Consumable Fuels - 6.7%
Continental Resources, Inc. (a)(d)	384,513		56,439
Denbury Resources, Inc.	1,326,400		22,482
Hess Corp.	633,490		62,703
HollyFrontier Corp.	1,208,529		56,813
Kodiak Oil & Gas Corp. (a)	1,639,653		25,480
Peabody Energy Corp.	677,175		10,273
Range Resources Corp.	202,800		15,330
Valero Energy Corp.	1,003,334		50,969
Western Refining, Inc.	393,586		16,121
			316,610
TOTAL ENERGY			444,976
FINANCIALS - 10.5%
Banks - 7.2%
Bank of America Corp.	6,881,001		104,935
Barclays PLC sponsored ADR (d)	1,945,679		29,535
CIT Group, Inc.	170,690		8,383
Citigroup, Inc.	1,110,553		54,317
Huntington Bancshares, Inc.	7,094,120		69,664
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
Regions Financial Corp.	4,218,220		$ 42,773
SunTrust Banks, Inc.	836,400		31,825
			341,432
Consumer Finance - 1.0%
American Express Co.	515,752		45,386
Insurance - 1.1%
AFLAC, Inc.	530,400		31,686
Lincoln National Corp.	360,400		18,881
			50,567
Real Estate Investment Trusts - 0.9%
Gaming & Leisure Properties	355,926		11,984
Host Hotels & Resorts, Inc.	832,331		18,095
Sabra Health Care REIT, Inc.	452,492		12,534
			42,613
Real Estate Management & Development - 0.3%
Realogy Holdings Corp. (a)	369,860		13,596
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. (a)	328,300		2,426
TOTAL FINANCIALS			496,020
HEALTH CARE - 11.0%
Health Care Equipment & Supplies - 2.7%
Boston Scientific Corp. (a)	8,034,144		102,676
Covidien PLC	286,325		24,770
			127,446
Health Care Providers & Services - 5.6%
Community Health Systems, Inc. (a)	1,152,373		54,968
DaVita HealthCare Partners, Inc. (a)	464,906		32,748
HCA Holdings, Inc. (a)	998,521		65,213
Tenet Healthcare Corp. (a)	1,487,263		78,483
Universal Health Services, Inc. Class B	317,795		33,877
			265,289
Pharmaceuticals - 2.7%
Johnson & Johnson	127,900		12,802
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	1,321,200		$ 74,965
Sanofi SA sponsored ADR	745,266		38,955
			126,722
TOTAL HEALTH CARE			519,457
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	387,924		35,623
Huntington Ingalls Industries, Inc.	196,360		17,853
Textron, Inc.	497,300		18,087
			71,563
Airlines - 3.9%
American Airlines Group, Inc.	1,236,200		48,026
Delta Air Lines, Inc.	2,920,820		109,414
Southwest Airlines Co.	478,033		13,519
United Continental Holdings, Inc. (a)	309,700		14,367
			185,326
Building Products - 0.7%
Allegion PLC	201,992		10,388
Armstrong World Industries, Inc. (a)	423,381		20,610
			30,998
Commercial Services & Supplies - 1.2%
Civeo Corp.	406,868		10,334
Deluxe Corp.	626,387		34,458
Tyco International Ltd.	267,791		11,555
			56,347
Electrical Equipment - 0.5%
Emerson Electric Co.	136,500		8,688
Generac Holdings, Inc. (a)	373,058		16,191
			24,879
Industrial Conglomerates - 0.5%
General Electric Co.	896,117		22,537
Machinery - 1.5%
Harsco Corp.	854,076		21,583
Ingersoll-Rand PLC	605,977		35,625
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Pentair PLC	64,254		$ 4,117
Timken Co.	187,566		8,309
			69,634
Marine - 0.5%
Genco Shipping & Trading Ltd. (a)	457,020		9,826
Navios Maritime Holdings, Inc.	1,788,039		14,251
			24,077
Road & Rail - 0.3%
Hertz Global Holdings, Inc. (a)	583,000		16,452
TOTAL INDUSTRIALS			501,813
INFORMATION TECHNOLOGY - 8.5%
Communications Equipment - 1.1%
Cisco Systems, Inc.	1,982,651		50,022
Electronic Equipment & Components - 1.7%
Avnet, Inc.	489,587		20,724
Belden, Inc.	649,536		44,103
Corning, Inc.	605,400		11,896
Viasystems Group, Inc. (a)	441,914		4,326
			81,049
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	194,300		10,502
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc. (a)(d)	1,295,308		5,065
Freescale Semiconductor, Inc. (a)	939,600		18,811
Intersil Corp. Class A	1,177,013		15,101
Micron Technology, Inc. (a)	1,890,455		57,753
NXP Semiconductors NV (a)	230,536		14,374
ON Semiconductor Corp. (a)	2,545,694		21,791
			132,895
Software - 1.4%
Citrix Systems, Inc. (a)	190,801		12,923
Microsoft Corp.	1,258,432		54,314
			67,237
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 1.3%
EMC Corp.	1,160,700		$ 34,009
NCR Corp. (a)	882,069		27,300
			61,309
TOTAL INFORMATION TECHNOLOGY			403,014
MATERIALS - 14.2%
Chemicals - 11.3%
H.B. Fuller Co.	380,376		16,984
LyondellBasell Industries NV Class A	4,541,290		482,516
OMNOVA Solutions, Inc. (a)(e)	2,609,132		21,056
Phosphate Holdings, Inc. (a)	192,500		133
W.R. Grace & Co. (a)	154,904		14,096
			534,785
Containers & Packaging - 2.2%
Rock-Tenn Co. Class A	923,651		91,839
Sealed Air Corp.	378,366		12,153
			103,992
Metals & Mining - 0.1%
Ormet Corp. (a)	650,000		4
TimkenSteel Corp. (a)	93,783		4,080
			4,084
Paper & Forest Products - 0.6%
Louisiana-Pacific Corp. (a)	1,221,110		16,534
Neenah Paper, Inc.	231,700		11,497
			28,031
TOTAL MATERIALS			670,892
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.1%
Frontier Communications Corp. (d)	4,666,144		30,563
Intelsat SA (a)	855,300		15,857
Level 3 Communications, Inc. (a)	184,741		8,125
			54,545
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 3.0%
Electric Utilities - 0.2%
FirstEnergy Corp.	341,796		$ 10,667
Independent Power Producers & Energy Traders - 2.8%
Calpine Corp. (a)	1,970,200		43,423
The AES Corp.	5,982,695		87,407
			130,830
TOTAL UTILITIES			141,497
TOTAL COMMON STOCKS (Cost $2,683,714)		4,436,279
Nonconvertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I Series 2, 8.125% (Cost $9,025)	360,987	9,812

Nonconvertible Bonds - 0.4%
	Principal Amount (000s)
ENERGY - 0.4%
Energy Equipment & Services - 0.4%
Offshore Group Investment Ltd. 7.5% 11/1/19	$ 11,640		11,989
SAExploration Holdings, Inc. 10% 7/15/19 (f)	6,070		6,055
TOTAL NONCONVERTIBLE BONDS (Cost $18,289)		18,044

Money Market Funds - 8.8%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	278,137,376		$ 278,137
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	140,181,440		140,181
TOTAL MONEY MARKET FUNDS (Cost $418,318)		418,318
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,129,346)			4,882,453
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(145,623)
NET ASSETS - 100%		$ 4,736,830

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,055,000 or 0.1% of net assets.

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) Restricted securities - 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 $44,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Station Holdco LLC unit	10/28/08 - 12/1/08	$ 4,745

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 351
Fidelity Securities Lending Cash Central Fund	502
Total	$ 853

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Gray Television, Inc.	$ 24,736	$ -	$ -	$ -	$ 38,576
OMNOVA Solutions, Inc.	21,030	-	-	-	21,056
Total	$ 45,766	$ -	$ -	$ -	$ 59,632

Other Information

The following is a summary of the inputs used, as of July 31, 2014, 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 in the table 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:
Consumer Discretionary	$ 1,130,909	$ 1,130,865	$ -	$ 44
Consumer Staples	73,156	73,156	-	-
Energy	444,976	444,976	-	-
Financials	505,832	505,832	-	-
Health Care	519,457	519,457	-	-
Industrials	501,813	501,813	-	-
Information Technology	403,014	403,014	-	-
Materials	670,892	670,892	-	-
Telecommunication Services	54,545	54,545	-	-
Utilities	141,497	141,497	-	-
Corporate Bonds	18,044	-	18,044	-
Money Market Funds	418,318	418,318	-	-
Total Investments in Securities:	$ 4,882,453	$ 4,864,365	$ 18,044	$ 44

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	82.8%
Netherlands	10.5%
Ireland	1.5%
United Kingdom	1.2%
Others (Individually Less Than 1%)	4.0%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $133,513) - See accompanying schedule: Unaffiliated issuers (cost $2,676,063)	$ 4,404,503
Fidelity Central Funds (cost $418,318)	418,318
Other affiliated issuers (cost $34,965)	59,632
Total Investments (cost $3,129,346)		$ 4,882,453
Cash		38
Receivable for fund shares sold		6,634
Dividends receivable		2,104
Interest receivable		267
Distributions receivable from Fidelity Central Funds		51
Other receivables		49
Total assets		4,891,596

Liabilities
Payable for fund shares redeemed	$ 9,929
Accrued management fee	2,403
Distribution and service plan fees payable	1,367
Other affiliated payables	825
Other payables and accrued expenses	61
Collateral on securities loaned, at value	140,181
Total liabilities		154,766

Net Assets		$ 4,736,830
Net Assets consist of:
Paid in capital		$ 3,314,596
Undistributed net investment income		12,465
Accumulated undistributed net realized gain (loss) on investments		(343,338)
Net unrealized appreciation (depreciation) on investments		1,753,107
Net Assets		$ 4,736,830

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	July 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,749,782 ÷ 30,933.1 shares)		$ 56.57

Maximum offering price per share (100/94.25 of $56.57)		$ 60.02
Class T: Net Asset Value and redemption price per share ($1,007,303 ÷ 18,197.9 shares)		$ 55.35

Maximum offering price per share (100/96.50 of $55.35)		$ 57.36
Class B: Net Asset Value and offering price per share ($53,525 ÷ 1,013.9 shares)^A		$ 52.79

Class C: Net Asset Value and offering price per share ($613,927 ÷ 11,611.1 shares)^A		$ 52.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,272,082 ÷ 22,137.0 shares)		$ 57.46

Class Z: Net Asset Value, offering price and redemption price per share ($40,211 ÷ 699.2 shares)		$ 57.51

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended July 31, 2014

Investment Income
Dividends		$ 64,772
Interest		3,847
Income from Fidelity Central Funds		853
Total income		69,472

Expenses
Management fee	$ 26,709
Transfer agent fees	8,320
Distribution and service plan fees	15,667
Accounting and security lending fees	1,082
Custodian fees and expenses	43
Independent trustees' compensation	18
Registration fees	173
Audit	71
Legal	17
Miscellaneous	33
Total expenses before reductions	52,133
Expense reductions	(128)	52,005
Net investment income (loss)		17,467
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		14,835
Change in net unrealized appreciation (depreciation) on investment securities		643,632
Net gain (loss)		658,467
Net increase (decrease) in net assets resulting from operations		$ 675,934

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,467	$ 33,015
Net realized gain (loss)	14,835	272,683
Change in net unrealized appreciation (depreciation)	643,632	883,039
Net increase (decrease) in net assets resulting from operations	675,934	1,188,737
Distributions to shareholders from net investment income	(11,575)	(2,596)
Share transactions - net increase (decrease)	(1,727)	(90,255)
Total increase (decrease) in net assets	662,632	1,095,886

Net Assets
Beginning of period	4,074,198	2,978,312
End of period (including undistributed net investment income of $12,465 and undistributed net investment income of $7,496, respectively)	$ 4,736,830	$ 4,074,198

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 48.63	$ 34.29	$ 35.01	$ 28.55	$ 23.69
Income from Investment Operations
Net investment income (loss)^C	.26	.44^F	.11	(.08)	.05
Net realized and unrealized gain (loss)	7.84	13.94	(.51)	6.61	4.91
Total from investment operations	8.10	14.38	(.40)	6.53	4.96
Distributions from net investment income	(.16)	(.04)	(.32)	(.01)^G	(.09)
Distributions from net realized gain	-	-	-	(.06)^G	(.01)
Total distributions	(.16)	(.04)	(.32)	(.07)	(.10)
Net asset value, end of period	$ 56.57	$ 48.63	$ 34.29	$ 35.01	$ 28.55
Total Return^{A, B}	16.70%	41.95%	(1.04)%	22.88%	20.96%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of fee waivers, if any	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of all reductions	1.07%	1.10%	1.13%	1.12%	1.15%
Net investment income (loss)	.49%	1.07%^F	.33%	(.23)%	.18%
Supplemental Data
Net assets, end of period (in millions)	$ 1,750	$ 1,490	$ 1,106	$ 1,426	$ 1,428
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .84%.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 47.59	$ 33.60	$ 34.36	$ 28.05	$ 23.30
Income from Investment Operations
Net investment income (loss)^C	.13	.34^F	.03	(.15)	(.01)
Net realized and unrealized gain (loss)	7.67	13.65	(.50)	6.48	4.83
Total from investment operations	7.80	13.99	(.47)	6.33	4.82
Distributions from net investment income	(.04)	-^I	(.29)	-^G	(.06)
Distributions from net realized gain	-	-	-	(.02)^G	(.01)
Total distributions	(.04)	-^I	(.29)	(.02)	(.07)
Net asset value, end of period	$ 55.35	$ 47.59	$ 33.60	$ 34.36	$ 28.05
Total Return^{A, B}	16.41%	41.65%	(1.26)%	22.58%	20.72%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.32%	1.34%	1.35%	1.35%	1.37%
Expenses net of fee waivers, if any	1.31%	1.34%	1.35%	1.35%	1.37%
Expenses net of all reductions	1.31%	1.33%	1.35%	1.35%	1.37%
Net investment income (loss)	.25%	.85%^F	.11%	(.45)%	(.04)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,007	$ 1,012	$ 753	$ 906	$ 867
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.60	$ 32.38	$ 33.24	$ 27.27	$ 22.73
Income from Investment Operations
Net investment income (loss)^C	(.15)	.10^F	(.15)	(.33)	(.17)
Net realized and unrealized gain (loss)	7.34	13.12	(.49)	6.30	4.72
Total from investment operations	7.19	13.22	(.64)	5.97	4.55
Distributions from net investment income	-	-	(.22)	-	-
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.22)	-	(.01)
Net asset value, end of period	$ 52.79	$ 45.60	$ 32.38	$ 33.24	$ 27.27
Total Return^{A, B}	15.77%	40.83%	(1.85)%	21.89%	20.00%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of fee waivers, if any	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of all reductions	1.87%	1.91%	1.93%	1.92%	1.96%
Net investment income (loss)	(.31)%	.27%^F	(.48)%	(1.03)%	(.63)%
Supplemental Data
Net assets, end of period (in millions)	$ 54	$ 80	$ 84	$ 121	$ 131
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.65	$ 32.40	$ 33.24	$ 27.26	$ 22.70
Income from Investment Operations
Net investment income (loss)^C	(.13)	.13^F	(.12)	(.31)	(.15)
Net realized and unrealized gain (loss)	7.35	13.12	(.49)	6.29	4.72
Total from investment operations	7.22	13.25	(.61)	5.98	4.57
Distributions from net investment income	-	-	(.23)	-	-^H
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.23)	-	(.01)
Net asset value, end of period	$ 52.87	$ 45.65	$ 32.40	$ 33.24	$ 27.26
Total Return^{A, B}	15.82%	40.90%	(1.76)%	21.94%	20.13%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of fee waivers, if any	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of all reductions	1.82%	1.85%	1.86%	1.86%	1.89%
Net investment income (loss)	(.26)%	.33%^F	(.41)%	(.97)%	(.56)%
Supplemental Data
Net assets, end of period (in millions)	$ 614	$ 527	$ 405	$ 522	$ 525
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 49.39	$ 34.77	$ 35.44	$ 28.90	$ 23.97
Income from Investment Operations
Net investment income (loss)^B	.40	.57^E	.20	.02	.13
Net realized and unrealized gain (loss)	7.95	14.13	(.52)	6.67	4.96
Total from investment operations	8.35	14.70	(.32)	6.69	5.09
Distributions from net investment income	(.28)	(.08)	(.35)	(.05)^F	(.15)
Distributions from net realized gain	-	-	-	(.10)^F	(.01)
Total distributions	(.28)	(.08)	(.35)	(.15)	(.16)
Net asset value, end of period	$ 57.46	$ 49.39	$ 34.77	$ 35.44	$ 28.90
Total Return^A	16.99%	42.34%	(.77)%	23.21%	21.30%
Ratios to Average Net Assets^{C, G}
Expenses before reductions	.82%	.84%	.86%	.85%	.87%
Expenses net of fee waivers, if any	.82%	.84%	.86%	.85%	.87%
Expenses net of all reductions	.81%	.84%	.85%	.85%	.87%
Net investment income (loss)	.75%	1.34%^E	.60%	.04%	.46%
Supplemental Data
Net assets, end of period (in millions)	$ 1,272	$ 965	$ 631	$ 694	$ 710
Portfolio turnover rate^D	9%	17%	30%	18%	22%

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

^B Calculated based on average shares outstanding during the period.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%.

^F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class Z

Year ended July 31,	2014^G
Selected Per-Share Data
Net asset value, beginning of period	$ 49.58
Income from Investment Operations
Net investment income (loss)^D	.48
Net realized and unrealized gain (loss)	7.77
Total from investment operations	8.25
Distributions from net investment income	(.32)
Net asset value, end of period	$ 57.51
Total Return^{B, C}	16.72%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.68%^A
Expenses net of fee waivers, if any	.68%^A
Expenses net of all reductions	.68%^A
Net investment income (loss)	.88%^A
Supplemental Data
Net assets, end of period (in millions)	$ 40
Portfolio turnover rate^F	9%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended July 31, 2014

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors 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 Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of July 31, 2014, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,877,202
Gross unrealized depreciation	(121,552)
Net unrealized appreciation (depreciation) on securities	$ 1,755,650

Tax Cost	$ 3,126,803

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

Undistributed ordinary income	$ 9,980
Capital loss carryforward	$ (336,074)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,755,650

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Fiscal year of expiration
2018	$ (336,074)

The Fund intends to elect to defer to its next fiscal year $7,161 of capital losses recognized during the period November 1, 2013 to July 31, 2014.

The tax character of distributions paid was as follows:

	July 31, 2014	July 31, 2013
Ordinary Income	$ 11,575	$ 2,596

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $418,738 and $350,521, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .60% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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%	$ 4,181	$ 160
Class T	.25%	.25%	5,034	3
Class B	.75%	.25%	690	519
Class C	.75%	.25%	5,762	698
			$ 15,667	$ 1,380

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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 285
Class T	35
Class B*	35
Class C*	33
	$ 388

* When Class B and 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, Inc., (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 Average Net Assets
Class A	$ 3,194	.19
Class T	1,832	.18
Class B	165	.24
Class C	1,100	.19
Institutional Class	2,022	.18
Class Z	7	.05*
	$ 8,320

* Annualized

Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $12 for the period.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. 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. Total security lending income during the period amounted to $502, including $8 from securities loaned to FCM.

Annual Report

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse a portion of the Advisor Leveraged Company Stock Fund's Class A, Class T, Class B, Class C and Institutional Class operating expenses. During the period, this reimbursement reduced expenses as follows:

	Reimbursement
Class A	$ 5
Class T	4
Class B	-*
Class C	2
Institutional Class	3
	$ 14

* Amount represents two hundred fifty-nine dollars.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $114 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended July 31,	2014 ^A	2013
From net investment income
Class A	$ 5,026	$ 1,121
Class T	905	84
Institutional Class	5,634	1,391
Class Z	10	-
Total	$ 11,575	$ 2,596

^A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended July 31,	2014 ^A	2013	2014 ^A	2013
Class A
Shares sold	8,400	7,818	$ 439,268	$ 326,978
Reinvestment of distributions	94	27	4,657	1,036
Shares redeemed	(8,210)	(9,447)	(436,610)	(384,545)
Net increase (decrease)	284	(1,602)	$ 7,315	$ (56,531)
Class T
Shares sold	3,963	6,400	$ 203,269	$ 261,455
Reinvestment of distributions	18	2	845	79
Shares redeemed	(7,046)	(7,533)	(360,634)	(301,128)
Net increase (decrease)	(3,065)	(1,131)	$ (156,520)	$ (39,594)
Class B
Shares sold	15	34	$ 708	$ 1,361
Shares redeemed	(753)	(874)	(37,289)	(33,817)
Net increase (decrease)	(738)	(840)	$ (36,581)	$ (32,456)
Class C
Shares sold	1,696	1,725	$ 83,424	$ 69,238
Shares redeemed	(1,619)	(2,699)	(79,990)	(102,735)
Net increase (decrease)	77	(974)	$ 3,434	$ (33,497)
Institutional Class
Shares sold	8,523	9,112	$ 459,603	$ 385,989
Reinvestment of distributions	93	29	4,709	1,155
Shares redeemed	(6,027)	(7,736)	(321,354)	(315,321)
Net increase (decrease)	2,589	1,405	$ 142,958	$ 71,823
Class Z
Shares sold	758	-	$ 40,956	$ -
Reinvestment of distributions	-*	-	10	-
Shares redeemed	(59)	-	(3,299)	-
Net increase (decrease)	699	-	$ 37,667	$ -

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

* Amount represents one hundred eighty-seven shares.

Annual Report

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Leveraged Company Stock Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Leveraged Company Stock Fund (a fund of Fidelity Advisor Series I) at July 31, 2014, 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 periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Leveraged Company Stock Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at July 31, 2014 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 16, 2014

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, 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 James C. Curvey, each of the Trustees oversees 173 funds. Mr. Curvey oversees 397 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 (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. The officers and Advisory Board Member hold office without limit in time, except that any officer and 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.

Experience, Skills, Attributes, and Qualifications of the Fund's 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.

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman 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 Chairman, 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 Chairman 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. Ned C. Lautenbach serves as Chairman of the Independent Trustees 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 equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation 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. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. 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 FMR'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 Fund's Trustees."

Annual Report

Trustees and Officers - continued

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 each 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⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), a Director of FMR Co., Inc. (2007-2014) and was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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 Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. 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 on the Special Olympics International Board of Directors (1997-2006).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Melissa M. Reilly (1971)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

Class A, and Class T designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, and Class T designate 100% of the dividends distributed during the fiscal year as amounts which can be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Leveraged Company Stock Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. 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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider 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 ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2014 meeting, the Board, including the Independent Trustees, 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager 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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes 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 and risk management capabilities and resources and global compliance infrastructure, which are an integral part of the investment management process.

Annual Report

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 the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted 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 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 periodically considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods which may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; tactical opportunities for investment; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Annual Report

Fidelity Advisor Leveraged Company Stock Fund

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Leveraged Company Stock Fund

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The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

The Board also noted that, in August 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

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.

Annual Report

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee 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 also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class B, Class C, Institutional Class, and Class Z ranked below its competitive median for 2013 and the total expense ratio of Class T ranked above its competitive median for 2013. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. 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.

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. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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, although Class T was above the median of the universe presented for comparison, 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.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

On an annual basis, Fidelity presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's 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 fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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 in the circumstances.

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 through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze 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 (with "group assets" defined to include fund assets under FMR's management plus sector fund assets previously under FMR's management and currently managed by Fidelity SelectCo, LLC). 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 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.

Annual Report

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 performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSF-UANN-0914
1.786693.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Leveraged Company Stock

Fund - Institutional Class

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Institutional Class	16.99%	19.82%	11.81%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Leveraged Company Stock Fund - Institutional Class on July 31, 2004. 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.

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Annual Report

Management's Discussion of Fund Performance

Comments from Thomas Soviero, Portfolio Manager of Fidelity Advisor® Leveraged Company Stock Fund: For the year, the fund's Institutional Class shares returned 16.99%, compared with 16.94% for the S&P 500® Index. I continued to concentrate the fund in what I considered to be my best ideas. I remained concerned about the health of economies abroad, so I maintained a relatively defensive posture, highlighting U.S.-centric investments and holding an average weighting of 8% in cash during the period. This cash stance was a drag on performance relative to the S&P 500®. Performance versus the benchmark was buoyed by stock selection in materials and transportation, especially investments in chemicals manufacturer LyondellBasell Industries, as well as Delta Air Lines and American Airlines Group. American was not in the index. Semiconductor manufacturer Micron Technology was another top contributor. On the down side, we were held back by positioning in information technology and consumer discretionary. General Motors was a main detractor, along with video game retailer GameStop and not owning consumer electronics giant and index component Apple.

Annual Report

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 (February 1, 2014 to July 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Class A	1.07%
Actual		$ 1,000.00	$ 1,088.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Class T	1.31%
Actual		$ 1,000.00	$ 1,087.40	$ 6.78
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.56
Class B	1.87%
Actual		$ 1,000.00	$ 1,084.40	$ 9.66
Hypothetical^A		$ 1,000.00	$ 1,015.52	$ 9.35
Class C	1.82%
Actual		$ 1,000.00	$ 1,084.50	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,015.77	$ 9.10
Institutional Class	.81%
Actual		$ 1,000.00	$ 1,090.10	$ 4.20
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class Z	.67%
Actual		$ 1,000.00	$ 1,090.90	$ 3.47
Hypothetical^A		$ 1,000.00	$ 1,021.47	$ 3.36

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
LyondellBasell Industries NV Class A	10.2	8.2
Service Corp. International	3.9	3.6
Comcast Corp. Class A	3.6	4.0
Ford Motor Co.	2.5	2.4
General Motors Co.	2.5	2.8
Delta Air Lines, Inc.	2.3	2.0
Bank of America Corp.	2.2	2.6
Boston Scientific Corp.	2.2	2.5
GameStop Corp. Class A	2.0	1.7
Rock-Tenn Co. Class A	1.9	1.7
	33.3
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.9	23.6
Materials	14.2	12.3
Health Care	11.0	10.9
Financials	10.7	11.4
Industrials	10.6	10.7

Asset Allocation (% of fund's net assets)
As of July 31, 2014 *			As of January 31, 2014 **
	Stocks 93.9%			Stocks 91.7%
	Bonds 0.4%			Bonds 0.6%
	Convertible Securities 0.0%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 5.7%			Short-Term Investments and Net Other Assets (Liabilities) 7.6%
* Foreign investments		17.2%	** Foreign investments		14.9%

qqq479021

Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.9%
Auto Components - 2.1%
Delphi Automotive PLC	446,000		$ 29,793
Tenneco, Inc. (a)	630,300		40,150
TRW Automotive Holdings Corp. (a)	298,400		30,523
			100,466
Automobiles - 5.4%
Ford Motor Co.	7,095,667		120,768
General Motors Co.	3,475,822		117,552
General Motors Co.:
warrants 7/10/16 (a)	384,439		9,438
warrants 7/10/19 (a)	384,439		6,497
Motors Liquidation Co. GUC Trust (a)	100,812		2,430
			256,685
Diversified Consumer Services - 3.9%
Service Corp. International	8,897,167		186,841
Hotels, Restaurants & Leisure - 0.6%
ARAMARK Holdings Corp.	849,156		22,893
Penn National Gaming, Inc. (a)	297,660		3,119
Station Holdco LLC unit (a)(g)(h)	116,342		44
			26,056
Household Durables - 1.9%
Hovnanian Enterprises, Inc. Class A (a)(d)	1,181,000		4,724
Lennar Corp. Class A (d)	576,600		20,890
Newell Rubbermaid, Inc.	1,935,853		62,877
			88,491
Media - 6.8%
AMC Networks, Inc. Class A (a)	389,700		23,331
Cinemark Holdings, Inc.	2,129,655		69,853
Comcast Corp. Class A	3,208,166		172,375
Gray Television, Inc. (a)(e)	3,167,163		38,576
Nexstar Broadcasting Group, Inc. Class A (d)	394,502		18,380
			322,515
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a)	314,878		21,264
GameStop Corp. Class A (d)	2,257,875		94,763
Sally Beauty Holdings, Inc. (a)	1,303,600		33,828
			149,855
TOTAL CONSUMER DISCRETIONARY			1,130,909
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 1.5%
Food Products - 1.2%
ConAgra Foods, Inc.	438,800		$ 13,221
Darling International, Inc. (a)	2,452,617		45,913
			59,134
Personal Products - 0.3%
Revlon, Inc. (a)	459,739		14,022
TOTAL CONSUMER STAPLES			73,156
ENERGY - 9.4%
Energy Equipment & Services - 2.7%
Ensco PLC Class A	90,000		4,559
Halliburton Co.	943,707		65,106
Noble Corp.	753,990		23,653
Oil States International, Inc. (a)	203,434		12,468
Schlumberger Ltd.	90,600		9,820
Transocean Ltd. (United States) (d)	316,300		12,760
			128,366
Oil, Gas & Consumable Fuels - 6.7%
Continental Resources, Inc. (a)(d)	384,513		56,439
Denbury Resources, Inc.	1,326,400		22,482
Hess Corp.	633,490		62,703
HollyFrontier Corp.	1,208,529		56,813
Kodiak Oil & Gas Corp. (a)	1,639,653		25,480
Peabody Energy Corp.	677,175		10,273
Range Resources Corp.	202,800		15,330
Valero Energy Corp.	1,003,334		50,969
Western Refining, Inc.	393,586		16,121
			316,610
TOTAL ENERGY			444,976
FINANCIALS - 10.5%
Banks - 7.2%
Bank of America Corp.	6,881,001		104,935
Barclays PLC sponsored ADR (d)	1,945,679		29,535
CIT Group, Inc.	170,690		8,383
Citigroup, Inc.	1,110,553		54,317
Huntington Bancshares, Inc.	7,094,120		69,664
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
Regions Financial Corp.	4,218,220		$ 42,773
SunTrust Banks, Inc.	836,400		31,825
			341,432
Consumer Finance - 1.0%
American Express Co.	515,752		45,386
Insurance - 1.1%
AFLAC, Inc.	530,400		31,686
Lincoln National Corp.	360,400		18,881
			50,567
Real Estate Investment Trusts - 0.9%
Gaming & Leisure Properties	355,926		11,984
Host Hotels & Resorts, Inc.	832,331		18,095
Sabra Health Care REIT, Inc.	452,492		12,534
			42,613
Real Estate Management & Development - 0.3%
Realogy Holdings Corp. (a)	369,860		13,596
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. (a)	328,300		2,426
TOTAL FINANCIALS			496,020
HEALTH CARE - 11.0%
Health Care Equipment & Supplies - 2.7%
Boston Scientific Corp. (a)	8,034,144		102,676
Covidien PLC	286,325		24,770
			127,446
Health Care Providers & Services - 5.6%
Community Health Systems, Inc. (a)	1,152,373		54,968
DaVita HealthCare Partners, Inc. (a)	464,906		32,748
HCA Holdings, Inc. (a)	998,521		65,213
Tenet Healthcare Corp. (a)	1,487,263		78,483
Universal Health Services, Inc. Class B	317,795		33,877
			265,289
Pharmaceuticals - 2.7%
Johnson & Johnson	127,900		12,802
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	1,321,200		$ 74,965
Sanofi SA sponsored ADR	745,266		38,955
			126,722
TOTAL HEALTH CARE			519,457
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	387,924		35,623
Huntington Ingalls Industries, Inc.	196,360		17,853
Textron, Inc.	497,300		18,087
			71,563
Airlines - 3.9%
American Airlines Group, Inc.	1,236,200		48,026
Delta Air Lines, Inc.	2,920,820		109,414
Southwest Airlines Co.	478,033		13,519
United Continental Holdings, Inc. (a)	309,700		14,367
			185,326
Building Products - 0.7%
Allegion PLC	201,992		10,388
Armstrong World Industries, Inc. (a)	423,381		20,610
			30,998
Commercial Services & Supplies - 1.2%
Civeo Corp.	406,868		10,334
Deluxe Corp.	626,387		34,458
Tyco International Ltd.	267,791		11,555
			56,347
Electrical Equipment - 0.5%
Emerson Electric Co.	136,500		8,688
Generac Holdings, Inc. (a)	373,058		16,191
			24,879
Industrial Conglomerates - 0.5%
General Electric Co.	896,117		22,537
Machinery - 1.5%
Harsco Corp.	854,076		21,583
Ingersoll-Rand PLC	605,977		35,625
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Pentair PLC	64,254		$ 4,117
Timken Co.	187,566		8,309
			69,634
Marine - 0.5%
Genco Shipping & Trading Ltd. (a)	457,020		9,826
Navios Maritime Holdings, Inc.	1,788,039		14,251
			24,077
Road & Rail - 0.3%
Hertz Global Holdings, Inc. (a)	583,000		16,452
TOTAL INDUSTRIALS			501,813
INFORMATION TECHNOLOGY - 8.5%
Communications Equipment - 1.1%
Cisco Systems, Inc.	1,982,651		50,022
Electronic Equipment & Components - 1.7%
Avnet, Inc.	489,587		20,724
Belden, Inc.	649,536		44,103
Corning, Inc.	605,400		11,896
Viasystems Group, Inc. (a)	441,914		4,326
			81,049
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	194,300		10,502
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc. (a)(d)	1,295,308		5,065
Freescale Semiconductor, Inc. (a)	939,600		18,811
Intersil Corp. Class A	1,177,013		15,101
Micron Technology, Inc. (a)	1,890,455		57,753
NXP Semiconductors NV (a)	230,536		14,374
ON Semiconductor Corp. (a)	2,545,694		21,791
			132,895
Software - 1.4%
Citrix Systems, Inc. (a)	190,801		12,923
Microsoft Corp.	1,258,432		54,314
			67,237
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 1.3%
EMC Corp.	1,160,700		$ 34,009
NCR Corp. (a)	882,069		27,300
			61,309
TOTAL INFORMATION TECHNOLOGY			403,014
MATERIALS - 14.2%
Chemicals - 11.3%
H.B. Fuller Co.	380,376		16,984
LyondellBasell Industries NV Class A	4,541,290		482,516
OMNOVA Solutions, Inc. (a)(e)	2,609,132		21,056
Phosphate Holdings, Inc. (a)	192,500		133
W.R. Grace & Co. (a)	154,904		14,096
			534,785
Containers & Packaging - 2.2%
Rock-Tenn Co. Class A	923,651		91,839
Sealed Air Corp.	378,366		12,153
			103,992
Metals & Mining - 0.1%
Ormet Corp. (a)	650,000		4
TimkenSteel Corp. (a)	93,783		4,080
			4,084
Paper & Forest Products - 0.6%
Louisiana-Pacific Corp. (a)	1,221,110		16,534
Neenah Paper, Inc.	231,700		11,497
			28,031
TOTAL MATERIALS			670,892
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.1%
Frontier Communications Corp. (d)	4,666,144		30,563
Intelsat SA (a)	855,300		15,857
Level 3 Communications, Inc. (a)	184,741		8,125
			54,545
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 3.0%
Electric Utilities - 0.2%
FirstEnergy Corp.	341,796		$ 10,667
Independent Power Producers & Energy Traders - 2.8%
Calpine Corp. (a)	1,970,200		43,423
The AES Corp.	5,982,695		87,407
			130,830
TOTAL UTILITIES			141,497
TOTAL COMMON STOCKS (Cost $2,683,714)		4,436,279
Nonconvertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I Series 2, 8.125% (Cost $9,025)	360,987	9,812

Nonconvertible Bonds - 0.4%
	Principal Amount (000s)
ENERGY - 0.4%
Energy Equipment & Services - 0.4%
Offshore Group Investment Ltd. 7.5% 11/1/19	$ 11,640		11,989
SAExploration Holdings, Inc. 10% 7/15/19 (f)	6,070		6,055
TOTAL NONCONVERTIBLE BONDS (Cost $18,289)		18,044

Money Market Funds - 8.8%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	278,137,376		$ 278,137
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	140,181,440		140,181
TOTAL MONEY MARKET FUNDS (Cost $418,318)		418,318
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,129,346)			4,882,453
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(145,623)
NET ASSETS - 100%		$ 4,736,830

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Station Holdco LLC unit	10/28/08 - 12/1/08	$ 4,745

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 351
Fidelity Securities Lending Cash Central Fund	502
Total	$ 853

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Gray Television, Inc.	$ 24,736	$ -	$ -	$ -	$ 38,576
OMNOVA Solutions, Inc.	21,030	-	-	-	21,056
Total	$ 45,766	$ -	$ -	$ -	$ 59,632

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,130,909	$ 1,130,865	$ -	$ 44
Consumer Staples	73,156	73,156	-	-
Energy	444,976	444,976	-	-
Financials	505,832	505,832	-	-
Health Care	519,457	519,457	-	-
Industrials	501,813	501,813	-	-
Information Technology	403,014	403,014	-	-
Materials	670,892	670,892	-	-
Telecommunication Services	54,545	54,545	-	-
Utilities	141,497	141,497	-	-
Corporate Bonds	18,044	-	18,044	-
Money Market Funds	418,318	418,318	-	-
Total Investments in Securities:	$ 4,882,453	$ 4,864,365	$ 18,044	$ 44

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	82.8%
Netherlands	10.5%
Ireland	1.5%
United Kingdom	1.2%
Others (Individually Less Than 1%)	4.0%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $133,513) - See accompanying schedule: Unaffiliated issuers (cost $2,676,063)	$ 4,404,503
Fidelity Central Funds (cost $418,318)	418,318
Other affiliated issuers (cost $34,965)	59,632
Total Investments (cost $3,129,346)		$ 4,882,453
Cash		38
Receivable for fund shares sold		6,634
Dividends receivable		2,104
Interest receivable		267
Distributions receivable from Fidelity Central Funds		51
Other receivables		49
Total assets		4,891,596

Liabilities
Payable for fund shares redeemed	$ 9,929
Accrued management fee	2,403
Distribution and service plan fees payable	1,367
Other affiliated payables	825
Other payables and accrued expenses	61
Collateral on securities loaned, at value	140,181
Total liabilities		154,766

Net Assets		$ 4,736,830
Net Assets consist of:
Paid in capital		$ 3,314,596
Undistributed net investment income		12,465
Accumulated undistributed net realized gain (loss) on investments		(343,338)
Net unrealized appreciation (depreciation) on investments		1,753,107
Net Assets		$ 4,736,830

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	July 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,749,782 ÷ 30,933.1 shares)		$ 56.57

Maximum offering price per share (100/94.25 of $56.57)		$ 60.02
Class T: Net Asset Value and redemption price per share ($1,007,303 ÷ 18,197.9 shares)		$ 55.35

Maximum offering price per share (100/96.50 of $55.35)		$ 57.36
Class B: Net Asset Value and offering price per share ($53,525 ÷ 1,013.9 shares)^A		$ 52.79

Class C: Net Asset Value and offering price per share ($613,927 ÷ 11,611.1 shares)^A		$ 52.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,272,082 ÷ 22,137.0 shares)		$ 57.46

Class Z: Net Asset Value, offering price and redemption price per share ($40,211 ÷ 699.2 shares)		$ 57.51

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended July 31, 2014

Investment Income
Dividends		$ 64,772
Interest		3,847
Income from Fidelity Central Funds		853
Total income		69,472

Expenses
Management fee	$ 26,709
Transfer agent fees	8,320
Distribution and service plan fees	15,667
Accounting and security lending fees	1,082
Custodian fees and expenses	43
Independent trustees' compensation	18
Registration fees	173
Audit	71
Legal	17
Miscellaneous	33
Total expenses before reductions	52,133
Expense reductions	(128)	52,005
Net investment income (loss)		17,467
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		14,835
Change in net unrealized appreciation (depreciation) on investment securities		643,632
Net gain (loss)		658,467
Net increase (decrease) in net assets resulting from operations		$ 675,934

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,467	$ 33,015
Net realized gain (loss)	14,835	272,683
Change in net unrealized appreciation (depreciation)	643,632	883,039
Net increase (decrease) in net assets resulting from operations	675,934	1,188,737
Distributions to shareholders from net investment income	(11,575)	(2,596)
Share transactions - net increase (decrease)	(1,727)	(90,255)
Total increase (decrease) in net assets	662,632	1,095,886

Net Assets
Beginning of period	4,074,198	2,978,312
End of period (including undistributed net investment income of $12,465 and undistributed net investment income of $7,496, respectively)	$ 4,736,830	$ 4,074,198

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 48.63	$ 34.29	$ 35.01	$ 28.55	$ 23.69
Income from Investment Operations
Net investment income (loss)^C	.26	.44^F	.11	(.08)	.05
Net realized and unrealized gain (loss)	7.84	13.94	(.51)	6.61	4.91
Total from investment operations	8.10	14.38	(.40)	6.53	4.96
Distributions from net investment income	(.16)	(.04)	(.32)	(.01)^G	(.09)
Distributions from net realized gain	-	-	-	(.06)^G	(.01)
Total distributions	(.16)	(.04)	(.32)	(.07)	(.10)
Net asset value, end of period	$ 56.57	$ 48.63	$ 34.29	$ 35.01	$ 28.55
Total Return^{A, B}	16.70%	41.95%	(1.04)%	22.88%	20.96%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of fee waivers, if any	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of all reductions	1.07%	1.10%	1.13%	1.12%	1.15%
Net investment income (loss)	.49%	1.07%^F	.33%	(.23)%	.18%
Supplemental Data
Net assets, end of period (in millions)	$ 1,750	$ 1,490	$ 1,106	$ 1,426	$ 1,428
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 47.59	$ 33.60	$ 34.36	$ 28.05	$ 23.30
Income from Investment Operations
Net investment income (loss)^C	.13	.34^F	.03	(.15)	(.01)
Net realized and unrealized gain (loss)	7.67	13.65	(.50)	6.48	4.83
Total from investment operations	7.80	13.99	(.47)	6.33	4.82
Distributions from net investment income	(.04)	-^I	(.29)	-^G	(.06)
Distributions from net realized gain	-	-	-	(.02)^G	(.01)
Total distributions	(.04)	-^I	(.29)	(.02)	(.07)
Net asset value, end of period	$ 55.35	$ 47.59	$ 33.60	$ 34.36	$ 28.05
Total Return^{A, B}	16.41%	41.65%	(1.26)%	22.58%	20.72%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.32%	1.34%	1.35%	1.35%	1.37%
Expenses net of fee waivers, if any	1.31%	1.34%	1.35%	1.35%	1.37%
Expenses net of all reductions	1.31%	1.33%	1.35%	1.35%	1.37%
Net investment income (loss)	.25%	.85%^F	.11%	(.45)%	(.04)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,007	$ 1,012	$ 753	$ 906	$ 867
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.60	$ 32.38	$ 33.24	$ 27.27	$ 22.73
Income from Investment Operations
Net investment income (loss)^C	(.15)	.10^F	(.15)	(.33)	(.17)
Net realized and unrealized gain (loss)	7.34	13.12	(.49)	6.30	4.72
Total from investment operations	7.19	13.22	(.64)	5.97	4.55
Distributions from net investment income	-	-	(.22)	-	-
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.22)	-	(.01)
Net asset value, end of period	$ 52.79	$ 45.60	$ 32.38	$ 33.24	$ 27.27
Total Return^{A, B}	15.77%	40.83%	(1.85)%	21.89%	20.00%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of fee waivers, if any	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of all reductions	1.87%	1.91%	1.93%	1.92%	1.96%
Net investment income (loss)	(.31)%	.27%^F	(.48)%	(1.03)%	(.63)%
Supplemental Data
Net assets, end of period (in millions)	$ 54	$ 80	$ 84	$ 121	$ 131
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.65	$ 32.40	$ 33.24	$ 27.26	$ 22.70
Income from Investment Operations
Net investment income (loss)^C	(.13)	.13^F	(.12)	(.31)	(.15)
Net realized and unrealized gain (loss)	7.35	13.12	(.49)	6.29	4.72
Total from investment operations	7.22	13.25	(.61)	5.98	4.57
Distributions from net investment income	-	-	(.23)	-	-^H
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.23)	-	(.01)
Net asset value, end of period	$ 52.87	$ 45.65	$ 32.40	$ 33.24	$ 27.26
Total Return^{A, B}	15.82%	40.90%	(1.76)%	21.94%	20.13%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of fee waivers, if any	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of all reductions	1.82%	1.85%	1.86%	1.86%	1.89%
Net investment income (loss)	(.26)%	.33%^F	(.41)%	(.97)%	(.56)%
Supplemental Data
Net assets, end of period (in millions)	$ 614	$ 527	$ 405	$ 522	$ 525
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 49.39	$ 34.77	$ 35.44	$ 28.90	$ 23.97
Income from Investment Operations
Net investment income (loss)^B	.40	.57^E	.20	.02	.13
Net realized and unrealized gain (loss)	7.95	14.13	(.52)	6.67	4.96
Total from investment operations	8.35	14.70	(.32)	6.69	5.09
Distributions from net investment income	(.28)	(.08)	(.35)	(.05)^F	(.15)
Distributions from net realized gain	-	-	-	(.10)^F	(.01)
Total distributions	(.28)	(.08)	(.35)	(.15)	(.16)
Net asset value, end of period	$ 57.46	$ 49.39	$ 34.77	$ 35.44	$ 28.90
Total Return^A	16.99%	42.34%	(.77)%	23.21%	21.30%
Ratios to Average Net Assets^{C, G}
Expenses before reductions	.82%	.84%	.86%	.85%	.87%
Expenses net of fee waivers, if any	.82%	.84%	.86%	.85%	.87%
Expenses net of all reductions	.81%	.84%	.85%	.85%	.87%
Net investment income (loss)	.75%	1.34%^E	.60%	.04%	.46%
Supplemental Data
Net assets, end of period (in millions)	$ 1,272	$ 965	$ 631	$ 694	$ 710
Portfolio turnover rate^D	9%	17%	30%	18%	22%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class Z

Year ended July 31,	2014^G
Selected Per-Share Data
Net asset value, beginning of period	$ 49.58
Income from Investment Operations
Net investment income (loss)^D	.48
Net realized and unrealized gain (loss)	7.77
Total from investment operations	8.25
Distributions from net investment income	(.32)
Net asset value, end of period	$ 57.51
Total Return^{B, C}	16.72%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.68%^A
Expenses net of fee waivers, if any	.68%^A
Expenses net of all reductions	.68%^A
Net investment income (loss)	.88%^A
Supplemental Data
Net assets, end of period (in millions)	$ 40
Portfolio turnover rate^F	9%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended July 31, 2014

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

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 - 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:

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Annual Report

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,877,202
Gross unrealized depreciation	(121,552)
Net unrealized appreciation (depreciation) on securities	$ 1,755,650

Tax Cost	$ 3,126,803

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

Undistributed ordinary income	$ 9,980
Capital loss carryforward	$ (336,074)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,755,650

Fiscal year of expiration
2018	$ (336,074)

The Fund intends to elect to defer to its next fiscal year $7,161 of capital losses recognized during the period November 1, 2013 to July 31, 2014.

The tax character of distributions paid was as follows:

	July 31, 2014	July 31, 2013
Ordinary Income	$ 11,575	$ 2,596

Annual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $418,738 and $350,521, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 4,181	$ 160
Class T	.25%	.25%	5,034	3
Class B	.75%	.25%	690	519
Class C	.75%	.25%	5,762	698
			$ 15,667	$ 1,380

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 285
Class T	35
Class B*	35
Class C*	33
	$ 388

* When Class B and 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 Average Net Assets
Class A	$ 3,194	.19
Class T	1,832	.18
Class B	165	.24
Class C	1,100	.19
Institutional Class	2,022	.18
Class Z	7	.05*
	$ 8,320

* Annualized

Annual Report

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

8. Expense Reductions.

	Reimbursement
Class A	$ 5
Class T	4
Class B	-*
Class C	2
Institutional Class	3
	$ 14

* Amount represents two hundred fifty-nine dollars.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended July 31,	2014 ^A	2013
From net investment income
Class A	$ 5,026	$ 1,121
Class T	905	84
Institutional Class	5,634	1,391
Class Z	10	-
Total	$ 11,575	$ 2,596

^A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended July 31,	2014 ^A	2013	2014 ^A	2013
Class A
Shares sold	8,400	7,818	$ 439,268	$ 326,978
Reinvestment of distributions	94	27	4,657	1,036
Shares redeemed	(8,210)	(9,447)	(436,610)	(384,545)
Net increase (decrease)	284	(1,602)	$ 7,315	$ (56,531)
Class T
Shares sold	3,963	6,400	$ 203,269	$ 261,455
Reinvestment of distributions	18	2	845	79
Shares redeemed	(7,046)	(7,533)	(360,634)	(301,128)
Net increase (decrease)	(3,065)	(1,131)	$ (156,520)	$ (39,594)
Class B
Shares sold	15	34	$ 708	$ 1,361
Shares redeemed	(753)	(874)	(37,289)	(33,817)
Net increase (decrease)	(738)	(840)	$ (36,581)	$ (32,456)
Class C
Shares sold	1,696	1,725	$ 83,424	$ 69,238
Shares redeemed	(1,619)	(2,699)	(79,990)	(102,735)
Net increase (decrease)	77	(974)	$ 3,434	$ (33,497)
Institutional Class
Shares sold	8,523	9,112	$ 459,603	$ 385,989
Reinvestment of distributions	93	29	4,709	1,155
Shares redeemed	(6,027)	(7,736)	(321,354)	(315,321)
Net increase (decrease)	2,589	1,405	$ 142,958	$ 71,823
Class Z
Shares sold	758	-	$ 40,956	$ -
Reinvestment of distributions	-*	-	10	-
Shares redeemed	(59)	-	(3,299)	-
Net increase (decrease)	699	-	$ 37,667	$ -

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

* Amount represents one hundred eighty-seven shares.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Leveraged Company Stock Fund:

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 16, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

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 each 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⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), a Director of FMR Co., Inc. (2007-2014) and was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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 Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. 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 on the Special Olympics International Board of Directors (1997-2006).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Melissa M. Reilly (1971)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

Institutional Class designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Institutional Class designates 100% of the dividends distributed during the fiscal year as amounts which can be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Leveraged Company Stock Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Leveraged Company Stock Fund

qqq479023

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

Annual Report

Fidelity Advisor Leveraged Company Stock Fund

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The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

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.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSFI-UANN-0914
1.786694.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Leveraged Company Stock

Fund - Class Z

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Class Z^A	17.17%	19.86%	11.83%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Leveraged Company Stock Fund - Class Z on July 31, 2004. 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. See footnote A above for additional information regarding the performance of Class Z.

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Annual Report

Management's Discussion of Fund Performance

Comments from Thomas Soviero, Portfolio Manager of Fidelity Advisor® Leveraged Company Stock Fund: For the year, the fund's Class Z shares outperformed the 16.94% advance of the S&P 500® Index. (For specific class-level results, please refer to the performance section of this report.) I continued to concentrate the fund in what I considered to be my best ideas. I remained concerned about the health of economies abroad, so I maintained a relatively defensive posture, highlighting U.S.-centric investments and holding an average weighting of 8% in cash during the period. This cash stance was a drag on performance relative to the S&P 500®. Performance versus the benchmark was buoyed by stock selection in materials and transportation, especially investments in chemicals manufacturer LyondellBasell Industries, as well as Delta Air Lines and American Airlines Group. American was not in the index. Semiconductor manufacturer Micron Technology was another top contributor. On the down side, we were held back by positioning in information technology and consumer discretionary. General Motors was a main detractor, along with video game retailer GameStop and not owning consumer electronics giant and index component Apple.

Annual Report

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 (February 1, 2014 to July 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Class A	1.07%
Actual		$ 1,000.00	$ 1,088.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Class T	1.31%
Actual		$ 1,000.00	$ 1,087.40	$ 6.78
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.56
Class B	1.87%
Actual		$ 1,000.00	$ 1,084.40	$ 9.66
Hypothetical^A		$ 1,000.00	$ 1,015.52	$ 9.35
Class C	1.82%
Actual		$ 1,000.00	$ 1,084.50	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,015.77	$ 9.10
Institutional Class	.81%
Actual		$ 1,000.00	$ 1,090.10	$ 4.20
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class Z	.67%
Actual		$ 1,000.00	$ 1,090.90	$ 3.47
Hypothetical^A		$ 1,000.00	$ 1,021.47	$ 3.36

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
LyondellBasell Industries NV Class A	10.2	8.2
Service Corp. International	3.9	3.6
Comcast Corp. Class A	3.6	4.0
Ford Motor Co.	2.5	2.4
General Motors Co.	2.5	2.8
Delta Air Lines, Inc.	2.3	2.0
Bank of America Corp.	2.2	2.6
Boston Scientific Corp.	2.2	2.5
GameStop Corp. Class A	2.0	1.7
Rock-Tenn Co. Class A	1.9	1.7
	33.3
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.9	23.6
Materials	14.2	12.3
Health Care	11.0	10.9
Financials	10.7	11.4
Industrials	10.6	10.7

Asset Allocation (% of fund's net assets)
As of July 31, 2014 *			As of January 31, 2014 **
	Stocks 93.9%			Stocks 91.7%
	Bonds 0.4%			Bonds 0.6%
	Convertible Securities 0.0%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 5.7%			Short-Term Investments and Net Other Assets (Liabilities) 7.6%
* Foreign investments		17.2%	** Foreign investments		14.9%

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Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.9%
Auto Components - 2.1%
Delphi Automotive PLC	446,000		$ 29,793
Tenneco, Inc. (a)	630,300		40,150
TRW Automotive Holdings Corp. (a)	298,400		30,523
			100,466
Automobiles - 5.4%
Ford Motor Co.	7,095,667		120,768
General Motors Co.	3,475,822		117,552
General Motors Co.:
warrants 7/10/16 (a)	384,439		9,438
warrants 7/10/19 (a)	384,439		6,497
Motors Liquidation Co. GUC Trust (a)	100,812		2,430
			256,685
Diversified Consumer Services - 3.9%
Service Corp. International	8,897,167		186,841
Hotels, Restaurants & Leisure - 0.6%
ARAMARK Holdings Corp.	849,156		22,893
Penn National Gaming, Inc. (a)	297,660		3,119
Station Holdco LLC unit (a)(g)(h)	116,342		44
			26,056
Household Durables - 1.9%
Hovnanian Enterprises, Inc. Class A (a)(d)	1,181,000		4,724
Lennar Corp. Class A (d)	576,600		20,890
Newell Rubbermaid, Inc.	1,935,853		62,877
			88,491
Media - 6.8%
AMC Networks, Inc. Class A (a)	389,700		23,331
Cinemark Holdings, Inc.	2,129,655		69,853
Comcast Corp. Class A	3,208,166		172,375
Gray Television, Inc. (a)(e)	3,167,163		38,576
Nexstar Broadcasting Group, Inc. Class A (d)	394,502		18,380
			322,515
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a)	314,878		21,264
GameStop Corp. Class A (d)	2,257,875		94,763
Sally Beauty Holdings, Inc. (a)	1,303,600		33,828
			149,855
TOTAL CONSUMER DISCRETIONARY			1,130,909
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 1.5%
Food Products - 1.2%
ConAgra Foods, Inc.	438,800		$ 13,221
Darling International, Inc. (a)	2,452,617		45,913
			59,134
Personal Products - 0.3%
Revlon, Inc. (a)	459,739		14,022
TOTAL CONSUMER STAPLES			73,156
ENERGY - 9.4%
Energy Equipment & Services - 2.7%
Ensco PLC Class A	90,000		4,559
Halliburton Co.	943,707		65,106
Noble Corp.	753,990		23,653
Oil States International, Inc. (a)	203,434		12,468
Schlumberger Ltd.	90,600		9,820
Transocean Ltd. (United States) (d)	316,300		12,760
			128,366
Oil, Gas & Consumable Fuels - 6.7%
Continental Resources, Inc. (a)(d)	384,513		56,439
Denbury Resources, Inc.	1,326,400		22,482
Hess Corp.	633,490		62,703
HollyFrontier Corp.	1,208,529		56,813
Kodiak Oil & Gas Corp. (a)	1,639,653		25,480
Peabody Energy Corp.	677,175		10,273
Range Resources Corp.	202,800		15,330
Valero Energy Corp.	1,003,334		50,969
Western Refining, Inc.	393,586		16,121
			316,610
TOTAL ENERGY			444,976
FINANCIALS - 10.5%
Banks - 7.2%
Bank of America Corp.	6,881,001		104,935
Barclays PLC sponsored ADR (d)	1,945,679		29,535
CIT Group, Inc.	170,690		8,383
Citigroup, Inc.	1,110,553		54,317
Huntington Bancshares, Inc.	7,094,120		69,664
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
Regions Financial Corp.	4,218,220		$ 42,773
SunTrust Banks, Inc.	836,400		31,825
			341,432
Consumer Finance - 1.0%
American Express Co.	515,752		45,386
Insurance - 1.1%
AFLAC, Inc.	530,400		31,686
Lincoln National Corp.	360,400		18,881
			50,567
Real Estate Investment Trusts - 0.9%
Gaming & Leisure Properties	355,926		11,984
Host Hotels & Resorts, Inc.	832,331		18,095
Sabra Health Care REIT, Inc.	452,492		12,534
			42,613
Real Estate Management & Development - 0.3%
Realogy Holdings Corp. (a)	369,860		13,596
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. (a)	328,300		2,426
TOTAL FINANCIALS			496,020
HEALTH CARE - 11.0%
Health Care Equipment & Supplies - 2.7%
Boston Scientific Corp. (a)	8,034,144		102,676
Covidien PLC	286,325		24,770
			127,446
Health Care Providers & Services - 5.6%
Community Health Systems, Inc. (a)	1,152,373		54,968
DaVita HealthCare Partners, Inc. (a)	464,906		32,748
HCA Holdings, Inc. (a)	998,521		65,213
Tenet Healthcare Corp. (a)	1,487,263		78,483
Universal Health Services, Inc. Class B	317,795		33,877
			265,289
Pharmaceuticals - 2.7%
Johnson & Johnson	127,900		12,802
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	1,321,200		$ 74,965
Sanofi SA sponsored ADR	745,266		38,955
			126,722
TOTAL HEALTH CARE			519,457
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	387,924		35,623
Huntington Ingalls Industries, Inc.	196,360		17,853
Textron, Inc.	497,300		18,087
			71,563
Airlines - 3.9%
American Airlines Group, Inc.	1,236,200		48,026
Delta Air Lines, Inc.	2,920,820		109,414
Southwest Airlines Co.	478,033		13,519
United Continental Holdings, Inc. (a)	309,700		14,367
			185,326
Building Products - 0.7%
Allegion PLC	201,992		10,388
Armstrong World Industries, Inc. (a)	423,381		20,610
			30,998
Commercial Services & Supplies - 1.2%
Civeo Corp.	406,868		10,334
Deluxe Corp.	626,387		34,458
Tyco International Ltd.	267,791		11,555
			56,347
Electrical Equipment - 0.5%
Emerson Electric Co.	136,500		8,688
Generac Holdings, Inc. (a)	373,058		16,191
			24,879
Industrial Conglomerates - 0.5%
General Electric Co.	896,117		22,537
Machinery - 1.5%
Harsco Corp.	854,076		21,583
Ingersoll-Rand PLC	605,977		35,625
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Pentair PLC	64,254		$ 4,117
Timken Co.	187,566		8,309
			69,634
Marine - 0.5%
Genco Shipping & Trading Ltd. (a)	457,020		9,826
Navios Maritime Holdings, Inc.	1,788,039		14,251
			24,077
Road & Rail - 0.3%
Hertz Global Holdings, Inc. (a)	583,000		16,452
TOTAL INDUSTRIALS			501,813
INFORMATION TECHNOLOGY - 8.5%
Communications Equipment - 1.1%
Cisco Systems, Inc.	1,982,651		50,022
Electronic Equipment & Components - 1.7%
Avnet, Inc.	489,587		20,724
Belden, Inc.	649,536		44,103
Corning, Inc.	605,400		11,896
Viasystems Group, Inc. (a)	441,914		4,326
			81,049
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	194,300		10,502
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc. (a)(d)	1,295,308		5,065
Freescale Semiconductor, Inc. (a)	939,600		18,811
Intersil Corp. Class A	1,177,013		15,101
Micron Technology, Inc. (a)	1,890,455		57,753
NXP Semiconductors NV (a)	230,536		14,374
ON Semiconductor Corp. (a)	2,545,694		21,791
			132,895
Software - 1.4%
Citrix Systems, Inc. (a)	190,801		12,923
Microsoft Corp.	1,258,432		54,314
			67,237
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 1.3%
EMC Corp.	1,160,700		$ 34,009
NCR Corp. (a)	882,069		27,300
			61,309
TOTAL INFORMATION TECHNOLOGY			403,014
MATERIALS - 14.2%
Chemicals - 11.3%
H.B. Fuller Co.	380,376		16,984
LyondellBasell Industries NV Class A	4,541,290		482,516
OMNOVA Solutions, Inc. (a)(e)	2,609,132		21,056
Phosphate Holdings, Inc. (a)	192,500		133
W.R. Grace & Co. (a)	154,904		14,096
			534,785
Containers & Packaging - 2.2%
Rock-Tenn Co. Class A	923,651		91,839
Sealed Air Corp.	378,366		12,153
			103,992
Metals & Mining - 0.1%
Ormet Corp. (a)	650,000		4
TimkenSteel Corp. (a)	93,783		4,080
			4,084
Paper & Forest Products - 0.6%
Louisiana-Pacific Corp. (a)	1,221,110		16,534
Neenah Paper, Inc.	231,700		11,497
			28,031
TOTAL MATERIALS			670,892
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.1%
Frontier Communications Corp. (d)	4,666,144		30,563
Intelsat SA (a)	855,300		15,857
Level 3 Communications, Inc. (a)	184,741		8,125
			54,545
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 3.0%
Electric Utilities - 0.2%
FirstEnergy Corp.	341,796		$ 10,667
Independent Power Producers & Energy Traders - 2.8%
Calpine Corp. (a)	1,970,200		43,423
The AES Corp.	5,982,695		87,407
			130,830
TOTAL UTILITIES			141,497
TOTAL COMMON STOCKS (Cost $2,683,714)		4,436,279
Nonconvertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I Series 2, 8.125% (Cost $9,025)	360,987	9,812

Nonconvertible Bonds - 0.4%
	Principal Amount (000s)
ENERGY - 0.4%
Energy Equipment & Services - 0.4%
Offshore Group Investment Ltd. 7.5% 11/1/19	$ 11,640		11,989
SAExploration Holdings, Inc. 10% 7/15/19 (f)	6,070		6,055
TOTAL NONCONVERTIBLE BONDS (Cost $18,289)		18,044

Money Market Funds - 8.8%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	278,137,376		$ 278,137
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	140,181,440		140,181
TOTAL MONEY MARKET FUNDS (Cost $418,318)		418,318
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,129,346)			4,882,453
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(145,623)
NET ASSETS - 100%		$ 4,736,830

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Station Holdco LLC unit	10/28/08 - 12/1/08	$ 4,745

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 351
Fidelity Securities Lending Cash Central Fund	502
Total	$ 853

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Gray Television, Inc.	$ 24,736	$ -	$ -	$ -	$ 38,576
OMNOVA Solutions, Inc.	21,030	-	-	-	21,056
Total	$ 45,766	$ -	$ -	$ -	$ 59,632

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,130,909	$ 1,130,865	$ -	$ 44
Consumer Staples	73,156	73,156	-	-
Energy	444,976	444,976	-	-
Financials	505,832	505,832	-	-
Health Care	519,457	519,457	-	-
Industrials	501,813	501,813	-	-
Information Technology	403,014	403,014	-	-
Materials	670,892	670,892	-	-
Telecommunication Services	54,545	54,545	-	-
Utilities	141,497	141,497	-	-
Corporate Bonds	18,044	-	18,044	-
Money Market Funds	418,318	418,318	-	-
Total Investments in Securities:	$ 4,882,453	$ 4,864,365	$ 18,044	$ 44

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	82.8%
Netherlands	10.5%
Ireland	1.5%
United Kingdom	1.2%
Others (Individually Less Than 1%)	4.0%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $133,513) - See accompanying schedule: Unaffiliated issuers (cost $2,676,063)	$ 4,404,503
Fidelity Central Funds (cost $418,318)	418,318
Other affiliated issuers (cost $34,965)	59,632
Total Investments (cost $3,129,346)		$ 4,882,453
Cash		38
Receivable for fund shares sold		6,634
Dividends receivable		2,104
Interest receivable		267
Distributions receivable from Fidelity Central Funds		51
Other receivables		49
Total assets		4,891,596

Liabilities
Payable for fund shares redeemed	$ 9,929
Accrued management fee	2,403
Distribution and service plan fees payable	1,367
Other affiliated payables	825
Other payables and accrued expenses	61
Collateral on securities loaned, at value	140,181
Total liabilities		154,766

Net Assets		$ 4,736,830
Net Assets consist of:
Paid in capital		$ 3,314,596
Undistributed net investment income		12,465
Accumulated undistributed net realized gain (loss) on investments		(343,338)
Net unrealized appreciation (depreciation) on investments		1,753,107
Net Assets		$ 4,736,830

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	July 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,749,782 ÷ 30,933.1 shares)		$ 56.57

Maximum offering price per share (100/94.25 of $56.57)		$ 60.02
Class T: Net Asset Value and redemption price per share ($1,007,303 ÷ 18,197.9 shares)		$ 55.35

Maximum offering price per share (100/96.50 of $55.35)		$ 57.36
Class B: Net Asset Value and offering price per share ($53,525 ÷ 1,013.9 shares)^A		$ 52.79

Class C: Net Asset Value and offering price per share ($613,927 ÷ 11,611.1 shares)^A		$ 52.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,272,082 ÷ 22,137.0 shares)		$ 57.46

Class Z: Net Asset Value, offering price and redemption price per share ($40,211 ÷ 699.2 shares)		$ 57.51

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended July 31, 2014

Investment Income
Dividends		$ 64,772
Interest		3,847
Income from Fidelity Central Funds		853
Total income		69,472

Expenses
Management fee	$ 26,709
Transfer agent fees	8,320
Distribution and service plan fees	15,667
Accounting and security lending fees	1,082
Custodian fees and expenses	43
Independent trustees' compensation	18
Registration fees	173
Audit	71
Legal	17
Miscellaneous	33
Total expenses before reductions	52,133
Expense reductions	(128)	52,005
Net investment income (loss)		17,467
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		14,835
Change in net unrealized appreciation (depreciation) on investment securities		643,632
Net gain (loss)		658,467
Net increase (decrease) in net assets resulting from operations		$ 675,934

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,467	$ 33,015
Net realized gain (loss)	14,835	272,683
Change in net unrealized appreciation (depreciation)	643,632	883,039
Net increase (decrease) in net assets resulting from operations	675,934	1,188,737
Distributions to shareholders from net investment income	(11,575)	(2,596)
Share transactions - net increase (decrease)	(1,727)	(90,255)
Total increase (decrease) in net assets	662,632	1,095,886

Net Assets
Beginning of period	4,074,198	2,978,312
End of period (including undistributed net investment income of $12,465 and undistributed net investment income of $7,496, respectively)	$ 4,736,830	$ 4,074,198

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 48.63	$ 34.29	$ 35.01	$ 28.55	$ 23.69
Income from Investment Operations
Net investment income (loss)^C	.26	.44^F	.11	(.08)	.05
Net realized and unrealized gain (loss)	7.84	13.94	(.51)	6.61	4.91
Total from investment operations	8.10	14.38	(.40)	6.53	4.96
Distributions from net investment income	(.16)	(.04)	(.32)	(.01)^G	(.09)
Distributions from net realized gain	-	-	-	(.06)^G	(.01)
Total distributions	(.16)	(.04)	(.32)	(.07)	(.10)
Net asset value, end of period	$ 56.57	$ 48.63	$ 34.29	$ 35.01	$ 28.55
Total Return^{A, B}	16.70%	41.95%	(1.04)%	22.88%	20.96%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of fee waivers, if any	1.07%	1.11%	1.13%	1.13%	1.15%
Expenses net of all reductions	1.07%	1.10%	1.13%	1.12%	1.15%
Net investment income (loss)	.49%	1.07%^F	.33%	(.23)%	.18%
Supplemental Data
Net assets, end of period (in millions)	$ 1,750	$ 1,490	$ 1,106	$ 1,426	$ 1,428
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 47.59	$ 33.60	$ 34.36	$ 28.05	$ 23.30
Income from Investment Operations
Net investment income (loss)^C	.13	.34^F	.03	(.15)	(.01)
Net realized and unrealized gain (loss)	7.67	13.65	(.50)	6.48	4.83
Total from investment operations	7.80	13.99	(.47)	6.33	4.82
Distributions from net investment income	(.04)	-^I	(.29)	-^G	(.06)
Distributions from net realized gain	-	-	-	(.02)^G	(.01)
Total distributions	(.04)	-^I	(.29)	(.02)	(.07)
Net asset value, end of period	$ 55.35	$ 47.59	$ 33.60	$ 34.36	$ 28.05
Total Return^{A, B}	16.41%	41.65%	(1.26)%	22.58%	20.72%
Ratios to Average Net Assets^{D, H}
Expenses before reductions	1.32%	1.34%	1.35%	1.35%	1.37%
Expenses net of fee waivers, if any	1.31%	1.34%	1.35%	1.35%	1.37%
Expenses net of all reductions	1.31%	1.33%	1.35%	1.35%	1.37%
Net investment income (loss)	.25%	.85%^F	.11%	(.45)%	(.04)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,007	$ 1,012	$ 753	$ 906	$ 867
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.60	$ 32.38	$ 33.24	$ 27.27	$ 22.73
Income from Investment Operations
Net investment income (loss)^C	(.15)	.10^F	(.15)	(.33)	(.17)
Net realized and unrealized gain (loss)	7.34	13.12	(.49)	6.30	4.72
Total from investment operations	7.19	13.22	(.64)	5.97	4.55
Distributions from net investment income	-	-	(.22)	-	-
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.22)	-	(.01)
Net asset value, end of period	$ 52.79	$ 45.60	$ 32.38	$ 33.24	$ 27.27
Total Return^{A, B}	15.77%	40.83%	(1.85)%	21.89%	20.00%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of fee waivers, if any	1.87%	1.91%	1.94%	1.93%	1.96%
Expenses net of all reductions	1.87%	1.91%	1.93%	1.92%	1.96%
Net investment income (loss)	(.31)%	.27%^F	(.48)%	(1.03)%	(.63)%
Supplemental Data
Net assets, end of period (in millions)	$ 54	$ 80	$ 84	$ 121	$ 131
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 45.65	$ 32.40	$ 33.24	$ 27.26	$ 22.70
Income from Investment Operations
Net investment income (loss)^C	(.13)	.13^F	(.12)	(.31)	(.15)
Net realized and unrealized gain (loss)	7.35	13.12	(.49)	6.29	4.72
Total from investment operations	7.22	13.25	(.61)	5.98	4.57
Distributions from net investment income	-	-	(.23)	-	-^H
Distributions from net realized gain	-	-	-	-	(.01)
Total distributions	-	-	(.23)	-	(.01)
Net asset value, end of period	$ 52.87	$ 45.65	$ 32.40	$ 33.24	$ 27.26
Total Return^{A, B}	15.82%	40.90%	(1.76)%	21.94%	20.13%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of fee waivers, if any	1.82%	1.85%	1.87%	1.86%	1.89%
Expenses net of all reductions	1.82%	1.85%	1.86%	1.86%	1.89%
Net investment income (loss)	(.26)%	.33%^F	(.41)%	(.97)%	(.56)%
Supplemental Data
Net assets, end of period (in millions)	$ 614	$ 527	$ 405	$ 522	$ 525
Portfolio turnover rate^E	9%	17%	30%	18%	22%

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

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

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 49.39	$ 34.77	$ 35.44	$ 28.90	$ 23.97
Income from Investment Operations
Net investment income (loss)^B	.40	.57^E	.20	.02	.13
Net realized and unrealized gain (loss)	7.95	14.13	(.52)	6.67	4.96
Total from investment operations	8.35	14.70	(.32)	6.69	5.09
Distributions from net investment income	(.28)	(.08)	(.35)	(.05)^F	(.15)
Distributions from net realized gain	-	-	-	(.10)^F	(.01)
Total distributions	(.28)	(.08)	(.35)	(.15)	(.16)
Net asset value, end of period	$ 57.46	$ 49.39	$ 34.77	$ 35.44	$ 28.90
Total Return^A	16.99%	42.34%	(.77)%	23.21%	21.30%
Ratios to Average Net Assets^{C, G}
Expenses before reductions	.82%	.84%	.86%	.85%	.87%
Expenses net of fee waivers, if any	.82%	.84%	.86%	.85%	.87%
Expenses net of all reductions	.81%	.84%	.85%	.85%	.87%
Net investment income (loss)	.75%	1.34%^E	.60%	.04%	.46%
Supplemental Data
Net assets, end of period (in millions)	$ 1,272	$ 965	$ 631	$ 694	$ 710
Portfolio turnover rate^D	9%	17%	30%	18%	22%

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

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class Z

Year ended July 31,	2014^G
Selected Per-Share Data
Net asset value, beginning of period	$ 49.58
Income from Investment Operations
Net investment income (loss)^D	.48
Net realized and unrealized gain (loss)	7.77
Total from investment operations	8.25
Distributions from net investment income	(.32)
Net asset value, end of period	$ 57.51
Total Return^{B, C}	16.72%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.68%^A
Expenses net of fee waivers, if any	.68%^A
Expenses net of all reductions	.68%^A
Net investment income (loss)	.88%^A
Supplemental Data
Net assets, end of period (in millions)	$ 40
Portfolio turnover rate^F	9%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended July 31, 2014

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

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 - 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:

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Annual Report

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to market discount, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,877,202
Gross unrealized depreciation	(121,552)
Net unrealized appreciation (depreciation) on securities	$ 1,755,650

Tax Cost	$ 3,126,803

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

Undistributed ordinary income	$ 9,980
Capital loss carryforward	$ (336,074)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,755,650

Fiscal year of expiration
2018	$ (336,074)

The Fund intends to elect to defer to its next fiscal year $7,161 of capital losses recognized during the period November 1, 2013 to July 31, 2014.

The tax character of distributions paid was as follows:

	July 31, 2014	July 31, 2013
Ordinary Income	$ 11,575	$ 2,596

Annual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $418,738 and $350,521, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 4,181	$ 160
Class T	.25%	.25%	5,034	3
Class B	.75%	.25%	690	519
Class C	.75%	.25%	5,762	698
			$ 15,667	$ 1,380

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

	Retained by FDC
Class A	$ 285
Class T	35
Class B*	35
Class C*	33
	$ 388

* When Class B and 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 Average Net Assets
Class A	$ 3,194	.19
Class T	1,832	.18
Class B	165	.24
Class C	1,100	.19
Institutional Class	2,022	.18
Class Z	7	.05*
	$ 8,320

* Annualized

Annual Report

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

8. Expense Reductions.

	Reimbursement
Class A	$ 5
Class T	4
Class B	-*
Class C	2
Institutional Class	3
	$ 14

* Amount represents two hundred fifty-nine dollars.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended July 31,	2014 ^A	2013
From net investment income
Class A	$ 5,026	$ 1,121
Class T	905	84
Institutional Class	5,634	1,391
Class Z	10	-
Total	$ 11,575	$ 2,596

^A Distributions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended July 31,	2014 ^A	2013	2014 ^A	2013
Class A
Shares sold	8,400	7,818	$ 439,268	$ 326,978
Reinvestment of distributions	94	27	4,657	1,036
Shares redeemed	(8,210)	(9,447)	(436,610)	(384,545)
Net increase (decrease)	284	(1,602)	$ 7,315	$ (56,531)
Class T
Shares sold	3,963	6,400	$ 203,269	$ 261,455
Reinvestment of distributions	18	2	845	79
Shares redeemed	(7,046)	(7,533)	(360,634)	(301,128)
Net increase (decrease)	(3,065)	(1,131)	$ (156,520)	$ (39,594)
Class B
Shares sold	15	34	$ 708	$ 1,361
Shares redeemed	(753)	(874)	(37,289)	(33,817)
Net increase (decrease)	(738)	(840)	$ (36,581)	$ (32,456)
Class C
Shares sold	1,696	1,725	$ 83,424	$ 69,238
Shares redeemed	(1,619)	(2,699)	(79,990)	(102,735)
Net increase (decrease)	77	(974)	$ 3,434	$ (33,497)
Institutional Class
Shares sold	8,523	9,112	$ 459,603	$ 385,989
Reinvestment of distributions	93	29	4,709	1,155
Shares redeemed	(6,027)	(7,736)	(321,354)	(315,321)
Net increase (decrease)	2,589	1,405	$ 142,958	$ 71,823
Class Z
Shares sold	758	-	$ 40,956	$ -
Reinvestment of distributions	-*	-	10	-
Shares redeemed	(59)	-	(3,299)	-
Net increase (decrease)	699	-	$ 37,667	$ -

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to July 31, 2014.

* Amount represents one hundred eighty-seven shares.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Leveraged Company Stock Fund:

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 16, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

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 each 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⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), a Director of FMR Co., Inc. (2007-2014) and was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

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 Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. 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 on the Special Olympics International Board of Directors (1997-2006).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Melissa M. Reilly (1971)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

Class Z designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class Z designates 100% of the dividends distributed during the fiscal year as amounts which can be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Leveraged Company Stock Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor Leveraged Company Stock Fund

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

Annual Report

Fidelity Advisor Leveraged Company Stock Fund

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The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

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.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

ALSFZ-UANN-0914
1.9586377.100

Item 2. Code of Ethics

As of the end of the period, July 31, 2014, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Advisor Leveraged Company Stock Fund (the "Fund"):

Services Billed by PwC

July 31, 2014 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Leveraged Company Stock Fund	$61,000	$-	$4,500	$3,100

July 31, 2013 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Leveraged Company Stock Fund	$56,000	$-	$4,600	$2,800

^AAmounts may reflect rounding.

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

Services Billed by PwC

	July 31, 2014^A	July 31, 2013^A
Audit-Related Fees	$5,975,000	$4,295,000
Tax Fees	$50,000	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:

Billed By	July 31, 2014^A	July 31, 2013^A
PwC	$7,195,000	$5,065,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Fund, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	September 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	September 25, 2014

By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	September 25, 2014

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments July 31, 2014

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Financial Highlights - Class Z

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments July 31, 2014

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Financial Highlights - Class Z

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments July 31, 2014

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Financial Highlights - Class Z

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees