FIDELITY ADVISOR SERIES I (Form: N-CSR, Received: 01/22/2021 11:29:37)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03785

Fidelity Advisor Series I

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2020

Item 1.

Reports to Stockholders

Fidelity Advisor® Value Strategies Fund

Annual Report

November 30, 2020

Includes Fidelity and Fidelity Advisor share classes

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended November 30, 2020	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	(2.42)%	5.90%	8.71%
Class M (incl. 3.50% sales charge)	(0.29)%	6.16%	8.74%
Class C (incl. contingent deferred sales charge)	1.75%	6.33%	8.52%
Fidelity® Value Strategies Fund	3.85%	7.47%	9.67%
Class K	3.99%	7.60%	9.83%
Class I	3.80%	7.42%	9.63%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Strategies Fund - Class A on November 30, 2010 and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.

	Period Ending Values
	$23,043	Fidelity Advisor® Value Strategies Fund - Class A
	$27,871	Russell Midcap® Value Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.

Comments from Portfolio Manager Matt Friedman: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 3% to 4%, roughly in line with the 3.37% result of the benchmark Russell Midcap^® Value index. Versus the benchmark, security selection was the primary contributor, especially within the real estate sector. Strong picks in financials also boosted the fund's relative result. Also lifting the fund's relative result was security selection in the consumer discretionary sector, especially within the consumer services industry. Darling Ingredients, the fund's top individual contributor, advanced 100% this period. We decreased our stake in the company the past year. Our second-largest contributor was Equinix, which gained 25% the past 12 months. We reduced our position in the company the past year. Another contributor this period was eBay. The fund's shares in eBay gained 45% the past 12 months. All of these contributors were non-benchmark positions. Conversely, the biggest detractor from performance versus the benchmark was our stock selection in materials. Weak picks in the industrials sector, especially within the capital goods industry, also hindered relative performance. Also hindering the fund's relative performance were stock picks in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Not owning Newmont, a benchmark component that gained 56%, was the biggest individual relative detractor. A second notable relative detractor was our outsized stake in Capri Holdings (-68%), a position that was sold the past 12 months. The fund's non-benchmark stake in Aercap Holdings, a position not held at period end, returned -54%. Notable changes in positioning include increased exposure to the materials sector and a lower allocation to energy.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2020

	% of fund's net assets
Cigna Corp.	2.7
CubeSmart	2.1
CBRE Group, Inc.	2.0
CenterPoint Energy, Inc.	1.9
The AES Corp.	1.8
Centene Corp.	1.7
Ameriprise Financial, Inc.	1.7
PG&E Corp.	1.6
Edison International	1.6
Tapestry, Inc.	1.6
	18.7

Top Five Market Sectors as of November 30, 2020

	% of fund's net assets
Industrials	17.2
Financials	16.6
Consumer Discretionary	11.3
Materials	9.7
Real Estate	8.9

Asset Allocation (% of fund's net assets)

As of November 30, 2020 ^*
	Stocks	99.0%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

* Foreign investments – 10.1%

Schedule of Investments November 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 0.6%
Liberty Global PLC Class C (a)	228,800	$4,951
Media - 2.3%
Interpublic Group of Companies, Inc.	435,800	9,710
Nexstar Broadcasting Group, Inc. Class A	78,200	8,231
		17,941

TOTAL COMMUNICATION SERVICES		22,892

CONSUMER DISCRETIONARY - 11.3%
Auto Components - 0.9%
BorgWarner, Inc.	188,800	7,335
Distributors - 1.3%
LKQ Corp. (a)	286,600	10,094
Diversified Consumer Services - 0.9%
Laureate Education, Inc. Class A (a)	522,700	7,422
Hotels, Restaurants & Leisure - 1.6%
Caesars Entertainment, Inc. (a)	184,400	12,561
Household Durables - 1.3%
Mohawk Industries, Inc. (a)	80,800	10,167
Internet & Direct Marketing Retail - 1.1%
eBay, Inc.	169,000	8,523
Leisure Products - 1.2%
Mattel, Inc. (a)	593,400	9,192
Specialty Retail - 1.4%
Lowe's Companies, Inc.	40,100	6,248
Sally Beauty Holdings, Inc. (a)	448,200	5,154
		11,402
Textiles, Apparel & Luxury Goods - 1.6%
Tapestry, Inc.	447,307	12,668

TOTAL CONSUMER DISCRETIONARY		89,364

CONSUMER STAPLES - 6.0%
Food & Staples Retailing - 1.0%
U.S. Foods Holding Corp. (a)	255,900	8,056
Food Products - 2.2%
Darling Ingredients, Inc. (a)	203,722	9,836
Post Holdings, Inc. (a)	77,700	7,340
		17,176
Household Products - 1.8%
Energizer Holdings, Inc. (b)	147,600	6,183
Spectrum Brands Holdings, Inc.	119,800	8,006
		14,189
Tobacco - 1.0%
Altria Group, Inc.	203,000	8,085

TOTAL CONSUMER STAPLES		47,506

ENERGY - 4.0%
Oil, Gas & Consumable Fuels - 4.0%
Cheniere Energy, Inc. (a)	189,500	10,743
Hess Corp.	175,300	8,271
The Williams Companies, Inc.	401,100	8,415
Valero Energy Corp.	74,000	3,979
		31,408
FINANCIALS - 16.6%
Banks - 2.6%
First Citizens Bancshares, Inc.	13,500	7,136
M&T Bank Corp.	69,000	8,038
Signature Bank	45,300	5,082
		20,256
Capital Markets - 3.7%
Ameriprise Financial, Inc.	72,100	13,356
Lazard Ltd. Class A	209,800	7,830
LPL Financial	85,000	7,715
		28,901
Consumer Finance - 5.2%
Capital One Financial Corp.	131,700	11,279
Discover Financial Services	133,700	10,184
OneMain Holdings, Inc.	240,200	9,365
SLM Corp.	967,784	10,268
		41,096
Diversified Financial Services - 1.0%
Voya Financial, Inc. (b)	134,400	7,745
Insurance - 4.1%
American International Group, Inc.	172,100	6,616
Assurant, Inc.	77,600	10,020
Reinsurance Group of America, Inc.	53,100	6,121
The Travelers Companies, Inc.	77,700	10,074
		32,831

TOTAL FINANCIALS		130,829

HEALTH CARE - 8.2%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)	86,300	10,538
Health Care Providers & Services - 5.9%
Centene Corp. (a)	219,200	13,514
Cigna Corp.	101,600	21,248
Laboratory Corp. of America Holdings (a)	30,300	6,055
Patterson Companies, Inc.	214,400	5,952
		46,769
Pharmaceuticals - 0.9%
Jazz Pharmaceuticals PLC (a)	49,700	6,993

TOTAL HEALTH CARE		64,300

INDUSTRIALS - 17.2%
Air Freight & Logistics - 0.8%
FedEx Corp.	21,000	6,018
Building Products - 0.9%
Jeld-Wen Holding, Inc. (a)	295,600	7,151
Commercial Services & Supplies - 1.3%
The Brink's Co.	153,100	10,273
Construction & Engineering - 3.8%
AECOM (a)	194,600	10,098
Fluor Corp.	569,200	9,830
Willscot Mobile Mini Holdings (a)	483,300	10,396
		30,324
Electrical Equipment - 1.1%
Sensata Technologies, Inc. PLC (a)	174,400	8,516
Machinery - 1.2%
Allison Transmission Holdings, Inc.	230,600	9,466
Professional Services - 3.2%
ASGN, Inc. (a)	95,300	7,451
Manpower, Inc.	110,600	9,583
Nielsen Holdings PLC	509,000	8,231
		25,265
Road & Rail - 2.4%
Ryder System, Inc.	172,800	10,233
TFI International, Inc. (Canada)	172,500	8,753
		18,986
Trading Companies & Distributors - 2.5%
Beacon Roofing Supply, Inc. (a)	242,800	8,835
Univar, Inc. (a)	606,900	10,864
		19,699

TOTAL INDUSTRIALS		135,698

INFORMATION TECHNOLOGY - 5.9%
Electronic Equipment & Components - 1.5%
Flextronics International Ltd. (a)	728,400	11,822
IT Services - 1.3%
DXC Technology Co.	281,400	6,165
Unisys Corp. (a)	283,532	4,134
		10,299
Semiconductors & Semiconductor Equipment - 1.8%
NXP Semiconductors NV	30,600	4,848
ON Semiconductor Corp. (a)	326,100	9,375
		14,223
Software - 1.3%
SS&C Technologies Holdings, Inc.	152,900	10,533

TOTAL INFORMATION TECHNOLOGY		46,877

MATERIALS - 9.7%
Chemicals - 6.6%
Axalta Coating Systems Ltd. (a)	298,000	8,526
DuPont de Nemours, Inc.	138,537	8,789
Element Solutions, Inc.	438,200	6,052
Olin Corp.	470,383	10,297
Tronox Holdings PLC	760,100	9,615
W.R. Grace & Co.	164,400	8,996
		52,275
Construction Materials - 1.0%
Eagle Materials, Inc.	88,700	8,071
Containers & Packaging - 2.1%
Crown Holdings, Inc. (a)	105,154	9,911
O-I Glass, Inc.	554,000	6,271
		16,182

TOTAL MATERIALS		76,528

REAL ESTATE - 8.9%
Equity Real Estate Investment Trusts (REITs) - 6.9%
American Tower Corp.	31,508	7,285
CubeSmart	496,400	16,148
Douglas Emmett, Inc.	300,300	9,300
Equinix, Inc.	15,200	10,606
Equity Lifestyle Properties, Inc.	181,400	10,628
		53,967
Real Estate Management & Development - 2.0%
CBRE Group, Inc. (a)	261,300	15,976

TOTAL REAL ESTATE		69,943

UTILITIES - 8.3%
Electric Utilities - 3.2%
Edison International	208,300	12,781
PG&E Corp. (a)	1,008,300	12,805
		25,586
Independent Power and Renewable Electricity Producers - 3.2%
The AES Corp.	700,200	14,312
Vistra Corp.	606,000	11,320
		25,632
Multi-Utilities - 1.9%
CenterPoint Energy, Inc.	630,100	14,612

TOTAL UTILITIES		65,830

TOTAL COMMON STOCKS
(Cost $640,715)		781,175

Money Market Funds - 1.2%
Fidelity Cash Central Fund 0.09% (c)	5,854,750	5,856
Fidelity Securities Lending Cash Central Fund 0.09% (c)(d)	3,432,758	3,433
TOTAL MONEY MARKET FUNDS
(Cost $9,289)		9,289
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $650,004)		790,464
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(1,535)
NET ASSETS - 100%		$788,929

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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	$29
Fidelity Securities Lending Cash Central Fund	48
Total	$77

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$22,892	$22,892	$--	$--
Consumer Discretionary	89,364	89,364	--	--
Consumer Staples	47,506	47,506	--	--
Energy	31,408	31,408	--	--
Financials	130,829	130,829	--	--
Health Care	64,300	64,300	--	--
Industrials	135,698	135,698	--	--
Information Technology	46,877	46,877	--	--
Materials	76,528	76,528	--	--
Real Estate	69,943	69,943	--	--
Utilities	65,830	65,830	--	--
Money Market Funds	9,289	9,289	--	--
Total Investments in Securities:	$790,464	$790,464	$--	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	89.9%
United Kingdom	3.9%
Bermuda	2.1%
Singapore	1.5%
Canada	1.1%
Others (Individually Less Than 1%)	1.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2020
Assets
Investment in securities, at value (including securities loaned of $3,327) — See accompanying schedule: Unaffiliated issuers (cost $640,715)	$781,175
Fidelity Central Funds (cost $9,289)	9,289
Total Investment in Securities (cost $650,004)		$790,464
Receivable for fund shares sold		2,523
Dividends receivable		1,224
Distributions receivable from Fidelity Central Funds		1
Prepaid expenses		1
Other receivables		31
Total assets		794,244
Liabilities
Payable for fund shares redeemed	$1,249
Accrued management fee	359
Distribution and service plan fees payable	131
Other affiliated payables	128
Other payables and accrued expenses	13
Collateral on securities loaned	3,435
Total liabilities		5,315
Net Assets		$788,929
Net Assets consist of:
Paid in capital		$685,356
Total accumulated earnings (loss)		103,573
Net Assets		$788,929
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($191,129 ÷ 5,865.8 shares)^(a)		$32.58
Maximum offering price per share (100/94.25 of $32.58)		$34.57
Class M:
Net Asset Value and redemption price per share ($203,773 ÷ 5,876.9 shares)^(a)		$34.67
Maximum offering price per share (100/96.50 of $34.67)		$35.93
Class C:
Net Asset Value and offering price per share ($11,392 ÷ 416.8 shares)^(a)		$27.33
Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($284,859÷ 7,248.0 shares)		$39.30
Class K:
Net Asset Value, offering price and redemption price per share ($36,988 ÷ 941.8 shares)		$39.27
Class I:
Net Asset Value, offering price and redemption price per share ($60,788 ÷ 1,669.9 shares)		$36.40

(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.

Statement of Operations

Amounts in thousands		Year ended November 30, 2020
Investment Income
Dividends		$14,949
Income from Fidelity Central Funds (including $48 from security lending)		77
Total income		15,026
Expenses
Management fee
Basic fee	$3,912
Performance adjustment	(184)
Transfer agent fees	1,334
Distribution and service plan fees	1,476
Accounting fees	260
Custodian fees and expenses	12
Independent trustees' fees and expenses	4
Registration fees	107
Audit	67
Legal	4
Interest	1
Miscellaneous	22
Total expenses before reductions	7,015
Expense reductions	(85)
Total expenses after reductions		6,930
Net investment income (loss)		8,096
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(41,537)
Foreign currency transactions	(7)
Total net realized gain (loss)		(41,544)
Change in net unrealized appreciation (depreciation) on investment securities		38,216
Net gain (loss)		(3,328)
Net increase (decrease) in net assets resulting from operations		$4,768

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2020	Year ended November 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$8,096	$12,348
Net realized gain (loss)	(41,544)	34,745
Change in net unrealized appreciation (depreciation)	38,216	81,602
Net increase (decrease) in net assets resulting from operations	4,768	128,695
Distributions to shareholders	(45,643)	(103,085)
Share transactions - net increase (decrease)	(74,892)	9,554
Total increase (decrease) in net assets	(115,767)	35,164
Net Assets
Beginning of period	904,696	869,532
End of period	$788,929	$904,696

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

Financial Highlights

Fidelity Advisor Value Strategies Fund Class A

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$33.23	$33.48	$38.91	$40.25	$39.01
Income from Investment Operations
Net investment income (loss)^A	.29	.42^B	.35	.60^C	.56
Net realized and unrealized gain (loss)	.87	3.66	(2.50)	6.13	1.09
Total from investment operations	1.16	4.08	(2.15)	6.73	1.65
Distributions from net investment income	(.46)^D	(.29)	(.51)	(.56)	(.40)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.81)^E	(4.33)	(3.28)	(8.07)^E	(.41)
Net asset value, end of period	$32.58	$33.23	$33.48	$38.91	$40.25
Total Return^F,^G	3.53%	16.34%	(6.16)%	19.84%	4.33%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.03%	1.02%	.91%	.91%	.86%
Expenses net of fee waivers, if any	1.02%	1.02%	.91%	.91%	.86%
Expenses net of all reductions	1.01%	1.01%	.90%	.90%	.86%
Net investment income (loss)	1.03%	1.39%^B	.98%^J	1.64%^C	1.48%
Supplemental Data
Net assets, end of period (in millions)	$191	$204	$175	$212	$203
Portfolio turnover rate^K	72%	66%	72%	46%	121%

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

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

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.29%.

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

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

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

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

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

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

^J The 2018 net investment income (loss) ratio has been restated to reflect the reclassification of certain distributions received by the fund.

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

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

Fidelity Advisor Value Strategies Fund Class M

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$35.23	$35.16	$40.69	$41.72	$40.40
Income from Investment Operations
Net investment income (loss)^A	.24	.37^B	.28	.54^C	.49
Net realized and unrealized gain (loss)	.92	3.93	(2.63)	6.40	1.14
Total from investment operations	1.16	4.30	(2.35)	6.94	1.63
Distributions from net investment income	(.37)^D	(.19)	(.41)	(.46)	(.30)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.72)^E	(4.23)	(3.18)	(7.97)^E	(.31)
Net asset value, end of period	$34.67	$35.23	$35.16	$40.69	$41.72
Total Return^F,^G	3.32%	16.07%	(6.38)%	19.57%	4.11%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.25%	1.25%	1.14%	1.13%	1.08%
Expenses net of fee waivers, if any	1.25%	1.24%	1.14%	1.13%	1.08%
Expenses net of all reductions	1.24%	1.24%	1.13%	1.13%	1.07%
Net investment income (loss)	.81%	1.16%^B	.75%	1.42%^C	1.27%
Supplemental Data
Net assets, end of period (in millions)	$204	$234	$225	$271	$263
Portfolio turnover rate^J	72%	66%	72%	46%	121%

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

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

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

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

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

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

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

Fidelity Advisor Value Strategies Fund Class C

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$28.07	$28.95	$34.09	$36.19	$35.12
Income from Investment Operations
Net investment income (loss)^A	.05	.15^B	.06	.28^C	.24
Net realized and unrealized gain (loss)	.71	3.04	(2.16)	5.43	.97
Total from investment operations	.76	3.19	(2.10)	5.71	1.21
Distributions from net investment income	(.16)^D	(.03)	(.27)	(.30)	(.13)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.50)	(4.07)	(3.04)	(7.81)^E	(.14)
Net asset value, end of period	$27.33	$28.07	$28.95	$34.09	$36.19
Total Return^F,^G	2.73%	15.41%	(6.89)%	18.97%	3.49%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.83%	1.82%	1.68%	1.68%	1.63%
Expenses net of fee waivers, if any	1.83%	1.82%	1.68%	1.68%	1.63%
Expenses net of all reductions	1.82%	1.82%	1.67%	1.67%	1.63%
Net investment income (loss)	.23%	.58%^B	.21%	.87%^C	.72%
Supplemental Data
Net assets, end of period (in millions)	$11	$14	$34	$46	$44
Portfolio turnover rate^J	72%	66%	72%	46%	121%

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

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

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.

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

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

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

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

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

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

Fidelity Value Strategies Fund

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$39.68	$39.04	$44.81	$45.17	$43.72
Income from Investment Operations
Net investment income (loss)^A	.43	.60^B	.52	.81^C	.76
Net realized and unrealized gain (loss)	1.07	4.46	(2.92)	7.01	1.21
Total from investment operations	1.50	5.06	(2.40)	7.82	1.97
Distributions from net investment income	(.54)^D	(.38)	(.61)	(.66)	(.51)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.88)	(4.42)	(3.37)^E	(8.18)	(.52)
Net asset value, end of period	$39.30	$39.68	$39.04	$44.81	$45.17
Total Return^F	3.85%	16.63%	(5.89)%	20.18%	4.64%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.76%	.74%	.63%	.62%	.56%
Expenses net of fee waivers, if any	.76%	.74%	.63%	.62%	.56%
Expenses net of all reductions	.75%	.74%	.62%	.62%	.55%
Net investment income (loss)	1.30%	1.66%^B	1.26%	1.93%^C	1.79%
Supplemental Data
Net assets, end of period (in millions)	$285	$332	$324	$436	$713
Portfolio turnover rate^I	72%	66%	72%	46%	121%

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

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

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.57%.

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

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

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

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

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

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

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

Fidelity Advisor Value Strategies Fund Class K

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$39.65	$39.03	$44.82	$45.18	$43.74
Income from Investment Operations
Net investment income (loss)^A	.48	.64^B	.58	.86^C	.80
Net realized and unrealized gain (loss)	1.07	4.46	(2.93)	7.02	1.22
Total from investment operations	1.55	5.10	(2.35)	7.88	2.02
Distributions from net investment income	(.59)^D	(.44)	(.67)	(.72)	(.57)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.93)	(4.48)	(3.44)	(8.24)	(.58)
Net asset value, end of period	$39.27	$39.65	$39.03	$44.82	$45.18
Total Return^E	3.99%	16.80%	(5.80)%	20.36%	4.76%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.62%	.61%	.50%	.50%	.44%
Expenses net of fee waivers, if any	.61%	.61%	.50%	.50%	.44%
Expenses net of all reductions	.60%	.61%	.49%	.49%	.43%
Net investment income (loss)	1.44%	1.79%^B	1.39%	2.05%^C	1.91%
Supplemental Data
Net assets, end of period (in millions)	$37	$49	$49	$79	$68
Portfolio turnover rate^H	72%	66%	72%	46%	121%

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

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

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

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

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

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

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

Fidelity Advisor Value Strategies Fund Class I

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$36.90	$36.64	$42.27	$43.07	$41.71
Income from Investment Operations
Net investment income (loss)^A	.40	.55^B	.48	.74^C	.70
Net realized and unrealized gain (loss)	.98	4.12	(2.75)	6.64	1.15
Total from investment operations	1.38	4.67	(2.27)	7.38	1.85
Distributions from net investment income	(.53)^D	(.37)	(.59)	(.66)	(.48)
Distributions from net realized gain	(1.34)^D	(4.04)	(2.77)	(7.52)	(.01)
Total distributions	(1.88)^E	(4.41)	(3.36)	(8.18)	(.49)
Net asset value, end of period	$36.40	$36.90	$36.64	$42.27	$43.07
Total Return^F	3.80%	16.64%	(5.95)%	20.13%	4.57%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.78%	.78%	.67%	.67%	.61%
Expenses net of fee waivers, if any	.78%	.78%	.67%	.67%	.61%
Expenses net of all reductions	.77%	.77%	.66%	.66%	.61%
Net investment income (loss)	1.27%	1.63%^B	1.22%	1.88%^C	1.74%
Supplemental Data
Net assets, end of period (in millions)	$61	$72	$62	$72	$73
Portfolio turnover rate^I	72%	66%	72%	46%	121%

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

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.53%.

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

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2020
(Amounts in thousands except percentages)

1. Organization.

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

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by 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 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. 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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:

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2020 is included at the end of the Fund's Schedule of Investments.

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

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

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

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 November 30, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$165,986
Gross unrealized depreciation	(29,565)
Net unrealized appreciation (depreciation)	$136,421
Tax Cost	$654,043

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

Undistributed ordinary income	$5,771
Capital loss carryforward	$(38,618)
Net unrealized appreciation (depreciation) on securities and other investments	$136,421

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(36,691)
Long-term	(1,927)
Total capital loss carryforward	$(38,618)

The tax character of distributions paid was as follows:

	November 30, 2020	November 30, 2019
Ordinary Income	$11,818	$ 8,208
Long-term Capital Gains	33,825	94,877
Total	$45,643	$ 103,085

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Value Strategies Fund	524,986	636,039

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$426	$9
Class M	.25%	.25%	942	42
Class C	.75%	.25%	108	14
			$1,476	$65

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

	Retained by FDC
Class A	$16
Class M	4
Class C^(a)	1
	$21

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class K from .046% to .044%.

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

	Amount	% of Class-Level Average Net Assets
Class A	$344	.20
Class M	330	.18
Class C	27	.25
Fidelity Value Strategies Fund	502	.18
Class K	18	.04
Class I	113	.21
	$1,334

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

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

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

	Amount
Fidelity Advisor Value Strategies Fund	$20

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Value Strategies Fund	Borrower	$4,798	1.39%	$1

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

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

	Amount
Fidelity Advisor Value Strategies Fund	$2

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Income Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Value Strategies Fund	$5	$–	$–

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4.

In addition, during the period the investment adviser or an affiliate reimbursed the Fund $7 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2020	Year ended November 30, 2019
Distributions to shareholders
Class A	$10,967	$22,450
Class M	11,294	27,028
Class C	715	4,746
Fidelity Value Strategies Fund	16,344	36,063
Class K	2,635	5,601
Class I	3,688	7,197
Total	$45,643	$103,085

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2020	Year ended November 30, 2019	Year ended November 30, 2020	Year ended November 30, 2019
Class A
Shares sold	562	969	$14,707	$28,670
Reinvestment of distributions	325	846	10,468	21,281
Shares redeemed	(1,153)	(916)	(31,522)	(27,439)
Net increase (decrease)	(266)	899	$(6,347)	$22,512
Class M
Shares sold	233	304	$6,817	$9,555
Reinvestment of distributions	306	943	10,508	25,185
Shares redeemed	(1,318)	(1,000)	(38,923)	(31,573)
Net increase (decrease)	(779)	247	$(21,598)	$3,167
Class C
Shares sold	96	113	$1,957	$2,924
Reinvestment of distributions	26	220	705	4,703
Shares redeemed	(191)	(1,033)	(4,381)	(26,038)
Net increase (decrease)	(69)	(700)	$(1,719)	$(18,411)
Fidelity Value Strategies Fund
Shares sold	1,873	1,167	$64,949	$41,078
Reinvestment of distributions	399	1,135	15,456	33,995
Shares redeemed	(3,381)	(2,241)	(109,785)	(79,975)
Net increase (decrease)	(1,109)	61	$(29,380)	$(4,902)
Class K
Shares sold	580	536	$20,190	$20,032
Reinvestment of distributions	68	187	2,635	5,601
Shares redeemed	(947)	(744)	(30,980)	(25,793)
Net increase (decrease)	(299)	(21)	$(8,155)	$(160)
Class I
Shares sold	367	563	$11,900	$18,493
Reinvestment of distributions	97	244	3,475	6,804
Shares redeemed	(744)	(538)	(23,068)	(17,949)
Net increase (decrease)	(280)	269	$(7,693)	$7,348

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.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Value Strategies Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Strategies Fund (the "Fund"), a fund of Advisor Series I, including the schedule of investments, as of November 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2021

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.

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

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity^® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2020	Ending Account Value November 30, 2020	Expenses Paid During Period-^B June 1, 2020 to November 30, 2020
Fidelity Advisor Value Strategies Fund
Class A	.98%
Actual		$1,000.00	$1,285.20	$5.60
Hypothetical-^C		$1,000.00	$1,020.10	$4.95
Class M	1.20%
Actual		$1,000.00	$1,283.60	$6.85
Hypothetical-^C		$1,000.00	$1,019.00	$6.06
Class C	1.77%
Actual		$1,000.00	$1,280.10	$10.09
Hypothetical-^C		$1,000.00	$1,016.15	$8.92
Fidelity Value Strategies Fund	.70%
Actual		$1,000.00	$1,286.80	$4.00
Hypothetical-^C		$1,000.00	$1,021.50	$3.54
Class K	.56%
Actual		$1,000.00	$1,288.00	$3.20
Hypothetical-^C		$1,000.00	$1,022.20	$2.83
Class I	.73%
Actual		$1,000.00	$1,286.70	$4.17
Hypothetical-^C		$1,000.00	$1,021.35	$3.69

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

^B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Advisor Value Strategies Fund designates 93%; Class K designates 85%; and Class I designates 94%; of the dividend distributed in December during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Advisor Value Strategies Fund designates 95%; Class K designates 86%; and Class I designates 95%; of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 0%; Class M designates 0%; Class C designates 0%; Fidelity Advisor Value Strategies Fund designates 5%; Class K designates 5%; and Class I designates 5%; of the dividend distributed in December during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	23,145,273,181.030	97.178
Withheld	672,052,762.535	2.822
TOTAL	23,817,325,943.566	100.000
Donald F. Donahue
Affirmative	22,942,467,884.564	96.327
Withheld	874,858,059.002	3.673
TOTAL	23,817,325,943.566	100.000
Bettina Doulton
Affirmative	23,156,537,524.453	97.226
Withheld	660,788,419.112	2.774
TOTAL	23,817,325,943.566	100.000
Vicki L. Fuller
Affirmative	23,220,055,835.126	97.492
Withheld	597,270,108.440	2.508
TOTAL	23,817,325,943.566	100.00
Patricia L. Kampling
Affirmative	23,092,064,637.578	96.955
Withheld	725,261,305.988	3.045
TOTAL	23,817,325,943.566	100.000
Alan J. Lacy
Affirmative	22,821,234,479.156	95.818
Withheld	996,091,464.410	4.182
TOTAL	23,817,325,943.566	100.000
Ned C. Lautenbach
Affirmative	22,495,260,210.796	94.449
Withheld	1,322,065,732.770	5.551
TOTAL	23,817,325,943.566	100.000
Robert A. Lawrence
Affirmative	23,084,247,692.778	96.922
Withheld	733,078,250.787	3.078
TOTAL	23,817,325,943.566	100.000
Joseph Mauriello
Affirmative	22,868,255,852.105	96.015
Withheld	949,070,091.461	3.985
TOTAL	23,817,325,943.566	100.000
Cornelia M. Small
Affirmative	23,048,299,612.538	96.771
Withheld	769,026,331.028	3.229
TOTAL	23,817,325,943.566	100.000
Garnett A. Smith
Affirmative	23,059,252,757.826	96.817
Withheld	758,073,185.740	3.183
TOTAL	23,817,325,943.566	100.000
David M. Thomas
Affirmative	23,069,618,526.323	96.861
Withheld	747,707,417.242	3.139
TOTAL	23,817,325,943.566	100.000
Susan Tomasky
Affirmative	23,129,152,380.992	97.111
Withheld	688,173,562.573	2.889
TOTAL	23,817,325,943.566	100.000
Michael E. Wiley
Affirmative	22,863,276,570.233	95.994
Withheld	954,049,373.333	4.006
TOTAL	23,817,325,943.566	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	244,861,891.856	65.576
Against	39,350,132.097	10.538
Abstain	37,164,822.232	9.953
Broker Non-Vote	52,024,747.610	13.933
TOTAL	373,401,593.795	100.000
Proposal 1 reflects trust wide proposal and voting results.
Proposal 2 was not approved by shareholders.

FIDELITY INVESTMENTS

SO-ANN-0121
1.539180.123

Fidelity Advisor® Equity Income Fund

Annual Report

November 30, 2020

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2020	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	(5.73)%	6.28%	8.81%
Class M (incl. 3.50% sales charge)	(3.71)%	6.53%	8.82%
Class C (incl. contingent deferred sales charge)	(1.69)%	6.72%	8.61%
Class I	0.27%	7.83%	9.74%
Class Z	0.43%	7.98%	9.86%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Income Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.

	Period Ending Values
	$23,255	Fidelity Advisor® Equity Income Fund - Class A
	$27,779	Russell 3000® Value Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager John Sheehy: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) returned about -1% to 0%, trailing the 1.60% result of the benchmark Russell 3000^® Value index. Versus the benchmark, security selection was the primary detractor, especially within the financials sector, especially banks. An overweighting and security selection in industrials, as well as an overweighting in energy, also hindered performance. Moreover, the fund’s foreign holdings detracted, despite the tailwind of a weaker U.S. dollar. The fund's biggest individual relative detractor was an overweighting in Wells Fargo, which returned -48% the past 12 months. The company was among our largest holdings. The fund's non-benchmark stake in BP returned roughly -43%. Also hurting performance was our outsized stake in Cinemark Holdings, which returned -49%. We decreased our stake in Cinemark the past year. Conversely, the top contributor to performance versus the benchmark was an overweighting and stock selection in health care. Strong picks in energy and positioning in information technology also lifted the fund's relative performance. Also boosting the fund's relative result was an underweighting in the financials sector, primarily driven by banks. The fund's top individual relative contributor was an overweighting in AbbVie, which gained 27% the past 12 months. The company was among the fund's biggest holdings on November 30. Also adding value was our outsized stake in UnitedHealth Group, which gained about 22% and where we reduced our position the past year. Another notable relative contributor was an overweighting in Kroger (+23%). This period we decreased our stake. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2020

	% of fund's net assets
Bristol-Myers Squibb Co.	3.2
Verizon Communications, Inc.	3.1
Wells Fargo & Co.	2.8
Amdocs Ltd.	2.4
The Travelers Companies, Inc.	2.2
AbbVie, Inc.	2.1
Duke Energy Corp.	1.9
Philip Morris International, Inc.	1.6
Johnson & Johnson	1.6
Sanofi SA sponsored ADR	1.6
	22.5

Top Five Market Sectors as of November 30, 2020

	% of fund's net assets
Health Care	18.9
Financials	16.3
Information Technology	12.0
Industrials	11.1
Consumer Staples	10.6

Asset Allocation (% of fund's net assets)

As of November 30, 2020 ^*
	Stocks	97.9%
	Other Investments	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	1.9%

* Foreign investments - 15.8%

Schedule of Investments November 30, 2020

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value (000s)
COMMUNICATION SERVICES - 8.0%
Diversified Telecommunication Services - 3.1%
Verizon Communications, Inc.	719,390	$43,458
Entertainment - 1.3%
Cinemark Holdings, Inc. (a)	98,500	1,522
The Walt Disney Co.	115,500	17,095
		18,617
Media - 3.6%
Comcast Corp. Class A	401,900	20,191
Interpublic Group of Companies, Inc.	711,800	15,859
Omnicom Group, Inc.	219,500	13,829
		49,879

TOTAL COMMUNICATION SERVICES		111,954

CONSUMER DISCRETIONARY - 3.5%
Internet & Direct Marketing Retail - 1.0%
eBay, Inc.	264,200	13,324
Leisure Products - 0.4%
New Academy Holding Co. LLC unit (b)(c)(d)	52,800	4,963
Multiline Retail - 0.4%
Nordstrom, Inc. (a)	228,600	5,925
Specialty Retail - 0.8%
Lowe's Companies, Inc.	76,200	11,873
Textiles, Apparel & Luxury Goods - 0.9%
PVH Corp.	51,300	4,078
Tapestry, Inc.	293,400	8,309
		12,387

TOTAL CONSUMER DISCRETIONARY		48,472

CONSUMER STAPLES - 10.6%
Beverages - 2.8%
Coca-Cola European Partners PLC	222,500	9,941
Keurig Dr. Pepper, Inc.	408,400	12,436
The Coca-Cola Co.	327,400	16,894
		39,271
Food & Staples Retailing - 0.7%
Kroger Co.	304,500	10,049
Food Products - 0.6%
The J.M. Smucker Co.	63,500	7,442
Household Products - 1.2%
Kimberly-Clark Corp.	65,400	9,111
Reynolds Consumer Products, Inc.	254,700	7,728
		16,839
Personal Products - 1.4%
Unilever PLC sponsored ADR	315,000	19,234
Tobacco - 3.9%
Altria Group, Inc.	425,500	16,948
British American Tobacco PLC sponsored ADR	237,501	8,386
Imperial Brands PLC	355,898	6,425
Philip Morris International, Inc.	303,600	22,998
		54,757

TOTAL CONSUMER STAPLES		147,592

ENERGY - 4.6%
Oil, Gas & Consumable Fuels - 4.6%
BP PLC sponsored ADR	577,900	11,304
ConocoPhillips Co.	292,300	11,563
Enterprise Products Partners LP	397,900	7,719
Exxon Mobil Corp.	505,900	19,290
HollyFrontier Corp.	159,200	3,724
Suncor Energy, Inc.	337,300	5,394
Valero Energy Corp.	62,300	3,350
Viper Energy Partners LP	146,700	1,643
		63,987
FINANCIALS - 16.3%
Banks - 5.8%
Bank OZK	238,800	6,677
Citigroup, Inc.	135,300	7,451
East West Bancorp, Inc.	127,600	5,451
Huntington Bancshares, Inc.	866,800	10,471
M&T Bank Corp.	106,200	12,371
Wells Fargo & Co.	1,423,650	38,937
		81,358
Capital Markets - 2.8%
Bank of New York Mellon Corp.	195,900	7,664
Goldman Sachs Group, Inc.	69,300	15,979
State Street Corp.	219,999	15,506
		39,149
Consumer Finance - 0.9%
Capital One Financial Corp.	72,500	6,209
Synchrony Financial	227,700	6,938
		13,147
Insurance - 6.8%
Assurant, Inc.	84,000	10,846
AXA SA	336,100	7,858
Chubb Ltd.	106,884	15,801
Fairfax Financial Holdings Ltd. (sub. vtg.)	17,400	5,967
First American Financial Corp.	192,400	9,320
Hartford Financial Services Group, Inc.	122,600	5,419
Old Republic International Corp.	483,100	8,657
The Travelers Companies, Inc.	234,200	30,364
		94,232

TOTAL FINANCIALS		227,886

HEALTH CARE - 18.9%
Biotechnology - 3.1%
AbbVie, Inc.	282,400	29,533
Amgen, Inc.	64,549	14,332
		43,865
Health Care Providers & Services - 5.8%
Anthem, Inc.	53,400	16,635
Cigna Corp.	87,700	18,342
CVS Health Corp.	231,636	15,703
Humana, Inc.	10,200	4,085
McKesson Corp.	75,500	13,583
UnitedHealth Group, Inc.	37,700	12,680
		81,028
Pharmaceuticals - 10.0%
Bristol-Myers Squibb Co.	704,700	43,975
GlaxoSmithKline PLC	339,700	6,165
Johnson & Johnson	156,418	22,631
Merck & Co., Inc.	267,500	21,504
Roche Holding AG (participation certificate)	57,730	18,961
Royalty Pharma PLC	96,600	4,115
Sanofi SA sponsored ADR	437,000	21,937
		139,288

TOTAL HEALTH CARE		264,181

INDUSTRIALS - 11.1%
Aerospace & Defense - 3.1%
General Dynamics Corp.	124,500	18,594
Harris Corp.	37,300	7,161
Northrop Grumman Corp.	25,100	7,587
Raytheon Technologies Corp.	128,307	9,202
		42,544
Commercial Services & Supplies - 0.1%
Waste Management, Inc.	11,300	1,346
Electrical Equipment - 1.4%
Hubbell, Inc. Class B	72,000	11,634
Regal Beloit Corp.	68,500	8,154
		19,788
Industrial Conglomerates - 2.0%
3M Co.	84,600	14,613
General Electric Co.	1,286,054	13,092
		27,705
Machinery - 2.8%
Allison Transmission Holdings, Inc.	386,100	15,849
ITT, Inc.	80,800	5,869
Otis Worldwide Corp.	213,453	14,289
Stanley Black & Decker, Inc.	16,700	3,078
		39,085
Professional Services - 1.1%
Intertrust NV (e)	564,300	9,683
Manpower, Inc.	65,400	5,667
		15,350
Trading Companies & Distributors - 0.6%
HD Supply Holdings, Inc. (b)	152,000	8,479

TOTAL INDUSTRIALS		154,297

INFORMATION TECHNOLOGY - 12.0%
Communications Equipment - 1.5%
Cisco Systems, Inc.	475,053	20,437
IT Services - 7.9%
Amdocs Ltd.	504,900	33,227
CACI International, Inc. Class A (b)	11,800	2,800
Capgemini SA	157,600	21,926
Cognizant Technology Solutions Corp. Class A	97,900	7,649
Fidelity National Information Services, Inc.	72,300	10,730
Fiserv, Inc. (b)	81,200	9,353
Genpact Ltd.	101,100	4,110
IBM Corp.	112,100	13,847
Maximus, Inc.	47,600	3,418
Science Applications International Corp.	33,600	3,109
		110,169
Semiconductors & Semiconductor Equipment - 0.3%
Broadcom, Inc.	9,700	3,895
Software - 1.8%
Nortonlifelock, Inc.	185,200	3,376
Open Text Corp.	129,800	5,730
Oracle Corp.	114,500	6,609
SS&C Technologies Holdings, Inc.	133,000	9,162
		24,877
Technology Hardware, Storage & Peripherals - 0.5%
Samsung Electronics Co. Ltd.	127,900	7,696

TOTAL INFORMATION TECHNOLOGY		167,074

MATERIALS - 2.7%
Chemicals - 1.6%
CF Industries Holdings, Inc.	193,100	7,203
DuPont de Nemours, Inc.	234,866	14,900
		22,103
Containers & Packaging - 0.7%
WestRock Co.	241,100	10,177
Metals & Mining - 0.4%
Newmont Corp.	84,400	4,964

TOTAL MATERIALS		37,244

REAL ESTATE - 2.0%
Equity Real Estate Investment Trusts (REITs) - 2.0%
Corporate Office Properties Trust (SBI)	286,500	7,629
Douglas Emmett, Inc.	153,000	4,738
Highwoods Properties, Inc. (SBI)	269,800	10,333
Ryman Hospitality Properties, Inc.	78,200	5,020
		27,720
UTILITIES - 8.2%
Electric Utilities - 6.2%
Duke Energy Corp.	284,500	26,362
Edison International	239,464	14,694
Entergy Corp.	59,600	6,487
Exelon Corp.	317,400	13,036
FirstEnergy Corp.	159,000	4,223
Pinnacle West Capital Corp.	106,600	8,725
Southern Co.	208,300	12,467
		85,994
Independent Power and Renewable Electricity Producers - 0.4%
Vistra Corp.	296,900	5,546
Multi-Utilities - 1.6%
CenterPoint Energy, Inc.	866,600	20,096
Dominion Energy, Inc.	31,900	2,504
		22,600

TOTAL UTILITIES		114,140

TOTAL COMMON STOCKS
(Cost $1,254,697)		1,364,547

Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Utica Shale Drilling Program (non-operating revenue interest) (d)(f)(g)
(Cost $5,865)	5,865,354	2,589

Money Market Funds - 2.2%
Fidelity Cash Central Fund 0.09% (h)	22,211,566	22,216
Fidelity Securities Lending Cash Central Fund 0.09% (h)(i)	7,981,076	7,982
TOTAL MONEY MARKET FUNDS
(Cost $30,198)		30,198
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $1,290,760)		1,397,334
NET OTHER ASSETS (LIABILITIES) - (0.3)%		(4,387)
NET ASSETS - 100%		$1,392,947

Legend

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

(b) Non-income producing

(c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,552,000 or 0.5% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,683,000 or 0.7% of net assets.

(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(g) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
New Academy Holding Co. LLC unit	8/1/11	$5,565
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$5,865

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	$89
Fidelity Securities Lending Cash Central Fund	121
Total	$210

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$111,954	$111,954	$--	$--
Consumer Discretionary	48,472	43,509	4,963	--
Consumer Staples	147,592	141,167	6,425	--
Energy	63,987	63,987	--	--
Financials	227,886	220,028	7,858	--
Health Care	264,181	239,055	25,126	--
Industrials	154,297	144,614	9,683	--
Information Technology	167,074	145,148	21,926	--
Materials	37,244	37,244	--	--
Real Estate	27,720	27,720	--	--
Utilities	114,140	114,140	--	--
Other	2,589	--	--	2,589
Money Market Funds	30,198	30,198	--	--
Total Investments in Securities:	$1,397,334	$1,318,764	$75,981	$2,589

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	84.2%
United Kingdom	4.4%
France	3.8%
Switzerland	2.5%
Bailiwick of Guernsey	2.4%
Canada	1.2%
Others (Individually Less Than 1%)	1.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2020
Assets
Investment in securities, at value (including securities loaned of $7,443) — See accompanying schedule: Unaffiliated issuers (cost $1,260,562)	$1,367,136
Fidelity Central Funds (cost $30,198)	30,198
Total Investment in Securities (cost $1,290,760)		$1,397,334
Cash		24
Restricted cash		6
Receivable for investments sold		3,077
Receivable for fund shares sold		150
Dividends receivable		4,719
Distributions receivable from Fidelity Central Funds		8
Prepaid expenses		2
Other receivables		70
Total assets		1,405,390
Liabilities
Payable for investments purchased	$2,136
Payable for fund shares redeemed	1,152
Accrued management fee	486
Distribution and service plan fees payable	389
Other affiliated payables	236
Other payables and accrued expenses	63
Collateral on securities loaned	7,981
Total liabilities		12,443
Net Assets		$1,392,947
Net Assets consist of:
Paid in capital		$1,278,684
Total accumulated earnings (loss)		114,263
Net Assets		$1,392,947
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($591,089 ÷ 21,203.3 shares)^(a)		$27.88
Maximum offering price per share (100/94.25 of $27.88)		$29.58
Class M:
Net Asset Value and redemption price per share ($533,726 ÷ 18,602.5 shares)^(a)		$28.69
Maximum offering price per share (100/96.50 of $28.69)		$29.73
Class C:
Net Asset Value and offering price per share ($63,470 ÷ 2,250.1 shares)^(a)		$28.21
Class I:
Net Asset Value, offering price and redemption price per share ($178,262 ÷ 6,040.4 shares)		$29.51
Class Z:
Net Asset Value, offering price and redemption price per share ($26,400 ÷ 895.6 shares)		$29.48

(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.

Statement of Operations

Amounts in thousands		Year ended November 30, 2020
Investment Income
Dividends		$46,573
Income from Fidelity Central Funds (including $121 from security lending)		210
Total income		46,783
Expenses
Management fee	$5,896
Transfer agent fees	2,526
Distribution and service plan fees	4,735
Accounting fees	433
Custodian fees and expenses	37
Independent trustees' fees and expenses	8
Registration fees	89
Audit	67
Legal	3
Miscellaneous	46
Total expenses before reductions	13,840
Expense reductions	(129)
Total expenses after reductions		13,711
Net investment income (loss)		33,072
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,589
Foreign currency transactions	(21)
Total net realized gain (loss)		3,568
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(59,791)
Assets and liabilities in foreign currencies	36
Total change in net unrealized appreciation (depreciation)		(59,755)
Net gain (loss)		(56,187)
Net increase (decrease) in net assets resulting from operations		$(23,115)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2020	Year ended November 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$33,072	$36,220
Net realized gain (loss)	3,568	99,044
Change in net unrealized appreciation (depreciation)	(59,755)	37,356
Net increase (decrease) in net assets resulting from operations	(23,115)	172,620
Distributions to shareholders	(120,284)	(212,703)
Share transactions - net increase (decrease)	(103,256)	(17,423)
Total increase (decrease) in net assets	(246,655)	(57,506)
Net Assets
Beginning of period	1,639,602	1,697,108
End of period	$1,392,947	$1,639,602

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

Financial Highlights

Fidelity Advisor Equity Income Fund Class A

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$30.22	$31.53	$34.96	$32.05	$31.10
Income from Investment Operations
Net investment income (loss)^A	.65	.67	.68	.62	.59
Net realized and unrealized gain (loss)	(.67)	2.08	(.37)^B	3.32	3.13
Total from investment operations	(.02)	2.75	.31	3.94	3.72
Distributions from net investment income	(.66)	(.65)	(.78)	(.58)^C	(.66)
Distributions from net realized gain	(1.67)	(3.41)	(2.95)	(.46)^C	(2.11)
Total distributions	(2.32)^D	(4.06)	(3.74)^D	(1.03)^D	(2.77)
Net asset value, end of period	$27.88	$30.22	$31.53	$34.96	$32.05
Total Return^E,^F	.02%	11.73%	.77%^B	12.55%	13.52%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.92%	.93%	.93%	.94%	.95%
Expenses net of fee waivers, if any	.92%	.92%	.93%	.94%	.95%
Expenses net of all reductions	.92%	.92%	.91%	.93%	.95%
Net investment income (loss)	2.51%	2.37%	2.11%	1.88%	2.01%
Supplemental Data
Net assets, end of period (in millions)	$591	$660	$609	$686	$703
Portfolio turnover rate^I	65%	48%	59%	48%	36%

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

^B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been .64%.

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

^D Total distributions per share do not sum due to rounding.

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

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

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

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

Fidelity Advisor Equity Income Fund Class M

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$31.02	$32.24	$35.65	$32.66	$31.64
Income from Investment Operations
Net investment income (loss)^A	.60	.62	.62	.56	.53
Net realized and unrealized gain (loss)	(.68)	2.15	(.38)^B	3.38	3.19
Total from investment operations	(.08)	2.77	.24	3.94	3.72
Distributions from net investment income	(.59)	(.58)	(.70)	(.50)^C	(.59)
Distributions from net realized gain	(1.67)	(3.41)	(2.95)	(.46)^C	(2.11)
Total distributions	(2.25)^D	(3.99)	(3.65)	(.95)^D	(2.70)
Net asset value, end of period	$28.69	$31.02	$32.24	$35.65	$32.66
Total Return^E,^F	(.22)%	11.46%	.56%^B	12.29%	13.24%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.16%	1.16%	1.16%	1.17%	1.18%
Expenses net of fee waivers, if any	1.16%	1.16%	1.16%	1.17%	1.18%
Expenses net of all reductions	1.15%	1.16%	1.15%	1.17%	1.18%
Net investment income (loss)	2.28%	2.14%	1.88%	1.64%	1.78%
Supplemental Data
Net assets, end of period (in millions)	$534	$642	$662	$775	$787
Portfolio turnover rate^I	65%	48%	59%	48%	36%

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

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

^D Total distributions per share do not sum due to rounding.

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

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

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

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

Fidelity Advisor Equity Income Fund Class C

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$30.52	$31.73	$35.15	$32.21	$31.24
Income from Investment Operations
Net investment income (loss)^A	.45	.45	.44	.37	.37
Net realized and unrealized gain (loss)	(.66)	2.12	(.39)^B	3.35	3.14
Total from investment operations	(.21)	2.57	.05	3.72	3.51
Distributions from net investment income	(.43)	(.37)	(.52)	(.32)^C	(.43)
Distributions from net realized gain	(1.67)	(3.41)	(2.95)	(.46)^C	(2.11)
Total distributions	(2.10)	(3.78)	(3.47)	(.78)	(2.54)
Net asset value, end of period	$28.21	$30.52	$31.73	$35.15	$32.21
Total Return^D,^E	(.77)%	10.86%	(.01)%^B	11.72%	12.63%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.72%	1.72%	1.70%	1.70%	1.72%
Expenses net of fee waivers, if any	1.72%	1.71%	1.69%	1.70%	1.72%
Expenses net of all reductions	1.72%	1.71%	1.68%	1.70%	1.71%
Net investment income (loss)	1.71%	1.58%	1.34%	1.11%	1.24%
Supplemental Data
Net assets, end of period (in millions)	$63	$84	$160	$195	$198
Portfolio turnover rate^H	65%	48%	59%	48%	36%

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

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

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

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

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

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

Fidelity Advisor Equity Income Fund Class I

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$31.85	$32.99	$36.40	$33.31	$32.21
Income from Investment Operations
Net investment income (loss)^A	.75	.78	.80	.74	.69
Net realized and unrealized gain (loss)	(.70)	2.21	(.39)^B	3.46	3.26
Total from investment operations	.05	2.99	.41	4.20	3.95
Distributions from net investment income	(.72)	(.72)	(.87)	(.65)^C	(.74)
Distributions from net realized gain	(1.67)	(3.41)	(2.95)	(.46)^C	(2.11)
Total distributions	(2.39)	(4.13)	(3.82)	(1.11)	(2.85)
Net asset value, end of period	$29.51	$31.85	$32.99	$36.40	$33.31
Total Return^D	.27%	12.00%	1.05%^B	12.86%	13.82%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.67%	.67%	.67%	.68%	.69%
Expenses net of fee waivers, if any	.67%	.67%	.67%	.68%	.69%
Expenses net of all reductions	.66%	.67%	.66%	.68%	.68%
Net investment income (loss)	2.77%	2.63%	2.37%	2.14%	2.27%
Supplemental Data
Net assets, end of period (in millions)	$178	$227	$243	$269	$439
Portfolio turnover rate^G	65%	48%	59%	48%	36%

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

^B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been .92%.

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

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

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

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

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

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

Fidelity Advisor Equity Income Fund Class Z

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$31.82	$32.96	$36.38	$33.30	$32.21
Income from Investment Operations
Net investment income (loss)^A	.79	.82	.85	.79	.74
Net realized and unrealized gain (loss)	(.70)	2.21	(.40)^B	3.46	3.24
Total from investment operations	.09	3.03	.45	4.25	3.98
Distributions from net investment income	(.76)	(.77)	(.91)	(.71)^C	(.79)
Distributions from net realized gain	(1.67)	(3.41)	(2.95)	(.46)^C	(2.11)
Total distributions	(2.43)	(4.17)^D	(3.87)^D	(1.17)	(2.89)^D
Net asset value, end of period	$29.48	$31.82	$32.96	$36.38	$33.30
Total Return^E	.43%	12.18%	1.16%^B	13.02%	13.96%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.53%	.53%	.53%	.54%	.54%
Expenses net of fee waivers, if any	.52%	.53%	.53%	.53%	.54%
Expenses net of all reductions	.52%	.52%	.52%	.53%	.53%
Net investment income (loss)	2.91%	2.77%	2.51%	2.28%	2.42%
Supplemental Data
Net assets, end of period (in millions)	$26	$27	$22	$23	$15
Portfolio turnover rate^H	65%	48%	59%	48%	36%

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

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

^D Total distributions per share do not sum due to rounding.

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

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

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

Notes to Financial Statements

For the period ended November 30, 2020
(Amounts in thousands except percentages)

1. Organization.

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

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Equity Income Fund

$42

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain conversion ratio adjustments, partnerships, deferred Trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$205,237
Gross unrealized depreciation	(96,870)
Net unrealized appreciation (depreciation)	$108,367
Tax Cost	$1,288,967

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

Undistributed ordinary income	$9,694
Net unrealized appreciation (depreciation) on securities and other investments	$104,611

The tax character of distributions paid was as follows:

	November 30, 2020	November 30, 2019
Ordinary Income	$32,522	$ 35,189
Long-term Capital Gains	87,762	177,514
Total	$120,284	$ 212,703

Restricted Securities (including Private Placements). 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.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Advisor Equity Income Fund	2,595	.19

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Equity Income Fund	868,399	1,045,337

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,414	$30
Class M	.25%	.25%	2,649	33
Class C	.75%	.25%	672	47
			$4,735	$110

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

	Retained by FDC
Class A	$56
Class M	13
Class C^(a)	5
	$74

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,086	.19
Class M	932	.18
Class C	161	.24
Class I	336	.19
Class Z	11	.04
	$2,526

	% of Average Net Assets
Fidelity Advisor Equity Income Fund	.03

	Amount
Fidelity Advisor Equity Income Fund	$27

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5.

6. Committed Line of Credit.

	Amount
Fidelity Advisor Equity Income Fund	$3

During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Income Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Equity Income Fund	$8	$–	$–

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.

In addition, during the period the investment adviser or an affiliate reimbursed the Fund $13 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2020	Year ended November 30, 2019
Distributions to shareholders
Class A	$50,413	$79,342
Class M	45,467	81,721
Class C	5,660	18,262
Class I	16,633	30,468
Class Z	2,111	2,910
Total	$120,284	$212,703

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2020	Year ended November 30, 2019	Year ended November 30, 2020	Year ended November 30, 2019
Class A
Shares sold	1,785	3,496	$45,360	$96,604
Reinvestment of distributions	1,709	3,004	47,884	74,808
Shares redeemed	(4,122)	(3,985)	(105,342)	(110,872)
Net increase (decrease)	(628)	2,515	$(12,098)	$60,540
Class M
Shares sold	1,555	1,514	$40,510	$43,215
Reinvestment of distributions	1,540	3,147	44,626	80,190
Shares redeemed	(5,199)	(4,498)	(136,971)	(128,411)
Net increase (decrease)	(2,104)	163	$(51,835)	$(5,006)
Class C
Shares sold	263	409	$6,887	$11,241
Reinvestment of distributions	184	709	5,305	17,599
Shares redeemed	(934)	(3,423)	(23,819)	(95,487)
Net increase (decrease)	(487)	(2,305)	$(11,627)	$(66,647)
Class I
Shares sold	841	1,418	$22,912	$40,915
Reinvestment of distributions	488	1,008	14,415	26,374
Shares redeemed	(2,417)	(2,676)	(66,691)	(78,064)
Net increase (decrease)	(1,088)	(250)	$(29,364)	$(10,775)
Class Z
Shares sold	320	451	$8,792	$12,949
Reinvestment of distributions	66	100	1,925	2,630
Shares redeemed	(342)	(376)	(9,049)	(11,114)
Net increase (decrease)	44	175	$1,668	$4,465

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Equity Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2021

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

Trustees and Officers

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2020	Ending Account Value November 30, 2020	Expenses Paid During Period-^B June 1, 2020 to November 30, 2020
Fidelity Advisor Equity Income Fund
Class A	.92%
Actual		$1,000.00	$1,157.70	$4.96
Hypothetical-^C		$1,000.00	$1,020.40	$4.65
Class M	1.15%
Actual		$1,000.00	$1,156.20	$6.20
Hypothetical-^C		$1,000.00	$1,019.25	$5.81
Class C	1.72%
Actual		$1,000.00	$1,153.10	$9.26
Hypothetical-^C		$1,000.00	$1,016.40	$8.67
Class I	.67%
Actual		$1,000.00	$1,158.90	$3.62
Hypothetical-^C		$1,000.00	$1,021.65	$3.39
Class Z	.52%
Actual		$1,000.00	$1,159.90	$2.81
Hypothetical-^C		$1,000.00	$1,022.40	$2.63

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Equity Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Equity Income Fund
Class A	12/30/20	12/29/20	$0.249	$0.002
Class M	12/30/20	12/29/20	$0.231	$0.002
Class C	12/30/20	12/29/20	$0.187	$0.002
Class I	12/30/20	12/29/20	$0.267	$0.002
Class Z	12/30/20	12/29/20	$0.278	$0.002

A total of 0.07% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A designates 88%, 100%, 100%, and 100%; Class M designates 96%, 100%, 100%, and 100%; Class C designates 100%, 100%, 100%, and 100%; Class I designates 82%, 100%, 100%, and 100%; and Class Z designates 78%, 100%, 100%, and 100%; of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	23,145,273,181.030	97.178
Withheld	672,052,762.535	2.822
TOTAL	23,817,325,943.566	100.000
Donald F. Donahue
Affirmative	22,942,467,884.564	96.327
Withheld	874,858,059.002	3.673
TOTAL	23,817,325,943.566	100.000
Bettina Doulton
Affirmative	23,156,537,524.453	97.226
Withheld	660,788,419.112	2.774
TOTAL	23,817,325,943.566	100.000
Vicki L. Fuller
Affirmative	23,220,055,835.126	97.492
Withheld	597,270,108.440	2.508
TOTAL	23,817,325,943.566	100.00
Patricia L. Kampling
Affirmative	23,092,064,637.578	96.955
Withheld	725,261,305.988	3.045
TOTAL	23,817,325,943.566	100.000
Alan J. Lacy
Affirmative	22,821,234,479.156	95.818
Withheld	996,091,464.410	4.182
TOTAL	23,817,325,943.566	100.000
Ned C. Lautenbach
Affirmative	22,495,260,210.796	94.449
Withheld	1,322,065,732.770	5.551
TOTAL	23,817,325,943.566	100.000
Robert A. Lawrence
Affirmative	23,084,247,692.778	96.922
Withheld	733,078,250.787	3.078
TOTAL	23,817,325,943.566	100.000
Joseph Mauriello
Affirmative	22,868,255,852.105	96.015
Withheld	949,070,091.461	3.985
TOTAL	23,817,325,943.566	100.000
Cornelia M. Small
Affirmative	23,048,299,612.538	96.771
Withheld	769,026,331.028	3.229
TOTAL	23,817,325,943.566	100.000
Garnett A. Smith
Affirmative	23,059,252,757.826	96.817
Withheld	758,073,185.740	3.183
TOTAL	23,817,325,943.566	100.000
David M. Thomas
Affirmative	23,069,618,526.323	96.861
Withheld	747,707,417.242	3.139
TOTAL	23,817,325,943.566	100.000
Susan Tomasky
Affirmative	23,129,152,380.992	97.111
Withheld	688,173,562.573	2.889
TOTAL	23,817,325,943.566	100.000
Michael E. Wiley
Affirmative	22,863,276,570.233	95.994
Withheld	954,049,373.333	4.006
TOTAL	23,817,325,943.566	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	393,802,224.722	46.760
Against	54,522,897.658	6.474
Abstain	48,090,558.527	5.710
Broker Non-Vote	345,756,202.550	41.055
TOTAL	842,171,883.457	100.000
Proposal 1 reflects trust wide proposal and voting results.
Proposal 2 was not approved by shareholders.

FIDELITY INVESTMENTS

EPI-ANN-0121
1.539449.124

Fidelity Advisor® Equity Growth Fund

Annual Report

November 30, 2020

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2020	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	34.70%	18.49%	16.39%
Class M (incl. 3.50% sales charge)	37.55%	18.78%	16.42%
Class C (incl. contingent deferred sales charge)	40.73%	18.98%	16.20%
Class I	43.32%	20.23%	17.42%
Class Z	43.43%	20.38%	17.54%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.

	Period Ending Values
	$45,607	Fidelity Advisor® Equity Growth Fund - Class A
	$48,133	Russell 3000® Growth Index

Management's Discussion of Fund Performance

Comments from Co-Managers Asher Anolic and Jason Weiner: For the fiscal year ending November 30, 2020, the fund's share classes gained about 42% to 43% (excluding sales charges, if applicable), outperforming the 35.73% result of the benchmark Russell 3000^® Growth index. Versus the benchmark, security selection was the primary contributor, especially within the information technology sector. Stock picking and an underweighting in the industrials sector, primarily driven by the capital goods industry, also boosted performance. Also helping were stock picks in the health care sector, especially within the health care equipment & services industry. The fund's largest individual relative contributor was an outsized stake in Nvidia, which gained roughly 146% the past 12 months. The company was among our biggest holdings. Another key contributor was our out-of-benchmark position in Shopify (+212%). We decreased our position the past year. Another notable relative contributor was an underweighting in index component Boeing (-53%), a stake we established the past 12 months. In contrast, the primary detractor from performance versus the benchmark was stock selection and underweighting in the consumer discretionary sector, primarily within the automobiles & components industry. An overweighting in energy also hampered the fund's relative performance. Also hurting the fund's relative result was security selection in the financials sector, especially within the diversified financials industry. The biggest individual relative detractor was an underweight position in Tesla (+372%). The company was not held at period end. Also hindering performance was an underweighting in Apple, which gained approximately 79%. The company was among our largest holdings. Avoiding PayPal, a benchmark component that gained 98%, also hurt performance. Notable changes in positioning include a higher allocation to the health care and industrials sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2020

	% of fund's net assets
Microsoft Corp.	8.7
Alphabet, Inc. Class A	6.1
Amazon.com, Inc.	5.5
Facebook, Inc. Class A	5.0
Apple, Inc.	4.7
Qualcomm, Inc.	3.8
NVIDIA Corp.	3.5
UnitedHealth Group, Inc.	3.1
Adobe, Inc.	2.9
Tencent Holdings Ltd.	2.1
	45.4

Top Five Market Sectors as of November 30, 2020

	% of fund's net assets
Information Technology	35.3
Health Care	17.6
Communication Services	15.4
Consumer Discretionary	12.5
Industrials	8.3

Asset Allocation (% of fund's net assets)

As of November 30, 2020^*
	Stocks	99.7%
	Convertible Securities	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.1%

* Foreign investments – 16.9%

Schedule of Investments November 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value (000s)
COMMUNICATION SERVICES - 15.4%
Diversified Telecommunication Services - 0.4%
Cellnex Telecom SA (a)	309,500	$19,606
Entertainment - 1.2%
Activision Blizzard, Inc.	323,266	25,693
CD Projekt RED SA (b)	209,200	21,724
DouYu International Holdings Ltd. ADR (b)	325,000	4,310
		51,727
Interactive Media & Services - 13.8%
Alphabet, Inc. Class A (b)	148,748	260,963
Facebook, Inc. Class A (b)	777,231	215,270
Match Group, Inc. (b)	63,744	8,874
Tencent Holdings Ltd.	1,242,583	90,581
Wise Talent Information Technology Co. Ltd. (b)	1,834,800	4,621
Zoominfo Technologies, Inc.	246,400	12,628
		592,937

TOTAL COMMUNICATION SERVICES		664,270

CONSUMER DISCRETIONARY - 12.5%
Automobiles - 0.7%
Ferrari NV	132,375	27,946
XPeng, Inc. ADR (b)(c)	42,700	2,509
		30,455
Diversified Consumer Services - 0.6%
Laureate Education, Inc. Class A (b)	1,823,744	25,897
Hotels, Restaurants & Leisure - 0.5%
Compass Group PLC	137,100	2,412
Dalata Hotel Group PLC	446,100	2,014
Hilton Worldwide Holdings, Inc.	192,100	19,907
		24,333
Household Durables - 1.6%
Blu Investments LLC (d)(e)	12,123,162	4
D.R. Horton, Inc.	446,997	33,301
NVR, Inc. (b)	4,661	18,631
Purple Innovation, Inc. (b)	78,400	2,338
Toll Brothers, Inc.	300,200	14,214
		68,488
Internet & Direct Marketing Retail - 7.1%
Alibaba Group Holding Ltd. sponsored ADR (b)	231,166	60,880
Amazon.com, Inc. (b)	75,393	238,848
Delivery Hero AG (a)(b)	43,000	5,228
Pinduoduo, Inc. ADR (b)	14,756	2,048
		307,004
Specialty Retail - 0.6%
Aritzia LP (b)	89,600	1,610
Ulta Beauty, Inc. (b)	84,200	23,189
		24,799
Textiles, Apparel & Luxury Goods - 1.4%
LVMH Moet Hennessy Louis Vuitton SE	71,479	41,057
Prada SpA (b)	3,040,300	15,065
Samsonite International SA (a)(b)	2,253,000	3,643
		59,765

TOTAL CONSUMER DISCRETIONARY		540,741

CONSUMER STAPLES - 3.8%
Beverages - 1.7%
Fever-Tree Drinks PLC	575	18
Kweichow Moutai Co. Ltd. (A Shares)	132,729	34,578
Monster Beverage Corp. (b)	441,000	37,388
		71,984
Household Products - 1.1%
Energizer Holdings, Inc. (c)	559,014	23,417
Reckitt Benckiser Group PLC	289,971	25,311
		48,728
Personal Products - 0.5%
Herbalife Nutrition Ltd. (b)	461,900	22,130
Tobacco - 0.5%
Swedish Match Co. AB	255,600	20,679

TOTAL CONSUMER STAPLES		163,521

ENERGY - 1.4%
Oil, Gas & Consumable Fuels - 1.4%
Enterprise Products Partners LP	111,500	2,163
EOG Resources, Inc.	43,700	2,049
Reliance Industries Ltd.	1,883,261	48,736
Reliance Industries Ltd.	130,164	1,835
Valero Energy Corp.	95,500	5,135
		59,918
FINANCIALS - 3.1%
Banks - 1.1%
Comerica, Inc.	276,800	13,619
Fortress Value Acquisition Corp. (b)(c)	25,900	557
HDFC Bank Ltd.(b)	135,292	2,615
HDFC Bank Ltd. sponsored ADR (b)	244,681	16,883
M&T Bank Corp.	11,000	1,281
Metro Bank PLC (b)(c)	48,280	77
Wintrust Financial Corp.	186,800	10,179
		45,211
Capital Markets - 0.9%
CME Group, Inc.	203,049	35,540
JMP Group, Inc.	135,516	407
MSCI, Inc.	6,411	2,625
		38,572
Consumer Finance - 0.6%
Capital One Financial Corp.	309,300	26,488
Insurance - 0.5%
American Financial Group, Inc.	70,800	6,330
Arthur J. Gallagher & Co.	68,700	7,929
RenaissanceRe Holdings Ltd.	46,700	7,689
		21,948

TOTAL FINANCIALS		132,219

HEALTH CARE - 17.5%
Biotechnology - 4.5%
ACADIA Pharmaceuticals, Inc. (b)	167,000	9,462
Affimed NV (b)	337,485	1,802
Alnylam Pharmaceuticals, Inc. (b)	28,200	3,663
Applied Therapeutics, Inc. (b)	227,100	5,260
Atara Biotherapeutics, Inc. (b)	232,900	5,401
Biogen, Inc. (b)	11,400	2,738
BioNTech SE ADR (b)(c)	150,707	18,724
CRISPR Therapeutics AG (b)(c)	54,700	6,943
Gamida Cell Ltd. (b)(c)	755,868	5,442
Global Blood Therapeutics, Inc. (b)	22,200	1,019
Hookipa Pharma, Inc. (b)	42,400	492
Innovent Biologics, Inc. (a)(b)	615,500	4,043
Insmed, Inc. (b)	614,389	23,967
Neurocrine Biosciences, Inc. (b)	280,700	26,650
Prelude Therapeutics, Inc.	17,000	875
Regeneron Pharmaceuticals, Inc. (b)	91,500	47,217
Rubius Therapeutics, Inc. (b)	30,796	193
Sarepta Therapeutics, Inc. (b)	12,600	1,775
Seres Therapeutics, Inc. (b)	77,300	2,134
Vertex Pharmaceuticals, Inc. (b)	109,359	24,907
Viela Bio, Inc. (b)	31,000	1,189
		193,896
Health Care Equipment & Supplies - 3.9%
Axonics Modulation Technologies, Inc. (b)	134,800	5,916
Danaher Corp.	188,297	42,297
Haemonetics Corp. (b)	213,107	24,049
Hologic, Inc. (b)	541,400	37,427
Intuitive Surgical, Inc. (b)	54,791	39,781
Nevro Corp. (b)	49,700	8,014
Outset Medical, Inc.	30,933	1,980
Penumbra, Inc. (b)	34,886	7,741
		167,205
Health Care Providers & Services - 3.8%
Centene Corp. (b)	245,500	15,135
Guardant Health, Inc. (b)	19,915	2,412
HealthEquity, Inc. (b)(c)	178,100	12,768
UnitedHealth Group, Inc.	391,392	131,641
		161,956
Health Care Technology - 1.4%
Inspire Medical Systems, Inc. (b)	127,011	23,591
MultiPlan Corp. (d)	738,622	5,126
MultiPlan Corp.:
Class A (b)(c)	120,800	838
warrants (b)(d)	36,565	66
Schrodinger, Inc.	58,100	4,043
Simulations Plus, Inc.	48,200	2,698
Veeva Systems, Inc. Class A (b)	85,103	23,562
		59,924
Life Sciences Tools & Services - 1.8%
10X Genomics, Inc. (b)	62,996	9,645
Berkeley Lights, Inc. (b)(c)	156,100	12,934
Bio-Rad Laboratories, Inc. Class A (b)	9,000	4,847
Bio-Techne Corp.	8,000	2,426
Bruker Corp.	319,037	16,146
Charles River Laboratories International, Inc. (b)	48,600	11,398
Codexis, Inc. (b)(c)	341,204	6,319
Fluidigm Corp. (b)(c)	575,300	3,601
Nanostring Technologies, Inc. (b)	168,500	8,364
Sotera Health Co.	76,100	2,059
		77,739
Pharmaceuticals - 2.1%
AstraZeneca PLC sponsored ADR	537,830	28,473
Eli Lilly & Co.	385,000	56,075
Reata Pharmaceuticals, Inc. (b)	21,500	3,284
Revance Therapeutics, Inc. (b)	203,300	4,908
		92,740

TOTAL HEALTH CARE		753,460

INDUSTRIALS - 8.3%
Aerospace & Defense - 0.8%
The Boeing Co.	40,000	8,428
TransDigm Group, Inc.	42,282	24,489
		32,917
Airlines - 0.7%
Ryanair Holdings PLC sponsored ADR (b)	286,700	29,751
Building Products - 0.4%
Builders FirstSource, Inc. (b)	124,600	4,661
Fortune Brands Home & Security, Inc.	150,500	12,567
		17,228
Electrical Equipment - 0.7%
Bloom Energy Corp. Class A (b)(c)	99,000	2,427
Generac Holdings, Inc. (b)	137,300	29,602
		32,029
Industrial Conglomerates - 1.5%
General Electric Co.	6,270,300	63,832
Machinery - 1.0%
Ingersoll Rand, Inc. (b)	700,772	31,023
Woodward, Inc.	96,800	10,825
		41,848
Professional Services - 1.5%
Dun & Bradstreet Holdings, Inc. (b)(c)	128,500	3,445
Equifax, Inc.	229,036	38,226
Upwork, Inc. (b)	649,095	21,238
		62,909
Road & Rail - 1.6%
Rumo SA (b)	2,004,500	7,094
Uber Technologies, Inc. (b)	1,292,672	64,194
		71,288
Trading Companies & Distributors - 0.1%
BMC Stock Holdings, Inc. (b)	96,000	4,698
Fastenal Co.	41,600	2,057
		6,755

TOTAL INDUSTRIALS		358,557

INFORMATION TECHNOLOGY - 35.3%
Electronic Equipment & Components - 0.4%
II-VI, Inc. (b)	213,900	14,470
Novanta, Inc. (b)	7,300	876
		15,346
IT Services - 4.0%
Adyen BV (a)(b)	5,900	11,270
Black Knight, Inc. (b)	219,196	20,083
CACI International, Inc. Class A (b)	19,100	4,532
Edenred SA	1,503	86
MasterCard, Inc. Class A	45,927	15,455
MongoDB, Inc. Class A (b)	114,000	32,753
Okta, Inc. (b)	51,389	12,592
Shopify, Inc. Class A (b)	23,778	25,592
Square, Inc. (b)	186,800	39,407
Visa, Inc. Class A	42,589	8,959
		170,729
Semiconductors & Semiconductor Equipment - 10.8%
Allegro MicroSystems LLC (b)	25,000	599
Array Technologies, Inc.	135,300	6,167
ASML Holding NV	80,667	35,310
Enphase Energy, Inc. (b)	122,800	16,771
MediaTek, Inc.	84,000	2,070
NVIDIA Corp.	278,399	149,239
NXP Semiconductors NV	301,336	47,738
Qualcomm, Inc.	1,117,360	164,442
SiTime Corp.	52,900	4,601
SolarEdge Technologies, Inc. (b)	40,500	11,258
Universal Display Corp.	125,800	28,813
		467,008
Software - 14.5%
Adobe, Inc. (b)	262,796	125,740
Agora, Inc. ADR (b)(c)	5,200	200
Cloudflare, Inc. (b)	73,054	5,485
Datadog, Inc. Class A (b)	7,577	750
Duck Creek Technologies, Inc. (b)	4,200	167
Elastic NV (b)	3,012	373
FireEye, Inc. (b)	938,400	14,104
JFrog Ltd. (c)	5,200	366
Manhattan Associates, Inc. (b)	152,227	15,564
Microsoft Corp.	1,738,032	372,063
NICE Systems Ltd. sponsored ADR (b)	50,600	12,332
Salesforce.com, Inc. (b)	317,990	78,162
Volue A/S	104,600	419
		625,725
Technology Hardware, Storage & Peripherals - 5.6%
Apple, Inc.	1,718,900	204,635
Samsung Electronics Co. Ltd.	627,710	37,770
		242,405

TOTAL INFORMATION TECHNOLOGY		1,521,213

MATERIALS - 1.7%
Chemicals - 1.4%
Albemarle Corp. U.S. (c)	83,800	11,394
DuPont de Nemours, Inc.	47,800	3,032
LG Chemical Ltd.	27,640	19,947
Sherwin-Williams Co.	36,831	27,536
		61,909
Construction Materials - 0.3%
Eagle Materials, Inc.	116,200	10,573

TOTAL MATERIALS		72,482

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Simon Property Group, Inc.	232,800	19,222
Real Estate Management & Development - 0.2%
CBRE Group, Inc. (b)	78,000	4,769
KE Holdings, Inc. ADR (b)	83,700	5,468
		10,237

TOTAL REAL ESTATE		29,459

TOTAL COMMON STOCKS
(Cost $2,374,192)		4,295,840

Convertible Preferred Stocks - 0.2%
HEALTH CARE - 0.1%
Biotechnology - 0.0%
Nuvation Bio, Inc. Series A (b)(d)	951,500	1,599
Health Care Technology - 0.1%
Vor Biopharma, Inc. (d)(e)	3,438,619	1,788

TOTAL HEALTH CARE		3,387

INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
AppNexus, Inc. Series E (Escrow) (b)(d)(e)	105,425	3
MATERIALS - 0.1%
Metals & Mining - 0.1%
Illuminated Holdings, Inc.:
Series C2 (d)(e)	76,285	2,098
Series C3 (d)(e)	95,356	2,622
		4,720
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $7,290)		8,110

Money Market Funds - 1.2%
Fidelity Cash Central Fund 0.09% (f)	8,751,599	8,753
Fidelity Securities Lending Cash Central Fund 0.09% (f)(g)	42,346,209	42,350
TOTAL MONEY MARKET FUNDS
(Cost $51,103)		51,103
TOTAL INVESTMENT IN SECURITIES - 101.1%
(Cost $2,432,585)		4,355,053
NET OTHER ASSETS (LIABILITIES) - (1.1)%		(48,878)
NET ASSETS - 100%		$4,306,175

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,790,000 or 1.0% of net assets.

(b) Non-income producing

(e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AppNexus, Inc. Series E (Escrow)	8/1/14	$0
Blu Investments LLC	5/21/20	$21
Illuminated Holdings, Inc. Series C2	7/7/20	$1,907
Illuminated Holdings, Inc. Series C3	7/7/20	$2,861
MultiPlan Corp.	10/8/20	$7,313
MultiPlan Corp. warrants	10/8/20	$0
Nuvation Bio, Inc. Series A	6/17/19	$734
Vor Biopharma, Inc.	6/30/20	$1,788

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	$80
Fidelity Securities Lending Cash Central Fund	602
Total	$682

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$664,270	$527,738	$136,532	$--
Consumer Discretionary	540,741	471,318	69,419	4
Consumer Staples	163,521	117,513	46,008	--
Energy	59,918	9,347	50,571	--
Financials	132,219	129,527	2,692	--
Health Care	756,847	749,351	5,708	1,788
Industrials	358,557	358,557	--	--
Information Technology	1,521,216	1,509,438	11,775	3
Materials	77,202	72,482	--	4,720
Real Estate	29,459	29,459	--	--
Money Market Funds	51,103	51,103	--	--
Total Investments in Securities:	$4,355,053	$4,025,833	$322,705	$6,515

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	83.1%
Cayman Islands	4.5%
Netherlands	2.9%
India	1.6%
Korea (South)	1.3%
France	1.0%
Others (Individually Less Than 1%)	5.6%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2020
Assets
Investment in securities, at value (including securities loaned of $43,776) — See accompanying schedule: Unaffiliated issuers (cost $2,381,482)	$4,303,950
Fidelity Central Funds (cost $51,103)	51,103
Total Investment in Securities (cost $2,432,585)		$4,355,053
Receivable for fund shares sold		2,234
Dividends receivable		1,860
Distributions receivable from Fidelity Central Funds		14
Prepaid expenses		5
Other receivables		89
Total assets		4,359,255
Liabilities
Payable for investments purchased	$2,326
Payable for fund shares redeemed	2,178
Accrued management fee	1,863
Distribution and service plan fees payable	1,124
Other affiliated payables	636
Other payables and accrued expenses	2,608
Collateral on securities loaned	42,345
Total liabilities		53,080
Net Assets		$4,306,175
Net Assets consist of:
Paid in capital		$1,913,926
Total accumulated earnings (loss)		2,392,249
Net Assets		$4,306,175
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,476,920 ÷ 86,576.4 shares)^(a)		$17.06
Maximum offering price per share (100/94.25 of $17.06)		$18.10
Class M:
Net Asset Value and redemption price per share ($1,746,957 ÷ 105,253.4 shares)^(a)		$16.60
Maximum offering price per share (100/96.50 of $16.60)		$17.20
Class C:
Net Asset Value and offering price per share ($131,436 ÷ 9,494.6 shares)^(a)		$13.84
Class I:
Net Asset Value, offering price and redemption price per share ($770,445 ÷ 40,347.8 shares)		$19.10
Class Z:
Net Asset Value, offering price and redemption price per share ($180,417 ÷ 9,349.5 shares)		$19.30

(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.

Statement of Operations

Amounts in thousands		Year ended November 30, 2020
Investment Income
Dividends		$22,696
Income from Fidelity Central Funds (including $602 from security lending)		682
Total income		23,378
Expenses
Management fee	$18,965
Transfer agent fees	5,834
Distribution and service plan fees	11,639
Accounting fees	988
Custodian fees and expenses	99
Independent trustees' fees and expenses	19
Registration fees	120
Audit	70
Legal	10
Interest	9
Miscellaneous	93
Total expenses before reductions	37,846
Expense reductions	(196)
Total expenses after reductions		37,650
Net investment income (loss)		(14,272)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	525,887
Fidelity Central Funds	4
Foreign currency transactions	(121)
Total net realized gain (loss)		525,770
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,889)	788,999
Assets and liabilities in foreign currencies	5
Total change in net unrealized appreciation (depreciation)		789,004
Net gain (loss)		1,314,774
Net increase (decrease) in net assets resulting from operations		$1,300,502

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2020	Year ended November 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(14,272)	$(7,326)
Net realized gain (loss)	525,770	363,791
Change in net unrealized appreciation (depreciation)	789,004	175,101
Net increase (decrease) in net assets resulting from operations	1,300,502	531,566
Distributions to shareholders	(289,806)	(189,976)
Share transactions - net increase (decrease)	68,144	(272,517)
Total increase (decrease) in net assets	1,078,840	69,073
Net Assets
Beginning of period	3,227,335	3,158,262
End of period	$4,306,175	$3,227,335

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

Financial Highlights

Fidelity Advisor Equity Growth Fund Class A

Years ended November 30,	2020	2019	2018 ^A	2017 ^A	2016 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.07	$11.84	$12.26	$9.61	$9.88
Income from Investment Operations
Net investment income (loss)^B	(.05)	(.02)	(.01)	(.01)	(.02)
Net realized and unrealized gain (loss)	5.22	1.97	.93	3.24	(.01)
Total from investment operations	5.17	1.95	.92	3.23	(.03)
Distributions from net realized gain	(1.18)	(.72)	(1.34)	(.58)	(.24)
Total distributions	(1.18)	(.72)	(1.34)	(.58)	(.24)
Net asset value, end of period	$17.06	$13.07	$11.84	$12.26	$9.61
Total Return^C,^D	42.92%	18.34%	8.38%	35.72%	(.39)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.99%	1.01%	1.02%	1.03%	1.05%
Expenses net of fee waivers, if any	.99%	1.01%	1.01%	1.03%	1.05%
Expenses net of all reductions	.99%	1.01%	1.01%	1.03%	1.05%
Net investment income (loss)	(.33)%	(.16)%	(.09)%	(.12)%	(.25)%
Supplemental Data
Net assets, end of period (in millions)	$1,477	$1,049	$865	$843	$803
Portfolio turnover rate^G	52%	49%^H	37%	48%	60%

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

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

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

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

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

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Advisor Equity Growth Fund Class M

Years ended November 30,	2020	2019	2018 ^A	2017 ^A	2016 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.78	$11.61	$12.05	$9.47	$9.77
Income from Investment Operations
Net investment income (loss)^B	(.08)	(.05)	(.04)	(.04)	(.04)
Net realized and unrealized gain (loss)	5.08	1.94	.91	3.20	(.02)
Total from investment operations	5.00	1.89	.87	3.16	(.06)
Distributions from net realized gain	(1.18)	(.72)	(1.31)	(.58)	(.24)
Total distributions	(1.18)	(.72)	(1.31)	(.58)	(.24)
Net asset value, end of period	$16.60	$12.78	$11.61	$12.05	$9.47
Total Return^C,^D	42.54%	18.18%	8.07%	35.41%	(.62)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.23%	1.25%	1.25%	1.26%	1.28%
Expenses net of fee waivers, if any	1.23%	1.25%	1.25%	1.26%	1.27%
Expenses net of all reductions	1.23%	1.24%	1.24%	1.26%	1.27%
Net investment income (loss)	(.57)%	(.40)%	(.32)%	(.36)%	(.48)%
Supplemental Data
Net assets, end of period (in millions)	$1,747	$1,417	$1,332	$1,353	$1,129
Portfolio turnover rate^G	52%	49%^H	37%	48%	60%

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

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

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

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

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

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Advisor Equity Growth Fund Class C

Years ended November 30,	2020	2019	2018 ^A	2017 ^A	2016 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.90	$10.07	$10.63	$8.47	$8.80
Income from Investment Operations
Net investment income (loss)^B	(.13)	(.09)	(.09)	(.08)	(.08)
Net realized and unrealized gain (loss)	4.25	1.64	.80	2.82	(.01)
Total from investment operations	4.12	1.55	.71	2.74	(.09)
Distributions from net realized gain	(1.18)	(.72)	(1.27)	(.58)	(.24)
Total distributions	(1.18)	(.72)	(1.27)	(.58)	(.24)
Net asset value, end of period	$13.84	$10.90	$10.07	$10.63	$8.47
Total Return^C,^D	41.73%	17.53%	7.50%	34.70%	(1.15)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.78%	1.80%	1.78%	1.79%	1.81%
Expenses net of fee waivers, if any	1.77%	1.80%	1.78%	1.79%	1.81%
Expenses net of all reductions	1.77%	1.79%	1.77%	1.79%	1.81%
Net investment income (loss)	(1.12)%	(.95)%	(.85)%	(.89)%	(1.01)%
Supplemental Data
Net assets, end of period (in millions)	$131	$101	$196	$200	$161
Portfolio turnover rate^G	52%	49%^H	37%	48%	60%

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

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

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

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

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

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Advisor Equity Growth Fund Class I

Years ended November 30,	2020	2019	2018 ^A	2017 ^A	2016 ^A
Selected Per–Share Data
Net asset value, beginning of period	$14.46	$12.98	$13.32	$10.36	$10.61
Income from Investment Operations
Net investment income (loss)^B	(.01)	.01	.02	.02	–^C
Net realized and unrealized gain (loss)	5.83	2.19	1.01	3.52	(.01)
Total from investment operations	5.82	2.20	1.03	3.54	(.01)
Distributions from net realized gain	(1.18)	(.72)	(1.37)	(.58)	(.24)
Total distributions	(1.18)	(.72)	(1.37)	(.58)	(.24)
Net asset value, end of period	$19.10	$14.46	$12.98	$13.32	$10.36
Total Return^D	43.32%	18.68%	8.65%	36.08%	(.12)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.74%	.75%	.75%	.77%	.78%
Expenses net of fee waivers, if any	.73%	.75%	.75%	.76%	.78%
Expenses net of all reductions	.73%	.75%	.75%	.76%	.77%
Net investment income (loss)	(.07)%	.10%	.17%	.14%	.02%
Supplemental Data
Net assets, end of period (in millions)	$770	$548	$679	$677	$434
Portfolio turnover rate^G	52%	49%^H	37%	48%	60%

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

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

^C Amount represents less than $.005 per share.

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

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

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Advisor Equity Growth Fund Class Z

Years ended November 30,	2020	2019	2018 ^A	2017 ^A	2016 ^A
Selected Per–Share Data
Net asset value, beginning of period	$14.59	$13.07	$13.40	$10.41	$10.64
Income from Investment Operations
Net investment income (loss)^B	.01	.03	.04	.03	.02
Net realized and unrealized gain (loss)	5.88	2.21	1.02	3.54	(.01)
Total from investment operations	5.89	2.24	1.06	3.57	.01
Distributions from net realized gain	(1.18)	(.72)	(1.39)	(.58)	(.24)
Total distributions	(1.18)	(.72)	(1.39)	(.58)	(.24)
Net asset value, end of period	$19.30	$14.59	$13.07	$13.40	$10.41
Total Return^C	43.43%	18.87%	8.80%	36.27%	.02%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.61%	.62%	.62%	.63%	.64%
Expenses net of fee waivers, if any	.61%	.62%	.62%	.63%	.63%
Expenses net of all reductions	.61%	.62%	.62%	.63%	.63%
Net investment income (loss)	.05%	.23%	.30%	.28%	.16%
Supplemental Data
Net assets, end of period (in millions)	$180	$112	$87	$59	$33
Portfolio turnover rate^F	52%	49%^G	37%	48%	60%

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

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

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

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

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

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

^G Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended November 30, 2020
(Amounts in thousands except percentages)

1. Organization.

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

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Fidelity Advisor Equity Growth Fund

$43

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,953,790
Gross unrealized depreciation	(34,880)
Net unrealized appreciation (depreciation)	$1,918,910
Tax Cost	$2,436,143

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

Undistributed ordinary income	$19,204
Undistributed long-term capital gain	$456,686
Net unrealized appreciation (depreciation) on securities and other investments	$1,918,911

The tax character of distributions paid was as follows:

	November 30, 2020	November 30, 2019
Long-term Capital Gains	$289,806	$ 189,976

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Equity Growth Fund	1,848,857	2,056,533

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$2,996	$86
Class M	.25%	.25%	7,535	178
Class C	.75%	.25%	1,108	127
			$11,639	$391

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

	Retained by FDC
Class A	$232
Class M	28
Class C^(a)	12
	$272

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.

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

	Amount	% of Class-Level Average Net Assets
Class A	$2,075	.17
Class M	2,452	.16
Class C	227	.20
Class I	1,022	.16
Class Z	58	.04
	$5,834

	% of Average Net Assets
Fidelity Advisor Equity Growth Fund	.03

	Amount
Fidelity Advisor Equity Growth Fund	$43

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Equity Growth Fund	Borrower	$8,925	.76%	$9

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 6,447 shares of the Fund were redeemed in-kind for investments and cash with a value of $87,354. The Fund had a net realized gain of $40,130 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $17.

6. Committed Line of Credit.

	Amount
Fidelity Advisor Equity Growth Fund	$8

During the period, there were no borrowings on this line of credit

7. Security Lending.

	Total Security Lending Income Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Equity Growth Fund	$60	$2	$–

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Equity Growth Fund	$6,370	.59%	$–^(a)

(a) In the amount of less than five hundred dollars.

9. Expense Reductions.

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 $167 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13.

In addition, during the period the investment adviser or an affiliate reimbursed the Fund $15 for an operational error which is included in the accompanying Statement of Operations.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2020	Year ended November 30, 2019
Distributions to shareholders
Class A	$94,509	$51,863
Class M	130,485	82,195
Class C	10,905	13,683
Class I	44,885	37,411
Class Z	9,022	4,824
Total	$289,806	$189,976

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2020	Year ended November 30, 2019	Year ended November 30, 2020	Year ended November 30, 2019
Class A
Shares sold	12,402	15,045	$169,105	$176,639
Reinvestment of distributions	7,084	4,812	88,264	48,074
Shares redeemed	(13,182)	(12,652)	(178,516)	(148,629)
Net increase (decrease)	6,304	7,205	$78,853	$76,084
Class M
Shares sold	12,320	9,056	$163,111	$104,106
Reinvestment of distributions	10,499	8,220	127,561	80,395
Shares redeemed	(28,497)	(21,083)	(372,328)	(243,349)
Net increase (decrease)	(5,678)	(3,807)	$(81,656)	$(58,848)
Class C
Shares sold	2,208	2,475	$24,218	$23,916
Reinvestment of distributions	1,040	1,605	10,589	13,465
Shares redeemed	(3,034)	(14,231)	(33,247)	(139,351)
Net increase (decrease)	214	(10,151)	$1,560	$(101,970)
Class I
Shares sold	14,257	10,757	$221,694	$139,214
Reinvestment of distributions	2,963	3,224	41,212	35,532
Shares redeemed	(14,738)	(28,423)^(a)	(222,116)	(373,732)^(a)
Net increase (decrease)	2,482	(14,442)	$40,790	$(198,986)
Class Z
Shares sold	3,582	2,726	$56,572	$35,347
Reinvestment of distributions	612	420	8,598	4,662
Shares redeemed	(2,498)	(2,127)	(36,573)	(28,806)
Net increase (decrease)	1,696	1,019	$28,597	$11,203

(a) Amount includes in-kind redemptions (see Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).

12. Other.

13. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Equity Growth Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the "Fund"), a fund of Advisor Series I, including the schedule of investments, as of November 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2021

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

Trustees and Officers

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2020	Ending Account Value November 30, 2020	Expenses Paid During Period-^B June 1, 2020 to November 30, 2020
Fidelity Advisor Equity Growth Fund
Class A	.99%
Actual		$1,000.00	$1,282.70	$5.65
Hypothetical-^C		$1,000.00	$1,020.05	$5.00
Class M	1.23%
Actual		$1,000.00	$1,281.90	$7.02
Hypothetical-^C		$1,000.00	$1,018.85	$6.21
Class C	1.77%
Actual		$1,000.00	$1,277.90	$10.08
Hypothetical-^C		$1,000.00	$1,016.15	$8.92
Class I	.73%
Actual		$1,000.00	$1,284.50	$4.17
Hypothetical-^C		$1,000.00	$1,021.35	$3.69
Class Z	.61%
Actual		$1,000.00	$1,285.80	$3.49
Hypothetical-^C		$1,000.00	$1,021.95	$3.08

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

^B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Equity Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Fidelity Advisor Equity Growth Fund
Class A	12/30/20	12/29/20	$1.911
Class M	12/30/20	12/29/20	$1.874
Class C	12/30/20	12/29/20	$1.830
Class I	12/30/20	12/29/20	$1.944
Class Z	12/30/20	12/29/20	$1.964

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $457,006,402, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	23,145,273,181.030	97.178
Withheld	672,052,762.535	2.822
TOTAL	23,817,325,943.566	100.000
Donald F. Donahue
Affirmative	22,942,467,884.564	96.327
Withheld	874,858,059.002	3.673
TOTAL	23,817,325,943.566	100.000
Bettina Doulton
Affirmative	23,156,537,524.453	97.226
Withheld	660,788,419.112	2.774
TOTAL	23,817,325,943.566	100.000
Vicki L. Fuller
Affirmative	23,220,055,835.126	97.492
Withheld	597,270,108.440	2.508
TOTAL	23,817,325,943.566	100.00
Patricia L. Kampling
Affirmative	23,092,064,637.578	96.955
Withheld	725,261,305.988	3.045
TOTAL	23,817,325,943.566	100.000
Alan J. Lacy
Affirmative	22,821,234,479.156	95.818
Withheld	996,091,464.410	4.182
TOTAL	23,817,325,943.566	100.000
Ned C. Lautenbach
Affirmative	22,495,260,210.796	94.449
Withheld	1,322,065,732.770	5.551
TOTAL	23,817,325,943.566	100.000
Robert A. Lawrence
Affirmative	23,084,247,692.778	96.922
Withheld	733,078,250.787	3.078
TOTAL	23,817,325,943.566	100.000
Joseph Mauriello
Affirmative	22,868,255,852.105	96.015
Withheld	949,070,091.461	3.985
TOTAL	23,817,325,943.566	100.000
Cornelia M. Small
Affirmative	23,048,299,612.538	96.771
Withheld	769,026,331.028	3.229
TOTAL	23,817,325,943.566	100.000
Garnett A. Smith
Affirmative	23,059,252,757.826	96.817
Withheld	758,073,185.740	3.183
TOTAL	23,817,325,943.566	100.000
David M. Thomas
Affirmative	23,069,618,526.323	96.861
Withheld	747,707,417.242	3.139
TOTAL	23,817,325,943.566	100.000
Susan Tomasky
Affirmative	23,129,152,380.992	97.111
Withheld	688,173,562.573	2.889
TOTAL	23,817,325,943.566	100.000
Michael E. Wiley
Affirmative	22,863,276,570.233	95.994
Withheld	954,049,373.333	4.006
TOTAL	23,817,325,943.566	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	776,233,751.209	40.817
Against	131,264,816.708	6.902
Abstain	87,295,322.784	4.590
Broker Non-Vote	906,961,296.840	47.691
TOTAL	1,901,755,187.541	100.000
Proposal 1 reflects trust wide proposal and voting results.
Proposal 2 was not approved by shareholders.

FIDELITY INVESTMENTS

EPG-ANN-0121
1.539469.123

Fidelity Advisor® Equity Value Fund

Annual Report

November 30, 2020

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2020	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	(0.39)%	6.43%	9.76%
Class M (incl. 3.50% sales charge)	1.68%	6.66%	9.74%
Class C (incl. contingent deferred sales charge)	3.78%	6.86%	9.56%
Class I	5.95%	8.00%	10.73%
Class Z	6.09%	8.12%	10.79%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Value Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.

	Period Ending Values
	$25,371	Fidelity Advisor® Equity Value Fund - Class A
	$27,779	Russell 3000® Value Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Sean Gavin: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 5% to 6%, outperforming the 1.60% result of the benchmark Russell 3000^® Value index. The top contributor to performance versus the benchmark was security selection in communication services. Stock picking and an overweighting in the consumer discretionary sector, primarily driven by the retailing industry, also bolstered performance. Also lifting the fund's relative result were stock picks in materials. Our non-benchmark stake in Vestas Wind Systems was the fund's top individual relative contributor, driven by a roughly 117% rise. Also boosting value was our overweighting in Newmont, which gained about 55%. Another notable relative contributor was our lighter-than-benchmark stake in Exxon Mobil (-22%), a position not held at period end. In contrast, the primary detractor from performance versus the benchmark was stock selection in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Weak picks in the consumer staples sector, especially within the food, beverage & tobacco industry, also hindered the fund's relative result. Also hurting the fund's relative performance were stock picks and an underweighting in the financials sector, primarily within the banks industry. The fund's biggest individual relative detractor was our outsized stake in Wells Fargo, which returned -55%. This is a position that was sold the past 12 months. Also hurting performance was an underweighting in Procter & Gamble, which gained 17%. This was a position we established the past year. Another notable relative detractor was an out-of-benchmark stake in BP (-55%). This was a position that was not held at the end of the period. Also, the fund’s foreign holdings detracted, despite the tailwind of a broadly weaker U.S. dollar. Notable changes in positioning include a higher allocation to the industrials and utilities sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2020

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	4.4
Comcast Corp. Class A	3.3
Cigna Corp.	2.3
Samsung Electronics Co. Ltd.	2.2
Bristol-Myers Squibb Co.	2.1
UnitedHealth Group, Inc.	2.1
Bank of America Corp.	2.0
Cisco Systems, Inc.	2.0
Verizon Communications, Inc.	2.0
Centene Corp.	1.9
	24.3

Top Five Market Sectors as of November 30, 2020

	% of fund's net assets
Financials	17.8
Health Care	16.4
Communication Services	11.7
Industrials	10.8
Utilities	10.7

Asset Allocation (% of fund's net assets)

As of November 30, 2020^*
	Stocks	98.8%
	Short-Term Investments and Net Other Assets (Liabilities)	1.2%

* Foreign investments – 16.8%

Schedule of Investments November 30, 2020

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares	Value
COMMUNICATION SERVICES - 11.7%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.	39,800	$2,404,318
Entertainment - 0.5%
Electronic Arts, Inc.	2,400	306,600
Lions Gate Entertainment Corp. Class B (a)	33,603	301,755
		608,355
Interactive Media & Services - 2.7%
Alphabet, Inc. Class A (a)	1,309	2,296,510
Facebook, Inc. Class A (a)	3,700	1,024,789
		3,321,299
Media - 5.4%
Comcast Corp. Class A	81,596	4,099,383
Fox Corp. Class A	13,055	376,506
Interpublic Group of Companies, Inc.	70,986	1,581,568
WPP PLC	65,600	632,106
		6,689,563
Wireless Telecommunication Services - 1.1%
T-Mobile U.S., Inc.	10,547	1,402,118

TOTAL COMMUNICATION SERVICES		14,425,653

CONSUMER DISCRETIONARY - 7.3%
Auto Components - 0.8%
Lear Corp.	7,087	1,013,087
Household Durables - 0.8%
Newell Brands, Inc.	17,300	367,798
Whirlpool Corp.	3,300	642,213
		1,010,011
Multiline Retail - 1.0%
Dollar General Corp.	5,361	1,171,807
Specialty Retail - 2.7%
Best Buy Co., Inc.	12,700	1,381,760
Dick's Sporting Goods, Inc.	8,600	488,566
Lowe's Companies, Inc.	7,100	1,106,322
Williams-Sonoma, Inc.	2,900	317,463
		3,294,111
Textiles, Apparel & Luxury Goods - 2.0%
PVH Corp.	20,015	1,590,992
Tapestry, Inc.	32,845	930,170
		2,521,162

TOTAL CONSUMER DISCRETIONARY		9,010,178

CONSUMER STAPLES - 6.7%
Beverages - 0.5%
C&C Group PLC (United Kingdom)	199,366	583,122
Food & Staples Retailing - 1.9%
Kroger Co.	38,100	1,257,300
U.S. Foods Holding Corp. (a)	34,970	1,100,856
		2,358,156
Food Products - 1.5%
Mondelez International, Inc.	27,200	1,562,640
Tyson Foods, Inc. Class A	5,000	326,000
		1,888,640
Household Products - 2.1%
Procter & Gamble Co.	16,600	2,305,242
Spectrum Brands Holdings, Inc.	4,800	320,784
		2,626,026
Tobacco - 0.7%
Altria Group, Inc.	21,300	848,379

TOTAL CONSUMER STAPLES		8,304,323

ENERGY - 2.1%
Energy Equipment & Services - 0.2%
Hoegh LNG Partners LP	20,346	271,009
Oil, Gas & Consumable Fuels - 1.9%
Cabot Oil & Gas Corp.	34,800	609,696
Golar LNG Partners LP	24,167	66,943
Parex Resources, Inc. (a)	88,700	1,215,723
Teekay LNG Partners LP	41,433	490,981
		2,383,343

TOTAL ENERGY		2,654,352

FINANCIALS - 17.8%
Banks - 5.7%
Bank of America Corp.	88,400	2,489,344
Cullen/Frost Bankers, Inc.	3,900	327,249
JPMorgan Chase & Co.	13,700	1,614,956
M&T Bank Corp.	10,456	1,218,019
PNC Financial Services Group, Inc.	10,300	1,422,121
		7,071,689
Capital Markets - 1.3%
Affiliated Managers Group, Inc.	6,769	589,715
BlackRock, Inc. Class A	700	488,845
Invesco Ltd.	12,976	210,600
State Street Corp.	4,761	335,555
		1,624,715
Consumer Finance - 3.2%
Capital One Financial Corp.	19,244	1,648,056
Discover Financial Services	30,066	2,290,127
		3,938,183
Diversified Financial Services - 4.4%
Berkshire Hathaway, Inc. Class B (a)	23,603	5,402,965
Insurance - 3.2%
Allstate Corp.	3,497	357,918
American International Group, Inc.	14,500	557,380
Chubb Ltd.	10,238	1,513,484
The Travelers Companies, Inc.	12,117	1,570,969
		3,999,751

TOTAL FINANCIALS		22,037,303

HEALTH CARE - 16.4%
Biotechnology - 3.1%
Alexion Pharmaceuticals, Inc. (a)	8,500	1,037,935
Amgen, Inc.	7,979	1,771,657
Regeneron Pharmaceuticals, Inc. (a)	2,000	1,032,060
		3,841,652
Health Care Providers & Services - 8.9%
Anthem, Inc.	4,474	1,393,740
Centene Corp. (a)	38,597	2,379,505
Cigna Corp.	13,693	2,863,754
CVS Health Corp.	20,201	1,369,426
Humana, Inc.	1,178	471,813
UnitedHealth Group, Inc.	7,556	2,541,385
		11,019,623
Pharmaceuticals - 4.4%
Bristol-Myers Squibb Co.	41,352	2,580,365
Bristol-Myers Squibb Co. rights (a)	26,404	31,157
Roche Holding AG (participation certificate)	5,221	1,714,822
Sanofi SA sponsored ADR	23,122	1,160,724
		5,487,068

TOTAL HEALTH CARE		20,348,343

INDUSTRIALS - 10.8%
Air Freight & Logistics - 0.6%
Deutsche Post AG	9,000	434,144
XPO Logistics, Inc. (a)	3,200	341,376
		775,520
Building Products - 1.9%
Carrier Global Corp.	10,100	384,507
Owens Corning	12,900	940,023
Trane Technologies PLC	7,329	1,071,793
		2,396,323
Electrical Equipment - 2.1%
Regal Beloit Corp.	9,300	1,107,072
Siemens Energy AG (a)	5,350	158,270
Vestas Wind Systems A/S	6,232	1,270,166
		2,535,508
Industrial Conglomerates - 1.2%
Siemens AG	10,600	1,414,830
Machinery - 3.2%
ITT, Inc.	8,900	646,407
Oshkosh Corp.	14,800	1,191,400
Otis Worldwide Corp.	9,950	666,053
Pentair PLC	11,900	616,658
Stanley Black & Decker, Inc.	4,400	810,964
		3,931,482
Trading Companies & Distributors - 1.8%
Beacon Roofing Supply, Inc. (a)	4,100	149,199
HD Supply Holdings, Inc. (a)	28,271	1,576,956
United Rentals, Inc. (a)	2,400	544,752
		2,270,907

TOTAL INDUSTRIALS		13,324,570

INFORMATION TECHNOLOGY - 7.0%
Communications Equipment - 2.1%
Cisco Systems, Inc.	57,025	2,453,216
CommScope Holding Co., Inc. (a)	12,900	152,865
		2,606,081
Electronic Equipment & Components - 1.5%
TE Connectivity Ltd.	15,892	1,811,211
IT Services - 2.0%
Amdocs Ltd.	10,162	668,761
Capgemini SA	3,800	528,678
Cognizant Technology Solutions Corp. Class A	15,721	1,228,282
		2,425,721
Semiconductors & Semiconductor Equipment - 1.1%
Broadcom, Inc.	400	160,632
NXP Semiconductors NV	6,300	998,046
ON Semiconductor Corp. (a)	6,800	195,500
		1,354,178
Software - 0.3%
Nortonlifelock, Inc.	23,572	429,718

TOTAL INFORMATION TECHNOLOGY		8,626,909

MATERIALS - 3.7%
Chemicals - 1.7%
Albemarle Corp. U.S.	6,700	910,999
DuPont de Nemours, Inc.	18,200	1,154,608
		2,065,607
Metals & Mining - 2.0%
BHP Billiton Ltd. sponsored ADR	2,200	122,738
Lundin Mining Corp.	107,500	859,205
Newmont Corp.	25,771	1,515,850
		2,497,793

TOTAL MATERIALS		4,563,400

REAL ESTATE - 2.4%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Simon Property Group, Inc.	7,806	644,541
Real Estate Management & Development - 1.9%
CBRE Group, Inc. (a)	38,428	2,349,488

TOTAL REAL ESTATE		2,994,029

UTILITIES - 10.7%
Electric Utilities - 7.7%
Duke Energy Corp.	16,400	1,519,624
Evergy, Inc.	22,500	1,246,725
Exelon Corp.	38,194	1,568,628
FirstEnergy Corp.	3,400	90,304
PG&E Corp. (a)	121,200	1,539,240
Portland General Electric Co.	15,313	633,652
PPL Corp.	24,800	704,816
Southern Co.	37,724	2,257,781
		9,560,770
Gas Utilities - 0.7%
Atmos Energy Corp.	8,400	805,476
Independent Power and Renewable Electricity Producers - 0.8%
The AES Corp.	13,200	269,808
Vistra Corp.	40,500	756,540
		1,026,348
Multi-Utilities - 1.5%
Dominion Energy, Inc.	14,800	1,161,652
NiSource, Inc.	25,900	626,780
		1,788,432

TOTAL UTILITIES		13,181,026

TOTAL COMMON STOCKS
(Cost $95,150,016)		119,470,086

Nonconvertible Preferred Stocks - 2.2%
INFORMATION TECHNOLOGY - 2.2%
Technology Hardware, Storage & Peripherals - 2.2%
Samsung Electronics Co. Ltd.
(Cost $1,977,396)	48,390	2,667,186

Money Market Funds - 1.1%
Fidelity Cash Central Fund 0.09% (b)
(Cost $1,383,493)	1,383,216	1,383,493
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $98,510,905)		123,520,765
NET OTHER ASSETS (LIABILITIES) - 0.1%		127,442
NET ASSETS - 100%		$123,648,207

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.

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
Fidelity Cash Central Fund	$6,271
Fidelity Securities Lending Cash Central Fund	123
Total	$6,394

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$14,425,653	$13,793,547	$632,106	$--
Consumer Discretionary	9,010,178	9,010,178	--	--
Consumer Staples	8,304,323	7,721,201	583,122	--
Energy	2,654,352	2,654,352	--	--
Financials	22,037,303	22,037,303	--	--
Health Care	20,348,343	18,633,521	1,714,822	--
Industrials	13,324,570	10,047,160	3,277,410	--
Information Technology	11,294,095	10,765,417	528,678	--
Materials	4,563,400	4,563,400	--	--
Real Estate	2,994,029	2,994,029	--	--
Utilities	13,181,026	13,181,026	--	--
Money Market Funds	1,383,493	1,383,493	--	--
Total Investments in Securities:	$123,520,765	$116,784,627	$6,736,138	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	83.2%
Switzerland	4.3%
Korea (South)	2.2%
Canada	1.9%
Ireland	1.9%
Germany	1.5%
France	1.3%
Denmark	1.0%
Others (Individually Less Than 1%)	2.7%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2020
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $97,127,412)	$122,137,272
Fidelity Central Funds (cost $1,383,493)	1,383,493
Total Investment in Securities (cost $98,510,905)		$123,520,765
Receivable for fund shares sold		64,016
Dividends receivable		224,991
Distributions receivable from Fidelity Central Funds		91
Prepaid expenses		173
Other receivables		3,528
Total assets		123,813,564
Liabilities
Payable for fund shares redeemed	$31,831
Accrued management fee	60,846
Transfer agent fee payable	19,014
Distribution and service plan fees payable	33,557
Other affiliated payables	3,913
Other payables and accrued expenses	16,196
Total liabilities		165,357
Net Assets		$123,648,207
Net Assets consist of:
Paid in capital		$104,414,570
Total accumulated earnings (loss)		19,233,637
Net Assets		$123,648,207
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($67,290,815 ÷ 3,566,507 shares)^(a)		$18.87
Maximum offering price per share (100/94.25 of $18.87)		$20.02
Class M:
Net Asset Value and redemption price per share ($25,905,496 ÷ 1,374,232 shares)^(a)		$18.85
Maximum offering price per share (100/96.50 of $18.85)		$19.53
Class C:
Net Asset Value and offering price per share ($11,554,917 ÷ 630,288 shares)^(a)		$18.33
Class I:
Net Asset Value, offering price and redemption price per share ($16,290,541 ÷ 839,939 shares)		$19.39
Class Z:
Net Asset Value, offering price and redemption price per share ($2,606,438 ÷ 135,339 shares)		$19.26

(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.

Statement of Operations

		Year ended November 30, 2020
Investment Income
Dividends		$2,533,472
Special dividends		419,664
Income from Fidelity Central Funds (including $123 from security lending)		6,394
Total income		2,959,530
Expenses
Management fee
Basic fee	$620,960
Performance adjustment	(66,232)
Transfer agent fees	233,130
Distribution and service plan fees	399,607
Accounting fees	45,469
Custodian fees and expenses	22,560
Independent trustees' fees and expenses	673
Registration fees	69,564
Audit	61,390
Legal	2,288
Miscellaneous	4,982
Total expenses before reductions	1,394,391
Expense reductions	(20,992)
Total expenses after reductions		1,373,399
Net investment income (loss)		1,586,131
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(6,521,998)
Fidelity Central Funds	(184)
Foreign currency transactions	(312)
Total net realized gain (loss)		(6,522,494)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,098)	9,077,087
Assets and liabilities in foreign currencies	4,113
Total change in net unrealized appreciation (depreciation)		9,081,200
Net gain (loss)		2,558,706
Net increase (decrease) in net assets resulting from operations		$4,144,837

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

Statement of Changes in Net Assets

	Year ended November 30, 2020	Year ended November 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,586,131	$3,266,981
Net realized gain (loss)	(6,522,494)	23,116,891
Change in net unrealized appreciation (depreciation)	9,081,200	(10,584,737)
Net increase (decrease) in net assets resulting from operations	4,144,837	15,799,135
Distributions to shareholders	(6,894,201)	(18,933,474)
Share transactions - net increase (decrease)	(12,517,702)	(101,653,211)
Total increase (decrease) in net assets	(15,267,066)	(104,787,550)
Net Assets
Beginning of period	138,915,273	243,702,823
End of period	$123,648,207	$138,915,273

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

Financial Highlights

Fidelity Advisor Equity Value Fund Class A

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$18.81	$18.77	$18.84	$16.46	$15.66
Income from Investment Operations
Net investment income (loss)^A	.24^B	.26	.26	.21	.17
Net realized and unrealized gain (loss)	.80	1.25	(.16)	2.30	1.00
Total from investment operations	1.04	1.51	.10	2.51	1.17
Distributions from net investment income	(.45)	(.28)	(.13)	(.13)	(.24)^C
Distributions from net realized gain	(.53)	(1.19)	(.05)	–	(.13)^C
Total distributions	(.98)	(1.47)	(.17)^D	(.13)	(.37)
Net asset value, end of period	$18.87	$18.81	$18.77	$18.84	$16.46
Total Return^E,^F	5.68%	9.75%	.53%	15.35%	7.75%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.11%	1.00%	1.00%	1.10%	1.19%
Expenses net of fee waivers, if any	1.10%	1.00%	1.00%	1.09%	1.19%
Expenses net of all reductions	1.09%	.99%	1.00%	1.08%	1.19%
Net investment income (loss)	1.44%^B	1.47%	1.39%	1.18%	1.08%
Supplemental Data
Net assets, end of period (000 omitted)	$67,291	$71,916	$67,457	$81,229	$77,787
Portfolio turnover rate^I	75%	43%^J	33%	42%	46%

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

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

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

^D Total distributions per share do not sum due to rounding.

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

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

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

^J Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Advisor Equity Value Fund Class M

Years ended November 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$18.79	$18.73	$18.80	$16.43	$15.62
Income from Investment Operations
Net investment income (loss)^A	.20^B	.21	.21	.16	.12
Net realized and unrealized gain (loss)	.79	1.26	(.16)	2.30	1.01
Total from investment operations	.99	1.47	.05	2.46	1.13
Distributions from net investment income	(.40)	(.23)	(.07)	(.09)	(.19)^C
Distributions from net realized gain	(.53)	(1.19)	(.05)	–	(.13)^C
Total distributions	(.93)	(1.41)^D	(.12)	(.09)	(.32)
Net asset value, end of period	$18.85	$18.79	$18.73	$18.80	$16.43
Total Return^E,^F	5.37%	9.51%	.25%	15.02%	7.49%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.37%	1.26%	1.27%	1.36%	1.46%
Expenses net of fee waivers, if any	1.36%	1.26%	1.27%	1.35%	1.46%
Expenses net of all reductions	1.35%	1.26%	1.26%	1.35%	1.45%
Net investment income (loss)	1.19%^B	1.21%	1.12%	.91%	.81%
Supplemental Data
Net assets, end of period (000 omitted)	$25,905	$28,791	$30,030	$38,976	$38,565
Portfolio turnover rate^I	75%	43%^J	33%	42%	46%