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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Bancorp, Inc., Delaware	1.6
Churchill Downs, Inc.	1.3
Landstar System, Inc.	1.3
ARAMARK Holdings Corp.	1.3
Willscot Mobile Mini Holdings	1.3
KBR, Inc.	1.3
Regal Rexnord Corp.	1.2
CACI International, Inc. Class A	1.2
CubeSmart	1.2
WESCO International, Inc.	1.2
	12.9

Market Sectors (% of Fund's net assets)

Industrials	22.3
Financials	14.3
Consumer Discretionary	14.2
Information Technology	10.2
Health Care	9.1
Real Estate	7.9
Materials	6.2
Consumer Staples	5.1
Utilities	3.5
Energy	3.4
Communication Services	1.8

Asset Allocation (% of Fund's net assets)

Futures - 0.8%

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 1.8%
Diversified Telecommunication Services - 0.4%
Frontier Communications Parent, Inc. (a)(b)	60,100	894
Iridium Communications, Inc.	99,500	5,974
		6,868
Entertainment - 0.3%
Endeavor Group Holdings, Inc. (a)	81,300	1,831
Liberty Media Corp. Liberty Formula One Series C (a)	30,300	2,133
Warner Music Group Corp. Class A	62,600	1,531
		5,495
Interactive Media & Services - 0.2%
IAC, Inc. (a)	9,000	503
TripAdvisor, Inc. (a)(b)	47,900	745
Ziff Davis, Inc. (a)	42,100	2,486
		3,734
Media - 0.9%
Cable One, Inc. (b)	6,100	3,732
Interpublic Group of Companies, Inc.	63,451	2,360
Nexstar Broadcasting Group, Inc. Class A	29,100	4,392
TEGNA, Inc.	45,100	699
The New York Times Co. Class A	125,100	4,431
		15,614
TOTAL COMMUNICATION SERVICES		31,711
CONSUMER DISCRETIONARY - 14.2%
Automobile Components - 1.3%
Adient PLC (a)	244,000	8,220
Lear Corp.	110,753	13,585
Novem Group SA	169,600	1,628
		23,433
Automobiles - 0.4%
Harley-Davidson, Inc.	251,572	7,826
Broadline Retail - 0.5%
Ollie's Bargain Outlet Holdings, Inc. (a)	147,200	8,114
Diversified Consumer Services - 0.7%
Cairo Mezz PLC (a)	6,133,124	767
H&R Block, Inc.	232,000	6,925
Service Corp. International	72,200	4,593
		12,285
Hotels, Restaurants & Leisure - 5.4%
ARAMARK Holdings Corp.	600,200	23,696
Brinker International, Inc. (a)	127,100	4,649
Caesars Entertainment, Inc. (a)	215,302	8,830
Churchill Downs, Inc.	179,694	24,406
Domino's Pizza, Inc.	32,900	9,536
Planet Fitness, Inc. (a)	84,000	5,371
Red Rock Resorts, Inc.	3,200	146
Vail Resorts, Inc.	25,400	6,177
Wyndham Hotels & Resorts, Inc.	230,133	15,707
		98,518
Household Durables - 1.9%
Leggett & Platt, Inc. (b)	200,640	6,116
Mohawk Industries, Inc. (a)	74,540	6,861
NVR, Inc. (a)	1,478	8,209
Taylor Morrison Home Corp. (a)	329,664	13,988
		35,174
Specialty Retail - 1.8%
Burlington Stores, Inc. (a)	25,600	3,852
Five Below, Inc. (a)	83,300	14,371
Foot Locker, Inc.	189,500	4,798
Valvoline, Inc.	244,004	9,394
		32,415
Textiles, Apparel & Luxury Goods - 2.2%
Capri Holdings Ltd. (a)	190,064	6,671
Levi Strauss & Co. Class A	99,400	1,315
Prada SpA	893,400	5,973
PVH Corp.	145,254	12,495
Tapestry, Inc.	327,049	13,089
		39,543
TOTAL CONSUMER DISCRETIONARY		257,308
CONSUMER STAPLES - 5.1%
Beverages - 0.5%
Boston Beer Co., Inc. Class A (a)	13,400	4,523
Celsius Holdings, Inc. (a)	41,800	5,247
		9,770
Consumer Staples Distribution & Retail - 2.5%
Albertsons Companies, Inc.	38,700	788
BJ's Wholesale Club Holdings, Inc. (a)	155,500	9,742
Casey's General Stores, Inc.	24,900	5,619
Performance Food Group Co. (a)	254,300	14,060
Sprouts Farmers Market LLC (a)	146,500	5,063
U.S. Foods Holding Corp. (a)	236,500	9,408
		44,680
Food Products - 1.3%
Bunge Ltd.	8,600	797
Darling Ingredients, Inc. (a)	155,900	9,881
Freshpet, Inc. (a)(b)	24,400	1,458
Ingredion, Inc.	70,700	7,395
Nomad Foods Ltd. (a)	73,100	1,246
Post Holdings, Inc. (a)(b)	22,226	1,888
Sovos Brands, Inc. (a)	74,800	1,420
		24,085
Household Products - 0.3%
Energizer Holdings, Inc.	114,000	3,716
Reynolds Consumer Products, Inc.	53,500	1,468
		5,184
Personal Care Products - 0.5%
BellRing Brands, Inc. (a)	141,246	5,172
The Beauty Health Co. (a)(b)	480,500	3,863
		9,035
TOTAL CONSUMER STAPLES		92,754
ENERGY - 3.4%
Energy Equipment & Services - 0.9%
Championx Corp.	419,200	10,589
Liberty Oilfield Services, Inc. Class A	539,260	6,331
		16,920
Oil, Gas & Consumable Fuels - 2.5%
APA Corp.	214,402	6,814
Denbury, Inc. (a)	83,502	7,529
EQT Corp. (b)	230,992	8,032
HF Sinclair Corp.	249,106	10,323
Northern Oil & Gas, Inc.	240,700	7,199
Targa Resources Corp.	78,000	5,308
		45,205
TOTAL ENERGY		62,125
FINANCIALS - 14.2%
Banks - 5.2%
Associated Banc-Corp.	484,153	7,170
Axos Financial, Inc. (a)	62,729	2,372
Bancorp, Inc., Delaware (a)	960,269	29,624
Cadence Bank	289,749	5,204
East West Bancorp, Inc.	129,945	6,218
First Interstate Bancsystem, Inc.	93,078	2,052
Pathward Financial, Inc.	163,747	7,195
Piraeus Financial Holdings SA (a)	1,022,216	3,016
Popular, Inc.	215,600	12,328
Synovus Financial Corp.	90,743	2,458
Wintrust Financial Corp.	75,692	4,812
Zions Bancorp NA	433,602	11,833
		94,282
Capital Markets - 0.8%
Interactive Brokers Group, Inc.	163,124	12,598
Patria Investments Ltd.	144,000	2,124
		14,722
Consumer Finance - 1.0%
FirstCash Holdings, Inc.	43,224	4,259
NerdWallet, Inc. (a)(b)	182,630	1,717
OneMain Holdings, Inc.	346,080	13,103
		19,079
Financial Services - 3.2%
AvidXchange Holdings, Inc. (a)	489,894	4,747
Cannae Holdings, Inc. (a)	185,667	3,648
Essent Group Ltd.	271,800	12,005
MGIC Investment Corp.	396,192	5,990
Nuvei Corp. (Canada) (a)(c)	100,614	3,157
Repay Holdings Corp. (a)	393,176	2,489
Shift4 Payments, Inc. (a)	45,052	2,826
UWM Holdings Corp. Class A (b)	1,024,989	5,258
Voya Financial, Inc.	135,050	9,156
WEX, Inc. (a)	52,307	8,675
		57,951
Insurance - 4.0%
American Financial Group, Inc.	92,275	10,360
BRP Group, Inc. (a)	348,461	6,990
Fairfax Financial Holdings Ltd. (sub. vtg.)	9,146	6,565
Globe Life, Inc.	36,543	3,771
Primerica, Inc.	70,600	12,851
Reinsurance Group of America, Inc.	99,900	13,986
Talanx AG	66,304	3,696
Unum Group	319,631	13,888
		72,107
TOTAL FINANCIALS		258,141
HEALTH CARE - 9.1%
Biotechnology - 1.4%
Repligen Corp. (a)	84,200	14,139
United Therapeutics Corp. (a)	52,500	11,011
		25,150
Health Care Equipment & Supplies - 3.2%
ICU Medical, Inc. (a)	59,000	10,319
Masimo Corp. (a)	124,000	20,068
Nevro Corp. (a)	176,000	4,851
Penumbra, Inc. (a)	60,000	18,440
Tandem Diabetes Care, Inc. (a)	170,000	4,418
		58,096
Health Care Providers & Services - 3.1%
Acadia Healthcare Co., Inc. (a)	197,500	13,949
agilon health, Inc. (a)	460,000	9,145
Alignment Healthcare, Inc. (a)	693,106	4,069
Molina Healthcare, Inc. (a)	26,500	7,258
Option Care Health, Inc. (a)	108,000	2,975
Privia Health Group, Inc. (a)	340,000	8,483
Surgery Partners, Inc. (a)	271,500	10,176
		56,055
Health Care Technology - 0.3%
Evolent Health, Inc. (a)	235,000	6,848
Life Sciences Tools & Services - 1.1%
10X Genomics, Inc. (a)	130,000	6,820
Bruker Corp.	187,500	12,956
		19,776
TOTAL HEALTH CARE		165,925
INDUSTRIALS - 22.3%
Aerospace & Defense - 2.3%
HEICO Corp. Class A	163,413	19,912
Howmet Aerospace, Inc.	239,400	10,234
Spirit AeroSystems Holdings, Inc. Class A	426,800	11,349
		41,495
Building Products - 1.0%
Carlisle Companies, Inc.	90,540	19,234
Commercial Services & Supplies - 0.9%
The Brink's Co.	241,392	16,060
Construction & Engineering - 1.5%
MDU Resources Group, Inc.	134,568	3,927
Willscot Mobile Mini Holdings (a)	532,998	22,962
		26,889
Electrical Equipment - 1.2%
Regal Rexnord Corp.	172,833	22,449
Ground Transportation - 2.4%
Landstar System, Inc.	136,011	23,854
RXO, Inc. (a)	287,200	5,994
XPO, Inc. (a)	286,100	13,427
		43,275
Machinery - 7.1%
AGCO Corp.	148,600	16,388
Allison Transmission Holdings, Inc.	120,863	5,717
Chart Industries, Inc. (a)(b)	66,800	7,330
Crane Co.	135,200	9,824
Crane Nxt Co.	132,500	6,973
Dover Corp.	67,100	8,946
ESAB Corp.	311,600	18,297
Flowserve Corp.	641,094	20,868
IDEX Corp.	96,175	19,154
ITT, Inc.	195,687	14,904
		128,401
Marine Transportation - 0.8%
Kirby Corp. (a)	206,594	14,784
Passenger Airlines - 0.2%
JetBlue Airways Corp. (a)	542,700	3,707
Professional Services - 3.0%
CACI International, Inc. Class A (a)	74,900	22,412
Ceridian HCM Holding, Inc. (a)(b)	101,700	6,290
FTI Consulting, Inc. (a)	20,900	3,929
KBR, Inc.	385,500	22,752
		55,383
Trading Companies & Distributors - 1.9%
Air Lease Corp. Class A	347,500	13,212
WESCO International, Inc.	155,113	21,309
		34,521
TOTAL INDUSTRIALS		406,198
INFORMATION TECHNOLOGY - 10.2%
Electronic Equipment, Instruments & Components - 1.8%
Avnet, Inc.	193,400	8,479
Cognex Corp.	216,671	11,908
Jabil, Inc.	56,600	5,067
Trimble, Inc. (a)	91,900	4,289
TTM Technologies, Inc. (a)	290,100	3,974
		33,717
IT Services - 2.6%
Akamai Technologies, Inc. (a)	87,500	8,061
Cyxtera Technologies, Inc. Class A (a)	299,800	49
EPAM Systems, Inc. (a)	18,717	4,803
GoDaddy, Inc. (a)	107,800	7,910
MongoDB, Inc. Class A (a)	34,000	9,989
Twilio, Inc. Class A (a)	164,400	11,446
Wix.com Ltd. (a)	56,100	4,276
		46,534
Semiconductors & Semiconductor Equipment - 0.6%
Cirrus Logic, Inc. (a)	51,700	4,016
SolarEdge Technologies, Inc. (a)	22,300	6,352
		10,368
Software - 5.0%
Aspen Technology, Inc. (a)	24,248	3,975
Bill Holdings, Inc. (a)	68,200	7,064
Blackbaud, Inc. (a)	152,800	11,209
Blend Labs, Inc. (a)(b)	1,456,519	1,440
Elastic NV (a)	142,100	10,348
Five9, Inc. (a)	166,800	11,027
Gen Digital, Inc.	446,000	7,823
Guidewire Software, Inc. (a)	68,200	5,659
HubSpot, Inc. (a)	18,900	9,790
PTC, Inc. (a)	45,600	6,129
Tenable Holdings, Inc. (a)	226,100	9,268
Workiva, Inc. (a)	71,332	6,909
		90,641
Technology Hardware, Storage & Peripherals - 0.2%
Western Digital Corp. (a)	117,300	4,543
TOTAL INFORMATION TECHNOLOGY		185,803
MATERIALS - 6.2%
Chemicals - 2.0%
Ashland, Inc.	130,900	11,111
RPM International, Inc.	196,300	15,663
Westlake Corp.	87,000	9,044
		35,818
Construction Materials - 0.8%
Eagle Materials, Inc.	96,700	15,755
Metals & Mining - 2.7%
Alcoa Corp.	273,000	8,660
Cleveland-Cliffs, Inc. (a)(b)	653,700	9,073
Lundin Mining Corp.	916,900	6,410
Reliance Steel & Aluminum Co.	82,600	19,385
Royal Gold, Inc.	45,200	5,598
		49,126
Paper & Forest Products - 0.7%
Louisiana-Pacific Corp.	216,300	12,658
TOTAL MATERIALS		113,357
REAL ESTATE - 7.9%
Equity Real Estate Investment Trusts (REITs) - 7.4%
American Homes 4 Rent Class A	53,200	1,824
CubeSmart	499,772	22,210
EastGroup Properties, Inc.	107,800	17,745
Equity Lifestyle Properties, Inc.	58,400	3,689
Essex Property Trust, Inc.	38,400	8,297
Healthcare Trust of America, Inc.	453,400	8,438
Lamar Advertising Co. Class A	145,400	13,069
Omega Healthcare Investors, Inc.	20,000	596
Postal Realty Trust, Inc.	711,830	10,450
Ryman Hospitality Properties, Inc.	55,800	5,119
SITE Centers Corp.	773,700	9,223
Spirit Realty Capital, Inc.	265,200	10,359
Tanger Factory Outlet Centers, Inc.	32,200	656
Terreno Realty Corp.	135,000	8,280
Ventas, Inc.	312,600	13,486
		133,441
Real Estate Management & Development - 0.5%
Doma Holdings, Inc. Class A (a)(b)	1,223,802	365
Jones Lang LaSalle, Inc. (a)	66,000	9,262
WeWork, Inc. (a)	464,500	80
		9,707
TOTAL REAL ESTATE		143,148
UTILITIES - 3.5%
Electric Utilities - 0.7%
Allete, Inc.	73,100	4,355
OGE Energy Corp.	80,400	2,837
PNM Resources, Inc.	123,900	5,689
		12,881
Gas Utilities - 0.8%
Atmos Energy Corp.	12,100	1,395
National Fuel Gas Co.	84,800	4,317
ONE Gas, Inc.	42,018	3,401
Southwest Gas Holdings, Inc.	34,900	2,043
UGI Corp.	140,500	3,930
		15,086
Independent Power and Renewable Electricity Producers - 0.3%
NextEra Energy Partners LP	29,300	1,756
Ormat Technologies, Inc. (b)	47,500	4,042
		5,798
Multi-Utilities - 1.1%
Algonquin Power & Utilities Corp.	356,900	3,008
Black Hills Corp.	120,700	7,357
NorthWestern Energy Corp.	155,600	8,805
		19,170
Water Utilities - 0.6%
Essential Utilities, Inc.	281,715	11,477
TOTAL UTILITIES		64,412
TOTAL COMMON STOCKS (Cost $1,678,265)		1,780,882

Convertible Bonds - 0.1%
	Principal Amount (d) (000s)	Value ($) (000s)
FINANCIALS - 0.1%
Financial Services - 0.1%
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,546)	2,326	1,564

U.S. Treasury Obligations - 0.1%
	Principal Amount (d) (000s)	Value ($) (000s)
U.S. Treasury Bills, yield at date of purchase 4.59% to 4.92% 6/1/23 to 6/8/23 (e) (Cost $1,220)	1,220	1,220

Money Market Funds - 3.8%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.14% (f)	32,252,729	32,259
Fidelity Securities Lending Cash Central Fund 5.14% (f)(g)	36,717,147	36,721
TOTAL MONEY MARKET FUNDS (Cost $68,979)		68,980

TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,750,010)	1,852,646
NET OTHER ASSETS (LIABILITIES) - (1.9)%	(33,859)
NET ASSETS - 100.0%	1,818,787

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

Equity Index Contracts
CME E-mini S&P MidCap 400 Index Contracts (United States)	57	Jun 2023	13,731	(309)	(309)

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

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

Legend

(a)	Non-income producing

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

(c)	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 $3,157,000 or 0.2% of net assets.

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

(e)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,022,000.

(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 are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	56,961	333,150	357,852	729	2	(2)	32,259	0.1%
Fidelity Securities Lending Cash Central Fund 5.14%	29,703	337,434	330,416	174	-	-	36,721	0.1%
Total	86,664	670,584	688,268	903	2	(2)	68,980

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Equities:
Communication Services	31,711	31,711	-	-
Consumer Discretionary	257,308	257,308	-	-
Consumer Staples	92,754	92,754	-	-
Energy	62,125	62,125	-	-
Financials	258,141	258,141	-	-
Health Care	165,925	165,925	-	-
Industrials	406,198	406,198	-	-
Information Technology	185,803	185,803	-	-
Materials	113,357	113,357	-	-
Real Estate	143,148	143,148	-	-
Utilities	64,412	64,412	-	-

Corporate Bonds	1,564	-	1,564	-

U.S. Government and Government Agency Obligations	1,220	-	1,220	-

Money Market Funds	68,980	68,980	-	-
Total Investments in Securities:	1,852,646	1,849,862	2,784	-
Derivative Instruments:

Liabilities
Futures Contracts	(309)	(309)	-	-
Total Liabilities	(309)	(309)	-	-
Total Derivative Instruments:	(309)	(309)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

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

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Financial Statements (Unaudited)

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

Assets
Investment in securities, at value (including securities loaned of $33,961) - See accompanying schedule:
Unaffiliated issuers (cost $1,681,031)	$	1,783,666
Fidelity Central Funds (cost $68,979)		68,980


Total Investment in Securities (cost $1,750,010)			$	1,852,646
Receivable for investments sold				7,040
Receivable for fund shares sold				871
Dividends receivable				2,455
Distributions receivable from Fidelity Central Funds				160
Other receivables				26
Total assets				1,863,198
Liabilities
Payable to custodian bank	$	204
Payable for investments purchased		4,620
Payable for fund shares redeemed		1,109
Accrued management fee		883
Distribution and service plan fees payable		323
Payable for daily variation margin on futures contracts		200
Other affiliated payables		306
Other payables and accrued expenses		44
Collateral on securities loaned		36,722
Total Liabilities				44,411
Net Assets			$	1,818,787
Net Assets consist of:
Paid in capital			$	1,707,590
Total accumulated earnings (loss)				111,197
Net Assets			$	1,818,787

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($590,253 ÷ 17,679 shares) (a)			$	33.39
Maximum offering price per share (100/94.25 of $33.39)			$	35.43
Class M :
Net Asset Value and redemption price per share ($425,449 ÷ 12,606 shares) (a)			$	33.75
Maximum offering price per share (100/96.50 of $33.75)			$	34.97
Class C :
Net Asset Value and offering price per share ($19,424 ÷ 675 shares) (a)(b)			$	28.77
Fidelity Stock Selector Mid Cap Fund :
Net Asset Value , offering price and redemption price per share ($318,705 ÷ 8,899 shares)			$	35.81
Class I :
Net Asset Value , offering price and redemption price per share ($335,986 ÷ 9,351 shares)			$	35.93
Class Z :
Net Asset Value , offering price and redemption price per share ($128,970 ÷ 3,596 shares) (b)			$	35.87
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares

Statement of Operations
Amounts in thousands				Six months ended May 31, 2023 (Unaudited)
Investment Income
Dividends			$	15,230
Non-Cash dividends				2,014
Interest				118
Income from Fidelity Central Funds (including $174 from security lending)				903
Total Income				18,265
Expenses
Management fee
Basic fee	$	5,137
Performance adjustment		(194)
Transfer agent fees		1,628
Distribution and service plan fees		2,013
Accounting fees		263
Custodian fees and expenses		28
Independent trustees' fees and expenses		6
Registration fees		71
Audit		30
Legal		3
Interest		8
Miscellaneous		5
Total expenses before reductions		8,998
Expense reductions		(48)
Total expenses after reductions				8,950
Net Investment income (loss)				9,315
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		7,748
Fidelity Central Funds		2
Foreign currency transactions		(8)
Futures contracts		1,050
Total net realized gain (loss)				8,792
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(90,367)
Fidelity Central Funds		(2)
Assets and liabilities in foreign currencies		6
Futures contracts		(1,567)
Total change in net unrealized appreciation (depreciation)				(91,930)
Net gain (loss)				(83,138)
Net increase (decrease) in net assets resulting from operations			$	(73,823)

Statement of Changes in Net Assets

Amount in thousands		Six months ended May 31, 2023 (Unaudited)		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	9,315	$	11,268
Net realized gain (loss)		8,792		174,994
Change in net unrealized appreciation (depreciation)		(91,930)		(275,836)
Net increase (decrease) in net assets resulting from operations		(73,823)		(89,574)
Distributions to shareholders		(176,342)		(266,942)
Share transactions - net increase (decrease)		(23,499)		259,019
Total increase (decrease) in net assets		(273,664)		(97,497)

Net Assets
Beginning of period		2,092,451		2,189,948
End of period	$	1,818,787	$	2,092,451

Financial Highlights

Fidelity Advisor® Stock Selector Mid Cap Fund Class A

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	38.19	$	45.46	$	37.74	$	36.07	$	39.28	$	39.74
Income from Investment Operations
Net investment income (loss) A,B		.16		.20		.20		.30 C		.25		.26
Net realized and unrealized gain (loss)		(1.60)		(1.76)		8.40		2.85		2.80 D		1.04
Total from investment operations		(1.44)		(1.56)		8.60		3.15		3.05		1.30
Distributions from net investment income		(.18)		(.21)		(.35)		(.21)		(.25)		(.11)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)		(1.65)
Total distributions		(3.36)		(5.71)		(.88) E		(1.48)		(6.26)		(1.76)
Net asset value, end of period	$	33.39	$	38.19	$	45.46	$	37.74	$	36.07	$	39.28
Total Return F,G,H		(3.68)%		(4.66)%		23.19%		8.99%		12.13% D		3.36%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.97% K		.97%		1.05%		1.14%		1.14%		.93%
Expenses net of fee waivers, if any		.97% K		.97%		1.05%		1.14%		1.14%		.92%
Expenses net of all reductions		.97% K		.97%		1.05%		1.13%		1.14%		.91%
Net investment income (loss)		.90% K		.52%		.45%		.94% C		.75%		.64%
Supplemental Data
Net assets, end of period (in millions)	$	590	$	654	$	736	$	626	$	623	$	532
Portfolio turnover rate L		45% K		64%		43%		86%		57%		81%

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 $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.

D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.95%.

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

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

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

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

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

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

K Annualized.

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

Fidelity Advisor® Stock Selector Mid Cap Fund Class M

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	38.50	$	45.77	$	37.99	$	36.30	$	39.43	$	39.89
Income from Investment Operations
Net investment income (loss) A,B		.12		.11		.09		.22 C		.17		.16
Net realized and unrealized gain (loss)		(1.61)		(1.80)		8.48		2.86		2.85 D		1.04
Total from investment operations		(1.49)		(1.69)		8.57		3.08		3.02		1.20
Distributions from net investment income		(.08)		(.09)		(.25)		(.12)		(.14)		(.01)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)		(1.65)
Total distributions		(3.26)		(5.58) E		(.79)		(1.39)		(6.15)		(1.66)
Net asset value, end of period	$	33.75	$	38.50	$	45.77	$	37.99	$	36.30	$	39.43
Total Return F,G,H		(3.79)%		(4.90)%		22.91%		8.71%		11.88% D		3.10%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.22% K		1.22%		1.29%		1.38%		1.38%		1.17%
Expenses net of fee waivers, if any		1.21% K		1.21%		1.29%		1.38%		1.38%		1.17%
Expenses net of all reductions		1.21% K		1.21%		1.29%		1.37%		1.38%		1.15%
Net investment income (loss)		.66% K		.27%		.20%		.70% C		.51%		.39%
Supplemental Data
Net assets, end of period (in millions)	$	425	$	464	$	552	$	496	$	544	$	536
Portfolio turnover rate L		45% K		64%		43%		86%		57%		81%

A Calculated based on average shares outstanding during the period.

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

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

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

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

K Annualized.

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

Fidelity Advisor® Stock Selector Mid Cap Fund Class C

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	33.33	$	40.31	$	33.58	$	32.15	$	35.67	$	36.25
Income from Investment Operations
Net investment income (loss) A,B		.02		(.09)		(.14)		.04 C		(.01)		(.05)
Net realized and unrealized gain (loss)		(1.40)		(1.53)		7.51		2.50		2.46 D		.96
Total from investment operations		(1.38)		(1.62)		7.37		2.54		2.45		.91
Distributions from net investment income		-		-		(.10)		-		-		-
Distributions from net realized gain		(3.18)		(5.36)		(.54)		(1.11)		(5.97)		(1.49)
Total distributions		(3.18)		(5.36)		(.64)		(1.11)		(5.97)		(1.49)
Net asset value, end of period	$	28.77	$	33.33	$	40.31	$	33.58	$	32.15	$	35.67
Total Return E,F,G		(4.06)%		(5.41)%		22.25%		8.10%		11.27% D		2.59%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.77% J		1.77%		1.84%		1.93%		1.93%		1.69%
Expenses net of fee waivers, if any		1.76% J		1.76%		1.84%		1.93%		1.93%		1.69%
Expenses net of all reductions		1.76% J		1.76%		1.84%		1.92%		1.93%		1.67%
Net investment income (loss)		.11% J		(.28)%		(.35)%		.15% C		(.04)%		(.12)%
Supplemental Data
Net assets, end of period (in millions)	$	19	$	22	$	27	$	30	$	35	$	114
Portfolio turnover rate K		45% J		64%		43%		86%		57%		81%

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 $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.

D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 11.09%.

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

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

G Total returns do not include the effect of the 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 Annualized.

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

Fidelity® Stock Selector Mid Cap Fund

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.76	$	48.16	$	39.90	$	38.00	$	41.00	$	41.43
Income from Investment Operations
Net investment income (loss) A,B		.22		.32		.34		.40 C		.34		.33
Net realized and unrealized gain (loss)		(1.71)		(1.90)		8.88		3.01		2.99 D		1.09
Total from investment operations		(1.49)		(1.58)		9.22		3.41		3.33		1.42
Distributions from net investment income		(.27)		(.33)		(.42)		(.24)		(.32)		(.20)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)		(1.65)
Total distributions		(3.46) E		(5.82) E		(.96)		(1.51)		(6.33)		(1.85)
Net asset value, end of period	$	35.81	$	40.76	$	48.16	$	39.90	$	38.00	$	41.00
Total Return F,G		(3.57)%		(4.43)%		23.52%		9.24%		12.38% D		3.53%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.73% J		.72%		.79%		.89%		.94%		.77%
Expenses net of fee waivers, if any		.72% J		.72%		.79%		.89%		.94%		.76%
Expenses net of all reductions		.72% J		.72%		.79%		.88%		.94%		.75%
Net investment income (loss)		1.15% J		.77%		.71%		1.19% C		.95%		.80%
Supplemental Data
Net assets, end of period (in millions)	$	319	$	349	$	395	$	342	$	362	$	502
Portfolio turnover rate K		45% J		64%		43%		86%		57%		81%

A Calculated based on average shares outstanding during the period.

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

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

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

J Annualized.

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

Fidelity Advisor® Stock Selector Mid Cap Fund Class I

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.88	$	48.29	$	40.01	$	38.15	$	41.11	$	41.51
Income from Investment Operations
Net investment income (loss) A,B		.21		.31		.33		.40 C		.35		.36
Net realized and unrealized gain (loss)		(1.71)		(1.90)		8.91		3.02		3.01 D		1.10
Total from investment operations		(1.50)		(1.59)		9.24		3.42		3.36		1.46
Distributions from net investment income		(.27)		(.32)		(.42)		(.29)		(.31)		(.21)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)		(1.65)
Total distributions		(3.45)		(5.82)		(.96)		(1.56)		(6.32)		(1.86)
Net asset value, end of period	$	35.93	$	40.88	$	48.29	$	40.01	$	38.15	$	41.11
Total Return E,F		(3.57)%		(4.45)%		23.50%		9.23%		12.41% D		3.62%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74% I		.74%		.82%		.90%		.91%		.69%
Expenses net of fee waivers, if any		.74% I		.74%		.81%		.90%		.91%		.69%
Expenses net of all reductions		.74% I		.74%		.81%		.89%		.91%		.67%
Net investment income (loss)		1.14% I		.75%		.68%		1.18% C		.98%		.87%
Supplemental Data
Net assets, end of period (in millions)	$	336	$	386	$	413	$	293	$	312	$	279
Portfolio turnover rate J		45% I		64%		43%		86%		57%		81%

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 $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.

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

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

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

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

I Annualized.

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

Fidelity Advisor® Stock Selector Mid Cap Fund Class Z

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.86	$	48.26	$	39.97	$	38.12	$	41.15	$	41.57
Income from Investment Operations
Net investment income (loss) A,B		.24		.36		.38		.44 C		.41		.43
Net realized and unrealized gain (loss)		(1.72)		(1.88)		8.92		3.03		2.99 D		1.08
Total from investment operations		(1.48)		(1.52)		9.30		3.47		3.40		1.51
Distributions from net investment income		(.33)		(.38)		(.47)		(.35)		(.42)		(.28)
Distributions from net realized gain		(3.18)		(5.50)		(.54)		(1.27)		(6.01)		(1.65)
Total distributions		(3.51)		(5.88)		(1.01)		(1.62)		(6.43)		(1.93)
Net asset value, end of period	$	35.87	$	40.86	$	48.26	$	39.97	$	38.12	$	41.15
Total Return E,F		(3.51)%		(4.30)%		23.69%		9.39%		12.59% D		3.75%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.59% I		.59%		.67%		.75%		.75%		.53%
Expenses net of fee waivers, if any		.59% I		.59%		.67%		.75%		.75%		.53%
Expenses net of all reductions		.59% I		.59%		.67%		.73%		.75%		.52%
Net investment income (loss)		1.29% I		.90%		.82%		1.33% C		1.14%		1.03%
Supplemental Data
Net assets, end of period (in millions)	$	129	$	217	$	67	$	150	$	245	$	18
Portfolio turnover rate J		45% I		64%		43%		86%		57%		81%

A Calculated based on average shares outstanding during the period.

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

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

I Annualized.

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

Notes to Financial Statements (Unaudited)

For the period ended May 31, 2023

( Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense 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:

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2023, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

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

Book-tax differences are primarily due to futures contracts, 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	$258,955
Gross unrealized depreciation	(160,992)
Net unrealized appreciation (depreciation)	$97,963
Tax cost	$1,754,992

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

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):


Equity Risk	Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Stock Selector Mid Cap Fund	431,172	589,249

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .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 MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$781	$10
Class M	.25%	.25%	1,127	13
Class C	.75%	.25%	105	7
			$2,013	$30

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	$ 64
Class M	7
Class C A	4
	$75

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 A
Class A	$ 545	.17
Class M	379	.17
Class C	23	.22
Fidelity Stock Selector Mid Cap Fund	305	.18
Class I	342	.19
Class Z	34	.04
	$1,628

A Annualized

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

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

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

	Amount
Fidelity Advisor Stock Selector Mid Cap Fund	$ 12

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

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 Stock Selector Mid Cap Fund	16,617	49,831	(5,363)

7. 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 Stock Selector Mid Cap Fund	$2

8. 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 Stock Selector Mid Cap Fund	$18	$ 26	$3,308

9. Expense Reductions.

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

	Expense reduction

Class M	2

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $46.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Stock Selector Mid Cap Fund
Distributions to shareholders
Class A	$ 56,107	$91,386
Class M	39,007	66,607
Class C	2,087	3,596
Fidelity Stock Selector Mid Cap Fund	29,748	47,323
Class I	32,276	49,700
Class Z	17,117	8,330
Total	$ 176,342	$ 266,942

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended May 31, 2023	Year ended November 30, 2022	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Stock Selector Mid Cap Fund
Class A
Shares sold	479	1,111	$16,544	$42,903
Reinvestment of distributions	1,583	2,014	52,298	85,227
Shares redeemed	(1,515)	(2,177)	(53,324)	(85,105)
Net increase (decrease)	547	948	$15,518	$43,025
Class M
Shares sold	350	651	$12,369	$25,411
Reinvestment of distributions	1,139	1,517	38,061	64,852
Shares redeemed	(939)	(2,178)	(33,074)	(84,679)
Net increase (decrease)	550	(10)	$17,356	$5,584
Class C
Shares sold	38	65	$1,155	$2,165
Reinvestment of distributions	73	96	2,083	3,589
Shares redeemed	(97)	(178)	(2,893)	(6,017)
Net increase (decrease)	14	(17)	$345	$(263)
Fidelity Stock Selector Mid Cap Fund
Shares sold	422	668	$15,913	$27,209
Reinvestment of distributions	800	1,010	28,328	45,509
Shares redeemed	(897)	(1,295)	(33,336)	(53,611)
Net increase (decrease)	325	383	$10,905	$19,107
Class I
Shares sold	687	1,936	$25,728	$77,354
Reinvestment of distributions	881	1,062	31,280	48,006
Shares redeemed	(1,657)	(2,110)	(61,281)	(87,273)
Net increase (decrease)	(89)	888	$(4,273)	$38,087
Class Z
Shares sold	596	4,138	$22,508	$161,875
Reinvestment of distributions	461	168	16,346	7,560
Shares redeemed	(2,763)	(396)	(102,204)	(15,956)
Net increase (decrease)	(1,706)	3,910	$(63,350)	$153,479

12. 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.

13. Risk and Uncertainties.

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

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 (December 1, 2022 to May 31, 2023).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio- A	Beginning Account Value December 1, 2022	Ending Account Value May 31, 2023	Expenses Paid During Period- C December 1, 2022 to May 31, 2023
Fidelity Advisor® Stock Selector Mid Cap Fund
Class A	.97%
Actual		$ 1,000	$ 963.20	$ 4.75
Hypothetical- B		$ 1,000	$ 1,020.09	$ 4.89
Class M	1.21%
Actual		$ 1,000	$ 962.10	$ 5.92
Hypothetical- B		$ 1,000	$ 1,018.90	$ 6.09
Class C	1.76%
Actual		$ 1,000	$ 959.40	$ 8.60
Hypothetical- B		$ 1,000	$ 1,016.16	$ 8.85
Fidelity® Stock Selector Mid Cap Fund	.72%
Actual		$ 1,000	$ 964.30	$ 3.53
Hypothetical- B		$ 1,000	$ 1,021.34	$ 3.63
Class I	.74%
Actual		$ 1,000	$ 964.30	$ 3.62
Hypothetical- B		$ 1,000	$ 1,021.24	$ 3.73
Class Z	.59%
Actual		$ 1,000	$ 964.90	$ 2.89
Hypothetical- B		$ 1,000	$ 1,021.99	$ 2.97

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 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Fidelity Advisor Stock Selector Mid Cap Fund

At its May 2023 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2023 through July 31, 2023. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2023, following its review of additional materials provided by FMR.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board will consider the annual renewal for a full one year period in July 2023.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2023 through July 31, 2023.

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

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

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

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

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

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

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

1.704677.125

MC-SANN-0723

Fidelity Advisor® Equity Income Fund

Semi-Annual Report

May 31, 2023

Contents

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.

Top Holdings (% of Fund's net assets)

Johnson & Johnson	3.5
Exxon Mobil Corp.	2.8
Comcast Corp. Class A	2.8
Wells Fargo & Co.	2.7
Unilever PLC sponsored ADR	2.3
Cisco Systems, Inc.	2.3
Verizon Communications, Inc.	1.9
Sanofi SA sponsored ADR	1.9
M&T Bank Corp.	1.9
Microchip Technology, Inc.	1.8
	23.9

Market Sectors (% of Fund's net assets)

Financials	19.7
Health Care	15.0
Information Technology	10.9
Consumer Staples	9.9
Industrials	9.6
Energy	7.5
Communication Services	6.7
Utilities	6.7
Real Estate	4.0
Consumer Discretionary	4.0
Materials	2.1

Asset Allocation (% of Fund's net assets)

Written Options - (0.0)%

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

Geographic Diversification (% of Fund's net assets)

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

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

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 6.7%
Diversified Telecommunication Services - 2.6%
Deutsche Telekom AG	528,100	11,716
Verizon Communications, Inc.	942,990	33,599
		45,315
Entertainment - 0.8%
Activision Blizzard, Inc.	172,800	13,859
Media - 3.3%
Comcast Corp. Class A	1,254,600	49,369
Omnicom Group, Inc. (a)	108,800	9,595
		58,964
TOTAL COMMUNICATION SERVICES		118,138
CONSUMER DISCRETIONARY - 4.0%
Broadline Retail - 0.7%
eBay, Inc.	273,300	11,626
Household Durables - 0.5%
Whirlpool Corp. (a)	65,100	8,417
Leisure Products - 0.3%
Hasbro, Inc.	103,400	6,137
Specialty Retail - 2.0%
Best Buy Co., Inc.	87,100	6,330
Lowe's Companies, Inc.	74,400	14,964
Williams-Sonoma, Inc. (a)	118,800	13,485
		34,779
Textiles, Apparel & Luxury Goods - 0.5%
Tapestry, Inc.	232,200	9,293
TOTAL CONSUMER DISCRETIONARY		70,252
CONSUMER STAPLES - 9.9%
Beverages - 3.2%
Anheuser-Busch InBev SA NV ADR (a)	211,800	11,310
Coca-Cola European Partners PLC	307,800	19,204
Keurig Dr. Pepper, Inc.	282,100	8,779
The Coca-Cola Co. (b)	256,800	15,321
		54,614
Consumer Staples Distribution & Retail - 0.8%
Albertsons Companies, Inc.	702,200	14,297
Food Products - 0.5%
Tyson Foods, Inc. Class A	178,000	9,014
Household Products - 1.9%
Energizer Holdings, Inc.	149,400	4,870
Reckitt Benckiser Group PLC	187,500	14,580
Reynolds Consumer Products, Inc.	509,300	13,975
		33,425
Personal Care Products - 2.5%
Kenvue, Inc.	164,600	4,130
Unilever PLC sponsored ADR	795,700	39,737
		43,867
Tobacco - 1.0%
Philip Morris International, Inc. (b)	193,400	17,408
TOTAL CONSUMER STAPLES		172,625
ENERGY - 7.5%
Oil, Gas & Consumable Fuels - 7.5%
Enterprise Products Partners LP	1,141,000	28,902
Exxon Mobil Corp.	488,500	49,915
Parkland Corp.	353,400	8,815
Shell PLC ADR	457,300	25,609
TotalEnergies SE	305,400	17,234
		130,475
FINANCIALS - 19.7%
Banks - 10.2%
Cullen/Frost Bankers, Inc.	92,500	9,269
Huntington Bancshares, Inc.	1,487,500	15,336
JPMorgan Chase & Co.	90,800	12,322
M&T Bank Corp.	275,900	32,876
PNC Financial Services Group, Inc.	265,300	30,730
U.S. Bancorp	1,036,100	30,979
Wells Fargo & Co.	1,170,850	46,612
		178,124
Capital Markets - 2.8%
Bank of New York Mellon Corp.	298,600	12,004
CME Group, Inc.	79,300	14,175
LPL Financial	54,200	10,557
State Street Corp.	128,799	8,761
UBS Group AG (c)	212,800	4,024
		49,521
Financial Services - 3.2%
Fidelity National Information Services, Inc.	359,200	19,602
Global Payments, Inc.	218,700	21,365
Visa, Inc. Class A	69,200	15,295
		56,262
Insurance - 3.5%
Assurant, Inc.	44,700	5,364
AXA SA	686,400	19,460
Chubb Ltd.	81,684	15,177
First American Financial Corp.	122,200	6,712
The Travelers Companies, Inc.	86,000	14,555
		61,268
TOTAL FINANCIALS		345,175
HEALTH CARE - 15.0%
Health Care Providers & Services - 3.8%
AmerisourceBergen Corp.	52,100	8,865
Cigna Group	71,900	17,789
Elevance Health, Inc.	48,600	21,764
UnitedHealth Group, Inc. (b)	39,100	19,051
		67,469
Pharmaceuticals - 11.2%
Bristol-Myers Squibb Co.	472,800	30,467
Johnson & Johnson	398,118	61,731
Merck & Co., Inc. (b)	272,800	30,120
Organon & Co.	392,430	7,609
Roche Holding AG (participation certificate)	58,400	18,601
Royalty Pharma PLC	412,800	13,515
Sanofi SA sponsored ADR (a)	658,000	33,571
		195,614
TOTAL HEALTH CARE		263,083
INDUSTRIALS - 9.6%
Aerospace & Defense - 1.0%
General Dynamics Corp.	90,000	18,376
Building Products - 1.2%
Carlisle Companies, Inc.	38,500	8,179
Owens Corning	113,600	12,079
		20,258
Electrical Equipment - 1.4%
Regal Rexnord Corp.	191,100	24,822
Industrial Conglomerates - 1.1%
Hitachi Ltd.	322,100	18,601
Machinery - 2.1%
Allison Transmission Holdings, Inc.	361,500	17,099
Parker Hannifin Corp.	61,800	19,803
		36,902
Professional Services - 2.8%
Genpact Ltd.	243,200	8,945
Manpower, Inc.	84,900	5,957
Robert Half International, Inc.	83,200	5,410
Science Applications International Corp.	134,400	13,081
SS&C Technologies Holdings, Inc.	275,400	15,136
		48,529
TOTAL INDUSTRIALS		167,488
INFORMATION TECHNOLOGY - 10.9%
Communications Equipment - 2.3%
Cisco Systems, Inc.	798,153	39,644
IT Services - 3.6%
Amdocs Ltd.	215,822	20,324
Capgemini SA	105,900	18,428
Cognizant Technology Solutions Corp. Class A	149,700	9,355
IBM Corp.	114,600	14,736
		62,843
Semiconductors & Semiconductor Equipment - 3.3%
Microchip Technology, Inc.	412,150	31,018
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	270,400	26,659
		57,677
Software - 1.7%
Gen Digital, Inc.	100,718	1,767
Microsoft Corp.	65,400	21,477
Open Text Corp.	173,900	7,230
		30,474
TOTAL INFORMATION TECHNOLOGY		190,638
MATERIALS - 2.1%
Chemicals - 1.6%
Celanese Corp. Class A	94,400	9,819
CF Industries Holdings, Inc.	209,300	12,874
Olin Corp.	119,600	5,658
		28,351
Containers & Packaging - 0.5%
Berry Global Group, Inc.	153,100	8,759
TOTAL MATERIALS		37,110
REAL ESTATE - 4.0%
Equity Real Estate Investment Trusts (REITs) - 4.0%
Alexandria Real Estate Equities, Inc.	80,700	9,156
American Tower Corp.	55,800	10,292
Corporate Office Properties Trust (SBI)	424,000	9,676
Crown Castle International Corp.	71,100	8,049
Digital Realty Trust, Inc.	101,900	10,441
Essex Property Trust, Inc.	37,600	8,124
Gaming & Leisure Properties	89,600	4,313
Public Storage	37,300	10,567
		70,618
UTILITIES - 6.7%
Electric Utilities - 4.3%
Duke Energy Corp. (b)	292,300	26,099
Edison International	332,064	22,421
Exelon Corp.	338,000	13,402
FirstEnergy Corp.	379,300	14,182
		76,104
Independent Power and Renewable Electricity Producers - 0.8%
Vistra Corp.	563,200	13,500
Multi-Utilities - 1.6%
Dominion Energy, Inc.	219,100	11,016
Sempra Energy	121,900	17,496
		28,512
TOTAL UTILITIES		118,116
TOTAL COMMON STOCKS (Cost $1,596,630)		1,683,718

Money Market Funds - 6.2%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.14% (d)	63,265,157	63,278
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e)	46,282,771	46,287
TOTAL MONEY MARKET FUNDS (Cost $109,565)		109,565

TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $1,706,195)	1,793,283
NET OTHER ASSETS (LIABILITIES) - (2.3)%	(40,934)
NET ASSETS - 100.0%	1,752,349

Written Options
	Counterparty	Number of Contracts	Notional Amount ($) (000s)	Exercise Price ($)	Expiration Date	Value ($) (000s)
Call Options
Duke Energy Corp.	Chicago Board Options Exchange	431	3,848	105.00	07/21/23	(3)
Merck & Co., Inc.	Chicago Board Options Exchange	263	2,904	125.00	07/21/23	(5)
Philip Morris International, Inc.	Chicago Board Options Exchange	191	1,719	100.00	06/16/23	(1)
The Coca-Cola Co.	Chicago Board Options Exchange	383	2,285	67.50	07/21/23	(1)
UnitedHealth Group, Inc.	Chicago Board Options Exchange	24	1,169	520.00	07/21/23	(11)

TOTAL WRITTEN OPTIONS						(21)

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

Legend

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

(b)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $11,925,000.

(c)	Non-income producing

(d)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	71,467	139,041	147,230	1,441	-	-	63,278	0.2%
Fidelity Securities Lending Cash Central Fund 5.14%	30,796	197,283	181,792	129	-	-	46,287	0.2%
Total	102,263	336,324	329,022	1,570	-	-	109,565

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	118,138	106,422	11,716	-
Consumer Discretionary	70,252	70,252	-	-
Consumer Staples	172,625	158,045	14,580	-
Energy	130,475	113,241	17,234	-
Financials	345,175	325,715	19,460	-
Health Care	263,083	244,482	18,601	-
Industrials	167,488	167,488	-	-
Information Technology	190,638	190,638	-	-
Materials	37,110	37,110	-	-
Real Estate	70,618	70,618	-	-
Utilities	118,116	118,116	-	-

Money Market Funds	109,565	109,565	-	-
Total Investments in Securities:	1,793,283	1,711,692	81,591	-
Derivative Instruments:

Liabilities
Written Options	(21)	(21)	-	-
Total Liabilities	(21)	(21)	-	-
Total Derivative Instruments:	(21)	(21)	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(21)
Total Equity Risk	0	(21)
Total Value of Derivatives	0	(21)

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

Financial Statements (Unaudited)

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

Assets
Investment in securities, at value (including securities loaned of $44,723) - See accompanying schedule:
Unaffiliated issuers (cost $1,596,630)	$	1,683,718
Fidelity Central Funds (cost $109,565)		109,565


Total Investment in Securities (cost $1,706,195)			$	1,793,283
Restricted cash				1,766
Receivable for investments sold				1,256
Receivable for fund shares sold				832
Dividends receivable				6,569
Distributions receivable from Fidelity Central Funds				370
Other receivables				42
Total assets				1,804,118
Liabilities
Payable for investments purchased	$	3,047
Payable for fund shares redeemed		1,010
Accrued management fee		633
Distribution and service plan fees payable		421
Written options, at value (premium received $136)		21
Other affiliated payables		293
Other payables and accrued expenses		57
Collateral on securities loaned		46,287
Total Liabilities				51,769
Net Assets			$	1,752,349
Net Assets consist of:
Paid in capital			$	1,621,955
Total accumulated earnings (loss)				130,394
Net Assets			$	1,752,349

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($698,732 ÷ 24,207 shares) (a)			$	28.86
Maximum offering price per share (100/94.25 of $28.86)			$	30.62
Class M :
Net Asset Value and redemption price per share ($518,678 ÷ 17,355 shares) (a)			$	29.89
Maximum offering price per share (100/96.50 of $29.89)			$	30.97
Class C :
Net Asset Value and offering price per share ($58,975 ÷ 2,012 shares) (a)			$	29.31
Class I :
Net Asset Value , offering price and redemption price per share ($350,780 ÷ 11,354 shares) (b)			$	30.90
Class Z :
Net Asset Value , offering price and redemption price per share ($125,184 ÷ 4,058 shares)			$	30.85
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares

Statement of Operations
Amounts in thousands				Six months ended May 31, 2023 (Unaudited)
Investment Income
Dividends			$	28,059
Income from Fidelity Central Funds (including $129 from security lending)				1,570
Total Income				29,629
Expenses
Management fee	$	3,897
Transfer agent fees		1,537
Distribution and service plan fees		2,617
Accounting fees		248
Custodian fees and expenses		42
Independent trustees' fees and expenses		6
Registration fees		56
Audit		47
Legal		2
Miscellaneous		4
Total expenses before reductions		8,456
Expense reductions		(45)
Total expenses after reductions				8,411
Net Investment income (loss)				21,218
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		27,551
Foreign currency transactions		12
Total net realized gain (loss)				27,563
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(136,009)
Assets and liabilities in foreign currencies		6
Written options		115
Total change in net unrealized appreciation (depreciation)				(135,888)
Net gain (loss)				(108,325)
Net increase (decrease) in net assets resulting from operations			$	(87,107)

Statement of Changes in Net Assets

Amount in thousands		Six months ended May 31, 2023 (Unaudited)		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	21,218	$	33,309
Net realized gain (loss)		27,563		72,413
Change in net unrealized appreciation (depreciation)		(135,888)		41,446
Net increase (decrease) in net assets resulting from operations		(87,107)		147,168
Distributions to shareholders		(81,921)		(167,060)
Share transactions - net increase (decrease)		64,160		316,498
Total increase (decrease) in net assets		(104,868)		296,606

Net Assets
Beginning of period		1,857,217		1,560,611
End of period	$	1,752,349	$	1,857,217

Financial Highlights

Fidelity Advisor® Equity Income Fund Class A

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	31.78	$	32.34	$	27.88	$	30.22	$	31.53	$	34.96
Income from Investment Operations
Net investment income (loss) A,B		.35		.61		.58		.65		.67		.68
Net realized and unrealized gain (loss)		(1.83)		2.32		4.53		(.67)		2.08		(.37) C
Total from investment operations		(1.48)		2.93		5.11		(.02)		2.75		.31
Distributions from net investment income		(.27)		(.58)		(.65)		(.66)		(.65)		(.78)
Distributions from net realized gain		(1.17)		(2.91)		- D		(1.67)		(3.41)		(2.95)
Total distributions		(1.44)		(3.49)		(.65)		(2.32) E		(4.06)		(3.74) E
Net asset value, end of period	$	28.86	$	31.78	$	32.34	$	27.88	$	30.22	$	31.53
Total Return F,G,H		(4.74)%		9.34%		18.46%		.02%		11.73%		.77% C
Ratios to Average Net Assets B,I,J
Expenses before reductions		.90% K		.89%		.90%		.92%		.93%		.93%
Expenses net of fee waivers, if any		.89% K		.89%		.89%		.92%		.92%		.93%
Expenses net of all reductions		.89% K		.89%		.89%		.92%		.92%		.91%
Net investment income (loss)		2.35% K		1.98%		1.80%		2.51%		2.37%		2.11%
Supplemental Data
Net assets, end of period (in millions)	$	699	$	741	$	675	$	591	$	660	$	609
Portfolio turnover rate L		43% K		47%		48%		65%		48%		59%

A Calculated based on average shares outstanding during the period.

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

D Amount represents less than $.005 per share.

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

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

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

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

K Annualized.

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

Fidelity Advisor® Equity Income Fund Class M

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	32.84	$	33.30	$	28.69	$	31.02	$	32.24	$	35.65
Income from Investment Operations
Net investment income (loss) A,B		.33		.56		.52		.60		.62		.62
Net realized and unrealized gain (loss)		(1.88)		2.38		4.66		(.68)		2.15		(.38) C
Total from investment operations		(1.55)		2.94		5.18		(.08)		2.77		.24
Distributions from net investment income		(.23)		(.49)		(.57)		(.59)		(.58)		(.70)
Distributions from net realized gain		(1.17)		(2.91)		- D		(1.67)		(3.41)		(2.95)
Total distributions		(1.40)		(3.40)		(.57)		(2.25) E		(3.99)		(3.65)
Net asset value, end of period	$	29.89	$	32.84	$	33.30	$	28.69	$	31.02	$	32.24
Total Return F,G,H		(4.81)%		9.08%		18.16%		(.22)%		11.46%		.56% C
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.14% K		1.13%		1.14%		1.16%		1.16%		1.16%
Expenses net of fee waivers, if any		1.13% K		1.13%		1.13%		1.16%		1.16%		1.16%
Expenses net of all reductions		1.13% K		1.13%		1.13%		1.15%		1.16%		1.15%
Net investment income (loss)		2.11% K		1.74%		1.56%		2.28%		2.14%		1.88%
Supplemental Data
Net assets, end of period (in millions)	$	519	$	571	$	555	$	534	$	642	$	662
Portfolio turnover rate L		43% K		47%		48%		65%		48%		59%

A Calculated based on average shares outstanding during the period.

D Amount represents less than $.005 per share.

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

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

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

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

K Annualized.

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

Fidelity Advisor® Equity Income Fund Class C

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	32.23	$	32.75	$	28.21	$	30.52	$	31.73	$	35.15
Income from Investment Operations
Net investment income (loss) A,B		.24		.37		.32		.45		.45		.44
Net realized and unrealized gain (loss)		(1.85)		2.35		4.60		(.66)		2.12		(.39) C
Total from investment operations		(1.61)		2.72		4.92		(.21)		2.57		.05
Distributions from net investment income		(.14)		(.32)		(.37)		(.43)		(.37)		(.52)
Distributions from net realized gain		(1.17)		(2.91)		- D		(1.67)		(3.41)		(2.95)
Total distributions		(1.31)		(3.24) E		(.38) E		(2.10)		(3.78)		(3.47)
Net asset value, end of period	$	29.31	$	32.23	$	32.75	$	28.21	$	30.52	$	31.73
Total Return F,G,H		(5.07)%		8.46%		17.51%		(.77)%		10.86%		(.01)% C
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.68% K		1.68%		1.70%		1.72%		1.72%		1.70%
Expenses net of fee waivers, if any		1.68% K		1.68%		1.69%		1.72%		1.71%		1.69%
Expenses net of all reductions		1.68% K		1.68%		1.69%		1.72%		1.71%		1.68%
Net investment income (loss)		1.56% K		1.19%		1.00%		1.71%		1.58%		1.34%
Supplemental Data
Net assets, end of period (in millions)	$	59	$	68	$	52	$	63	$	84	$	160
Portfolio turnover rate L		43% K		47%		48%		65%		48%		59%

A Calculated based on average shares outstanding during the period.

D Amount represents less than $.005 per share.

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

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

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

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

K Annualized.

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

Fidelity Advisor® Equity Income Fund Class I

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	33.91	$	34.28	$	29.51	$	31.85	$	32.99	$	36.40
Income from Investment Operations
Net investment income (loss) A,B		.42		.73		.70		.75		.78		.80
Net realized and unrealized gain (loss)		(1.95)		2.47		4.80		(.70)		2.21		(.39) C
Total from investment operations		(1.53)		3.20		5.50		.05		2.99		.41
Distributions from net investment income		(.30)		(.65)		(.73)		(.72)		(.72)		(.87)
Distributions from net realized gain		(1.17)		(2.91)		- D		(1.67)		(3.41)		(2.95)
Total distributions		(1.48) E		(3.57) E		(.73)		(2.39)		(4.13)		(3.82)
Net asset value, end of period	$	30.90	$	33.91	$	34.28	$	29.51	$	31.85	$	32.99
Total Return F,G		(4.60)%		9.62%		18.75%		.27%		12.00%		1.05% C
Ratios to Average Net Assets B,H,I
Expenses before reductions		.66% J		.65%		.65%		.67%		.67%		.67%
Expenses net of fee waivers, if any		.65% J		.65%		.65%		.67%		.67%		.67%
Expenses net of all reductions		.65% J		.65%		.65%		.66%		.67%		.66%
Net investment income (loss)		2.59% J		2.22%		2.05%		2.77%		2.63%		2.37%
Supplemental Data
Net assets, end of period (in millions)	$	351	$	359	$	244	$	178	$	227	$	243
Portfolio turnover rate K		43% J		47%		48%		65%		48%		59%

A Calculated based on average shares outstanding during the period.

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

D Amount represents less than $.005 per share.

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

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

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

J Annualized.

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

Fidelity Advisor® Equity Income Fund Class Z

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	33.86	$	34.24	$	29.48	$	31.82	$	32.96	$	36.38
Income from Investment Operations
Net investment income (loss) A,B		.44		.77		.75		.79		.82		.85
Net realized and unrealized gain (loss)		(1.95)		2.46		4.78		(.70)		2.21		(.40) C
Total from investment operations		(1.51)		3.23		5.53		.09		3.03		.45
Distributions from net investment income		(.33)		(.70)		(.77)		(.76)		(.77)		(.91)
Distributions from net realized gain		(1.17)		(2.91)		- D		(1.67)		(3.41)		(2.95)
Total distributions		(1.50)		(3.61)		(.77)		(2.43)		(4.17) E		(3.87) E
Net asset value, end of period	$	30.85	$	33.86	$	34.24	$	29.48	$	31.82	$	32.96
Total Return F,G		(4.54)%		9.77%		18.89%		.43%		12.18%		1.16% C
Ratios to Average Net Assets B,H,I
Expenses before reductions		.51% J		.51%		.51%		.53%		.53%		.53%
Expenses net of fee waivers, if any		.51% J		.51%		.51%		.52%		.53%		.53%
Expenses net of all reductions		.51% J		.51%		.51%		.52%		.52%		.52%
Net investment income (loss)		2.73% J		2.36%		2.18%		2.91%		2.77%		2.51%
Supplemental Data
Net assets, end of period (in millions)	$	125	$	117	$	35	$	26	$	27	$	22
Portfolio turnover rate K		43% J		47%		48%		65%		48%		59%

A Calculated based on average shares outstanding during the period.

D Amount represents less than $.005 per share.

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

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

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

J Annualized.

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

Notes to Financial Statements (Unaudited)

For the period ended May 31, 2023

( Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense 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:

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2023 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and 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.

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

Fidelity Advisor Equity Income Fund

$23

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	$214,416
Gross unrealized depreciation	(127,857)
Net unrealized appreciation (depreciation)	$86,559
Tax cost	$1,706,839

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase or decrease exposure to the following risk(s):

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

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

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

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

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

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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Equity Income Fund	392,136	378,272

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$914	$19
Class M	.25%	.25%	1,376	12
Class C	.75%	.25%	327	58
			$2,617	$89

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

	Retained by FDC
Class A	$195
Class M	10
Class C A	11
	$216

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 A
Class A	$645	.18
Class M	461	.17
Class C	69	.21
Class I	336	.19
Class Z	26	.04
	$1,537

A Annualized

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

	Amount
Fidelity Advisor Equity Income Fund	$ 8

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Equity Income Fund	47,649	29,078	5,111

7. Committed Line of Credit.

	Amount
Fidelity Advisor Equity Income Fund	$2

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Equity Income Fund	$14	$16	$7,727

9. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$1

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $42.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Income Fund
Distributions to shareholders
Class A	$ 33,764	$73,516
Class M	24,117	56,803
Class C	2,795	5,145
Class I	15,980	26,327
Class Z	5,265	5,269
Total	$81,921	$167,060

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended May 31, 2023	Year ended November 30, 2022	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Income Fund
Class A
Shares sold	1,431	3,323	$43,160	$103,218
Reinvestment of distributions	1,093	2,230	32,220	69,823
Shares redeemed	(1,646)	(3,106)	(49,475)	(96,136)
Net increase (decrease)	878	2,447	$25,905	$76,905
Class M
Shares sold	681	1,876	$21,250	$60,326
Reinvestment of distributions	775	1,720	23,671	55,712
Shares redeemed	(1,494)	(2,857)	(46,532)	(91,349)
Net increase (decrease)	(38)	739	$(1,611)	$24,689
Class C
Shares sold	237	990	$7,294	$31,165
Reinvestment of distributions	92	159	2,761	5,070
Shares redeemed	(440)	(608)	(13,432)	(19,033)
Net increase (decrease)	(111)	541	$(3,377)	$17,202
Class I
Shares sold	1,504	4,297	$48,373	$141,287
Reinvestment of distributions	478	735	15,069	24,455
Shares redeemed	(1,218)	(1,562)	(39,251)	(51,041)
Net increase (decrease)	764	3,470	$24,191	$114,701
Class Z
Shares sold	913	3,004	$29,208	$101,219
Reinvestment of distributions	150	149	4,727	4,916
Shares redeemed	(466)	(710)	(14,883)	(23,134)
Net increase (decrease)	597	2,443	$19,052	$83,001

12. Other.

13. Risk and Uncertainties.

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 (December 1, 2022 to May 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value December 1, 2022	Ending Account Value May 31, 2023	Expenses Paid During Period- C December 1, 2022 to May 31, 2023
Fidelity Advisor® Equity Income Fund
Class A	.89%
Actual		$ 1,000	$ 952.60	$ 4.33
Hypothetical- B		$ 1,000	$ 1,020.49	$ 4.48
Class M	1.13%
Actual		$ 1,000	$ 951.90	$ 5.50
Hypothetical- B		$ 1,000	$ 1,019.30	$ 5.69
Class C	1.68%
Actual		$ 1,000	$ 949.30	$ 8.16
Hypothetical- B		$ 1,000	$ 1,016.55	$ 8.45
Class I	.65%
Actual		$ 1,000	$ 954.00	$ 3.17
Hypothetical- B		$ 1,000	$ 1,021.69	$ 3.28
Class Z	.51%
Actual		$ 1,000	$ 954.60	$ 2.49
Hypothetical- B		$ 1,000	$ 1,022.39	$ 2.57

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

B 5% return per year before expenses

Fidelity Advisor Equity Income Fund

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

1.704674.125

EPI-SANN-0723

Fidelity Advisor® Equity Value Fund

Semi-Annual Report

May 31, 2023

Contents

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.

Top Holdings (% of Fund's net assets)

Berkshire Hathaway, Inc. Class B	5.4
Exxon Mobil Corp.	4.6
Comcast Corp. Class A	3.1
JPMorgan Chase & Co.	2.8
PG&E Corp.	2.8
Bristol-Myers Squibb Co.	2.4
Cigna Group	2.3
Mondelez International, Inc.	2.3
UnitedHealth Group, Inc.	2.2
Centene Corp.	2.2
	30.1

Market Sectors (% of Fund's net assets)

Financials	22.9
Health Care	19.1
Utilities	10.2
Consumer Staples	9.9
Energy	8.7
Industrials	7.5
Communication Services	7.0
Information Technology	6.5
Consumer Discretionary	2.4
Materials	2.3
Real Estate	0.5

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

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

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

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 7.0%
Entertainment - 2.0%
Activision Blizzard, Inc.	52,879	4,240,896
Interactive Media & Services - 1.9%
Alphabet, Inc. Class A (a)	31,652	3,889,081
Media - 3.1%
Comcast Corp. Class A	165,494	6,512,189
TOTAL COMMUNICATION SERVICES		14,642,166
CONSUMER DISCRETIONARY - 2.4%
Broadline Retail - 0.2%
eBay, Inc.	8,935	380,095
Diversified Consumer Services - 1.3%
H&R Block, Inc. (b)	91,869	2,742,290
Specialty Retail - 0.9%
Ross Stores, Inc.	17,929	1,857,803
TOTAL CONSUMER DISCRETIONARY		4,980,188
CONSUMER STAPLES - 9.9%
Beverages - 0.8%
Coca-Cola European Partners PLC	26,589	1,658,888
Consumer Staples Distribution & Retail - 2.1%
Dollar General Corp.	13,158	2,645,942
U.S. Foods Holding Corp. (a)	47,371	1,884,418
		4,530,360
Food Products - 2.9%
Mondelez International, Inc.	64,642	4,745,369
Tyson Foods, Inc. Class A	26,986	1,366,571
		6,111,940
Household Products - 2.9%
Procter & Gamble Co.	21,264	3,030,120
Reckitt Benckiser Group PLC	22,325	1,736,027
The Clorox Co.	8,127	1,285,529
		6,051,676
Personal Care Products - 1.2%
Haleon PLC	350,700	1,387,269
Kenvue, Inc.	14,600	366,314
Unilever PLC sponsored ADR	13,519	675,139
		2,428,722
TOTAL CONSUMER STAPLES		20,781,586
ENERGY - 8.7%
Oil, Gas & Consumable Fuels - 8.7%
Antero Resources Corp. (a)	32,921	671,918
ConocoPhillips Co.	25,476	2,529,767
Equinor ASA sponsored ADR	50,612	1,282,002
Exxon Mobil Corp.	93,621	9,566,194
Occidental Petroleum Corp.	26,439	1,524,473
Ovintiv, Inc.	24,581	812,894
Parex Resources, Inc.	96,296	1,938,689
		18,325,937
FINANCIALS - 22.9%
Banks - 9.7%
Bank of America Corp.	163,181	4,534,800
Cullen/Frost Bankers, Inc.	4,143	415,129
JPMorgan Chase & Co.	44,075	5,981,418
M&T Bank Corp.	19,473	2,320,403
PNC Financial Services Group, Inc.	19,801	2,293,550
U.S. Bancorp	47,610	1,423,539
Wells Fargo & Co.	86,786	3,454,951
		20,423,790
Capital Markets - 2.8%
Affiliated Managers Group, Inc.	9,888	1,375,322
BlackRock, Inc. Class A	5,084	3,342,984
Invesco Ltd.	20,478	294,474
Northern Trust Corp.	14,278	1,026,874
		6,039,654
Financial Services - 5.4%
Berkshire Hathaway, Inc. Class B (a)	35,343	11,347,927
Insurance - 5.0%
Chubb Ltd.	20,127	3,739,597
The Travelers Companies, Inc.	23,030	3,897,597
Willis Towers Watson PLC	13,148	2,877,440
		10,514,634
TOTAL FINANCIALS		48,326,005
HEALTH CARE - 19.1%
Biotechnology - 1.8%
Regeneron Pharmaceuticals, Inc. (a)	1,558	1,146,002
Vertex Pharmaceuticals, Inc. (a)	8,201	2,653,598
		3,799,600
Health Care Equipment & Supplies - 0.2%
Baxter International, Inc.	10,300	419,416
Health Care Providers & Services - 9.7%
Centene Corp. (a)	73,190	4,567,788
Cigna Group	20,084	4,968,982
Elevance Health, Inc.	7,014	3,141,009
Humana, Inc.	6,293	3,158,268
UnitedHealth Group, Inc.	9,411	4,585,416
		20,421,463
Pharmaceuticals - 7.4%
AstraZeneca PLC sponsored ADR	50,533	3,692,952
Bristol-Myers Squibb Co.	77,977	5,024,838
Roche Holding AG (participation certificate)	9,655	3,075,203
Sanofi SA sponsored ADR	76,604	3,908,336
		15,701,329
TOTAL HEALTH CARE		40,341,808
INDUSTRIALS - 7.5%
Aerospace & Defense - 3.8%
Airbus Group NV	7,717	1,013,437
L3Harris Technologies, Inc.	9,252	1,627,612
Lockheed Martin Corp.	4,690	2,082,407
Northrop Grumman Corp.	7,398	3,221,755
		7,945,211
Air Freight & Logistics - 0.4%
Deutsche Post AG	17,995	811,464
Electrical Equipment - 1.1%
Eaton Corp. PLC	2,928	515,035
Regal Rexnord Corp.	13,283	1,725,329
		2,240,364
Industrial Conglomerates - 0.8%
Siemens AG	10,895	1,792,913
Machinery - 0.8%
Crane Co.	2,300	167,118
Crane Nxt Co.	2,300	121,049
Oshkosh Corp.	4,890	361,029
Pentair PLC	19,244	1,067,465
		1,716,661
Professional Services - 0.6%
Maximus, Inc.	16,032	1,297,951
TOTAL INDUSTRIALS		15,804,564
INFORMATION TECHNOLOGY - 5.2%
Communications Equipment - 1.9%
Cisco Systems, Inc.	80,731	4,009,909
IT Services - 2.1%
Amdocs Ltd.	26,044	2,452,563
Capgemini SA	6,071	1,056,457
Cognizant Technology Solutions Corp. Class A	16,457	1,028,398
		4,537,418
Software - 1.2%
Gen Digital, Inc.	79,867	1,400,867
Open Text Corp.	24,932	1,037,670
		2,438,537
TOTAL INFORMATION TECHNOLOGY		10,985,864
MATERIALS - 2.3%
Chemicals - 1.4%
DuPont de Nemours, Inc.	42,771	2,873,783
Metals & Mining - 0.9%
Lundin Mining Corp.	199,016	1,391,279
Newmont Corp.	14,451	585,988
		1,977,267
TOTAL MATERIALS		4,851,050
REAL ESTATE - 0.5%
Real Estate Management & Development - 0.5%
CBRE Group, Inc. (a)	15,157	1,135,562
UTILITIES - 10.2%
Electric Utilities - 8.1%
Constellation Energy Corp.	21,118	1,774,334
Edison International	31,284	2,112,296
Evergy, Inc.	31,363	1,814,350
NextEra Energy, Inc.	26,787	1,967,773
PG&E Corp. (a)	344,753	5,840,116
Portland General Electric Co. (b)	22,149	1,079,321
Southern Co.	34,711	2,421,092
		17,009,282
Independent Power and Renewable Electricity Producers - 0.5%
The AES Corp.	60,953	1,203,212
Multi-Utilities - 1.6%
Dominion Energy, Inc.	44,589	2,241,935
National Grid PLC	80,556	1,109,835
		3,351,770
TOTAL UTILITIES		21,564,264
TOTAL COMMON STOCKS (Cost $173,811,430)		201,738,994

Nonconvertible Preferred Stocks - 1.3%
	Shares	Value ($)
INFORMATION TECHNOLOGY - 1.3%
Technology Hardware, Storage & Peripherals - 1.3%
Samsung Electronics Co. Ltd. (Cost $2,683,745)	61,327	2,717,308

Money Market Funds - 4.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (c)	5,793,757	5,794,916
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d)	3,831,542	3,831,925
TOTAL MONEY MARKET FUNDS (Cost $9,626,841)		9,626,841

TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $186,122,016)	214,083,143
NET OTHER ASSETS (LIABILITIES) - (1.6)%	(3,394,563)
NET ASSETS - 100.0%	210,688,580

Legend

(a)	Non-income producing

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

(c)

(d)	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	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	2,498,638	31,898,108	28,601,830	97,936	-	-	5,794,916	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	1,345,750	16,658,860	14,172,685	1,126	-	-	3,831,925	0.0%
Total	3,844,388	48,556,968	42,774,515	99,062	-	-	9,626,841

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	14,642,166	14,642,166	-	-
Consumer Discretionary	4,980,188	4,980,188	-	-
Consumer Staples	20,781,586	17,658,290	3,123,296	-
Energy	18,325,937	18,325,937	-	-
Financials	48,326,005	48,326,005	-	-
Health Care	40,341,808	37,266,605	3,075,203	-
Industrials	15,804,564	12,186,750	3,617,814	-
Information Technology	13,703,172	13,703,172	-	-
Materials	4,851,050	4,851,050	-	-
Real Estate	1,135,562	1,135,562	-	-
Utilities	21,564,264	20,454,429	1,109,835	-

Money Market Funds	9,626,841	9,626,841	-	-
Total Investments in Securities:	214,083,143	203,156,995	10,926,148	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				May 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $3,718,658) - See accompanying schedule:
Unaffiliated issuers (cost $176,495,175)	$	204,456,302
Fidelity Central Funds (cost $9,626,841)		9,626,841


Total Investment in Securities (cost $186,122,016)			$	214,083,143
Foreign currency held at value (cost $170)				1,100
Receivable for fund shares sold				378,958
Dividends receivable				532,577
Distributions receivable from Fidelity Central Funds				19,806
Prepaid expenses				43
Other receivables				7,603
Total assets				215,023,230
Liabilities
Payable for fund shares redeemed	$	266,472
Accrued management fee		116,322
Distribution and service plan fees payable		49,695
Other affiliated payables		38,055
Other payables and accrued expenses		32,181
Collateral on securities loaned		3,831,925
Total Liabilities				4,334,650
Net Assets			$	210,688,580
Net Assets consist of:
Paid in capital			$	181,331,397
Total accumulated earnings (loss)				29,357,183
Net Assets			$	210,688,580

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($110,192,855 ÷ 5,175,013 shares) (a)			$	21.29
Maximum offering price per share (100/94.25 of $21.29)			$	22.59
Class M :
Net Asset Value and redemption price per share ($30,309,451 ÷ 1,422,712 shares) (a)			$	21.30
Maximum offering price per share (100/96.50 of $21.30)			$	22.07
Class C :
Net Asset Value and offering price per share ($15,400,873 ÷ 742,375 shares) (a)			$	20.75
Class I :
Net Asset Value , offering price and redemption price per share ($38,859,579 ÷ 1,775,883 shares)			$	21.88
Class Z :
Net Asset Value , offering price and redemption price per share ($15,925,822 ÷ 732,707 shares)			$	21.74
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended May 31, 2023 (Unaudited)
Investment Income
Dividends			$	2,468,569
Income from Fidelity Central Funds (including $1,126 from security lending)				99,062
Total Income				2,567,631
Expenses
Management fee
Basic fee	$	592,599
Performance adjustment		139,318
Transfer agent fees		195,747
Distribution and service plan fees		305,717
Accounting fees		39,914
Custodian fees and expenses		13,017
Independent trustees' fees and expenses		714
Registration fees		71,577
Audit		30,670
Legal		1,025
Interest		1,189
Miscellaneous		479
Total expenses before reductions		1,391,966
Expense reductions		(89,839)
Total expenses after reductions				1,302,127
Net Investment income (loss)				1,265,504
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		812,329
Foreign currency transactions		2,701
Total net realized gain (loss)				815,030
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(19,153,612)
Assets and liabilities in foreign currencies		1,181
Total change in net unrealized appreciation (depreciation)				(19,152,431)
Net gain (loss)				(18,337,401)
Net increase (decrease) in net assets resulting from operations			$	(17,071,897)

Statement of Changes in Net Assets

		Six months ended May 31, 2023 (Unaudited)		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,265,504	$	2,019,358
Net realized gain (loss)		815,030		2,605,567
Change in net unrealized appreciation (depreciation)		(19,152,431)		11,328,352
Net increase (decrease) in net assets resulting from operations		(17,071,897)		15,953,277
Distributions to shareholders		(3,783,745)		(7,393,417)
Share transactions - net increase (decrease)		(10,525,813)		5,051,034
Total increase (decrease) in net assets		(31,381,455)		13,610,894

Net Assets
Beginning of period		242,070,035		228,459,141
End of period	$	210,688,580	$	242,070,035

Financial Highlights

Fidelity Advisor® Equity Value Fund Class A

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.31	$	22.52	$	18.87	$	18.81	$	18.77	$	18.84
Income from Investment Operations
Net investment income (loss) A,B		.12		.20		.16		.24 C		.26		.26
Net realized and unrealized gain (loss)		(1.78)		1.30		3.69		.80		1.25		(.16)
Total from investment operations		(1.66)		1.50		3.85		1.04		1.51		.10
Distributions from net investment income		(.19)		(.11)		(.20)		(.45)		(.28)		(.13)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)		(.05)
Total distributions		(.36)		(.71)		(.20)		(.98)		(1.47)		(.17) D
Net asset value, end of period	$	21.29	$	23.31	$	22.52	$	18.87	$	18.81	$	18.77
Total Return E,F,G		(7.17)%		6.63%		20.58%		5.68%		9.75%		.53%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.23% J		1.19%		1.14%		1.11%		1.00%		1.00%
Expenses net of fee waivers, if any		1.15% J		1.15%		1.14%		1.10%		1.00%		1.00%
Expenses net of all reductions		1.15% J		1.15%		1.14%		1.09%		.99%		1.00%
Net investment income (loss)		1.13% J		.90%		.73%		1.44% C		1.47%		1.39%
Supplemental Data
Net assets, end of period (000 omitted)	$	110,193	$	117,379	$	96,669	$	67,291	$	71,916	$	67,457
Portfolio turnover rate K		25% J		40%		35%		75%		43% L		33%

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.

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.

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

J Annualized.

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

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

Fidelity Advisor® Equity Value Fund Class M

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.28	$	22.50	$	18.85	$	18.79	$	18.73	$	18.80
Income from Investment Operations
Net investment income (loss) A,B		.10		.14		.11		.20 C		.21		.21
Net realized and unrealized gain (loss)		(1.78)		1.29		3.69		.79		1.26		(.16)
Total from investment operations		(1.68)		1.43		3.80		.99		1.47		.05
Distributions from net investment income		(.13)		(.05)		(.15)		(.40)		(.23)		(.07)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)		(.05)
Total distributions		(.30)		(.65)		(.15)		(.93)		(1.41) D		(.12)
Net asset value, end of period	$	21.30	$	23.28	$	22.50	$	18.85	$	18.79	$	18.73
Total Return E,F,G		(7.26)%		6.32%		20.31%		5.37%		9.51%		.25%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.47% J		1.44%		1.39%		1.37%		1.26%		1.27%
Expenses net of fee waivers, if any		1.40% J		1.40%		1.38%		1.36%		1.26%		1.27%
Expenses net of all reductions		1.39% J		1.40%		1.38%		1.35%		1.26%		1.26%
Net investment income (loss)		.89% J		.65%		.48%		1.19% C		1.21%		1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$	30,309	$	33,509	$	31,217	$	25,905	$	28,791	$	30,030
Portfolio turnover rate K		25% J		40%		35%		75%		43% L		33%

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.

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

J Annualized.

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

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

Fidelity Advisor® Equity Value Fund Class C

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	22.65	$	21.89	$	18.33	$	18.29	$	18.25	$	18.33
Income from Investment Operations
Net investment income (loss) A,B		.04		.03		(.01)		.10 C		.12		.11
Net realized and unrealized gain (loss)		(1.72)		1.25		3.61		.76		1.24		(.16)
Total from investment operations		(1.68)		1.28		3.60		.86		1.36		(.05)
Distributions from net investment income		(.05)		-		(.04)		(.29)		(.13)		-
Distributions from net realized gain		(.17)		(.52)		-		(.53)		(1.19)		(.03)
Total distributions		(.22)		(.52)		(.04)		(.82)		(1.32)		(.03)
Net asset value, end of period	$	20.75	$	22.65	$	21.89	$	18.33	$	18.29	$	18.25
Total Return D,E,F		(7.47)%		5.81%		19.67%		4.78%		8.95%		(.29)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		2.01% I		1.98%		1.93%		1.91%		1.79%		1.78%
Expenses net of fee waivers, if any		1.90% I		1.90%		1.93%		1.90%		1.79%		1.78%
Expenses net of all reductions		1.90% I		1.90%		1.93%		1.89%		1.79%		1.78%
Net investment income (loss)		.38% I		.15%		(.06)%		.64% C		.68%		.61%
Supplemental Data
Net assets, end of period (000 omitted)	$	15,401	$	17,461	$	14,096	$	11,555	$	15,819	$	21,206
Portfolio turnover rate J		25% I		40%		35%		75%		43% K		33%

A Calculated based on average shares outstanding during the period.

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

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 Annualized.

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

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

Fidelity Advisor® Equity Value Fund Class I

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.96	$	23.14	$	19.39	$	19.16	$	19.09	$	19.18
Income from Investment Operations
Net investment income (loss) A,B		.16		.26		.22		.30 C		.31		.32
Net realized and unrealized gain (loss)		(1.82)		1.33		3.79		.81		1.28		(.17)
Total from investment operations		(1.66)		1.59		4.01		1.11		1.59		.15
Distributions from net investment income		(.25)		(.18)		(.26)		(.35)		(.34)		(.19)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)		(.05)
Total distributions		(.42)		(.77) D		(.26)		(.88)		(1.52) D		(.24)
Net asset value, end of period	$	21.88	$	23.96	$	23.14	$	19.39	$	19.16	$	19.09
Total Return E,F		(7.02)%		6.86%		20.93%		5.95%		10.12%		.75%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.97% I		.94%		.90%		.77%		.72%		.73%
Expenses net of fee waivers, if any		.90% I		.90%		.90%		.76%		.72%		.72%
Expenses net of all reductions		.90% I		.90%		.90%		.75%		.72%		.72%
Net investment income (loss)		1.38% I		1.15%		.97%		1.78% C		1.75%		1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$	38,860	$	52,405	$	51,171	$	16,291	$	18,538	$	122,603
Portfolio turnover rate J		25% I		40%		35%		75%		43% K		33%

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 Annualized.

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

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

Fidelity Advisor® Equity Value Fund Class Z

		Six months ended (Unaudited) May 31, 2023		Years ended November 30, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.82	$	23.00	$	19.26	$	19.18	$	19.12	$	19.20
Income from Investment Operations
Net investment income (loss) A,B		.17		.30		.26		.32 C		.33		.34
Net realized and unrealized gain (loss)		(1.80)		1.32		3.75		.82		1.28		(.16)
Total from investment operations		(1.63)		1.62		4.01		1.14		1.61		.18
Distributions from net investment income		(.28)		(.20)		(.27)		(.52)		(.37)		(.21)
Distributions from net realized gain		(.17)		(.60)		-		(.53)		(1.19)		(.05)
Total distributions		(.45)		(.80)		(.27)		(1.06) D		(1.55) D		(.26)
Net asset value, end of period	$	21.74	$	23.82	$	23.00	$	19.26	$	19.18	$	19.12
Total Return E,F		(6.93)%		7.02%		21.07%		6.09%		10.27%		.91%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.83% I		.79%		.74%		.70%		.58%		.59%
Expenses net of fee waivers, if any		.75% I		.75%		.74%		.69%		.58%		.59%
Expenses net of all reductions		.75% I		.75%		.74%		.68%		.58%		.58%
Net investment income (loss)		1.53% I		1.30%		1.12%		1.86% C		1.89%		1.80%
Supplemental Data
Net assets, end of period (000 omitted)	$	15,926	$	21,317	$	35,306	$	2,606	$	3,852	$	2,406
Portfolio turnover rate J		25% I		40%		35%		75%		43% K		33%

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 Annualized.

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

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

Notes to Financial Statements (Unaudited)

For the period ended May 31, 2023

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense 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.

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 May 31, 2023 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and 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.

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

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

Gross unrealized appreciation	$38,062,796
Gross unrealized depreciation	(10,427,783)
Net unrealized appreciation (depreciation)	$27,635,013
Tax cost	$186,448,130

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Advisor Equity Value Fund	27,247,341	43,655,591

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 Russell 3000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .65% 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%	$143,269	$4,204
Class M	.25%	.25%	79,532	941
Class C	.75%	.25%	82,916	11,141
			$305,717	$16,286

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

	Retained by FDC
Class A	$ 52,711
Class M	4,881
Class C A	4,535
	$62,127

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 A
Class A	$ 105,779	.18
Class M	28,260	.18
Class C	18,344	.22
Class I	39,760	.18
Class Z	3,604	.04
	$195,747

A Annualized

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

	Amount
Fidelity Advisor Equity Value Fund	$ 475

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Advisor Equity Value Fund	1,911,053	5,332,560	(302,487)

6. Committed Line of Credit.

	Amount
Fidelity Advisor Equity Value Fund	$224

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Advisor Equity Value Fund	$122	$ -	$-

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through March 31, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.15%	$ 42,528
Class M	1.40%	10,773
Class C	1.90%	9,370
Class I	.90%	14,918
Class Z	.75%	6,370
		$83,959

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $170. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$427

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,283

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Value Fund
Distributions to shareholders
Class A	$ 1,831,872	$3,052,916
Class M	434,839	897,128
Class C	171,624	335,659
Class I	936,668	1,735,387
Class Z	408,742	1,372,327
Total	$3,783,745	$7,393,417

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended May 31, 2023	Year ended November 30, 2022	Six months ended May 31, 2023	Year ended November 30, 2022
Fidelity Advisor Equity Value Fund
Class A
Shares sold	516,204	1,322,626	$11,453,315	$29,846,718
Reinvestment of distributions	79,706	125,386	1,767,079	2,944,057
Shares redeemed	(457,504)	(704,458)	(10,100,731)	(15,754,356)
Net increase (decrease)	138,406	743,554	$3,119,663	$17,036,419
Class M
Shares sold	57,272	236,755	$1,268,502	$5,321,237
Reinvestment of distributions	19,273	37,646	427,869	885,059
Shares redeemed	(92,963)	(222,986)	(2,056,121)	(4,958,113)
Net increase (decrease)	(16,418)	51,415	$(359,750)	$1,248,183
Class C
Shares sold	100,041	326,262	$2,162,718	$7,171,335
Reinvestment of distributions	7,175	14,355	155,486	329,881
Shares redeemed	(135,798)	(213,704)	(2,916,350)	(4,679,466)
Net increase (decrease)	(28,582)	126,913	$(598,146)	$2,821,750
Class I
Shares sold	326,724	1,266,409	$7,463,542	$29,316,775
Reinvestment of distributions	37,937	68,071	863,451	1,639,827
Shares redeemed	(775,528)	(1,359,296)	(17,478,176)	(31,653,830)
Net increase (decrease)	(410,867)	(24,816)	$(9,151,183)	$(697,228)
Class Z
Shares sold	364,692	677,338	$8,326,489	$15,778,041
Reinvestment of distributions	15,951	49,426	360,343	1,181,767
Shares redeemed	(542,741)	(1,367,272)	(12,223,229)	(32,317,898)
Net increase (decrease)	(162,098)	(640,508)	$(3,536,397)	$(15,358,090)

11. Other.

12. Risk and Uncertainties.

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 (December 1, 2022 to May 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value December 1, 2022	Ending Account Value May 31, 2023	Expenses Paid During Period- C December 1, 2022 to May 31, 2023
Fidelity Advisor® Equity Value Fund
Class A	1.15%
Actual		$ 1,000	$ 928.30	$ 5.53
Hypothetical- B		$ 1,000	$ 1,019.20	$ 5.79
Class M	1.40%
Actual		$ 1,000	$ 927.40	$ 6.73
Hypothetical- B		$ 1,000	$ 1,017.95	$ 7.04
Class C	1.90%
Actual		$ 1,000	$ 925.30	$ 9.12
Hypothetical- B		$ 1,000	$ 1,015.46	$ 9.55
Class I	.90%
Actual		$ 1,000	$ 929.80	$ 4.33
Hypothetical- B		$ 1,000	$ 1,020.44	$ 4.53
Class Z	.75%
Actual		$ 1,000	$ 930.70	$ 3.61
Hypothetical- B		$ 1,000	$ 1,021.19	$ 3.78

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

B 5% return per year before expenses

Fidelity Advisor Equity Value Fund

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

1.759108.122

AEV-SANN-0723

Fidelity Advisor® Large Cap Fund

Semi-Annual Report

May 31, 2023

Contents

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.

Top Holdings (% of Fund's net assets)

Microsoft Corp.	7.5
Exxon Mobil Corp.	7.0
General Electric Co.	6.5
Wells Fargo & Co.	5.3
Apple, Inc.	3.5
Bank of America Corp.	2.5
The Boeing Co.	2.1
Comcast Corp. Class A	2.0
Hess Corp.	1.9
Visa, Inc. Class A	1.8
	40.1

Market Sectors (% of Fund's net assets)

Information Technology	17.3
Financials	16.7
Industrials	15.6
Health Care	13.3
Energy	11.2
Communication Services	9.2
Consumer Staples	4.7
Consumer Discretionary	3.8
Materials	2.9
Real Estate	0.9
Utilities	0.6

Asset Allocation (% of Fund's net assets)