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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

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

Average Annual Total Returns

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

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid.

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

Management's Discussion of Fund Performance

Market Recap:

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

Comments from Co-Managers Asher Anolic and Jason Weiner:

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

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

Investment Summary November 30, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	10.0
UnitedHealth Group, Inc.	5.6
Alphabet, Inc. Class A	5.1
Apple, Inc.	4.1
Amazon.com, Inc.	3.5
Vertex Pharmaceuticals, Inc.	3.1
Universal Music Group NV	2.1
Warner Music Group Corp. Class A	1.9
Meta Platforms, Inc. Class A	1.9
Uber Technologies, Inc.	1.9
	39.2

Market Sectors (% of Fund's net assets)

Information Technology	26.7
Health Care	19.6
Communication Services	12.8
Consumer Discretionary	11.2
Industrials	8.0
Financials	5.9
Energy	5.5
Materials	4.6
Consumer Staples	4.4
Real Estate	0.1
Utilities	0.0

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

Asset Allocation (% of Fund's net assets)

Foreign investments - 10.2%

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments November 30, 2022

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 12.8%
Entertainment - 4.5%
Liberty Media Corp. Liberty Formula One Group Series C (a)	227,671	13,874
Netflix, Inc. (a)	27,400	8,372
Universal Music Group NV	4,379,149	104,140
Warner Music Group Corp. Class A	2,662,533	91,245
		217,631
Interactive Media & Services - 7.3%
Alphabet, Inc. Class A (a)	2,450,960	247,522
Bumble, Inc. (a)	410,300	9,995
Epic Games, Inc. (a)(b)(c)	3,289	2,785
Meta Platforms, Inc. Class A (a)	767,595	90,653
Zoominfo Technologies, Inc. (a)	254,100	7,267
		358,222
Media - 1.0%
Charter Communications, Inc. Class A (a)	120,381	47,104
Innovid Corp. (a)(b)	242,614	718
		47,822
TOTAL COMMUNICATION SERVICES		623,675
CONSUMER DISCRETIONARY - 11.2%
Auto Components - 0.0%
Mobileye Global, Inc.	39,900	1,138
Automobiles - 0.6%
Ferrari NV	141,665	31,598
XPeng, Inc. ADR (a)(d)	19,500	211
		31,809
Diversified Consumer Services - 0.2%
Laureate Education, Inc. Class A	1,091,744	11,441
Hotels, Restaurants & Leisure - 1.6%
Airbnb, Inc. Class A (a)	294,066	30,036
Chipotle Mexican Grill, Inc. (a)	7,500	12,202
Flutter Entertainment PLC (a)	189,353	28,194
Wingstop, Inc. (d)	52,700	8,722
		79,154
Household Durables - 0.0%
Blu Investments LLC (a)(b)(c)	12,123,162	4
Internet & Direct Marketing Retail - 5.4%
Amazon.com, Inc. (a)	1,774,391	171,300
Uber Technologies, Inc. (a)	3,108,815	90,591
		261,891
Multiline Retail - 0.1%
Dollarama, Inc.	47,700	2,919
Specialty Retail - 2.2%
Aritzia, Inc. (a)	89,600	3,408
Five Below, Inc. (a)	213,458	34,337
TJX Companies, Inc.	484,163	38,757
Victoria's Secret & Co. (a)	627,380	28,859
		105,361
Textiles, Apparel & Luxury Goods - 1.1%
LVMH Moet Hennessy Louis Vuitton SE	39,545	30,688
On Holding AG (a)	11,400	221
Samsonite International SA (a)(e)	9,209,700	24,964
		55,873
TOTAL CONSUMER DISCRETIONARY		549,590
CONSUMER STAPLES - 4.4%
Beverages - 4.4%
Boston Beer Co., Inc. Class A (a)	49,200	18,911
Constellation Brands, Inc. Class A (sub. vtg.)	115,083	29,617
Keurig Dr. Pepper, Inc.	742,358	28,707
Monster Beverage Corp. (a)	453,689	46,666
The Coca-Cola Co.	1,399,708	89,035
		212,936
ENERGY - 5.5%
Energy Equipment & Services - 1.1%
Baker Hughes Co. Class A	842,057	24,436
Cactus, Inc.	130,600	7,103
Championx Corp.	494,052	15,237
Helmerich & Payne, Inc.	130,700	6,676
TechnipFMC PLC (a)	66,700	827
		54,279
Oil, Gas & Consumable Fuels - 4.4%
Canadian Natural Resources Ltd.	319,944	19,107
Cheniere Energy, Inc.	408,600	71,652
Denbury, Inc. (a)	96,800	8,689
New Fortress Energy, Inc.	291,815	14,853
Ovintiv, Inc.	84,700	4,723
Range Resources Corp.	587,732	16,968
Reliance Industries Ltd.	2,323,225	78,207
		214,199
TOTAL ENERGY		268,478
FINANCIALS - 5.9%
Banks - 1.1%
Bank of America Corp.	1,182,393	44,754
HDFC Bank Ltd. (a)	135,292	2,685
Signature Bank	43,600	6,082
		53,521
Capital Markets - 2.0%
CME Group, Inc.	419,080	73,968
MSCI, Inc.	47,786	24,267
		98,235
Insurance - 2.7%
American Financial Group, Inc.	191,024	27,167
Arthur J. Gallagher & Co.	292,052	58,150
BRP Group, Inc. (a)	304,200	9,138
Marsh & McLennan Companies, Inc.	216,199	37,441
		131,896
Thrifts & Mortgage Finance - 0.1%
Rocket Companies, Inc. (d)	407,700	3,384
TOTAL FINANCIALS		287,036
HEALTH CARE - 19.6%
Biotechnology - 6.6%
2seventy bio, Inc. (a)	57,100	895
Adamas Pharmaceuticals, Inc.:
rights (a)(c)	1,000,100	60
rights (a)(c)	1,000,100	60
Affimed NV (a)	337,485	722
Alnylam Pharmaceuticals, Inc. (a)	118,022	26,034
Applied Therapeutics, Inc. (a)	82,690	93
Arcellx, Inc.	42,000	837
Beam Therapeutics, Inc. (a)(d)	45,900	2,120
Cytokinetics, Inc. (a)	124,200	5,279
EQRx, Inc. (a)	243,811	917
Erasca, Inc. (a)	95,000	717
Evelo Biosciences, Inc. (a)	268,200	561
Galapagos NV sponsored ADR (a)	288,500	11,474
Gamida Cell Ltd. (a)(d)	1,496,668	2,395
Genmab A/S (a)	10,800	5,005
Hookipa Pharma, Inc. (a)	669,700	710
Immunocore Holdings PLC ADR (a)	76,500	4,805
Innovent Biologics, Inc. (a)(e)	615,500	2,486
Insmed, Inc. (a)	514,189	9,507
Legend Biotech Corp. ADR (a)	84,500	4,353
Prelude Therapeutics, Inc. (a)	17,000	113
Regeneron Pharmaceuticals, Inc. (a)	77,403	58,184
Rubius Therapeutics, Inc. (a)	80,596	18
Seagen, Inc. (a)	209,169	25,391
Seres Therapeutics, Inc. (a)	235,000	1,528
Synlogic, Inc. (a)	670,300	401
Vertex Pharmaceuticals, Inc. (a)	477,781	151,170
Vor Biopharma, Inc. (a)	252,839	1,163
XOMA Corp. (a)(d)	264,700	5,604
		322,602
Health Care Equipment & Supplies - 0.6%
Edwards Lifesciences Corp. (a)	257,730	19,910
Insulet Corp. (a)	5,000	1,497
Nevro Corp. (a)	38,600	1,803
Penumbra, Inc. (a)	37,386	7,833
		31,043
Health Care Providers & Services - 6.9%
Guardant Health, Inc. (a)	259,715	13,593
HealthEquity, Inc. (a)	792,322	50,297
Option Care Health, Inc. (a)	46,500	1,400
UnitedHealth Group, Inc.	499,201	273,442
		338,732
Health Care Technology - 0.3%
Certara, Inc. (a)	434,623	7,380
Doximity, Inc. (a)	72,200	2,454
Simulations Plus, Inc. (d)	81,500	3,308
		13,142
Life Sciences Tools & Services - 2.5%
Bio-Techne Corp.	151,314	12,860
Bruker Corp.	358,904	24,194
Charles River Laboratories International, Inc. (a)	20,400	4,663
Codexis, Inc. (a)	365,704	2,000
Danaher Corp.	195,082	53,337
Nanostring Technologies, Inc. (a)	62,300	435
Thermo Fisher Scientific, Inc.	39,269	21,999
		119,488
Pharmaceuticals - 2.7%
Aclaris Therapeutics, Inc. (a)	156,900	2,388
AstraZeneca PLC sponsored ADR	446,262	30,332
Eli Lilly & Co.	237,907	88,283
Nuvation Bio, Inc. (a)	186,501	356
Revance Therapeutics, Inc. (a)	424,700	9,220
		130,579
TOTAL HEALTH CARE		955,586
INDUSTRIALS - 8.0%
Aerospace & Defense - 2.4%
Axon Enterprise, Inc. (a)	71,400	13,140
Northrop Grumman Corp.	80,390	42,871
The Boeing Co. (a)	347,339	62,132
		118,143
Electrical Equipment - 1.4%
AMETEK, Inc.	114,010	16,237
Bloom Energy Corp. Class A (a)(d)	87,000	1,852
Eaton Corp. PLC	38,400	6,276
Hubbell, Inc. Class B	44,000	11,179
Rockwell Automation, Inc.	124,635	32,931
		68,475
Machinery - 1.8%
Chart Industries, Inc. (a)	49,500	7,078
Ingersoll Rand, Inc.	850,924	45,924
Parker Hannifin Corp.	66,622	19,916
Westinghouse Air Brake Tech Co.	129,100	13,051
		85,969
Professional Services - 1.4%
ASGN, Inc. (a)	108,100	9,794
KBR, Inc.	1,008,557	52,112
Kforce, Inc.	42,200	2,493
Upwork, Inc. (a)	365,088	4,472
		68,871
Road & Rail - 0.3%
Old Dominion Freight Lines, Inc.	52,128	15,774
Trading Companies & Distributors - 0.7%
Ferguson PLC	307,753	34,890
TOTAL INDUSTRIALS		392,122
INFORMATION TECHNOLOGY - 26.7%
IT Services - 1.4%
Cloudflare, Inc. (a)	236,854	11,639
MasterCard, Inc. Class A	105,387	37,560
MongoDB, Inc. Class A (a)	122,933	18,771
Snowflake, Inc. (a)	7,500	1,072
		69,042
Semiconductors & Semiconductor Equipment - 5.2%
Aixtron AG	526,996	17,374
Allegro MicroSystems LLC (a)	135,600	4,223
ASML Holding NV	41,560	25,273
eMemory Technology, Inc.	36,000	1,763
Enphase Energy, Inc. (a)	152,772	48,977
Monolithic Power Systems, Inc.	7,600	2,903
NVIDIA Corp.	386,198	65,356
NXP Semiconductors NV	56,300	9,900
Qualcomm, Inc.	333,208	42,147
Silicon Laboratories, Inc. (a)	7,320	1,065
SiTime Corp. (a)	131,743	13,894
Universal Display Corp.	178,707	20,126
		253,001
Software - 16.0%
Adobe, Inc. (a)	257,298	88,750
Confluent, Inc. (a)(d)	250,200	5,762
Elastic NV (a)	3,012	184
HashiCorp, Inc. (d)	190,300	5,195
HubSpot, Inc. (a)	25,800	7,818
Intuit, Inc.	101,261	41,273
Manhattan Associates, Inc. (a)	187,464	23,609
Microsoft Corp.	1,913,512	488,219
Oracle Corp.	629,006	52,226
Palo Alto Networks, Inc. (a)	381,686	64,848
Volue A/S (a)	1,027,700	3,210
		781,094
Technology Hardware, Storage & Peripherals - 4.1%
Apple, Inc.	1,366,202	202,239
TOTAL INFORMATION TECHNOLOGY		1,305,376
MATERIALS - 4.3%
Chemicals - 3.8%
Albemarle Corp.	227,464	63,233
Aspen Aerogels, Inc. (a)	467,000	5,632
CF Industries Holdings, Inc.	499,997	54,095
Sherwin-Williams Co.	248,470	61,914
		184,874
Metals & Mining - 0.5%
Lynas Rare Earths Ltd. (a)	2,036,363	12,080
MP Materials Corp. (a)(d)	335,100	11,142
		23,222
TOTAL MATERIALS		208,096
REAL ESTATE - 0.1%
Real Estate Management & Development - 0.1%
Doma Holdings, Inc. (a)(b)	487,314	192
WeWork, Inc. (a)(d)	2,621,500	7,235
		7,427
UTILITIES - 0.0%
Independent Power and Renewable Electricity Producers - 0.0%
Brookfield Renewable Partners LP	82,400	2,331
TOTAL COMMON STOCKS (Cost $3,460,862)		4,812,653

Convertible Preferred Stocks - 0.3%
	Shares	Value ($) (000s)
HEALTH CARE - 0.0%
Biotechnology - 0.0%
ElevateBio LLC Series C (a)(b)(c)	111,100	508
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
AppNexus, Inc. Series E (Escrow) (a)(b)(c)	105,425	3
Software - 0.0%
ASAPP, Inc. Series C (a)(b)(c)	367,427	1,400
TOTAL INFORMATION TECHNOLOGY		1,403
MATERIALS - 0.3%
Metals & Mining - 0.3%
Illuminated Holdings, Inc.:
Series C2 (a)(b)(c)	76,285	3,595
Series C3 (a)(b)(c)	95,356	4,493
Series C4 (a)(b)(c)	27,230	1,283
Series C5 (a)(b)(c)	53,844	2,537
		11,908
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,964)		13,819

Money Market Funds - 3.1%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 3.86% (f)	121,702,858	121,727
Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)	30,148,787	30,152
TOTAL MONEY MARKET FUNDS (Cost $151,879)		151,879

TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $3,623,705)	4,978,351
NET OTHER ASSETS (LIABILITIES) - (1.9)%	(92,537)
NET ASSETS - 100.0%	4,885,814

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

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,518,000 or 0.4% of net assets.

(c)	Level 3 security

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

(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,450,000 or 0.6% of net assets.

(f)

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

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
AppNexus, Inc. Series E (Escrow)	8/01/14	0

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

Blu Investments LLC	5/21/20	21

Doma Holdings, Inc.	3/02/21	4,873

ElevateBio LLC Series C	3/09/21	466

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

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

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

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

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

Innovid Corp.	6/24/21	2,426

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 3.86%	47,883	1,383,077	1,309,233	1,419	-	-	121,727	0.3%
Fidelity Securities Lending Cash Central Fund 3.86%	15,138	474,578	459,564	384	-	-	30,152	0.1%
Total	63,021	1,857,655	1,768,797	1,803	-	-	151,879

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

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Equities:
Communication Services	623,675	516,750	104,140	2,785
Consumer Discretionary	549,590	465,740	83,846	4
Consumer Staples	212,936	212,936	-	-
Energy	268,478	190,271	78,207	-
Financials	287,036	284,351	2,685	-
Health Care	956,094	947,975	7,491	628
Industrials	392,122	357,232	34,890	-
Information Technology	1,306,779	1,283,029	22,347	1,403
Materials	220,004	196,016	12,080	11,908
Real Estate	7,427	7,427	-	-
Utilities	2,331	2,331	-	-

Money Market Funds	151,879	151,879	-	-
Total Investments in Securities:	4,978,351	4,615,937	345,686	16,728

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)			November 30, 2022

Assets
Investment in securities, at value (including securities loaned of $31,013) - See accompanying schedule:
Unaffiliated issuers (cost $3,471,826)	$4,826,472
Fidelity Central Funds (cost $151,879)	151,879

Total Investment in Securities (cost $3,623,705)		$	4,978,351
Receivable for investments sold			12,133
Receivable for fund shares sold			9,386
Dividends receivable			4,318
Distributions receivable from Fidelity Central Funds			469
Prepaid expenses			6
Other receivables			24
Total assets			5,004,687
Liabilities
Payable for investments purchased	$78,475
Payable for fund shares redeemed	2,379
Accrued management fee	2,011
Distribution and service plan fees payable	933
Other affiliated payables	632
Other payables and accrued expenses	4,296
Collateral on securities loaned	30,147
Total Liabilities			118,873
Net Assets		$	4,885,814
Net Assets consist of:
Paid in capital		$	3,458,997
Total accumulated earnings (loss)			1,426,817
Net Assets		$	4,885,814

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($1,421,852 ÷ 102,682 shares) (a)		$	13.85
Maximum offering price per share (100/94.25 of $13.85)		$	14.69
Class M :
Net Asset Value and redemption price per share ($1,436,622 ÷ 107,402 shares) (a)		$	13.38
Maximum offering price per share (100/96.50 of $13.38)		$	13.87
Class C :
Net Asset Value and offering price per share ($97,630 ÷ 9,266 shares) (a)		$	10.54
Class I :
Net Asset Value , offering price and redemption price per share ($1,284,799 ÷ 80,531 shares)		$	15.95
Class Z :
Net Asset Value , offering price and redemption price per share ($644,911 ÷ 39,894 shares)		$	16.17
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Year ended November 30, 2022
Investment Income
Dividends			$	36,450
Income from Fidelity Central Funds (including $384 from security lending)				1,803
Total Income				38,253
Expenses
Management fee	$	23,564
Transfer agent fees		6,807
Distribution and service plan fees		12,546
Accounting fees		998
Custodian fees and expenses		91
Independent trustees' fees and expenses		16
Registration fees		206
Audit		71
Legal		6
Interest		1
Miscellaneous		20
Total expenses before reductions		44,326
Expense reductions		(149)
Total expenses after reductions				44,177
Net Investment income (loss)				(5,924)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers(net of foreign taxes of $300)		101,827
Foreign currency transactions		(63)
Total net realized gain (loss)				101,764
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $430)		(1,034,466)
Unfunded commitments		253
Assets and liabilities in foreign currencies		28
Total change in net unrealized appreciation (depreciation)				(1,034,185)
Net gain (loss)				(932,421)
Net increase (decrease) in net assets resulting from operations			$	(938,345)

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2022		Year ended November 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(5,924)	$	(3,171)
Net realized gain (loss)		101,764		641,521
Change in net unrealized appreciation (depreciation)		(1,034,185)		464,667
Net increase (decrease) in net assets resulting from operations		(938,345)		1,103,017
Distributions to shareholders		(584,982)		(476,279)
Share transactions - net increase (decrease)		1,234,456		241,772
Total increase (decrease) in net assets		(288,871)		868,510

Net Assets
Beginning of period		5,174,685		4,306,175
End of period	$	4,885,814	$	5,174,685

Financial Highlights

Fidelity Advisor® Equity Growth Fund Class A

Years ended November 30,		2022		2021		2020		2019		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	19.23	$	17.06	$	13.07	$	11.84	$	12.26
Income from Investment Operations
Net investment income (loss) B,C		(.02)		- D		(.05)		(.02)		(.01)
Net realized and unrealized gain (loss)		(3.14)		4.08		5.22		1.97		.93
Total from investment operations		(3.16)		4.08		5.17		1.95		.92
Distributions from net realized gain		(2.22)		(1.91)		(1.18)		(.72)		(1.34)
Total distributions		(2.22)		(1.91)		(1.18)		(.72)		(1.34)
Net asset value, end of period	$	13.85	$	19.23	$	17.06	$	13.07	$	11.84
Total Return E,F		(18.79)%		26.35%		42.92%		18.34%		8.38%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.97%		.97%		.99%		1.01%		1.02%
Expenses net of fee waivers, if any		.97%		.97%		.99%		1.01%		1.01%
Expenses net of all reductions		.97%		.97%		.99%		1.01%		1.01%
Net investment income (loss)		(.11)%		(.02)% D		(.33)%		(.16)%		(.09)%
Supplemental Data
Net assets, end of period (in millions)	$	1,422	$	1,752	$	1,477	$	1,049	$	865
Portfolio turnover rate I		40%		44%		52%		49% J		37%

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

D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.

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.

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).

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

Fidelity Advisor® Equity Growth Fund Class M

Years ended November 30,		2022		2021		2020		2019		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	18.64	$	16.60	$	12.78	$	11.61	$	12.05
Income from Investment Operations
Net investment income (loss) B,C		(.05)		(.04) D		(.08)		(.05)		(.04)
Net realized and unrealized gain (loss)		(3.04)		3.95		5.08		1.94		.91
Total from investment operations		(3.09)		3.91		5.00		1.89		.87
Distributions from net realized gain		(2.17)		(1.87)		(1.18)		(.72)		(1.31)
Total distributions		(2.17)		(1.87)		(1.18)		(.72)		(1.31)
Net asset value, end of period	$	13.38	$	18.64	$	16.60	$	12.78	$	11.61
Total Return E,F		(18.95)%		25.99%		42.54%		18.18%		8.07%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.21%		1.21%		1.23%		1.25%		1.25%
Expenses net of fee waivers, if any		1.21%		1.21%		1.23%		1.25%		1.25%
Expenses net of all reductions		1.21%		1.21%		1.23%		1.24%		1.24%
Net investment income (loss)		(.36)%		(.26)% D		(.57)%		(.40)%		(.32)%
Supplemental Data
Net assets, end of period (in millions)	$	1,437	$	1,938	$	1,747	$	1,417	$	1,332
Portfolio turnover rate I		40%		44%		52%		49% J		37%

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.

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.

Fidelity Advisor® Equity Growth Fund Class C

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

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.

D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.09)%.

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 contingent deferred sales charge.

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.

Fidelity Advisor® Equity Growth Fund Class I

Years ended November 30,		2022		2021		2020		2019		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	21.82	$	19.10	$	14.46	$	12.98	$	13.32
Income from Investment Operations
Net investment income (loss) B,C		.02		.05 D		(.01)		.01		.02
Net realized and unrealized gain (loss)		(3.63)		4.61		5.83		2.19		1.01
Total from investment operations		(3.61)		4.66		5.82		2.20		1.03
Distributions from net realized gain		(2.26)		(1.94)		(1.18)		(.72)		(1.37)
Total distributions		(2.26)		(1.94)		(1.18)		(.72)		(1.37)
Net asset value, end of period	$	15.95	$	21.82	$	19.10	$	14.46	$	12.98
Total Return E		(18.62)%		26.65%		43.32%		18.68%		8.65%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.72%		.71%		.74%		.75%		.75%
Expenses net of fee waivers, if any		.71%		.71%		.73%		.75%		.75%
Expenses net of all reductions		.71%		.71%		.73%		.75%		.75%
Net investment income (loss)		.14%		.24% D		(.07)%		.10%		.17%
Supplemental Data
Net assets, end of period (in millions)	$	1,285	$	1,067	$	770	$	548	$	679
Portfolio turnover rate H		40%		44%		52%		49% I		37%

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.

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

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).

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

Fidelity Advisor® Equity Growth Fund Class Z

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

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.

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).

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

Notes to Financial Statements

For the period ended November 30, 2022

( Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Fidelity Advisor Equity Growth Fund

$24

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$1,581,459
Gross unrealized depreciation	(246,693)
Net unrealized appreciation (depreciation)	$1,334,766
Tax Cost	$3,643,585

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

Undistributed long-term capital gain	$102,671
Net unrealized appreciation (depreciation) on securities and other investments	$1,334,803

The tax character of distributions paid was as follows:

	November 30, 2022	November 30, 2021
Ordinary Income	$62,096	$19,253
Long-term Capital Gains	522,886	457,026
Total	$584,982	$476,279

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

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

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Equity Growth Fund	2,367,671	1,783,284

5. Fees and Other Transactions with Affiliates.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$3,652	$48
Class M	.25%	.25%	7,847	13
Class C	.75%	.25%	1,047	121
			$12,546	$182

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

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

	Retained by FDC
Class A	$335
Class M	31
Class C A	2
	$368

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

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$2,392	.16
Class M	2,455	.16
Class C	202	.19
Class I	1,621	.16
Class Z	137	.04
	$6,807

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

	% of Average Net Assets
Fidelity Advisor Equity Growth Fund	.02

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

	Amount
Fidelity Advisor Equity Growth Fund	$34

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

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Equity Growth Fund	Borrower	$12,647	.32%	$1

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Equity Growth Fund	147,457	91,838	4,520

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Advisor Equity Growth Fund	$8

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Equity Growth Fund	$41	$2	$36

8. Expense Reductions.

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Equity Growth Fund
Distributions to shareholders
Class A	$201,902	$165,526
Class M	224,409	196,250
Class C	18,487	17,503
Class I	110,672	77,607
Class Z	29,512	19,393
Total	$584,982	$476,279

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2022	Year ended November 30, 2021	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Equity Growth Fund
Class A
Shares sold	16,685	10,433	$238,232	$181,362
Reinvestment of distributions	10,895	9,810	189,362	155,004
Shares redeemed	(16,000)	(15,717)	(233,550)	(273,966)
Net increase (decrease)	11,580	4,526	$194,044	$62,400
Class M
Shares sold	8,496	8,240	$121,186	$138,409
Reinvestment of distributions	13,013	12,449	218,886	191,216
Shares redeemed	(18,044)	(22,005)	(258,376)	(373,922)
Net increase (decrease)	3,465	(1,316)	$81,696	$(44,297)
Class C
Shares sold	2,281	1,699	$25,246	$23,445
Reinvestment of distributions	1,360	1,378	18,111	17,283
Shares redeemed	(3,196)	(3,751)	(36,259)	(51,874)
Net increase (decrease)	445	(674)	$7,098	$(11,146)
Class I
Shares sold	45,700	15,368	$738,514	$307,950
Reinvestment of distributions	5,203	4,008	103,900	71,711
Shares redeemed	(19,286)	(10,810)	(320,943)	(214,558)
Net increase (decrease)	31,617	8,566	$521,471	$165,103
Class Z
Shares sold	29,802	4,967	$472,459	$99,995
Reinvestment of distributions	1,400	1,033	28,312	18,669
Shares redeemed	(4,204)	(2,454)	(70,624)	(48,952)
Net increase (decrease)	26,998	3,546	$430,147	$69,712

11. Other.

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

12. Risk and Uncertainties.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 12, 2023

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

Trustees and Officers

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 318 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

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

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

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

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as 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: 2022

Deputy Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

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

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

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, 2022	Ending Account Value November 30, 2022	Expenses Paid During Period- C June 1, 2022 to November 30, 2022
Fidelity Advisor® Equity Growth Fund
Class A	.97%
Actual		$ 1,000	$ 983.00	$ 4.82
Hypothetical- B		$ 1,000	$ 1,020.21	$ 4.91
Class M	1.21%
Actual		$ 1,000	$ 982.40	$ 6.01
Hypothetical- B		$ 1,000	$ 1,019.00	$ 6.12
Class C	1.75%
Actual		$ 1,000	$ 979.60	$ 8.68
Hypothetical- B		$ 1,000	$ 1,016.29	$ 8.85
Class I	.72%
Actual		$ 1,000	$ 984.00	$ 3.58
Hypothetical- B		$ 1,000	$ 1,021.46	$ 3.65
Class Z	.60%
Actual		$ 1,000	$ 985.40	$ 2.99
Hypothetical- B		$ 1,000	$ 1,022.06	$ 3.04

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

B 5% return per year before expenses

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

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2022, $121,433,885, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

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

Class A designates 68%; Class M designates 83%; Class C designates 100%; Class I designates 57%; and Class Z designates 53% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A, Class M, Class I, and Class Z designate 1% of the dividends distributed during the fiscal year as a section 199A dividend.

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

1.539469.125

EPG-ANN-0123

Fidelity Advisor® Value Strategies Fund

Annual Report

November 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Strategies Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid.

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

Management's Discussion of Fund Performance

Market Recap:

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

Comments from Portfolio Manager Matt Friedman:

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

Investment Summary November 30, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Canadian Natural Resources Ltd.	2.8
Hess Corp.	2.0
Cigna Corp.	1.8
PG&E Corp.	1.7
Halliburton Co.	1.7
Ameriprise Financial, Inc.	1.6
LPL Financial	1.6
Flex Ltd.	1.6
The Travelers Companies, Inc.	1.5
The AES Corp.	1.5
	17.8

Market Sectors (% of Fund's net assets)

Industrials	16.5
Financials	16.2
Consumer Discretionary	12.6
Materials	10.4
Energy	9.5
Utilities	8.3
Health Care	7.7
Real Estate	7.4
Information Technology	4.7
Consumer Staples	3.5
Communication Services	3.1

Asset Allocation (% of Fund's net assets)

Foreign investments - 17.3%

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments November 30, 2022

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 3.1%
Diversified Telecommunication Services - 0.7%
Cellnex Telecom SA (a)	336,900	11,586
Interactive Media & Services - 0.6%
Ziff Davis, Inc. (b)	97,800	9,023
Media - 1.8%
Interpublic Group of Companies, Inc.	274,000	9,415
Liberty Broadband Corp. Class C (b)	128,000	11,630
Nexstar Broadcasting Group, Inc. Class A	35,800	6,786
		27,831
TOTAL COMMUNICATION SERVICES		48,440
CONSUMER DISCRETIONARY - 12.6%
Auto Components - 1.5%
Adient PLC (b)	324,700	12,644
Autoliv, Inc.	114,900	10,157
		22,801
Diversified Consumer Services - 0.9%
Adtalem Global Education, Inc. (b)	351,237	14,611
Hotels, Restaurants & Leisure - 0.8%
Caesars Entertainment, Inc. (b)	258,800	13,150
Household Durables - 2.0%
Mohawk Industries, Inc. (b)	87,200	8,836
Taylor Morrison Home Corp. (b)	249,100	7,570
Tempur Sealy International, Inc.	448,700	14,255
		30,661
Internet & Direct Marketing Retail - 0.8%
eBay, Inc.	282,600	12,841
Leisure Products - 0.5%
Mattel, Inc. (b)	432,300	7,881
Multiline Retail - 1.8%
Dollar Tree, Inc. (b)	106,400	15,991
Kohl's Corp.	195,900	6,284
Nordstrom, Inc. (c)	231,100	4,846
		27,121
Specialty Retail - 3.6%
American Eagle Outfitters, Inc. (c)	1,047,222	16,567
Lithia Motors, Inc. Class A (sub. vtg.) (c)	39,800	9,525
Rent-A-Center, Inc.	301,700	7,268
Sally Beauty Holdings, Inc. (b)	427,900	5,032
Victoria's Secret & Co. (b)	379,100	17,439
		55,831
Textiles, Apparel & Luxury Goods - 0.7%
Capri Holdings Ltd. (b)	176,100	10,099
TOTAL CONSUMER DISCRETIONARY		194,996
CONSUMER STAPLES - 3.5%
Beverages - 0.9%
Primo Water Corp.	839,700	13,141
Food & Staples Retailing - 1.4%
U.S. Foods Holding Corp. (b)	589,100	21,549
Food Products - 1.2%
Darling Ingredients, Inc. (b)	261,722	18,799
TOTAL CONSUMER STAPLES		53,489
ENERGY - 9.5%
Energy Equipment & Services - 2.4%
Halliburton Co.	709,300	26,875
Liberty Oilfield Services, Inc. Class A	643,187	10,632
		37,507
Oil, Gas & Consumable Fuels - 7.1%
Canadian Natural Resources Ltd.	722,000	43,110
Hess Corp.	219,800	31,631
HF Sinclair Corp.	237,200	14,787
Tourmaline Oil Corp.	324,200	19,732
		109,260
TOTAL ENERGY		146,767
FINANCIALS - 16.2%
Banks - 3.3%
East West Bancorp, Inc.	300,700	21,112
First Citizens Bancshares, Inc. (c)	18,800	15,349
Signature Bank	110,500	15,415
		51,876
Capital Markets - 4.0%
Ameriprise Financial, Inc.	73,800	24,498
Lazard Ltd. Class A (c)	347,800	12,733
LPL Financial	102,700	24,310
		61,541
Consumer Finance - 1.9%
OneMain Holdings, Inc.	306,700	12,072
SLM Corp.	990,184	17,289
		29,361
Diversified Financial Services - 1.4%
Apollo Global Management, Inc.	318,500	22,101
Insurance - 4.8%
American Financial Group, Inc.	76,800	10,922
Arch Capital Group Ltd. (b)	303,800	18,201
Assurant, Inc.	102,900	13,194
Reinsurance Group of America, Inc.	60,033	8,669
The Travelers Companies, Inc.	119,000	22,587
		73,573
Thrifts & Mortgage Finance - 0.8%
Walker & Dunlop, Inc.	136,300	12,173
TOTAL FINANCIALS		250,625
HEALTH CARE - 7.7%
Biotechnology - 1.0%
United Therapeutics Corp. (b)	56,000	15,674
Health Care Providers & Services - 5.2%
AdaptHealth Corp. (b)	550,800	12,288
Centene Corp. (b)	189,900	16,531
Cigna Corp.	83,200	27,364
Laboratory Corp. of America Holdings	52,700	12,685
Tenet Healthcare Corp. (b)	238,200	11,000
		79,868
Life Sciences Tools & Services - 0.4%
Syneos Health, Inc. (b)	177,100	6,248
Pharmaceuticals - 1.1%
Jazz Pharmaceuticals PLC (b)	108,500	17,025
TOTAL HEALTH CARE		118,815
INDUSTRIALS - 16.5%
Air Freight & Logistics - 0.9%
FedEx Corp.	74,100	13,503
Building Products - 1.3%
Builders FirstSource, Inc. (b)	315,700	20,183
Commercial Services & Supplies - 0.9%
The Brink's Co.	235,100	14,047
Construction & Engineering - 4.1%
Fluor Corp. (b)(c)	604,100	20,304
Granite Construction, Inc. (c)	330,400	11,901
MDU Resources Group, Inc.	394,900	12,435
Willscot Mobile Mini Holdings (b)	405,100	19,530
		64,170
Electrical Equipment - 1.4%
Regal Rexnord Corp.	126,419	16,575
Sensata Technologies, Inc. PLC	132,669	5,983
		22,558
Machinery - 3.9%
Allison Transmission Holdings, Inc.	277,200	12,419
Crane Holdings Co.	119,200	12,628
Flowserve Corp.	609,700	19,120
Kennametal, Inc. (c)	596,400	15,757
		59,924
Professional Services - 1.1%
Manpower, Inc.	187,300	16,392
Road & Rail - 2.0%
RXO, Inc. (b)	309,700	5,884
TFI International, Inc. (Canada)	126,900	13,773
XPO Logistics, Inc. (b)	309,700	11,961
		31,618
Trading Companies & Distributors - 0.9%
Beacon Roofing Supply, Inc. (b)	230,300	13,447
TOTAL INDUSTRIALS		255,842
INFORMATION TECHNOLOGY - 4.7%
Electronic Equipment & Components - 2.0%
Flex Ltd. (b)	1,095,300	24,075
Vontier Corp.	344,600	6,764
		30,839
IT Services - 2.1%
Fidelity National Information Services, Inc.	220,900	16,033
SS&C Technologies Holdings, Inc.	239,900	12,897
Unisys Corp. (b)	703,132	3,023
		31,953
Software - 0.6%
NCR Corp. (b)	428,800	10,235
TOTAL INFORMATION TECHNOLOGY		73,027
MATERIALS - 10.4%
Chemicals - 3.8%
Axalta Coating Systems Ltd. (b)	436,500	11,716
Methanex Corp. (c)	275,600	10,751
Olin Corp.	297,783	16,968
Tronox Holdings PLC	544,400	7,692
Westlake Corp. (c)	113,100	12,175
		59,302
Construction Materials - 0.5%
Eagle Materials, Inc.	58,100	7,921
Containers & Packaging - 2.2%
Berry Global Group, Inc.	157,000	9,200
Crown Holdings, Inc.	165,954	13,643
O-I Glass, Inc. (b)	664,200	10,900
		33,743
Metals & Mining - 3.1%
ArcelorMittal SA Class A unit GDR	347,300	9,394
Arconic Corp. (b)	732,700	17,460
Constellium NV (b)	753,797	9,385
Freeport-McMoRan, Inc.	273,700	10,893
		47,132
Paper & Forest Products - 0.8%
Louisiana-Pacific Corp.	195,700	12,486
TOTAL MATERIALS		160,584
REAL ESTATE - 7.4%
Equity Real Estate Investment Trusts (REITs) - 5.0%
CubeSmart	527,500	21,833
Equinix, Inc.	13,700	9,462
Equity Lifestyle Properties, Inc.	236,800	15,728
Prologis (REIT), Inc.	100,937	11,889
Welltower, Inc.	260,400	18,496
		77,408
Real Estate Management & Development - 2.4%
Cushman & Wakefield PLC (b)	1,287,400	14,702
Jones Lang LaSalle, Inc. (b)	110,100	18,516
WeWork, Inc. (b)(c)	1,236,300	3,412
		36,630
TOTAL REAL ESTATE		114,038
UTILITIES - 8.3%
Electric Utilities - 6.1%
Constellation Energy Corp.	219,100	21,060
Edison International	259,300	17,285
Entergy Corp.	159,000	18,487
FirstEnergy Corp.	255,500	10,537
PG&E Corp. (b)	1,728,115	27,131
		94,500
Independent Power and Renewable Electricity Producers - 2.2%
The AES Corp.	779,600	22,546
Vistra Corp.	461,000	11,216
		33,762
TOTAL UTILITIES		128,262
TOTAL COMMON STOCKS (Cost $1,276,548)		1,544,885

Money Market Funds - 3.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 3.86% (d)	1,323,598	1,324
Fidelity Securities Lending Cash Central Fund 3.86% (d)(e)	51,748,900	51,754
TOTAL MONEY MARKET FUNDS (Cost $53,078)		53,078

TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $1,329,626)	1,597,963
NET OTHER ASSETS (LIABILITIES) - (3.3)%	(51,405)
NET ASSETS - 100.0%	1,546,558

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

Legend

(a)

(b)	Non-income producing

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

(d)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 3.86%	42,802	367,632	409,110	177	-	-	1,324	0.0%
Fidelity Securities Lending Cash Central Fund 3.86%	17,043	655,667	620,956	160	-	-	51,754	0.2%
Total	59,845	1,023,299	1,030,066	337	-	-	53,078

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

Investment Valuation

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

Equities:
Communication Services	48,440	36,854	11,586	-
Consumer Discretionary	194,996	194,996	-	-
Consumer Staples	53,489	53,489	-	-
Energy	146,767	146,767	-	-
Financials	250,625	250,625	-	-
Health Care	118,815	118,815	-	-
Industrials	255,842	255,842	-	-
Information Technology	73,027	73,027	-	-
Materials	160,584	160,584	-	-
Real Estate	114,038	114,038	-	-
Utilities	128,262	128,262	-	-

Money Market Funds	53,078	53,078	-	-
Total Investments in Securities:	1,597,963	1,586,377	11,586	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)			November 30, 2022

Assets
Investment in securities, at value (including securities loaned of $50,716) - See accompanying schedule:
Unaffiliated issuers (cost $1,276,548)	$1,544,885
Fidelity Central Funds (cost $53,078)	53,078

Total Investment in Securities (cost $1,329,626)		$	1,597,963
Receivable for investments sold			29,252
Receivable for fund shares sold			662
Dividends receivable			1,651
Distributions receivable from Fidelity Central Funds			30
Prepaid expenses			2
Total assets			1,629,560
Liabilities
Payable for investments purchased	$28,799
Payable for fund shares redeemed	1,194
Accrued management fee	843
Distribution and service plan fees payable	170
Other affiliated payables	231
Other payables and accrued expenses	11
Collateral on securities loaned	51,754
Total Liabilities			83,002
Net Assets		$	1,546,558
Net Assets consist of:
Paid in capital		$	1,249,274
Total accumulated earnings (loss)			297,284
Net Assets		$	1,546,558

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($317,773 ÷ 7,707 shares) (a)		$	41.23
Maximum offering price per share (100/94.25 of $41.23)		$	43.75
Class M :
Net Asset Value and redemption price per share ($231,490 ÷ 5,242 shares) (a)		$	44.16
Maximum offering price per share (100/96.50 of $44.16)		$	45.76
Class C :
Net Asset Value and offering price per share ($18,076 ÷ 534 shares) (a)(b)		$	33.87
Fidelity Value Strategies Fund :
Net Asset Value , offering price and redemption price per share ($565,088 ÷ 11,157 shares)		$	50.65
Class K :
Net Asset Value , offering price and redemption price per share ($61,703 ÷ 1,219 shares) (b)		$	50.61
Class I :
Net Asset Value , offering price and redemption price per share ($352,428 ÷ 7,569 shares)		$	46.56
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended November 30, 2022
Investment Income
Dividends			$	24,944
Income from Fidelity Central Funds (including $160 from security lending)				337
Total Income				25,281
Expenses
Management fee
Basic fee	$	7,621
Performance adjustment		2,054
Transfer agent fees		2,342
Distribution and service plan fees		2,028
Accounting fees		430
Custodian fees and expenses		15
Independent trustees' fees and expenses		5
Registration fees		147
Audit		59
Legal		3
Interest		1
Miscellaneous		7
Total expenses before reductions		14,712
Expense reductions		(47)
Total expenses after reductions				14,665
Net Investment income (loss)				10,616
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		32,417
Foreign currency transactions		(17)
Total net realized gain (loss)				32,400
Change in net unrealized appreciation (depreciation) on investment securities				24,245
Net gain (loss)				56,645
Net increase (decrease) in net assets resulting from operations			$	67,261

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2022		Year ended November 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,616	$	11,648
Net realized gain (loss)		32,400		140,353
Change in net unrealized appreciation (depreciation)		24,245		103,632
Net increase (decrease) in net assets resulting from operations		67,261		255,633
Distributions to shareholders		(104,569)		(6,556)
Share transactions - net increase (decrease)		256,598		289,262
Total increase (decrease) in net assets		219,290		538,339

Net Assets
Beginning of period		1,327,268		788,929
End of period	$	1,546,558	$	1,327,268

Financial Highlights

Fidelity Advisor® Value Strategies Fund Class A

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

A Calculated based on average shares outstanding during the period.

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

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.

D 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%.

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

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

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

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

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

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

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

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

Fidelity Advisor® Value Strategies Fund Class M

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

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.

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

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

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

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

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

Fidelity Advisor® Value Strategies Fund Class C

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

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 $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.

D 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%.

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

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.

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

Fidelity® Value Strategies Fund

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

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 $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .79%.

D 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%.

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

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

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

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

Fidelity® Value Strategies Fund Class K

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

A Calculated based on average shares outstanding during the period.

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

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).

Fidelity Advisor® Value Strategies Fund Class I

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

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 $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .77%.

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2022

( Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Gross unrealized appreciation	$372,574
Gross unrealized depreciation	(105,814)
Net unrealized appreciation (depreciation)	$266,760
Tax Cost	$1,331,203

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

Undistributed ordinary income	$8,391
Undistributed long-term capital gain	$22,133
Net unrealized appreciation (depreciation) on securities and other investments	$266,760

The tax character of distributions paid was as follows:

	November 30, 2022	November 30, 2021
Ordinary Income	$16,274	$6,556
Long-term Capital Gains	88,295	-
Total	$104,569	$6,556

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Value Strategies Fund	834,128	655,866

5. Fees and Other Transactions with Affiliates.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$703	$19
Class M	.25%	.25%	1,158	6
Class C	.75%	.25%	167	46
			$2,028	$71

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

	Retained by FDC
Class A	$77
Class M	7
Class C A	- B
	$84

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

B In the amount of less than five hundred dollars.

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$486	.17
Class M	371	.16
Class C	34	.20
Fidelity Value Strategies Fund	880	.16
Class K	24	.04
Class I	547	.17
	$2,342

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

	Amount
Fidelity Advisor Value Strategies Fund	$18

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Advisor Value Strategies Fund	Borrower	$6,352	2.68%	$1

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Value Strategies Fund	94,975	103,613	7,405

6. Committed Line of Credit.

	Amount
Fidelity Advisor Value Strategies Fund	$2

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Value Strategies Fund	$17	$-	$-

8. Expense Reductions.

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Value Strategies Fund
Distributions to shareholders
Class A	$21,936	$1,656
Class M	18,416	1,180
Class C	1,360	40
Fidelity Value Strategies Fund	37,615	2,562
Class K	4,029	519
Class I	21,213	599
Total	$104,569	$6,556

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2022	Year ended November 30, 2021	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Value Strategies Fund
Class A
Shares sold	2,196	923	$89,027	$38,968
Reinvestment of distributions	488	46	20,592	1,564
Shares redeemed	(926)	(886)	(36,950)	(36,228)
Net increase (decrease)	1,758	83	$72,669	$4,304
Class M
Shares sold	311	264	$13,538	$11,691
Reinvestment of distributions	374	30	16,915	1,087
Shares redeemed	(668)	(946)	(28,828)	(41,613)
Net increase (decrease)	17	(652)	$1,625	$(28,835)
Class C
Shares sold	242	176	$8,153	$6,181
Reinvestment of distributions	38	1	1,324	39
Shares redeemed	(141)	(199)	(4,671)	(6,868)
Net increase (decrease)	139	(22)	$4,806	$(648)
Fidelity Value Strategies Fund
Shares sold	4,143	5,709	$207,243	$286,521
Reinvestment of distributions	684	59	35,310	2,426
Shares redeemed	(3,616)	(3,070)	(176,732)	(154,252)
Net increase (decrease)	1,211	2,698	$65,821	$134,695
Class K
Shares sold	569	940	$28,021	$42,621
Reinvestment of distributions	78	13	4,029	519
Shares redeemed	(485)	(838)	(23,528)	(38,317)
Net increase (decrease)	162	115	$8,522	$4,823
Class I
Shares sold	4,791	4,762	$217,077	$225,688
Reinvestment of distributions	430	15	20,448	571
Shares redeemed	(3,013)	(1,086)	(134,370)	(51,336)
Net increase (decrease)	2,208	3,691	$103,155	$174,923

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Strategies Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2022	Ending Account Value November 30, 2022	Expenses Paid During Period- C June 1, 2022 to November 30, 2022
Fidelity Advisor® Value Strategies Fund
Class A	1.14%
Actual		$ 1,000	$ 989.40	$ 5.69
Hypothetical- B		$ 1,000	$ 1,019.35	$ 5.77
Class M	1.37%
Actual		$ 1,000	$ 988.40	$ 6.83
Hypothetical- B		$ 1,000	$ 1,018.20	$ 6.93
Class C	1.92%
Actual		$ 1,000	$ 985.50	$ 9.56
Hypothetical- B		$ 1,000	$ 1,015.44	$ 9.70
Fidelity® Value Strategies Fund	.88%
Actual		$ 1,000	$ 990.80	$ 4.39
Hypothetical- B		$ 1,000	$ 1,020.66	$ 4.46
Class K	.76%
Actual		$ 1,000	$ 991.40	$ 3.79
Hypothetical- B		$ 1,000	$ 1,021.26	$ 3.85
Class I	.89%
Actual		$ 1,000	$ 990.60	$ 4.44
Hypothetical- B		$ 1,000	$ 1,020.61	$ 4.51

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2022, $29,634,337, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.55% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

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

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

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

1.539180.125

SO-ANN-0123

Fidelity Advisor® Large Cap Fund

Annual Report

November 30, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

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

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Large Cap Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matt Fruhan:

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

Investment Summary November 30, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	7.8
General Electric Co.	6.2
Microsoft Corp.	5.8
Wells Fargo & Co.	5.7
Bank of America Corp.	3.1
Apple, Inc.	3.0
Hess Corp.	2.3
Bristol-Myers Squibb Co.	2.2
Comcast Corp. Class A	1.9
The Boeing Co.	1.9
	39.9

Market Sectors (% of Fund's net assets)

Information Technology	17.4
Financials	16.4
Industrials	14.4
Energy	13.8
Health Care	13.7
Communication Services	7.5
Consumer Staples	4.6
Consumer Discretionary	3.6
Materials	3.1
Real Estate	0.8
Utilities	0.6

Asset Allocation (% of Fund's net assets)

Foreign investments - 9.8%

Schedule of Investments November 30, 2022

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 7.5%
Diversified Telecommunication Services - 0.4%
Cellnex Telecom SA (a)	42,300	1,454,636
Verizon Communications, Inc.	54,276	2,115,678
		3,570,314
Entertainment - 1.3%
Activision Blizzard, Inc.	16,611	1,228,383
Nintendo Co. Ltd. ADR	138,900	1,490,397
The Walt Disney Co. (b)	62,775	6,143,789
Universal Music Group NV	214,634	5,104,164
		13,966,733
Interactive Media & Services - 3.4%
Alphabet, Inc.:
Class A (b)	140,880	14,227,471
Class C (b)	127,460	12,930,817
Match Group, Inc. (b)	4,600	232,576
Meta Platforms, Inc. Class A (b)	56,500	6,672,650
Snap, Inc. Class A (b)	105,800	1,090,798
		35,154,312
Media - 2.4%
Comcast Corp. Class A	560,523	20,537,563
Interpublic Group of Companies, Inc.	146,420	5,030,991
		25,568,554
TOTAL COMMUNICATION SERVICES		78,259,913
CONSUMER DISCRETIONARY - 3.6%
Auto Components - 0.2%
BorgWarner, Inc.	63,616	2,704,316
Automobiles - 0.1%
General Motors Co.	22,800	924,768
Hotels, Restaurants & Leisure - 1.4%
Booking Holdings, Inc. (b)	4,019	8,357,310
Expedia, Inc. (b)	17,900	1,912,436
Marriott International, Inc. Class A	19,400	3,207,790
Starbucks Corp.	12,700	1,297,940
		14,775,476
Household Durables - 0.4%
Mohawk Industries, Inc. (b)	23,906	2,422,395
Sony Group Corp. sponsored ADR	14,500	1,204,515
Whirlpool Corp.	3,234	473,878
		4,100,788
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. (b)	19,300	1,863,222
Multiline Retail - 0.1%
Target Corp.	5,000	835,350
Specialty Retail - 1.1%
Lowe's Companies, Inc.	54,630	11,611,607
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc. Class B	7,200	789,768
TOTAL CONSUMER DISCRETIONARY		37,605,295
CONSUMER STAPLES - 4.6%
Beverages - 1.7%
Diageo PLC sponsored ADR	26,000	4,850,300
Keurig Dr. Pepper, Inc.	88,700	3,430,029
The Coca-Cola Co.	158,981	10,112,781
		18,393,110
Food & Staples Retailing - 1.5%
Costco Wholesale Corp.	1,300	701,025
Performance Food Group Co. (b)	37,100	2,262,358
Sysco Corp.	88,500	7,656,135
U.S. Foods Holding Corp. (b)	47,800	1,748,524
Walmart, Inc.	20,700	3,155,094
		15,523,136
Household Products - 0.1%
Colgate-Palmolive Co.	1,000	77,480
Spectrum Brands Holdings, Inc.	18,467	983,737
		1,061,217
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	400	94,316
Haleon PLC ADR (b)	374,138	2,577,811
		2,672,127
Tobacco - 1.0%
Altria Group, Inc.	221,180	10,302,564
TOTAL CONSUMER STAPLES		47,952,154
ENERGY - 13.8%
Energy Equipment & Services - 0.0%
Baker Hughes Co. Class A	7,900	229,258
Oil, Gas & Consumable Fuels - 13.8%
Canadian Natural Resources Ltd.	34,900	2,083,648
Cenovus Energy, Inc. (Canada)	765,462	15,222,175
EQT Corp.	25,500	1,081,455
Exxon Mobil Corp.	730,668	81,352,572
Hess Corp.	169,535	24,397,782
Imperial Oil Ltd.	88,900	5,057,813
Kosmos Energy Ltd. (b)	972,495	6,467,092
Phillips 66 Co.	14,400	1,561,536
Tourmaline Oil Corp.	125,400	7,632,233
		144,856,306
TOTAL ENERGY		145,085,564
FINANCIALS - 16.4%
Banks - 12.4%
Bank of America Corp.	845,314	31,995,135
JPMorgan Chase & Co.	81,818	11,305,611
M&T Bank Corp.	12,828	2,181,017
PNC Financial Services Group, Inc.	65,241	10,977,451
Truist Financial Corp.	156,127	7,308,305
U.S. Bancorp	135,490	6,149,891
Wells Fargo & Co.	1,248,903	59,884,899
		129,802,309
Capital Markets - 2.7%
KKR & Co. LP	102,191	5,305,757
Morgan Stanley	61,525	5,726,132
Northern Trust Corp.	102,391	9,533,626
Raymond James Financial, Inc.	27,793	3,249,002
State Street Corp.	55,119	4,391,331
		28,205,848
Consumer Finance - 0.2%
Discover Financial Services	23,200	2,513,952
Diversified Financial Services - 0.0%
Acacia Research Corp. (b)	36,900	152,397
Insurance - 0.2%
Chubb Ltd.	10,495	2,304,597
Thrifts & Mortgage Finance - 0.9%
MGIC Investment Corp.	152,476	2,093,495
Radian Group, Inc.	366,031	7,163,227
		9,256,722
TOTAL FINANCIALS		172,235,825
HEALTH CARE - 13.7%
Biotechnology - 0.5%
ADC Therapeutics SA (b)	18,900	69,174
Alnylam Pharmaceuticals, Inc. (b)	12,119	2,673,330
Argenx SE ADR (b)	1,100	437,767
Crinetics Pharmaceuticals, Inc. (b)	28,300	505,721
Insmed, Inc. (b)	47,497	878,220
Vaxcyte, Inc. (b)	17,300	796,838
Verve Therapeutics, Inc. (b)	14,800	343,804
		5,704,854
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories	4,000	430,320
Becton, Dickinson & Co.	10,797	2,692,124
Boston Scientific Corp. (b)	279,026	12,631,507
iRhythm Technologies, Inc. (b)	100	10,905
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	48,305	726,507
		16,491,363
Health Care Providers & Services - 6.6%
Cardinal Health, Inc.	90,982	7,294,027
Centene Corp. (b)	8,400	731,220
Cigna Corp.	48,703	16,017,930
CVS Health Corp.	102,268	10,419,064
Guardant Health, Inc. (b)	22,800	1,193,352
Humana, Inc.	3,600	1,979,640
McKesson Corp.	35,106	13,399,258
Oak Street Health, Inc. (b)	14,800	319,976
UnitedHealth Group, Inc.	31,999	17,527,772
		68,882,239
Life Sciences Tools & Services - 0.2%
Danaher Corp.	9,600	2,624,736
Pharmaceuticals - 4.8%
Bayer AG	38,556	2,237,671
Bristol-Myers Squibb Co.	289,717	23,258,481
Eli Lilly & Co.	10,600	3,933,448
GSK PLC sponsored ADR	212,030	7,334,118
Johnson & Johnson	70,584	12,563,952
Pliant Therapeutics, Inc. (b)	16,400	301,432
Sanofi SA sponsored ADR	17,700	802,695
Viatris, Inc.	11,800	130,154
		50,561,951
TOTAL HEALTH CARE		144,265,143
INDUSTRIALS - 14.3%
Aerospace & Defense - 3.2%
Airbus Group NV	49,300	5,659,420
General Dynamics Corp.	13,129	3,313,628
Huntington Ingalls Industries, Inc.	9,319	2,161,635
MTU Aero Engines AG	3,600	759,108
Raytheon Technologies Corp.	15,092	1,489,882
Safran SA	7,200	889,817
The Boeing Co. (b)	108,167	19,348,913
		33,622,403
Air Freight & Logistics - 1.9%
FedEx Corp.	22,892	4,171,380
United Parcel Service, Inc. Class B	85,463	16,214,895
		20,386,275
Airlines - 0.1%
Copa Holdings SA Class A (b)	3,200	280,416
Ryanair Holdings PLC sponsored ADR (b)	9,400	711,486
		991,902
Building Products - 0.2%
Johnson Controls International PLC	26,000	1,727,440
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (b)(c)	95,900	847,756
Electrical Equipment - 1.0%
Acuity Brands, Inc.	18,456	3,475,080
Hubbell, Inc. Class B	11,785	2,994,097
Regal Rexnord Corp.	1,400	183,554
Vertiv Holdings Co.	303,100	4,197,935
		10,850,666
Industrial Conglomerates - 6.3%
3M Co.	9,559	1,204,147
General Electric Co.	749,913	64,470,021
		65,674,168
Machinery - 0.9%
Cummins, Inc.	6,000	1,506,960
Flowserve Corp.	60,619	1,901,012
Fortive Corp.	30,400	2,053,520
Otis Worldwide Corp.	19,696	1,538,061
Stanley Black & Decker, Inc.	8,500	694,620
Westinghouse Air Brake Tech Co.	21,345	2,157,766
		9,851,939
Professional Services - 0.1%
Equifax, Inc.	3,700	730,269
Road & Rail - 0.5%
Knight-Swift Transportation Holdings, Inc. Class A (c)	95,658	5,302,323
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	15,900	276,103
TOTAL INDUSTRIALS		150,261,244
INFORMATION TECHNOLOGY - 17.4%
Electronic Equipment & Components - 0.2%
Mirion Technologies, Inc. (b)(d)	232,270	1,481,883
IT Services - 3.8%
Amadeus IT Holding SA Class A (b)	28,700	1,551,738
Edenred SA	66,000	3,625,973
Fidelity National Information Services, Inc.	43,100	3,128,198
Genpact Ltd.	38,000	1,752,180
Global Payments, Inc.	5,500	570,790
IBM Corp.	11,500	1,712,350
MasterCard, Inc. Class A	10,315	3,676,266
PayPal Holdings, Inc. (b)	27,900	2,187,639
Sabre Corp. (b)(c)	152,200	929,942
Snowflake, Inc. (b)	800	114,320
Twilio, Inc. Class A (b)	23,200	1,137,264
Unisys Corp. (b)	141,362	607,857
Visa, Inc. Class A	86,827	18,841,459
		39,835,976
Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.	11,118	1,911,295
Applied Materials, Inc.	23,416	2,566,394
Intel Corp.	91,800	2,760,426
Lam Research Corp.	4,500	2,125,710
Marvell Technology, Inc.	55,601	2,586,559
NVIDIA Corp.	7,800	1,319,994
Qualcomm, Inc.	94,201	11,915,484
		25,185,862
Software - 7.9%
Adobe, Inc. (b)	12,900	4,449,597
Autodesk, Inc. (b)	11,041	2,229,730
Coupa Software, Inc. (b)	6,700	423,708
DoubleVerify Holdings, Inc. (b)	16,500	432,300
Dynatrace, Inc. (b)	34,665	1,343,269
Elastic NV (b)	30,900	1,890,771
Intuit, Inc.	2,800	1,141,252
Microsoft Corp.	238,653	60,889,926
PTC, Inc. (b)	9,300	1,183,053
Salesforce.com, Inc. (b)	4,500	721,125
SAP SE sponsored ADR (c)	70,817	7,851,481
Workday, Inc. Class A (b)	3,300	554,070
		83,110,282
Technology Hardware, Storage & Peripherals - 3.1%
Apple, Inc.	215,068	31,836,516
Samsung Electronics Co. Ltd.	22,520	1,094,108
		32,930,624
TOTAL INFORMATION TECHNOLOGY		182,544,627
MATERIALS - 3.1%
Chemicals - 0.7%
Axalta Coating Systems Ltd. (b)	16,800	450,912
DuPont de Nemours, Inc.	91,000	6,416,410
		6,867,322
Metals & Mining - 2.4%
First Quantum Minerals Ltd.	287,600	6,837,489
Freeport-McMoRan, Inc.	346,804	13,802,799
Glencore PLC	706,600	4,821,920
		25,462,208
TOTAL MATERIALS		32,329,530
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
American Tower Corp.	12,509	2,767,616
Equinix, Inc.	442	305,267
Simon Property Group, Inc.	44,000	5,255,360
		8,328,243
UTILITIES - 0.6%
Electric Utilities - 0.5%
Entergy Corp.	8,900	1,034,803
PG&E Corp. (b)	75,500	1,185,350
Southern Co.	48,600	3,287,304
		5,507,457
Multi-Utilities - 0.1%
Sempra Energy	2,034	338,030
TOTAL UTILITIES		5,845,487
TOTAL COMMON STOCKS (Cost $665,789,626)		1,004,713,025

Preferred Stocks - 0.1%
	Shares	Value ($)
Convertible Preferred Stocks - 0.0%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (b)(d)(e)	1,200	49,320

Nonconvertible Preferred Stocks - 0.1%
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Embraer SA sponsored ADR (b)	119,400	1,268,028

TOTAL PREFERRED STOCKS (Cost $1,471,102)		1,317,348

Money Market Funds - 4.2%
	Shares	Value ($)
Fidelity Cash Central Fund 3.86% (f)	40,536,499	40,544,606
Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)	3,678,663	3,679,031
TOTAL MONEY MARKET FUNDS (Cost $44,223,637)		44,223,637

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $711,484,365)	1,050,254,010
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(687,285)
NET ASSETS - 100.0%	1,049,566,725

Legend

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,454,636 or 0.1% of net assets.

(b)	Non-income producing

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

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,531,203 or 0.1% of net assets.

(e)	Level 3 security

(f)

(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 ($)
Mirion Technologies, Inc.	6/16/21	2,322,700

Reddit, Inc. Series E	5/18/21	50,969

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 3.86%	1,030,319	139,289,838	99,775,551	501,338	-	-	40,544,606	0.1%
Fidelity Securities Lending Cash Central Fund 3.86%	3,967,656	32,433,879	32,722,504	9,755	-	-	3,679,031	0.0%
Total	4,997,975	171,723,717	132,498,055	511,093	-	-	44,223,637

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

Investment Valuation

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

Equities:
Communication Services	78,309,233	71,701,113	6,558,800	49,320
Consumer Discretionary	37,605,295	37,605,295	-	-
Consumer Staples	47,952,154	47,952,154	-	-
Energy	145,085,564	145,085,564	-	-
Financials	172,235,825	172,235,825	-	-
Health Care	144,265,143	142,027,472	2,237,671	-
Industrials	151,529,272	143,944,824	7,584,448	-
Information Technology	182,544,627	176,272,808	6,271,819	-
Materials	32,329,530	27,507,610	4,821,920	-
Real Estate	8,328,243	8,328,243	-	-
Utilities	5,845,487	5,845,487	-	-

Money Market Funds	44,223,637	44,223,637	-	-
Total Investments in Securities:	1,050,254,010	1,022,730,032	27,474,658	49,320

Financial Statements

Statement of Assets and Liabilities
			November 30, 2022

Assets
Investment in securities, at value (including securities loaned of $3,762,158) - See accompanying schedule:
Unaffiliated issuers (cost $667,260,728)	$1,006,030,373
Fidelity Central Funds (cost $44,223,637)	44,223,637

Total Investment in Securities (cost $711,484,365)		$	1,050,254,010
Restricted cash			171,214
Foreign currency held at value (cost $290)			290
Receivable for investments sold
Regular delivery			404,825
Delayed delivery			951,523
Receivable for fund shares sold			878,557
Dividends receivable			2,679,601
Distributions receivable from Fidelity Central Funds			142,739
Prepaid expenses			1,306
Total assets			1,055,484,065
Liabilities
Payable for fund shares redeemed	$1,363,974
Distributions payable	4
Accrued management fee	463,240
Distribution and service plan fees payable	239,716
Other affiliated payables	160,747
Other payables and accrued expenses	8,484
Collateral on securities loaned	3,681,175
Total Liabilities			5,917,340
Net Assets		$	1,049,566,725
Net Assets consist of:
Paid in capital		$	693,245,394
Total accumulated earnings (loss)			356,321,331
Net Assets		$	1,049,566,725

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($532,911,174 ÷ 14,684,596 shares) (a)		$	36.29
Maximum offering price per share (100/94.25 of $36.29)		$	38.50
Class M :
Net Asset Value and redemption price per share ($166,367,737 ÷ 4,602,896 shares) (a)		$	36.14
Maximum offering price per share (100/96.50 of $36.14)		$	37.45
Class C :
Net Asset Value and offering price per share ($81,508,979 ÷ 2,600,425 shares) (a)		$	31.34
Class I :
Net Asset Value , offering price and redemption price per share ($224,889,398 ÷ 5,792,081 shares)		$	38.83
Class Z :
Net Asset Value , offering price and redemption price per share ($43,889,437 ÷ 1,130,904 shares)		$	38.81
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended November 30, 2022
Investment Income
Dividends			$	19,762,987
Income from Fidelity Central Funds (including $9,755 from security lending)				511,093
Total Income				20,274,080
Expenses
Management fee
Basic fee	$	5,367,345
Performance adjustment		(839,164)
Transfer agent fees		1,697,090
Distribution and service plan fees		2,890,391
Accounting fees		320,378
Custodian fees and expenses		22,001
Independent trustees' fees and expenses		3,544
Registration fees		91,027
Audit		59,503
Legal		4,456
Miscellaneous		4,569
Total expenses before reductions		9,621,140
Expense reductions		(33,163)
Total expenses after reductions				9,587,977
Net Investment income (loss)				10,686,103
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		12,661,402
Foreign currency transactions		147,462
Total net realized gain (loss)				12,808,864
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(9,387,063)
Assets and liabilities in foreign currencies		(18,625)
Total change in net unrealized appreciation (depreciation)				(9,405,688)
Net gain (loss)				3,403,176
Net increase (decrease) in net assets resulting from operations			$	14,089,279

Statement of Changes in Net Assets

		Year ended November 30, 2022		Year ended November 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,686,103	$	16,398,318
Net realized gain (loss)		12,808,864		56,660,801
Change in net unrealized appreciation (depreciation)		(9,405,688)		142,314,488
Net increase (decrease) in net assets resulting from operations		14,089,279		215,373,607
Distributions to shareholders		(67,019,635)		(46,442,509)
Share transactions - net increase (decrease)		70,348,927		(5,167,538)
Total increase (decrease) in net assets		17,418,571		163,763,560

Net Assets
Beginning of period		1,032,148,154		868,384,594
End of period	$	1,049,566,725	$	1,032,148,154

Financial Highlights

Fidelity Advisor® Large Cap Fund Class A

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	38.14	$	31.98	$	32.80	$	33.76	$	34.98
Income from Investment Operations
Net investment income (loss) A,B		.38		.62 C		.50		.51		.40
Net realized and unrealized gain (loss)		.28		7.29		1.36		2.97		.89
Total from investment operations		.66		7.91		1.86		3.48		1.29
Distributions from net investment income		(.61)		(.57)		(.60)		(.45)		(.38)
Distributions from net realized gain		(1.90)		(1.18)		(2.08)		(3.99)		(2.13)
Total distributions		(2.51)		(1.75)		(2.68)		(4.44)		(2.51)
Net asset value, end of period	$	36.29	$	38.14	$	31.98	$	32.80	$	33.76
Total Return D,E		1.49%		25.87%		5.91%		14.19%		3.77%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.92%		.80%		.75%		.91%		.92%
Expenses net of fee waivers, if any		.91%		.80%		.75%		.91%		.92%
Expenses net of all reductions		.91%		.80%		.75%		.90%		.92%
Net investment income (loss)		1.07%		1.67% C		1.76%		1.71%		1.17%
Supplemental Data
Net assets, end of period (000 omitted)	$	532,911	$	468,894	$	389,143	$	423,325	$	401,495
Portfolio turnover rate H		11%		17%		22%		28% I		37%

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 $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.

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 sales charges.

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

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

Fidelity Advisor® Large Cap Fund Class M

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	37.99	$	31.86	$	32.69	$	33.63	$	34.86
Income from Investment Operations
Net investment income (loss) A,B		.29		.52 C		.42		.43		.31
Net realized and unrealized gain (loss)		.27		7.28		1.35		2.98		.89
Total from investment operations		.56		7.80		1.77		3.41		1.20
Distributions from net investment income		(.52)		(.49)		(.52)		(.36)		(.29)
Distributions from net realized gain		(1.90)		(1.18)		(2.08)		(3.99)		(2.13)
Total distributions		(2.41) D		(1.67)		(2.60)		(4.35)		(2.43) D
Net asset value, end of period	$	36.14	$	37.99	$	31.86	$	32.69	$	33.63
Total Return E,F		1.23%		25.55%		5.62%		13.93%		3.50%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.17%		1.05%		1.01%		1.17%		1.18%
Expenses net of fee waivers, if any		1.16%		1.05%		1.01%		1.16%		1.18%
Expenses net of all reductions		1.16%		1.05%		1.00%		1.16%		1.18%
Net investment income (loss)		.83%		1.42% C		1.50%		1.46%		.92%
Supplemental Data
Net assets, end of period (000 omitted)	$	166,368	$	176,983	$	153,918	$	175,139	$	173,195
Portfolio turnover rate I		11%		17%		22%		28% J		37%

A Calculated based on average shares outstanding during the period.

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.

Fidelity Advisor® Large Cap Fund Class C

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	33.25	$	28.08	$	29.09	$	30.44	$	31.78
Income from Investment Operations
Net investment income (loss) A,B		.09		.29 C		.25		.25		.13
Net realized and unrealized gain (loss)		.24		6.40		1.18		2.60		.81
Total from investment operations		.33		6.69		1.43		2.85		.94
Distributions from net investment income		(.34)		(.34)		(.36)		(.21)		(.15)
Distributions from net realized gain		(1.90)		(1.18)		(2.08)		(3.99)		(2.13)
Total distributions		(2.24)		(1.52)		(2.44)		(4.20)		(2.28)
Net asset value, end of period	$	31.34	$	33.25	$	28.08	$	29.09	$	30.44
Total Return D,E		.70%		24.90%		5.10%		13.33%		3.01%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.69%		1.57%		1.53%		1.67%		1.69%
Expenses net of fee waivers, if any		1.68%		1.57%		1.52%		1.67%		1.69%
Expenses net of all reductions		1.68%		1.57%		1.52%		1.67%		1.68%
Net investment income (loss)		.30%		.90% C		.98%		.95%		.41%
Supplemental Data
Net assets, end of period (000 omitted)	$	81,509	$	89,886	$	88,926	$	119,072	$	158,775
Portfolio turnover rate H		11%		17%		22%		28% I		37%

A Calculated based on average shares outstanding during the period.

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).

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

Fidelity Advisor® Large Cap Fund Class I

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.63	$	33.94	$	34.63	$	35.37	$	36.53
Income from Investment Operations
Net investment income (loss) A,B		.51		.76 C		.61		.62		.51
Net realized and unrealized gain (loss)		.30		7.76		1.44		3.17		.93
Total from investment operations		.81		8.52		2.05		3.79		1.44
Distributions from net investment income		(.71)		(.64)		(.66)		(.54)		(.47)
Distributions from net realized gain		(1.90)		(1.18)		(2.08)		(3.99)		(2.13)
Total distributions		(2.61)		(1.83) D		(2.74)		(4.53)		(2.60)
Net asset value, end of period	$	38.83	$	40.63	$	33.94	$	34.63	$	35.37
Total Return E		1.77%		26.22%		6.17%		14.54%		4.05%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.65%		.54%		.48%		.64%		.66%
Expenses net of fee waivers, if any		.65%		.54%		.48%		.64%		.66%
Expenses net of all reductions		.65%		.54%		.48%		.64%		.66%
Net investment income (loss)		1.34%		1.93% C		2.03%		1.98%		1.44%
Supplemental Data
Net assets, end of period (000 omitted)	$	224,889	$	257,331	$	206,090	$	301,067	$	459,962
Portfolio turnover rate H		11%		17%		22%		28% I		37%

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 $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.

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).

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

Fidelity Advisor® Large Cap Fund Class Z

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.61	$	33.93	$	34.64	$	35.41	$	36.57
Income from Investment Operations
Net investment income (loss) A,B		.55		.81 C		.64		.66		.56
Net realized and unrealized gain (loss)		.30		7.74		1.45		3.16		.93
Total from investment operations		.85		8.55		2.09		3.82		1.49
Distributions from net investment income		(.76)		(.69)		(.72)		(.60)		(.52)
Distributions from net realized gain		(1.90)		(1.18)		(2.08)		(3.99)		(2.13)
Total distributions		(2.65) D		(1.87)		(2.80)		(4.59)		(2.65)
Net asset value, end of period	$	38.81	$	40.61	$	33.93	$	34.64	$	35.41
Total Return E,F		1.88%		26.36%		6.30%		14.67%		4.19%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.53%		.42%		.36%		.51%		.53%
Expenses net of fee waivers, if any		.53%		.42%		.36%		.51%		.53%
Expenses net of all reductions		.53%		.42%		.36%		.51%		.53%
Net investment income (loss)		1.46%		2.05% C		2.15%		2.11%		1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$	43,889	$	39,055	$	30,308	$	28,596	$	17,711
Portfolio turnover rate I		11%		17%		22%		28% J		37%

A Calculated based on average shares outstanding during the period.

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

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

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

I 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.

Notes to Financial Statements

For the period ended November 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Gross unrealized appreciation	$393,188,358
Gross unrealized depreciation	(57,355,408)
Net unrealized appreciation (depreciation)	$335,832,950
Tax Cost	$714,421,060

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

Undistributed ordinary income	$9,810,612
Undistributed long-term capital gain	$10,695,546
Net unrealized appreciation (depreciation) on securities and other investments	$335,815,174

The tax character of distributions paid was as follows:

	November 30, 2022	November 30, 2021
Ordinary Income	$17,244,942	$14,724,707
Long-term Capital Gains	49,774,693	31,717,802
Total	$67,019,635	$46,442,509

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Large Cap Fund	113,687,577	140,062,502

5. Fees and Other Transactions with Affiliates.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,229,091	$30,625
Class M	.25%	.25%	833,668	516
Class C	.75%	.25%	827,632	90,980
			$2,890,391	$122,121

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

	Retained by FDC
Class A	$142,718
Class M	9,714
Class C A	1,738
	$154,170

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$848,958	.17
Class M	286,477	.17
Class C	160,127	.19
Class I	385,181	.16
Class Z	16,347	.04
	$1,697,090

	% of Average Net Assets
Fidelity Advisor Large Cap Fund	.03

	Amount
Fidelity Advisor Large Cap Fund	$2,105

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Large Cap Fund	13,430,861	11,120,387	2,962,547

6. Committed Line of Credit.

	Amount
Fidelity Advisor Large Cap Fund	$1,758

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Large Cap Fund	$953	$159	$-

8. Expense Reductions.

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Large Cap Fund
Distributions to shareholders
Class A	$30,944,684	$21,133,066
Class M	11,170,201	7,961,413
Class C	5,966,361	4,686,944
Class I	16,368,054	11,009,981
Class Z	2,570,335	1,651,105
Total	$67,019,635	$46,442,509

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2022	Year ended November 30, 2021	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Advisor Large Cap Fund
Class A
Shares sold	3,626,974	2,060,479	$128,966,334	$75,956,104
Reinvestment of distributions	779,090	634,564	29,356,126	20,064,924
Shares redeemed	(2,014,687)	(2,570,290)	(70,920,013)	(93,883,684)
Net increase (decrease)	2,391,377	124,753	$87,402,447	$2,137,344
Class M
Shares sold	379,641	506,912	$13,633,890	$18,689,115
Reinvestment of distributions	292,695	249,228	11,008,245	7,868,112
Shares redeemed	(727,664)	(929,141)	(25,981,535)	(33,377,285)
Net increase (decrease)	(55,328)	(173,001)	$(1,339,400)	$(6,820,058)
Class C
Shares sold	660,665	417,057	$20,016,036	$13,434,532
Reinvestment of distributions	175,143	165,245	5,739,439	4,587,186
Shares redeemed	(938,456)	(1,046,168)	(28,835,259)	(33,381,868)
Net increase (decrease)	(102,648)	(463,866)	$(3,079,784)	$(15,360,150)
Class I
Shares sold	2,154,388	2,266,950	$82,102,984	$89,737,732
Reinvestment of distributions	355,420	280,570	14,291,444	9,427,141
Shares redeemed	(3,050,691)	(2,286,098)	(115,517,358)	(86,887,431)
Net increase (decrease)	(540,883)	261,422	$(19,122,930)	$12,277,442
Class Z
Shares sold	296,020	210,356	$11,181,715	$8,284,923
Reinvestment of distributions	57,903	45,813	2,324,789	1,537,037
Shares redeemed	(184,633)	(187,738)	(7,017,910)	(7,224,076)
Net increase (decrease)	169,290	68,431	$6,488,594	$2,597,884

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Large Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 17, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2022	Ending Account Value November 30, 2022	Expenses Paid During Period- C June 1, 2022 to November 30, 2022
Fidelity Advisor® Large Cap Fund
Class A	.97%
Actual		$ 1,000	$ 1,016.20	$ 4.90
Hypothetical- B		$ 1,000	$ 1,020.21	$ 4.91
Class M	1.23%
Actual		$ 1,000	$ 1,014.90	$ 6.21
Hypothetical- B		$ 1,000	$ 1,018.90	$ 6.23
Class C	1.75%
Actual		$ 1,000	$ 1,012.30	$ 8.83
Hypothetical- B		$ 1,000	$ 1,016.29	$ 8.85
Class I	.72%
Actual		$ 1,000	$ 1,017.60	$ 3.64
Hypothetical- B		$ 1,000	$ 1,021.46	$ 3.65
Class Z	.59%
Actual		$ 1,000	$ 1,018.10	$ 2.98
Hypothetical- B		$ 1,000	$ 1,022.11	$ 2.99

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2022, $14,074,762 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.88% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

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

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

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

1.539156.125

LC-ANN-0123

Fidelity Advisor® Dividend Growth Fund

Annual Report

November 30, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

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

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Dividend Growth Fund - Class A, on November 30, 2012, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Zach Turner:

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

Note to shareholders:

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

Investment Summary November 30, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	5.7
UnitedHealth Group, Inc.	2.4
Cigna Corp.	2.3
Visa, Inc. Class A	2.0
Bristol-Myers Squibb Co.	1.9
Exxon Mobil Corp.	1.8
Wells Fargo & Co.	1.5
Domino's Pizza, Inc.	1.4
Humana, Inc.	1.4
Allison Transmission Holdings, Inc.	1.4
	21.8

Market Sectors (% of Fund's net assets)

Information Technology	17.4
Health Care	15.0
Energy	10.2
Industrials	9.3
Consumer Staples	9.2
Financials	7.7
Utilities	6.5
Consumer Discretionary	6.2
Communication Services	5.2
Materials	4.9
Real Estate	4.4

Asset Allocation (% of Fund's net assets)

Foreign investments - 12.1%

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments November 30, 2022

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 5.2%
Diversified Telecommunication Services - 1.8%
Cellnex Telecom SA (a)	154,200	5,303
Verizon Communications, Inc.	377,700	14,723
		20,026
Entertainment - 1.1%
Activision Blizzard, Inc.	169,400	12,527
Interactive Media & Services - 1.4%
Alphabet, Inc. Class A (b)	97,000	9,796
Meta Platforms, Inc. Class A (b)	51,600	6,094
		15,890
Media - 0.9%
Comcast Corp. Class A	278,950	10,221
TOTAL COMMUNICATION SERVICES		58,664
CONSUMER DISCRETIONARY - 6.2%
Diversified Consumer Services - 0.5%
H&R Block, Inc.	132,500	5,792
Hotels, Restaurants & Leisure - 2.5%
Churchill Downs, Inc.	15,700	3,485
Domino's Pizza, Inc.	41,800	16,249
Hilton Worldwide Holdings, Inc.	8,500	1,212
Krispy Kreme, Inc.	67,100	1,035
Restaurant Brands International, Inc. (c)	100,700	6,681
Starbucks Corp.	100	10
		28,672
Household Durables - 1.7%
D.R. Horton, Inc.	96,600	8,308
Lennar Corp. Class A	119,300	10,478
		18,786
Multiline Retail - 0.9%
Dollar General Corp.	40,500	10,355
Specialty Retail - 0.6%
TJX Companies, Inc.	80,500	6,444
TOTAL CONSUMER DISCRETIONARY		70,049
CONSUMER STAPLES - 9.2%
Beverages - 3.5%
Constellation Brands, Inc. Class A (sub. vtg.)	39,600	10,191
Keurig Dr. Pepper, Inc.	399,000	15,429
The Coca-Cola Co.	220,800	14,045
		39,665
Food & Staples Retailing - 2.0%
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	163,700	7,458
Sysco Corp.	11,500	995
Walmart, Inc.	90,800	13,840
		22,293
Food Products - 0.9%
Archer Daniels Midland Co.	29,000	2,828
The J.M. Smucker Co.	42,600	6,561
		9,389
Household Products - 1.1%
Reynolds Consumer Products, Inc. (c)	394,500	12,608
Tobacco - 1.7%
Altria Group, Inc.	260,273	12,124
Philip Morris International, Inc.	74,500	7,425
		19,549
TOTAL CONSUMER STAPLES		103,504
ENERGY - 10.2%
Energy Equipment & Services - 0.8%
Baker Hughes Co. Class A	325,400	9,443
Oil, Gas & Consumable Fuels - 9.4%
ARC Resources Ltd.	801,800	11,909
Arch Resources, Inc.	56,700	8,774
Cameco Corp.	46,600	1,136
Canadian Natural Resources Ltd.	231,800	13,843
Cool Co. Ltd. (b)	271,400	3,437
Energy Transfer LP	982,100	12,316
Enterprise Products Partners LP	488,000	12,107
Exxon Mobil Corp.	184,122	20,500
Reliance Industries Ltd. sponsored GDR (a)	112,500	7,487
Sitio Royalties Corp. (c)	161,900	5,106
Viper Energy Partners LP	275,053	9,085
		105,700
TOTAL ENERGY		115,143
FINANCIALS - 7.7%
Banks - 2.1%
Bank of America Corp.	197,200	7,464
Wells Fargo & Co.	344,390	16,514
		23,978
Capital Markets - 2.2%
BlackRock, Inc. Class A	4,300	3,079
Brookfield Asset Management, Inc. Class A	86,600	4,083
Intercontinental Exchange, Inc.	122,900	13,311
S&P Global, Inc.	12,548	4,427
		24,900
Diversified Financial Services - 0.2%
Apollo Global Management, Inc.	38,800	2,692
Insurance - 3.2%
Arthur J. Gallagher & Co.	63,900	12,723
Brookfield Asset Management Reinsurance Partners Ltd.	491	23
Marsh & McLennan Companies, Inc.	50,700	8,780
The Travelers Companies, Inc.	74,800	14,198
		35,724
TOTAL FINANCIALS		87,294
HEALTH CARE - 15.0%
Biotechnology - 0.4%
AbbVie, Inc.	29,100	4,690
Health Care Equipment & Supplies - 1.4%
Baxter International, Inc.	162,800	9,203
Becton, Dickinson & Co.	25,100	6,258
		15,461
Health Care Providers & Services - 7.7%
Cigna Corp.	80,500	26,476
CVS Health Corp.	103,100	10,504
Elevance Health, Inc.	3,400	1,812
HCA Holdings, Inc.	24,300	5,837
Humana, Inc.	28,700	15,782
UnitedHealth Group, Inc.	49,197	26,948
		87,359
Life Sciences Tools & Services - 1.4%
Danaher Corp.	12,700	3,472
Thermo Fisher Scientific, Inc.	23,000	12,885
		16,357
Pharmaceuticals - 4.1%
Bristol-Myers Squibb Co.	265,600	21,322
Eli Lilly & Co.	26,100	9,685
Perrigo Co. PLC	261,800	8,438
Pfizer, Inc.	40,900	2,050
Roche Holding AG (participation certificate)	9,100	2,972
Royalty Pharma PLC	38,000	1,671
		46,138
TOTAL HEALTH CARE		170,005
INDUSTRIALS - 9.3%
Aerospace & Defense - 2.7%
Airbus Group NV	10,900	1,251
L3Harris Technologies, Inc.	15,800	3,588
Lockheed Martin Corp.	9,100	4,415
Northrop Grumman Corp.	17,000	9,066
The Boeing Co. (b)	69,900	12,504
		30,824
Air Freight & Logistics - 0.2%
United Parcel Service, Inc. Class B	13,700	2,599
Commercial Services & Supplies - 0.9%
GFL Environmental, Inc. (c)	367,900	10,667
Industrial Conglomerates - 1.2%
General Electric Co.	157,487	13,539
Machinery - 2.7%
Allison Transmission Holdings, Inc.	348,443	15,610
Caterpillar, Inc.	7,000	1,655
Deere & Co.	18,200	8,026
Fortive Corp.	23,800	1,608
PACCAR, Inc.	39,700	4,205
		31,104
Marine - 0.2%
2020 Bulkers Ltd. (c)	202,600	1,729
Professional Services - 0.6%
Equifax, Inc.	21,300	4,204
Leidos Holdings, Inc.	21,000	2,296
		6,500
Road & Rail - 0.8%
Canadian Pacific Railway Ltd.	73,000	5,979
TFI International, Inc. (Canada)	25,600	2,779
		8,758
TOTAL INDUSTRIALS		105,720
INFORMATION TECHNOLOGY - 17.4%
Electronic Equipment & Components - 0.2%
Jabil, Inc.	42,400	3,061
IT Services - 6.2%
DXC Technology Co. (b)	67,800	2,012
Fidelity National Information Services, Inc.	107,700	7,817
Genpact Ltd.	239,400	11,039
Global Payments, Inc.	19,900	2,065
MasterCard, Inc. Class A	36,100	12,866
SS&C Technologies Holdings, Inc.	217,900	11,714
Visa, Inc. Class A	102,700	22,286
		69,799
Semiconductors & Semiconductor Equipment - 2.7%
Broadcom, Inc.	14,500	7,990
KLA Corp.	6,900	2,713
Lam Research Corp.	3,900	1,842
Marvell Technology, Inc.	229,700	10,686
Microchip Technology, Inc.	13,400	1,061
NVIDIA Corp.	12,100	2,048
NXP Semiconductors NV	14,500	2,550
Universal Display Corp.	12,300	1,385
		30,275
Software - 7.3%
Intuit, Inc.	21,700	8,845
Microsoft Corp.	252,700	64,474
Oracle Corp.	107,800	8,951
		82,270
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.	56,196	8,319
Samsung Electronics Co. Ltd.	62,290	3,026
		11,345
TOTAL INFORMATION TECHNOLOGY		196,750
MATERIALS - 4.9%
Chemicals - 1.3%
CF Industries Holdings, Inc.	44,500	4,814
Valvoline, Inc.	284,100	9,370
		14,184
Metals & Mining - 2.9%
Barrick Gold Corp.	209,600	3,421
Freeport-McMoRan, Inc.	178,600	7,108
Glencore PLC	1,948,700	13,298
Newmont Corp.	184,700	8,768
		32,595
Paper & Forest Products - 0.7%
Louisiana-Pacific Corp.	130,800	8,345
TOTAL MATERIALS		55,124
REAL ESTATE - 4.4%
Equity Real Estate Investment Trusts (REITs) - 4.4%
American Tower Corp.	42,100	9,315
Crown Castle International Corp.	44,100	6,237
CubeSmart	61,200	2,533
Digital Realty Trust, Inc.	49,000	5,511
Four Corners Property Trust, Inc.	221,200	6,003
National Retail Properties, Inc.	119,300	5,531
Park Hotels & Resorts, Inc.	83,200	1,067
Prologis (REIT), Inc.	31,000	3,651
Public Storage	14,100	4,201
Simon Property Group, Inc.	43,400	5,184
		49,233
UTILITIES - 6.5%
Electric Utilities - 3.2%
Constellation Energy Corp.	79,133	7,606
Edison International	128,400	8,559
Exelon Corp.	138,400	5,726
FirstEnergy Corp.	183,000	7,547
PG&E Corp. (b)	50,466	792
Southern Co.	86,400	5,844
		36,074
Gas Utilities - 0.6%
Brookfield Infrastructure Corp. A Shares	135,800	6,366
Independent Power and Renewable Electricity Producers - 2.1%
NextEra Energy Partners LP	91,300	7,349
The AES Corp.	423,700	12,253
Vistra Corp.	156,400	3,805
		23,407
Multi-Utilities - 0.6%
CenterPoint Energy, Inc.	133,500	4,153
Dominion Energy, Inc.	54,400	3,324
		7,477
TOTAL UTILITIES		73,324
TOTAL COMMON STOCKS (Cost $925,283)		1,084,810

Money Market Funds - 6.1%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 3.86% (d)	43,405,959	43,415
Fidelity Securities Lending Cash Central Fund 3.86% (d)(e)	26,106,064	26,109
TOTAL MONEY MARKET FUNDS (Cost $69,524)		69,524

TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $994,807)	1,154,334
NET OTHER ASSETS (LIABILITIES) - (2.1)%	(23,826)
NET ASSETS - 100.0%	1,130,508

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

Legend

(a)

(b)	Non-income producing

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

(d)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 3.86%	2,542	249,921	209,048	602	-	-	43,415	0.1%
Fidelity Securities Lending Cash Central Fund 3.86%	25,359	168,775	168,025	112	-	-	26,109	0.1%
Total	27,901	418,696	377,073	714	-	-	69,524

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

Investment Valuation

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

Equities:
Communication Services	58,664	53,361	5,303	-
Consumer Discretionary	70,049	70,049	-	-
Consumer Staples	103,504	103,504	-	-
Energy	115,143	104,219	10,924	-
Financials	87,294	87,294	-	-
Health Care	170,005	167,033	2,972	-
Industrials	105,720	102,740	2,980	-
Information Technology	196,750	193,724	3,026	-
Materials	55,124	41,826	13,298	-
Real Estate	49,233	49,233	-	-
Utilities	73,324	73,324	-	-

Money Market Funds	69,524	69,524	-	-
Total Investments in Securities:	1,154,334	1,115,831	38,503	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)			November 30, 2022

Assets
Investment in securities, at value (including securities loaned of $25,693) - See accompanying schedule:
Unaffiliated issuers (cost $925,283)	$1,084,810
Fidelity Central Funds (cost $69,524)	69,524

Total Investment in Securities (cost $994,807)		$	1,154,334
Foreign currency held at value (cost $51)			52
Receivable for investments sold			1,000
Receivable for fund shares sold			426
Dividends receivable			2,037
Distributions receivable from Fidelity Central Funds			163
Prepaid expenses			1
Total assets			1,158,013
Liabilities
Payable for fund shares redeemed	$594
Accrued management fee	301
Distribution and service plan fees payable	264
Other affiliated payables	180
Other payables and accrued expenses	57
Collateral on securities loaned	26,109
Total Liabilities			27,505
Net Assets		$	1,130,508
Net Assets consist of:
Paid in capital		$	891,396
Total accumulated earnings (loss)			239,112
Net Assets		$	1,130,508

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($452,208 ÷ 24,578 shares) (a)		$	18.40
Maximum offering price per share (100/94.25 of $18.40)		$	19.52
Class M :
Net Asset Value and redemption price per share ($341,442 ÷ 18,668 shares) (a)		$	18.29
Maximum offering price per share (100/96.50 of $18.29)		$	18.95
Class C :
Net Asset Value and offering price per share ($44,807 ÷ 2,610 shares) (a)		$	17.17
Class I :
Net Asset Value , offering price and redemption price per share ($238,655 ÷ 12,080 shares)		$	19.76
Class Z :
Net Asset Value , offering price and redemption price per share ($53,396 ÷ 2,650 shares)		$	20.15
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Year ended November 30, 2022
Investment Income
Dividends			$	21,435
Income from Fidelity Central Funds (including $112 from security lending)				714
Total Income				22,149
Expenses
Management fee
Basic fee	$	5,895
Performance adjustment		(2,074)
Transfer agent fees		1,951
Distribution and service plan fees		3,319
Accounting fees		346
Custodian fees and expenses		36
Independent trustees' fees and expenses		4
Registration fees		89
Audit		65
Legal		4
Interest		1
Miscellaneous		5
Total expenses before reductions		9,641
Expense reductions		(37)
Total expenses after reductions				9,604
Net Investment income (loss)				12,545
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		88,852
Foreign currency transactions		364
Total net realized gain (loss)				89,216
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(141,323)
Assets and liabilities in foreign currencies		(10)
Total change in net unrealized appreciation (depreciation)				(141,333)
Net gain (loss)				(52,117)
Net increase (decrease) in net assets resulting from operations			$	(39,572)

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2022		Year ended November 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	12,545	$	7,898
Net realized gain (loss)		89,216		127,310
Change in net unrealized appreciation (depreciation)		(141,333)		126,363
Net increase (decrease) in net assets resulting from operations		(39,572)		261,571
Distributions to shareholders		(73,614)		(13,817)
Share transactions - net increase (decrease)		41,161		(26,125)
Total increase (decrease) in net assets		(72,025)		221,629

Net Assets
Beginning of period		1,202,533		980,904
End of period	$	1,130,508	$	1,202,533

Financial Highlights

Fidelity Advisor® Dividend Growth Fund Class A

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

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 $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.28%.

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).

Fidelity Advisor® Dividend Growth Fund Class M

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

A Calculated based on average shares outstanding during the period.

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).

Fidelity Advisor® Dividend Growth Fund Class C

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

A Calculated based on average shares outstanding during the period.

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 contingent deferred sales charge.

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

Fidelity Advisor® Dividend Growth Fund Class I

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

A Calculated based on average shares outstanding during the period.

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).

Fidelity Advisor® Dividend Growth Fund Class Z

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

A Calculated based on average shares outstanding during the period.

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).

Notes to Financial Statements

For the period ended November 30, 2022

( Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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