Fidelity Advisor® Value Strategies Fund

Annual Report

November 30, 2019

Includes Fidelity and Fidelity Advisor share classes

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Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	9.65%	5.39%	10.61%
Class M (incl. 3.50% sales charge)	12.01%	5.65%	10.65%
Class C (incl. contingent deferred sales charge)	14.44%	5.83%	10.42%
Fidelity® Value Strategies Fund	16.63%	6.94%	11.59%
Class K	16.80%	7.09%	11.76%
Class I	16.64%	6.91%	11.57%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Strategies Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$27,410	Fidelity Advisor® Value Strategies Fund - Class A
	$32,911	Russell Midcap® Value Index

Management's Discussion of Fund Performance

Market Recap: U.S. stocks continued to roll for the year ending November 30, 2019, with the S&P 500^® index soaring 16.11% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global growth and trade. After a rough December 2018, upbeat company earnings, along with signs the Fed may pause on rates, boosted stocks to an all-time high on April 30. In May, however, volatility spiked and the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to recorded a series of highs in July, when the Fed, affirming a dovish shift in policy, cut interest rates for the first time since 2008. Volatility intensified in August, however, as the Treasury yield curve inverted for the first time since 2007, which some investors viewed as a sign the U.S. economy could be heading for recession. The market proved resilient, however, achieving a new high on October 30, when the Fed lowered rates for the third time this year. The rally continued with a strong November (+4%). Information technology (+32%) led the way, as investors regained comfort taking on risk. Communication services (+21%) also stood out, followed by real estate (+18%) and utilities (+17%). In contrast, energy (-8%) was by far the weakest group – struggling amid sluggish oil prices – while several solid gainers nonetheless fell short of the market: health care (+7%), consumer staples and materials (+13% each), financials and consumer discretionary (+14% each), and industrials (+16%).

Comments from Portfolio Manager Matthew Friedman: For the fiscal year, the fund’s share classes returned between 15% and 17% (excluding sales charges, if applicable), handily outpacing the 10.37% result of the benchmark, the Russell Midcap^®Value Index. Successful stock picking across the majority of sectors and industries helped the fund outperform the benchmark. Choices in the diversified financials industry helped by far the most, led by the fund’s non-benchmark investments in private equity and alternative asset managers Blackstone Group and Apollo Global Management. Both Blackstone and Apollo announced this period that they would flip from publicly traded partnerships to C-Corps in order to benefit from the 2017 changes in corporate taxes. Elsewhere, three of the fund’s top-five individual contributors were non-benchmark real estate names: Equity Lifestyle Properties (ELS), Equinix and American Tower. Each benefited as investors viewed real estate as a safe haven from ongoing trade disputes. Conversely, Chemicals giant DuPont de Nemours detracted more than any other individual fund holding, partly due to a lawsuit filed against this firm by Chemours, a 2015 spinoff of DuPont. Owning Qurate Retail Group, parent company of popular video-based retailers QVC International and HSN, also hurt the fund’s relative return. We eliminated the fund’s stakes in Blackstone and Qurate by period end.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Sempra Energy	3.1
SunTrust Banks, Inc.	2.3
Vistra Energy Corp.	2.3
CubeSmart	2.2
Equity Lifestyle Properties, Inc.	2.2
Exelon Corp.	2.2
Edison International	2.1
Equinix, Inc.	2.0
Capital One Financial Corp.	2.0
CBRE Group, Inc.	1.9
	22.3

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Financials	19.5
Industrials	14.2
Real Estate	12.7
Utilities	9.7
Consumer Discretionary	9.1

Asset Allocation (% of fund's net assets)

As of November 30, 2019^*
	Stocks	99.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.9%

* Foreign investments - 10.6%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 1.0%
GCI Liberty, Inc. (a)	131,500	$9,335
Media - 1.9%
Liberty Global PLC Class C (a)	291,600	6,269
Nexstar Broadcasting Group, Inc. Class A	96,600	10,405
		16,674

TOTAL COMMUNICATION SERVICES		26,009

CONSUMER DISCRETIONARY - 9.1%
Distributors - 1.1%
LKQ Corp. (a)	272,300	9,607
Diversified Consumer Services - 0.6%
Laureate Education, Inc. Class A (a)	317,700	5,512
Hotels, Restaurants & Leisure - 1.3%
Eldorado Resorts, Inc. (a)(b)	218,800	11,708
Household Durables - 1.1%
Mohawk Industries, Inc. (a)	70,200	9,784
Internet & Direct Marketing Retail - 1.1%
eBay, Inc.	272,700	9,686
Leisure Products - 0.6%
Mattel, Inc. (a)(b)	466,000	5,452
Specialty Retail - 0.9%
Lowe's Companies, Inc.	69,800	8,188
Textiles, Apparel & Luxury Goods - 2.4%
Capri Holdings Ltd. (a)	301,400	11,194
PVH Corp.	110,600	10,724
		21,918

TOTAL CONSUMER DISCRETIONARY		81,855

CONSUMER STAPLES - 6.7%
Food & Staples Retailing - 1.2%
U.S. Foods Holding Corp. (a)	271,000	10,778
Food Products - 2.8%
Conagra Brands, Inc.	431,100	12,446
Darling International, Inc. (a)	532,822	12,681
		25,127
Household Products - 1.4%
Spectrum Brands Holdings, Inc.	201,500	12,598
Tobacco - 1.3%
Altria Group, Inc.	234,600	11,660

TOTAL CONSUMER STAPLES		60,163

ENERGY - 6.1%
Oil, Gas & Consumable Fuels - 6.1%
Cheniere Energy, Inc. (a)	193,100	11,690
Encana Corp. (Toronto)	1,531,100	6,052
Golar LNG Ltd.	350,300	4,561
Hess Corp.	208,300	12,933
Noble Energy, Inc.	551,100	11,441
Valero Energy Corp.	88,200	8,422
		55,099
FINANCIALS - 19.5%
Banks - 3.2%
East West Bancorp, Inc.	178,737	8,190
SunTrust Banks, Inc.	298,400	21,139
		29,329
Capital Markets - 8.2%
Ameriprise Financial, Inc.	85,000	13,929
Apollo Global Management LLC Class A	317,650	13,913
Lazard Ltd. Class A	219,600	8,485
LPL Financial	145,000	13,391
Northern Trust Corp.	89,974	9,649
Raymond James Financial, Inc.	163,400	14,677
		74,044
Consumer Finance - 5.5%
Capital One Financial Corp.	179,600	17,962
OneMain Holdings, Inc.	241,200	10,393
SLM Corp.	1,043,884	8,904
Synchrony Financial	334,600	12,517
		49,776
Insurance - 2.6%
American International Group, Inc.	208,400	10,974
The Travelers Companies, Inc.	90,000	12,305
		23,279

TOTAL FINANCIALS		176,428

HEALTH CARE - 6.1%
Biotechnology - 0.9%
Alexion Pharmaceuticals, Inc. (a)	68,800	7,839
Health Care Providers & Services - 4.1%
Centene Corp. (a)	204,600	12,372
Cigna Corp.	69,600	13,914
Humana, Inc.	32,000	10,919
		37,205
Pharmaceuticals - 1.1%
Jazz Pharmaceuticals PLC (a)	67,300	10,170

TOTAL HEALTH CARE		55,214

INDUSTRIALS - 14.2%
Aerospace & Defense - 2.0%
General Dynamics Corp.	38,200	6,942
Huntington Ingalls Industries, Inc.	45,500	11,451
		18,393
Airlines - 0.9%
American Airlines Group, Inc.	267,800	7,697
Commercial Services & Supplies - 1.2%
The Brink's Co.	115,100	10,704
Construction & Engineering - 2.5%
AECOM (a)	295,000	12,782
Williams Scotsman Corp. (a)	570,400	10,130
		22,912
Machinery - 0.5%
Allison Transmission Holdings, Inc.	92,900	4,496
Road & Rail - 1.9%
Knight-Swift Transportation Holdings, Inc. Class A	171,100	6,329
Ryder System, Inc.	209,000	10,970
		17,299
Trading Companies & Distributors - 5.2%
AerCap Holdings NV (a)	195,737	12,099
Ashtead Group PLC	209,700	6,373
Fortress Transportation & Infrastructure Investors LLC	338,700	6,100
HD Supply Holdings, Inc. (a)	286,300	11,400
Univar, Inc. (a)	475,500	11,136
		47,108

TOTAL INDUSTRIALS		128,609

INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 0.8%
CommScope Holding Co., Inc. (a)	569,668	7,747
Electronic Equipment & Components - 0.7%
Flextronics International Ltd. (a)	526,800	6,253
IT Services - 1.8%
Conduent, Inc. (a)	667,900	4,522
DXC Technology Co.	313,300	11,695
		16,217
Semiconductors & Semiconductor Equipment - 2.2%
Marvell Technology Group Ltd.	393,900	10,387
NXP Semiconductors NV	81,300	9,397
		19,784
Software - 1.6%
Micro Focus International PLC	345,229	5,059
SS&C Technologies Holdings, Inc.	157,900	9,482
		14,541

TOTAL INFORMATION TECHNOLOGY		64,542

MATERIALS - 5.0%
Chemicals - 3.4%
DowDuPont, Inc.	158,537	10,275
Olin Corp.	803,783	14,082
The Chemours Co. LLC	3,500	55
The Mosaic Co.	314,500	5,991
		30,403
Containers & Packaging - 1.6%
Crown Holdings, Inc. (a)	188,654	14,319

TOTAL MATERIALS		44,722

REAL ESTATE - 12.7%
Equity Real Estate Investment Trusts (REITs) - 10.8%
American Tower Corp.	52,408	11,217
CubeSmart	651,869	20,104
Douglas Emmett, Inc.	273,800	12,066
Equinix, Inc.	32,200	18,253
Equity Lifestyle Properties, Inc.	268,200	19,868
National Retail Properties, Inc.	295,600	16,477
		97,985
Real Estate Management & Development - 1.9%
CBRE Group, Inc. (a)	301,700	17,203

TOTAL REAL ESTATE		115,188

UTILITIES - 9.7%
Electric Utilities - 4.3%
Edison International	282,800	19,541
Exelon Corp.	441,800	19,616
		39,157
Independent Power and Renewable Electricity Producers - 2.3%
Vistra Energy Corp.	773,100	20,510
Multi-Utilities - 3.1%
Sempra Energy	193,288	28,470

TOTAL UTILITIES		88,137

TOTAL COMMON STOCKS
(Cost $793,722)		895,966

Money Market Funds - 3.4%
Fidelity Cash Central Fund 1.61% (c)	21,748,931	21,753
Fidelity Securities Lending Cash Central Fund 1.61% (c)(d)	9,194,385	9,195
TOTAL MONEY MARKET FUNDS
(Cost $30,948)		30,948
TOTAL INVESTMENT IN SECURITIES - 102.5%
(Cost $824,670)		926,914
NET OTHER ASSETS (LIABILITIES) - (2.5)%		(22,218)
NET ASSETS - 100%		$904,696

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$134
Fidelity Securities Lending Cash Central Fund	47
Total	$181

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

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$26,009	$26,009	$--	$--
Consumer Discretionary	81,855	81,855	--	--
Consumer Staples	60,163	60,163	--	--
Energy	55,099	55,099	--	--
Financials	176,428	176,428	--	--
Health Care	55,214	55,214	--	--
Industrials	128,609	128,609	--	--
Information Technology	64,542	59,483	5,059	--
Materials	44,722	44,722	--	--
Real Estate	115,188	115,188	--	--
Utilities	88,137	88,137	--	--
Money Market Funds	30,948	30,948	--	--
Total Investments in Securities:	$926,914	$921,855	$5,059	$--

Other Information

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

United States of America	89.4%
Bermuda	2.6%
Netherlands	2.3%
United Kingdom	2.0%
British Virgin Islands	1.2%
Ireland	1.1%
Others (Individually Less Than 1%)	1.4%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $8,872) — See accompanying schedule: Unaffiliated issuers (cost $793,722)	$895,966
Fidelity Central Funds (cost $30,948)	30,948
Total Investment in Securities (cost $824,670)		$926,914
Receivable for investments sold		12
Receivable for fund shares sold		994
Dividends receivable		1,109
Distributions receivable from Fidelity Central Funds		13
Prepaid expenses		1
Other receivables		28
Total assets		929,071
Liabilities
Payable for investments purchased	$13,075
Payable for fund shares redeemed	1,235
Accrued management fee	515
Distribution and service plan fees payable	150
Other affiliated payables	151
Other payables and accrued expenses	51
Collateral on securities loaned	9,198
Total liabilities		24,375
Net Assets		$904,696
Net Assets consist of:
Paid in capital		$759,768
Total accumulated earnings (loss)		144,928
Net Assets		$904,696
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($203,751 ÷ 6,132.4 shares)^(a)		$33.23
Maximum offering price per share (100/94.25 of $33.23)		$35.26
Class M:
Net Asset Value and redemption price per share ($234,498 ÷ 6,655.9 shares)^(a)		$35.23
Maximum offering price per share (100/96.50 of $35.23)		$36.51
Class C:
Net Asset Value and offering price per share ($13,636 ÷ 485.8 shares)^(a)		$28.07
Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($331,655 ÷ 8,357.2 shares)		$39.68
Class K:
Net Asset Value, offering price and redemption price per share ($49,205 ÷ 1,240.9 shares)		$39.65
Class I:
Net Asset Value, offering price and redemption price per share ($71,951 ÷ 1,950.1 shares)		$36.90

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$17,805
Special dividends		2,449
Income from Fidelity Central Funds (including $47 from security lending)		181
Total income		20,435
Expenses
Management fee
Basic fee	$4,572
Performance adjustment	(226)
Transfer agent fees	1,536
Distribution and service plan fees	1,765
Accounting and security lending fees	292
Custodian fees and expenses	14
Independent trustees' fees and expenses	5
Registration fees	93
Audit	67
Legal	6
Interest	4
Miscellaneous	9
Total expenses before reductions	8,137
Expense reductions	(50)
Total expenses after reductions		8,087
Net investment income (loss)		12,348
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	34,761
Fidelity Central Funds	2
Foreign currency transactions	(18)
Total net realized gain (loss)		34,745
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	81,602
Total change in net unrealized appreciation (depreciation)		81,602
Net gain (loss)		116,347
Net increase (decrease) in net assets resulting from operations		$128,695

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$12,348	$10,446
Net realized gain (loss)	34,745	100,508
Change in net unrealized appreciation (depreciation)	81,602	(168,177)
Net increase (decrease) in net assets resulting from operations	128,695	(57,223)
Distributions to shareholders	(103,085)	(87,063)
Share transactions - net increase (decrease)	9,554	(102,890)
Total increase (decrease) in net assets	35,164	(247,176)
Net Assets
Beginning of period	869,532	1,116,708
End of period	$904,696	$869,532

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

Financial Highlights

Fidelity Advisor Value Strategies Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$33.48	$38.91	$40.25	$39.01	$38.91
Income from Investment Operations
Net investment income (loss)^A	.42^B	.35	.60^C	.56	.35
Net realized and unrealized gain (loss)	3.66	(2.50)	6.13	1.09	.06
Total from investment operations	4.08	(2.15)	6.73	1.65	.41
Distributions from net investment income	(.29)	(.51)	(.56)	(.40)	(.28)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.33)	(3.28)	(8.07)^E	(.41)	(.31)
Net asset value, end of period	$33.23	$33.48	$38.91	$40.25	$39.01
Total Return^F,^G	16.34%	(6.16)%	19.84%	4.33%	1.07%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.02%	.91%	.91%	.86%	.93%
Expenses net of fee waivers, if any	1.02%	.91%	.91%	.86%	.93%
Expenses net of all reductions	1.01%	.90%	.90%	.86%	.93%
Net investment income (loss)	1.39%^B	.98%^J	1.64%^C	1.48%	.89%
Supplemental Data
Net assets, end of period (in millions)	$204	$175	$212	$203	$215
Portfolio turnover rate^K	66%	72%	46%	121%	9%

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

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

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

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

^E Total distributions of $8.07 per share is comprised of distributions from net investment income of $.555 and distributions from net realized gain of $7.517 per share.

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

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

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

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

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

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

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

Fidelity Advisor Value Strategies Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$35.16	$40.69	$41.72	$40.40	$40.28
Income from Investment Operations
Net investment income (loss)^A	.37^B	.28	.54^C	.49	.28
Net realized and unrealized gain (loss)	3.93	(2.63)	6.40	1.14	.06
Total from investment operations	4.30	(2.35)	6.94	1.63	.34
Distributions from net investment income	(.19)	(.41)	(.46)	(.30)	(.19)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.23)	(3.18)	(7.97)^E	(.31)	(.22)
Net asset value, end of period	$35.23	$35.16	$40.69	$41.72	$40.40
Total Return^F,^G	16.07%	(6.38)%	19.57%	4.11%	.86%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.25%	1.14%	1.13%	1.08%	1.15%
Expenses net of fee waivers, if any	1.24%	1.14%	1.13%	1.08%	1.14%
Expenses net of all reductions	1.24%	1.13%	1.13%	1.07%	1.14%
Net investment income (loss)	1.16%^B	.75%	1.42%^C	1.27%	.68%
Supplemental Data
Net assets, end of period (in millions)	$234	$225	$271	$263	$294
Portfolio turnover rate^J	66%	72%	46%	121%	9%

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

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

^E Total distributions of $7.97 per share is comprised of distributions from net investment income of $.456 and distributions from net realized gain of $7.517 per share.

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

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

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

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

Fidelity Advisor Value Strategies Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$28.95	$34.09	$36.19	$35.12	$35.07
Income from Investment Operations
Net investment income (loss)^A	.15^B	.06	.28^C	.24	.05
Net realized and unrealized gain (loss)	3.04	(2.16)	5.43	.97	.07
Total from investment operations	3.19	(2.10)	5.71	1.21	.12
Distributions from net investment income	(.03)	(.27)	(.30)	(.13)	(.04)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.07)	(3.04)	(7.81)^E	(.14)	(.07)
Net asset value, end of period	$28.07	$28.95	$34.09	$36.19	$35.12
Total Return^F,^G	15.41%	(6.89)%	18.97%	3.49%	.33%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.82%	1.68%	1.68%	1.63%	1.70%
Expenses net of fee waivers, if any	1.82%	1.68%	1.68%	1.63%	1.69%
Expenses net of all reductions	1.82%	1.67%	1.67%	1.63%	1.69%
Net investment income (loss)	.58%^B	.21%	.87%^C	.72%	.13%
Supplemental Data
Net assets, end of period (in millions)	$14	$34	$46	$44	$49
Portfolio turnover rate^J	66%	72%	46%	121%	9%

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

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

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

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

^E Total distributions of $7.81 per share is comprised of distributions from net investment income of $.295 and distributions from net realized gain of $7.517 per share.

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

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

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

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

Fidelity Value Strategies Fund

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$39.04	$44.81	$45.17	$43.72	$43.56
Income from Investment Operations
Net investment income (loss)^A	.60^B	.52	.81^C	.76	.51
Net realized and unrealized gain (loss)	4.46	(2.92)	7.01	1.21	.07
Total from investment operations	5.06	(2.40)	7.82	1.97	.58
Distributions from net investment income	(.38)	(.61)	(.66)	(.51)	(.39)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.42)	(3.37)^E	(8.18)	(.52)	(.42)
Net asset value, end of period	$39.68	$39.04	$44.81	$45.17	$43.72
Total Return^F	16.63%	(5.89)%	20.18%	4.64%	1.35%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.74%	.63%	.62%	.56%	.67%
Expenses net of fee waivers, if any	.74%	.63%	.62%	.56%	.67%
Expenses net of all reductions	.74%	.62%	.62%	.55%	.66%
Net investment income (loss)	1.66%^B	1.26%	1.93%^C	1.79%	1.16%
Supplemental Data
Net assets, end of period (in millions)	$332	$324	$436	$713	$716
Portfolio turnover rate^I	66%	72%	46%	121%	9%

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

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

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

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

^E Total distributions of $3.37 per share is comprised of distributions from net investment income of $.608 and distributions from net realized gain of $2.765 per share.

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

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

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

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

Fidelity Advisor Value Strategies Fund Class K

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$39.03	$44.82	$45.18	$43.74	$43.57
Income from Investment Operations
Net investment income (loss)^A	.64^B	.58	.86^C	.80	.58
Net realized and unrealized gain (loss)	4.46	(2.93)	7.02	1.22	.07
Total from investment operations	5.10	(2.35)	7.88	2.02	.65
Distributions from net investment income	(.44)	(.67)	(.72)	(.57)	(.45)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.48)	(3.44)	(8.24)	(.58)	(.48)
Net asset value, end of period	$39.65	$39.03	$44.82	$45.18	$43.74
Total Return^E	16.80%	(5.80)%	20.36%	4.76%	1.51%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.61%	.50%	.50%	.44%	.51%
Expenses net of fee waivers, if any	.61%	.50%	.50%	.44%	.51%
Expenses net of all reductions	.61%	.49%	.49%	.43%	.51%
Net investment income (loss)	1.79%^B	1.39%	2.05%^C	1.91%	1.31%
Supplemental Data
Net assets, end of period (in millions)	$49	$49	$79	$68	$72
Portfolio turnover rate^H	66%	72%	46%	121%	9%

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

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

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

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

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

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

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

Fidelity Advisor Value Strategies Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$36.64	$42.27	$43.07	$41.71	$41.57
Income from Investment Operations
Net investment income (loss)^A	.55^B	.48	.74^C	.70	.48
Net realized and unrealized gain (loss)	4.12	(2.75)	6.64	1.15	.08
Total from investment operations	4.67	(2.27)	7.38	1.85	.56
Distributions from net investment income	(.37)	(.59)	(.66)	(.48)	(.39)^D
Distributions from net realized gain	(4.04)	(2.77)	(7.52)	(.01)	(.03)^D
Total distributions	(4.41)	(3.36)	(8.18)	(.49)	(.42)
Net asset value, end of period	$36.90	$36.64	$42.27	$43.07	$41.71
Total Return^E	16.64%	(5.95)%	20.13%	4.57%	1.36%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.78%	.67%	.67%	.61%	.68%
Expenses net of fee waivers, if any	.78%	.67%	.67%	.61%	.68%
Expenses net of all reductions	.77%	.66%	.66%	.61%	.68%
Net investment income (loss)	1.63%^B	1.22%	1.88%^C	1.74%	1.14%
Supplemental Data
Net assets, end of period (in millions)	$72	$62	$72	$73	$65
Portfolio turnover rate^H	66%	72%	46%	121%	9%

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

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

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Value Strategies Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Advisor Value Strategies Fund, Class K and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2019 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, 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	$157,030
Gross unrealized depreciation	(56,100)
Net unrealized appreciation (depreciation)	$100,930
Tax Cost	$825,984

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

Undistributed ordinary income	$10,078
Undistributed long-term capital gain	$33,920
Net unrealized appreciation (depreciation) on securities and other investments	$100,930

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$8,208	$ 66,957
Long-term Capital Gains	94,877	20,106
Total	$103,085	$ 87,063

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $559,317 and $646,525, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Advisor Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$467	$10
Class M	.25%	.25%	1,111	36
Class C	.75%	.25%	187	11
			$1,765	$57

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	$17
Class M	6
Class C^(a)	1
	$24

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$376	.20
Class M	396	.18
Class C	44	.24
Fidelity Value Strategies Fund	566	.18
Class K	17	.05
Class I	137	.21
	$1,536

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annual rate of .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 Value Strategies Fund	$16

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

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$4,989	2.52%	$4

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $3. 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, and includes less than five hundred dollars from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$22,450	$17,622
Class M	27,028	21,054
Class C	4,746	4,061
Fidelity Value Strategies Fund	36,063	32,529
Class K	5,601	6,037
Class I	7,197	5,760
Total	$103,085	$87,063

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	969	218	$28,670	$7,830
Reinvestment of distributions	846	464	21,281	16,785
Shares redeemed	(916)	(892)	(27,439)	(32,019)
Net increase (decrease)	899	(210)	$22,512	$(7,404)
Class M
Shares sold	304	247	$9,555	$9,286
Reinvestment of distributions	943	516	25,185	19,633
Shares redeemed	(1,000)	(1,018)	(31,573)	(38,196)
Net increase (decrease)	247	(255)	$3,167	$(9,277)
Class C
Shares sold	113	86	$2,924	$2,708
Reinvestment of distributions	220	126	4,703	3,972
Shares redeemed	(1,033)	(378)	(26,038)	(11,722)
Net increase (decrease)	(700)	(166)	$(18,411)	$(5,042)
Fidelity Value Strategies Fund
Shares sold	1,167	505	$41,078	$21,236
Reinvestment of distributions	1,135	730	33,995	30,693
Shares redeemed	(2,241)	(2,665)	(79,975)	(111,070)
Net increase (decrease)	61	(1,430)	$(4,902)	$(59,141)
Class K
Shares sold	536	306	$20,032	$12,927
Reinvestment of distributions	187	144	5,601	6,037
Shares redeemed	(744)	(959)	(25,793)	(39,818)
Net increase (decrease)	(21)	(509)	$(160)	$(20,854)
Class I
Shares sold	563	248	$18,493	$9,764
Reinvestment of distributions	244	139	6,804	5,482
Shares redeemed	(538)	(420)	(17,949)	(16,418)
Net increase (decrease)	269	(33)	$7,348	$(1,172)

11. Other.

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

Effective January 1, 2020, following any required regulatory notices and approvals:

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

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

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Strategies Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

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

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity^® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity^® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

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

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.09%
Actual		$1,000.00	$1,142.70	$5.85
Hypothetical-^C		$1,000.00	$1,019.60	$5.52
Class M	1.32%
Actual		$1,000.00	$1,141.20	$7.09
Hypothetical-^C		$1,000.00	$1,018.45	$6.68
Class C	1.96%
Actual		$1,000.00	$1,138.30	$10.51
Hypothetical-^C		$1,000.00	$1,015.24	$9.90
Fidelity Value Strategies Fund	.82%
Actual		$1,000.00	$1,144.20	$4.41
Hypothetical-^C		$1,000.00	$1,020.96	$4.15
Class K	.70%
Actual		$1,000.00	$1,145.00	$3.76
Hypothetical-^C		$1,000.00	$1,021.56	$3.55
Class I	.85%
Actual		$1,000.00	$1,144.20	$4.57
Hypothetical-^C		$1,000.00	$1,020.81	$4.31

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Value Strategies Fund
Class A	12/30/19	12/27/19	$0.455	$1.350
Class M	12/30/19	12/27/19	$0.366	$1.350
Class C	12/30/19	12/27/19	$0.150	$1.350
Fidelity Value Strategies Fund	12/30/19	12/27/19	$0.531	$1.350
Class K	12/30/19	12/27/19	$0.582	$1.350
Class I	12/30/19	12/27/19	$0.526	$1.350

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $34,025,920, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K, and Class I designate 87%, 100%, 100%, 69%, 60% and 70% of the dividends distributed, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K, and Class I designate 96%, 100%, 100%, 76%, 67%, and 78% of the dividends distributed, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K, and Class I designates 5%, 0%, 0%, 7%, 6%, and 7% of the dividends distributed, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Value Strategies Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated 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 Amended and Restated Contracts should be approved.

Fidelity Investments

SO-ANN-0120
1.539180.122

Fidelity Advisor® Equity Income Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	5.31%	5.50%	9.36%
Class M (incl. 3.50% sales charge)	7.56%	5.75%	9.38%
Class C (incl. contingent deferred sales charge)	9.90%	5.94%	9.18%
Class I	12.00%	7.03%	10.31%
Class Z	12.18%	7.19%	10.41%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Income Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$24,474	Fidelity Advisor® Equity Income Fund - Class A
	$30,095	Russell 3000® Value Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager John Sheehy: For the year, the fund’s share classes (excluding sales charges, if applicable) returned roughly 11% to 12%, topping the 10.81% advance of the benchmark Russell 3000^® Value Index. Versus the benchmark, stock selection in the energy, financials and health care sectors particularly helped the fund’s performance. In energy, we positioned the fund mostly in defensive names, focusing on pipeline companies that distribute oil and gas. The fund’s top relative contributor was Apollo Global Management (+58%), a private equity asset manager that benefited from strong inflows of capital this period. We exited this position. An out-of-benchmark stake in AbbVie (+33%), established this period, also bolstered the fund’s performance, as did an overweighting in industrial conglomerate United Technologies (+24%). Conversely, positioning in information technology and utilities detracted. Within technology, picks in software & services and an underweighting in the strong semiconductors & semiconductor equipment segment weighed on our relative result. At the stock level, the fund’s largest relative detractor was our overweighted position in Tapestry (-28%). The company provides women’s accessories and lifestyle products. DXC Technology (-40%) also disappointed us. The company offers information technology services to a global clientele. We sold DXC by period end.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Chevron Corp.	3.4
Wells Fargo & Co.	3.4
Comcast Corp. Class A	2.9
UnitedHealth Group, Inc.	2.7
General Dynamics Corp.	2.6
United Technologies Corp.	2.6
Bristol-Myers Squibb Co.	2.4
AbbVie, Inc.	2.3
Johnson & Johnson	2.2
Verizon Communications, Inc.	2.2
	26.7

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Financials	20.0
Health Care	18.5
Energy	10.2
Industrials	10.0
Communication Services	9.7

Asset Allocation (% of fund's net assets)

As of November 30, 2019^*
	Stocks	97.6%
	Other Investments	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	2.2%

* Foreign investments - 14.6%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares	Value (000s)
COMMUNICATION SERVICES - 9.7%
Diversified Telecommunication Services - 2.2%
Verizon Communications, Inc.	587,190	$35,372
Entertainment - 1.8%
Cinemark Holdings, Inc.	379,300	12,847
The Walt Disney Co.	111,000	16,825
		29,672
Media - 5.7%
Comcast Corp. Class A	1,059,300	46,768
Informa PLC	834,272	8,539
Interpublic Group of Companies, Inc.	802,100	17,967
Omnicom Group, Inc.	257,700	20,482
		93,756

TOTAL COMMUNICATION SERVICES		158,800

CONSUMER DISCRETIONARY - 3.4%
Hotels, Restaurants & Leisure - 0.7%
Wyndham Destinations, Inc.	249,800	12,115
Household Durables - 0.6%
Whirlpool Corp.	62,500	8,944
Internet & Direct Marketing Retail - 0.7%
eBay, Inc.	334,500	11,881
Leisure Products - 0.1%
New Academy Holding Co. LLC unit (a)(b)(c)(d)	52,800	1,614
Textiles, Apparel & Luxury Goods - 1.3%
Hanesbrands, Inc.	263,900	3,977
Tapestry, Inc.	615,300	16,545
		20,522

TOTAL CONSUMER DISCRETIONARY		55,076

CONSUMER STAPLES - 8.8%
Beverages - 0.6%
Molson Coors Brewing Co. Class B	184,905	9,334
Food & Staples Retailing - 1.2%
Kroger Co.	739,400	20,215
Food Products - 1.7%
General Mills, Inc.	222,940	11,887
The J.M. Smucker Co.	158,800	16,688
		28,575
Household Products - 0.7%
Reckitt Benckiser Group PLC	149,500	11,736
Personal Products - 1.1%
Unilever NV (NY Reg.)	297,600	17,722
Tobacco - 3.5%
Altria Group, Inc.	393,400	19,552
British American Tobacco PLC sponsored ADR	760,001	30,104
Imperial Brands PLC	319,598	7,040
		56,696

TOTAL CONSUMER STAPLES		144,278

ENERGY - 10.0%
Oil, Gas & Consumable Fuels - 10.0%
BP PLC sponsored ADR	584,400	21,868
Chevron Corp.	481,569	56,411
ConocoPhillips Co.	288,800	17,311
Enterprise Products Partners LP	544,900	14,342
Exxon Mobil Corp.	224,200	15,275
Noble Midstream Partners LP	117,400	2,448
Rattler Midstream LP	160,400	2,552
The Williams Companies, Inc.	1,178,950	26,786
Valero Energy Corp.	44,700	4,268
Viper Energy Partners LP	146,700	3,480
		164,741
FINANCIALS - 20.0%
Banks - 10.4%
Bank of America Corp.	1,050,800	35,013
Bank OZK	389,500	11,560
BB&T Corp.	275,600	15,081
Cullen/Frost Bankers, Inc.	73,200	6,849
East West Bancorp, Inc.	128,400	5,883
First Hawaiian, Inc.	255,600	7,295
Huntington Bancshares, Inc.	1,255,800	18,699
PNC Financial Services Group, Inc.	93,300	14,294
Wells Fargo & Co.	1,030,250	56,107
		170,781
Capital Markets - 4.0%
Goldman Sachs Group, Inc.	61,500	13,613
Lazard Ltd. Class A	345,700	13,358
Northern Trust Corp.	138,600	14,863
Raymond James Financial, Inc.	95,200	8,551
State Street Corp.	193,499	14,532
		64,917
Consumer Finance - 1.9%
Capital One Financial Corp.	180,100	18,012
Synchrony Financial	357,100	13,359
		31,371
Insurance - 2.7%
AXA SA	392,700	10,684
Chubb Ltd.	107,584	16,297
Old Republic International Corp.	215,000	4,850
The Travelers Companies, Inc.	92,100	12,592
		44,423
Mortgage Real Estate Investment Trusts - 1.0%
AGNC Investment Corp.	397,200	6,880
Starwood Property Trust, Inc.	384,100	9,410
		16,290

TOTAL FINANCIALS		327,782

HEALTH CARE - 18.5%
Biotechnology - 3.7%
AbbVie, Inc.	425,800	37,355
Amgen, Inc.	101,149	23,742
		61,097
Health Care Equipment & Supplies - 0.5%
Becton, Dickinson & Co.	32,500	8,401
Health Care Providers & Services - 7.2%
AmerisourceBergen Corp.	96,500	8,483
Anthem, Inc.	42,000	12,124
CVS Health Corp.	282,436	21,259
Humana, Inc.	30,000	10,237
McKesson Corp.	94,100	13,611
Quest Diagnostics, Inc.	65,800	7,011
UnitedHealth Group, Inc.	158,200	44,275
		117,000
Pharmaceuticals - 7.1%
Bristol-Myers Squibb Co.	700,900	39,909
Johnson & Johnson	263,718	36,259
Roche Holding AG (participation certificate)	68,390	21,084
Sanofi SA sponsored ADR	404,800	18,896
		116,148

TOTAL HEALTH CARE		302,646

INDUSTRIALS - 10.0%
Aerospace & Defense - 5.2%
General Dynamics Corp.	239,200	43,472
United Technologies Corp.	284,707	42,233
		85,705
Electrical Equipment - 0.7%
Regal Beloit Corp.	135,200	11,050
Industrial Conglomerates - 1.4%
General Electric Co.	1,966,054	22,157
Machinery - 1.5%
Allison Transmission Holdings, Inc.	279,200	13,513
Stanley Black & Decker, Inc.	75,200	11,862
		25,375
Professional Services - 0.6%
Intertrust NV (e)	564,300	10,607
Trading Companies & Distributors - 0.6%
HD Supply Holdings, Inc. (a)	99,100	3,946
MSC Industrial Direct Co., Inc. Class A	77,800	5,711
		9,657

TOTAL INDUSTRIALS		164,551

INFORMATION TECHNOLOGY - 5.6%
Communications Equipment - 0.6%
Cisco Systems, Inc.	205,453	9,309
IT Services - 4.1%
Amdocs Ltd.	379,300	26,285
Capgemini SA	217,800	25,761
Cognizant Technology Solutions Corp. Class A	137,000	8,783
Sabre Corp.	292,100	6,552
		67,381
Semiconductors & Semiconductor Equipment - 0.2%
Qualcomm, Inc.	48,489	4,051
Software - 0.7%
Citrix Systems, Inc.	38,500	4,343
Microsoft Corp.	42,938	6,500
		10,843

TOTAL INFORMATION TECHNOLOGY		91,584

MATERIALS - 2.3%
Chemicals - 1.1%
DowDuPont, Inc.	185,966	12,052
Westlake Chemical Corp.	90,400	6,209
		18,261
Containers & Packaging - 1.2%
Graphic Packaging Holding Co.	524,800	8,538
WestRock Co.	265,400	10,704
		19,242

TOTAL MATERIALS		37,503

REAL ESTATE - 3.3%
Equity Real Estate Investment Trusts (REITs) - 3.3%
Brandywine Realty Trust (SBI)	749,600	11,566
Corporate Office Properties Trust (SBI)	207,700	6,061
Highwoods Properties, Inc. (SBI)	129,800	6,302
Potlatch Corp.	207,200	8,999
Ryman Hospitality Properties, Inc.	95,600	8,530
SL Green Realty Corp.	147,300	12,569
		54,027
UTILITIES - 6.0%
Electric Utilities - 4.0%
Duke Energy Corp.	236,700	20,870
Edison International	85,900	5,936
Exelon Corp.	533,900	23,705
PPL Corp.	444,700	15,133
		65,644
Independent Power and Renewable Electricity Producers - 0.5%
Clearway Energy, Inc. Class C	433,800	8,602
Multi-Utilities - 1.5%
CenterPoint Energy, Inc.	470,600	11,558
Dominion Energy, Inc.	152,500	12,674
		24,232

TOTAL UTILITIES		98,478

TOTAL COMMON STOCKS
(Cost $1,429,976)		1,599,466

Other - 0.2%
Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(f)
(Cost $5,865)	5,865,354	2,740

Money Market Funds - 2.0%
Fidelity Cash Central Fund 1.61% (g)
(Cost $33,595)	33,588,257	33,595
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $1,469,436)		1,635,801
NET OTHER ASSETS (LIABILITIES) - 0.2%		3,801
NET ASSETS - 100%		$1,639,602

Legend

(a) Non-income producing

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

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,354,000 or 0.3% of net assets.

(d) Level 3 security

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,607,000 or 0.6% of net assets.

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

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

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$433
Fidelity Securities Lending Cash Central Fund	8
Total	$441

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$158,800	$158,800	$--	$--
Consumer Discretionary	55,076	53,462	--	1,614
Consumer Staples	144,278	132,542	11,736	--
Energy	164,741	164,741	--	--
Financials	327,782	317,098	10,684	--
Health Care	302,646	281,562	21,084	--
Industrials	164,551	164,551	--	--
Information Technology	91,584	91,584	--	--
Materials	37,503	37,503	--	--
Real Estate	54,027	54,027	--	--
Utilities	98,478	98,478	--	--
Other	2,740	--	--	2,740
Money Market Funds	33,595	33,595	--	--
Total Investments in Securities:	$1,635,801	$1,587,943	$43,504	$4,354

Other Information

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

United States of America	85.4%
United Kingdom	4.8%
France	3.4%
Switzerland	2.3%
Netherlands	1.7%
Bailiwick of Guernsey	1.6%
Others (Individually Less Than 1%)	0.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,435,841)	$1,602,206
Fidelity Central Funds (cost $33,595)	33,595
Total Investment in Securities (cost $1,469,436)		$1,635,801
Restricted cash		277
Receivable for investments sold		127
Receivable for fund shares sold		172
Dividends receivable		5,405
Distributions receivable from Fidelity Central Funds		32
Prepaid expenses		3
Other receivables		74
Total assets		1,641,891
Liabilities
Payable for fund shares redeemed	$817
Accrued management fee	591
Transfer agent fee payable	242
Distribution and service plan fees payable	473
Other affiliated payables	42
Other payables and accrued expenses	124
Total liabilities		2,289
Net Assets		$1,639,602
Net Assets consist of:
Paid in capital		$1,380,524
Total accumulated earnings (loss)		259,078
Net Assets		$1,639,602
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($659,654 ÷ 21,831.1 shares)^(a)		$30.22
Maximum offering price per share (100/94.25 of $30.22)		$32.06
Class M:
Net Asset Value and redemption price per share ($642,280 ÷ 20,706.6 shares)^(a)		$31.02
Maximum offering price per share (100/96.50 of $31.02)		$32.15
Class C:
Net Asset Value and offering price per share ($83,540 ÷ 2,737.2 shares)^(a)		$30.52
Class I:
Net Asset Value, offering price and redemption price per share ($227,027 ÷ 7,128.4 shares)		$31.85
Class Z:
Net Asset Value, offering price and redemption price per share ($27,101 ÷ 851.7 shares)		$31.82

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$52,033
Interest		101
Income from Fidelity Central Funds (including $8 from security lending)		441
Total income		52,575
Expenses
Management fee	$6,974
Transfer agent fees	2,979
Distribution and service plan fees	5,735
Accounting and security lending fees	496
Custodian fees and expenses	40
Independent trustees' fees and expenses	9
Registration fees	88
Audit	69
Legal	8
Miscellaneous	12
Total expenses before reductions	16,410
Expense reductions	(55)
Total expenses after reductions		16,355
Net investment income (loss)		36,220
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	99,026
Fidelity Central Funds	2
Foreign currency transactions	16
Total net realized gain (loss)		99,044
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	37,354
Assets and liabilities in foreign currencies	2
Total change in net unrealized appreciation (depreciation)		37,356
Net gain (loss)		136,400
Net increase (decrease) in net assets resulting from operations		$172,620

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$36,220	$36,394
Net realized gain (loss)	99,044	198,641
Change in net unrealized appreciation (depreciation)	37,356	(220,264)
Net increase (decrease) in net assets resulting from operations	172,620	14,771
Distributions to shareholders	(212,703)	(201,687)
Share transactions - net increase (decrease)	(17,423)	(62,649)
Total increase (decrease) in net assets	(57,506)	(249,565)
Net Assets
Beginning of period	1,697,108	1,946,673
End of period	$1,639,602	$1,697,108

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

Financial Highlights

Fidelity Advisor Equity Income Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$31.53	$34.96	$32.05	$31.10	$34.44
Income from Investment Operations
Net investment income (loss)^A	.67	.68	.62	.59	.92
Net realized and unrealized gain (loss)	2.08	(.37)^B	3.32	3.13	(2.15)
Total from investment operations	2.75	.31	3.94	3.72	(1.23)
Distributions from net investment income	(.65)	(.78)	(.58)^C	(.66)	(.98)
Distributions from net realized gain	(3.41)	(2.95)	(.46)^C	(2.11)	(1.14)
Total distributions	(4.06)	(3.74)^D	(1.03)^E	(2.77)	(2.11)^F
Net asset value, end of period	$30.22	$31.53	$34.96	$32.05	$31.10
Total Return^G,^H	11.73%	.77%^B	12.55%	13.52%	(3.61)%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.93%	.93%	.94%	.95%	.95%
Expenses net of fee waivers, if any	.92%	.93%	.94%	.95%	.95%
Expenses net of all reductions	.92%	.91%	.93%	.95%	.94%
Net investment income (loss)	2.37%	2.11%	1.88%	2.01%	2.85%
Supplemental Data
Net assets, end of period (in millions)	$660	$609	$686	$703	$688
Portfolio turnover rate^K	48%	59%	48%	36%	53%

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

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

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

^D Total distributions of $3.74 per share is comprised of distributions from net investment income of $.783 and distributions from net realized gain of $2.952 per share.

^E Total distributions of $1.03 per share is comprised of distributions from net investment income of $.577 and distributions from net realized gain of $.456 per share.

^F Total distributions of $2.11 per share is comprised of distributions from net investment income of $.975 and distributions from net realized gain of $1.136 per share.

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

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

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

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

Fidelity Advisor Equity Income Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$32.24	$35.65	$32.66	$31.64	$34.99
Income from Investment Operations
Net investment income (loss)^A	.62	.62	.56	.53	.86
Net realized and unrealized gain (loss)	2.15	(.38)^B	3.38	3.19	(2.18)
Total from investment operations	2.77	.24	3.94	3.72	(1.32)
Distributions from net investment income	(.58)	(.70)	(.50)^C	(.59)	(.89)
Distributions from net realized gain	(3.41)	(2.95)	(.46)^C	(2.11)	(1.14)
Total distributions	(3.99)	(3.65)	(.95)^D	(2.70)	(2.03)
Net asset value, end of period	$31.02	$32.24	$35.65	$32.66	$31.64
Total Return^E,^F	11.46%	.56%^B	12.29%	13.24%	(3.83)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.16%	1.16%	1.17%	1.18%	1.18%
Expenses net of fee waivers, if any	1.16%	1.16%	1.17%	1.18%	1.18%
Expenses net of all reductions	1.16%	1.15%	1.17%	1.18%	1.17%
Net investment income (loss)	2.14%	1.88%	1.64%	1.78%	2.62%
Supplemental Data
Net assets, end of period (in millions)	$642	$662	$775	$787	$813
Portfolio turnover rate^I	48%	59%	48%	36%	53%

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

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

^D Total distributions of $.95 per share is comprised of distributions from net investment income of $.495 and distributions from net realized gain of $.456 per share.

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

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

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

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

Fidelity Advisor Equity Income Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$31.73	$35.15	$32.21	$31.24	$34.57
Income from Investment Operations
Net investment income (loss)^A	.45	.44	.37	.37	.68
Net realized and unrealized gain (loss)	2.12	(.39)^B	3.35	3.14	(2.15)
Total from investment operations	2.57	.05	3.72	3.51	(1.47)
Distributions from net investment income	(.37)	(.52)	(.32)^C	(.43)	(.72)
Distributions from net realized gain	(3.41)	(2.95)	(.46)^C	(2.11)	(1.14)
Total distributions	(3.78)	(3.47)	(.78)	(2.54)	(1.86)
Net asset value, end of period	$30.52	$31.73	$35.15	$32.21	$31.24
Total Return^D,^E	10.86%	(.01)%^B	11.72%	12.63%	(4.34)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.72%	1.70%	1.70%	1.72%	1.72%
Expenses net of fee waivers, if any	1.71%	1.69%	1.70%	1.72%	1.71%
Expenses net of all reductions	1.71%	1.68%	1.70%	1.71%	1.71%
Net investment income (loss)	1.58%	1.34%	1.11%	1.24%	2.09%
Supplemental Data
Net assets, end of period (in millions)	$84	$160	$195	$198	$187
Portfolio turnover rate^H	48%	59%	48%	36%	53%

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

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

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

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

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

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

Fidelity Advisor Equity Income Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$32.99	$36.40	$33.31	$32.21	$35.59
Income from Investment Operations
Net investment income (loss)^A	.78	.80	.74	.69	1.04
Net realized and unrealized gain (loss)	2.21	(.39)^B	3.46	3.26	(2.23)
Total from investment operations	2.99	.41	4.20	3.95	(1.19)
Distributions from net investment income	(.72)	(.87)	(.65)^C	(.74)	(1.06)
Distributions from net realized gain	(3.41)	(2.95)	(.46)^C	(2.11)	(1.14)
Total distributions	(4.13)	(3.82)	(1.11)	(2.85)	(2.19)^D
Net asset value, end of period	$31.85	$32.99	$36.40	$33.31	$32.21
Total Return^E	12.00%	1.05%^B	12.86%	13.82%	(3.37)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.67%	.67%	.68%	.69%	.69%
Expenses net of fee waivers, if any	.67%	.67%	.68%	.69%	.69%
Expenses net of all reductions	.67%	.66%	.68%	.68%	.69%
Net investment income (loss)	2.63%	2.37%	2.14%	2.27%	3.11%
Supplemental Data
Net assets, end of period (in millions)	$227	$243	$269	$439	$428
Portfolio turnover rate^H	48%	59%	48%	36%	53%

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

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

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

^D Total distributions of $2.19 per share is comprised of distributions from net investment income of $1.058 and distributions from net realized gain of $1.136 per share.

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

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

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

Fidelity Advisor Equity Income Fund Class Z

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$32.96	$36.38	$33.30	$32.21	$35.59
Income from Investment Operations
Net investment income (loss)^A	.82	.85	.79	.74	1.08
Net realized and unrealized gain (loss)	2.21	(.40)^B	3.46	3.24	(2.21)
Total from investment operations	3.03	.45	4.25	3.98	(1.13)
Distributions from net investment income	(.77)	(.91)	(.71)^C	(.79)	(1.11)
Distributions from net realized gain	(3.41)	(2.95)	(.46)^C	(2.11)	(1.14)
Total distributions	(4.17)^D	(3.87)^E	(1.17)	(2.89)^F	(2.25)
Net asset value, end of period	$31.82	$32.96	$36.38	$33.30	$32.21
Total Return^G	12.18%	1.16%^B	13.02%	13.96%	(3.20)%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.53%	.53%	.54%	.54%	.54%
Expenses net of fee waivers, if any	.53%	.53%	.53%	.54%	.54%
Expenses net of all reductions	.52%	.52%	.53%	.53%	.53%
Net investment income (loss)	2.77%	2.51%	2.28%	2.42%	3.26%
Supplemental Data
Net assets, end of period (in millions)	$27	$22	$23	$15	$14
Portfolio turnover rate^J	48%	59%	48%	36%	53%

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

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

^D Total distributions of $4.17 per share is comprised of distributions from net investment income of $.767 and distributions from net realized gain of $3.407 per share.

^E Total distributions of $3.87 per share is comprised of distributions from net investment income of $.914 and distributions from net realized gain of $2.952 per share.

^F Total distributions of $2.89 per share is comprised of distributions from net investment income of $.788 and distributions from net realized gain of $2.106 per share.

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $61 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Book-tax differences are primarily due to foreign currency transactions, market discount, contingent interest, equity-debt classifications, certain conversion ratio adjustments, partnerships, deferred trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation	$242,334
Gross unrealized depreciation	(78,554)
Net unrealized appreciation (depreciation)	$163,780
Tax Cost	$1,472,021

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

Undistributed ordinary income	$9,513
Undistributed long-term capital gain	$87,720
Net unrealized appreciation (depreciation) on securities and other investments	$161,905

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$35,189	$ 51,747
Long-term Capital Gains	177,514	149,940
Total	$212,703	$ 201,687

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $3,017 in this Subsidiary, representing .18% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $760,702 and $975,391, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,547	$28
Class M	.25%	.25%	3,140	35
Class C	.75%	.25%	1,048	74
			$5,735	$137

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

	Retained by FDC
Class A	$71
Class M	18
Class C^(a)	6
	$95

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,198	.19
Class M	1,126	.18
Class C	233	.22
Class I	410	.19
Class Z	12	.05
	$2,979

	Amount
Fidelity Advisor Equity Income Fund	$21

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to $1. 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, and includes an amount of less than five hundred dollars from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$79,342	$73,142
Class M	81,721	78,843
Class C	18,262	19,047
Class I	30,468	27,992
Class Z	2,910	2,663
Total	$212,703	$201,687

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	3,496	1,364	$96,604	$44,044
Reinvestment of distributions	3,004	2,152	74,808	69,531
Shares redeemed	(3,985)	(3,817)	(110,872)	(123,111)
Net increase (decrease)	2,515	(301)	$60,540	$(9,536)
Class M
Shares sold	1,514	1,528	$43,215	$50,532
Reinvestment of distributions	3,147	2,346	80,190	77,501
Shares redeemed	(4,498)	(5,063)	(128,411)	(166,867)
Net increase (decrease)	163	(1,189)	$(5,006)	$(38,834)
Class C
Shares sold	409	345	$11,241	$11,204
Reinvestment of distributions	709	547	17,599	17,821
Shares redeemed	(3,423)	(1,391)	(95,487)	(45,224)
Net increase (decrease)	(2,305)	(499)	$(66,647)	$(16,199)
Class I
Shares sold	1,418	1,108	$40,915	$37,371
Reinvestment of distributions	1,008	755	26,374	25,471
Shares redeemed	(2,676)	(1,870)	(78,064)	(63,128)
Net increase (decrease)	(250)	(7)	$(10,775)	$(286)
Class Z
Shares sold	451	292	$12,949	$10,001
Reinvestment of distributions	100	75	2,630	2,537
Shares redeemed	(376)	(309)	(11,114)	(10,332)
Net increase (decrease)	175	58	$4,465	$2,206

11. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	.92%
Actual		$1,000.00	$1,138.10	$4.93
Hypothetical-^C		$1,000.00	$1,020.46	$4.66
Class M	1.16%
Actual		$1,000.00	$1,136.40	$6.21
Hypothetical-^C		$1,000.00	$1,019.25	$5.87
Class C	1.70%
Actual		$1,000.00	$1,133.30	$9.09
Hypothetical-^C		$1,000.00	$1,016.55	$8.59
Class I	.66%
Actual		$1,000.00	$1,139.50	$3.54
Hypothetical-^C		$1,000.00	$1,021.76	$3.35
Class Z	.52%
Actual		$1,000.00	$1,140.10	$2.79
Hypothetical-^C		$1,000.00	$1,022.46	$2.64

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Insert Fund Name
Class A	12/30/19	12/27/19	$0.264	$1.668
Class M	12/30/19	12/27/19	$0.243	$1.668
Class C	12/30/19	12/27/19	$0.200	$1.668
Class I	12/30/19	12/27/19	$0.283	$1.668
Class Z	12/30/19	12/27/19	$0.297	$1.668

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $94,726,596, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.17% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A designates 76%, 100%, 100%, and 100%; Class M designates 82%, 100%, 100%, and 100%; Class C designates 100%, 100%, 100%, and 100%; Class I designates 70%, 100%, 100%, and 100%; and Class Z designates 67%, 100%, 100%, and 100%; of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Equity Income Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

EPI-ANN-0120
1.539449.123

Fidelity Advisor® Equity Growth Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	11.54%	11.48%	14.43%
Class M (incl. 3.50% sales charge)	14.05%	11.76%	14.47%
Class C (incl. contingent deferred sales charge)	16.53%	11.95%	14.26%
Class I	18.68%	13.11%	15.46%
Class Z	18.87%	13.27%	15.56%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$38,494	Fidelity Advisor® Equity Growth Fund - Class A
	$40,850	Russell 3000® Growth Index

Management's Discussion of Fund Performance

Comments from Co-Portfolio Managers Jason Weiner and Asher Anolic: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 18% to 19%, lagging the 20.28% advance of the benchmark Russell 3000^® Growth Index. Versus the benchmark, stock selection in the financials, materials and communication services sectors detracted most, followed by an overweighting in energy. Underweighting consumer electronics giant Apple was the largest individual relative detractor, as the stock gained 52% on greater-than-expected growth for subscription services, such as Apple Music and iCloud, from its installed base (consumers who already own iPhones). Untimely ownership of chemicals manufacturer Chemours (-43%) and online education provider Grand Canyon Education (-29%) also detracted before we decided to exit the positions. Conversely, stock picking in energy and industrials contributed to performance versus the benchmark, as did an overweighting in the software & services industry within information technology. Timely ownership of AbbVie, a leader in biologics, focused on autoimmune diseases and oncology, was the largest individual contributor, gaining 35% for the fund after we established a position this period. Lastly, it helped to hold a non-benchmark stake in Canadian e-commerce platform Shopify (+121%).

Note to shareholders: On February 4, 2019, Jason Weiner assumed co-management responsibilities after serving as lead manager since July 2017.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Microsoft Corp.	9.2
Alphabet, Inc. Class A	7.3
Apple, Inc.	5.4
Visa, Inc. Class A	4.0
Facebook, Inc. Class A	4.0
Amazon.com, Inc.	3.7
Adobe, Inc.	3.6
Qualcomm, Inc.	2.6
American Tower Corp.	2.4
NVIDIA Corp.	2.2
	44.4

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Information Technology	40.0
Communication Services	13.8
Health Care	13.4
Consumer Discretionary	13.0
Industrials	7.0

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	99.0%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

* Foreign investments - 12.7%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value (000s)
COMMUNICATION SERVICES - 13.8%
Entertainment - 1.7%
Activision Blizzard, Inc.	673,966	$36,954
Electronic Arts, Inc. (a)	177,876	17,967
		54,921
Interactive Media & Services - 12.1%
Alphabet, Inc. Class A (a)	182,448	237,929
Facebook, Inc. Class A (a)	638,231	128,693
Tencent Holdings Ltd.	609,683	25,726
		392,348

TOTAL COMMUNICATION SERVICES		447,269

CONSUMER DISCRETIONARY - 13.0%
Automobiles - 0.8%
Ferrari NV	146,375	24,631
Diversified Consumer Services - 0.5%
Laureate Education, Inc. Class A (a)	903,544	15,676
Hotels, Restaurants & Leisure - 0.3%
Chipotle Mexican Grill, Inc. (a)	10,689	8,700
Household Durables - 0.9%
Blu Homes, Inc. (a)(b)(c)	12,123,162	21
D.R. Horton, Inc.	238,097	13,179
NVR, Inc. (a)	3,961	15,020
		28,220
Internet & Direct Marketing Retail - 6.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	135,366	27,073
Amazon.com, Inc. (a)	66,793	120,281
Fiverr International Ltd. (d)	21,282	490
Pinduoduo, Inc. ADR (a)	304,356	10,942
The Booking Holdings, Inc. (a)	34,451	65,596
		224,382
Specialty Retail - 2.2%
Five Below, Inc. (a)	47,908	5,927
National Vision Holdings, Inc. (a)	263,153	7,947
Ross Stores, Inc.	254,019	29,504
Ulta Beauty, Inc. (a)	113,892	26,635
		70,013
Textiles, Apparel & Luxury Goods - 1.4%
Anta Sports Products Ltd.	598,000	5,622
Canada Goose Holdings, Inc. (a)(d)	150,996	5,762
LVMH Moet Hennessy Louis Vuitton SE	79,079	35,404
		46,788

TOTAL CONSUMER DISCRETIONARY		418,410

CONSUMER STAPLES - 3.7%
Beverages - 1.0%
Constellation Brands, Inc. Class A (sub. vtg.)	389	72
Fever-Tree Drinks PLC	574	16
Kweichow Moutai Co. Ltd. (A Shares)	89,713	14,403
Pernod Ricard SA	55,099	10,120
Pernod Ricard SA ADR	229,724	8,449
		33,060
Food Products - 0.2%
The Simply Good Foods Co. (a)	247,508	6,839
Household Products - 1.7%
Energizer Holdings, Inc. (d)	517,414	25,814
Procter & Gamble Co.	243,138	29,677
		55,491
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	129,244	25,263

TOTAL CONSUMER STAPLES		120,653

ENERGY - 1.7%
Oil, Gas & Consumable Fuels - 1.7%
Cheniere Energy, Inc. (a)	465,225	28,165
Reliance Industries Ltd.	1,193,261	25,797
		53,962
FINANCIALS - 2.1%
Banks - 0.4%
HDFC Bank Ltd.	136,892	2,426
HDFC Bank Ltd. sponsored ADR	145,181	8,965
Metro Bank PLC (a)(d)	48,880	118
		11,509
Capital Markets - 1.7%
CME Group, Inc.	213,549	43,293
JMP Group, Inc.	137,116	444
MSCI, Inc.	6,511	1,688
The Blackstone Group LP	175,792	9,531
Tradeweb Markets, Inc. Class A	13,993	626
		55,582

TOTAL FINANCIALS		67,091

HEALTH CARE - 13.4%
Biotechnology - 3.9%
AbbVie, Inc.	603,658	52,959
Affimed NV (a)	341,485	881
Aimmune Therapeutics, Inc. (a)(d)	202,418	5,652
BioNTech AG	234,612	4,641
BioNTech SE ADR (a)(d)	75,895	1,668
Calyxt, Inc. (a)	43,908	162
Cytokinetics, Inc. (a)	299,383	2,895
Gamida Cell Ltd. (a)	572,368	2,931
Insmed, Inc. (a)	720,289	16,603
Neurocrine Biosciences, Inc. (a)	55,000	6,414
Rubius Therapeutics, Inc. (a)	31,096	239
Vertex Pharmaceuticals, Inc. (a)	141,259	31,324
		126,369
Health Care Equipment & Supplies - 4.6%
Boston Scientific Corp. (a)	990,614	42,844
Danaher Corp.	186,397	27,210
Haemonetics Corp. (a)	78,907	9,516
Intuitive Surgical, Inc. (a)	82,891	49,146
Penumbra, Inc. (a)	34,886	6,172
ResMed, Inc.	91,637	13,709
		148,597
Health Care Providers & Services - 0.8%
Guardant Health, Inc. (a)	20,115	1,562
HealthEquity, Inc. (a)	127,204	8,000
UnitedHealth Group, Inc.	58,792	16,454
		26,016
Health Care Technology - 0.5%
Veeva Systems, Inc. Class A (a)	92,803	13,844
Life Sciences Tools & Services - 1.8%
10X Genomics, Inc. (a)	23,996	1,557
Bio-Techne Corp.	6,414	1,400
Bruker Corp.	319,537	16,357
Codexis, Inc. (a)	254,504	3,955
Thermo Fisher Scientific, Inc.	112,327	35,265
		58,534
Pharmaceuticals - 1.8%
AstraZeneca PLC sponsored ADR	886,830	42,994
Perrigo Co. PLC	304,647	15,607
		58,601

TOTAL HEALTH CARE		431,961

INDUSTRIALS - 7.0%
Aerospace & Defense - 0.5%
TransDigm Group, Inc.	30,782	17,456
Commercial Services & Supplies - 0.6%
Copart, Inc. (a)	207,187	18,440
Edenred SA	6,100	303
		18,743
Industrial Conglomerates - 0.5%
Roper Technologies, Inc.	46,226	16,658
Machinery - 1.1%
Gardner Denver Holdings, Inc. (a)	1,019,572	34,533
Professional Services - 2.3%
Equifax, Inc.	146,736	20,490
IHS Markit Ltd. (a)	290,848	21,130
TransUnion Holding Co., Inc.	374,420	32,316
Upwork, Inc. (a)	7,483	87
		74,023
Road & Rail - 2.0%
Knight-Swift Transportation Holdings, Inc. Class A	269,571	9,971
Lyft, Inc.	169,700	8,312
Uber Technologies, Inc.	1,556,472	46,072
		64,355

TOTAL INDUSTRIALS		225,768

INFORMATION TECHNOLOGY - 40.0%
Communications Equipment - 0.1%
ViaSat, Inc. (a)	39,842	2,928
Electronic Equipment & Components - 0.4%
Zebra Technologies Corp. Class A (a)	45,318	11,372
IT Services - 8.9%
Black Knight, Inc. (a)	516,295	32,532
Fiserv, Inc. (a)	293,666	34,136
MasterCard, Inc. Class A	102,327	29,903
MongoDB, Inc. Class A (a)	12,700	1,888
Okta, Inc. (a)	51,989	6,747
Shopify, Inc. Class A (a)	76,478	25,785
Square, Inc. (a)	240,700	16,637
VeriSign, Inc. (a)	6,713	1,280
Verra Mobility Corp. (a)	643,722	9,637
Visa, Inc. Class A	703,489	129,801
		288,346
Semiconductors & Semiconductor Equipment - 8.1%
ASML Holding NV	104,367	28,244
Cree, Inc. (a)	20,653	913
Marvell Technology Group Ltd.	234,486	6,183
Micron Technology, Inc. (a)	339,800	16,144
NVIDIA Corp.	328,899	71,286
NXP Semiconductors NV	380,736	44,005
Qualcomm, Inc.	999,360	83,497
Semtech Corp. (a)	203,774	9,875
		260,147
Software - 17.1%
Adobe, Inc. (a)	373,196	115,515
Autodesk, Inc. (a)	102,035	18,458
Cloudflare, Inc. (a)	17,754	346
Datadog, Inc. Class A (a)(d)	7,677	313
Elastic NV (a)	3,012	239
Intuit, Inc.	128,175	33,183
Manhattan Associates, Inc. (a)	130,279	10,880
Microsoft Corp.	1,953,532	295,724
Salesforce.com, Inc. (a)	385,490	62,792
SolarWinds, Inc. (a)(d)	823,665	15,930
		553,380
Technology Hardware, Storage & Peripherals - 5.4%
Apple, Inc.	652,400	174,354

TOTAL INFORMATION TECHNOLOGY		1,290,527

MATERIALS - 0.7%
Chemicals - 0.7%
Sherwin-Williams Co.	40,231	23,460
REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.4%
American Tower Corp.	363,439	77,787
Crown Castle International Corp.	237,790	31,783
		109,570
TOTAL COMMON STOCKS
(Cost $2,056,357)		3,188,671

Preferred Stocks - 0.2%
Convertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Nuvation Bio, Inc. Series A (b)(c)(e)	951,500	734
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
AppNexus, Inc. Series E (Escrow) (a)(b)(c)	105,425	102

TOTAL CONVERTIBLE PREFERRED STOCKS		836

Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Banks - 0.2%
Itau Unibanco Holding SA sponsored ADR	693,692	5,647
TOTAL PREFERRED STOCKS
(Cost $7,217)		6,483

Money Market Funds - 2.0%
Fidelity Cash Central Fund 1.61% (f)	40,033,559	40,042
Fidelity Securities Lending Cash Central Fund 1.61% (f)(g)	23,796,644	23,799
TOTAL MONEY MARKET FUNDS
(Cost $63,841)		63,841
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $2,127,415)		3,258,995
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(31,660)
NET ASSETS - 100%		$3,227,335

Legend

(a) Non-income producing

(b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $857,000 or 0.0% of net assets.

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

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AppNexus, Inc. Series E (Escrow)	8/1/14	$190
Blu Homes, Inc.	6/21/13	$4,044
Nuvation Bio, Inc. Series A	6/17/19	$734

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$476
Fidelity Securities Lending Cash Central Fund	228
Total	$704

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$447,269	$421,543	$25,726	$--
Consumer Discretionary	418,410	382,985	35,404	21
Consumer Staples	120,653	120,653	--	--
Energy	53,962	53,962	--	--
Financials	72,738	70,312	2,426	--
Health Care	432,695	427,320	4,641	734
Industrials	225,768	225,768	--	--
Information Technology	1,290,629	1,290,527	--	102
Materials	23,460	23,460	--	--
Real Estate	109,570	109,570	--	--
Money Market Funds	63,841	63,841	--	--
Total Investments in Securities:	$3,258,995	$3,189,941	$68,197	$857

Other Information

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

United States of America	87.3%
Netherlands	3.1%
Cayman Islands	2.1%
France	1.7%
United Kingdom	1.3%
India	1.2%
Canada	1.0%
Others (Individually Less Than 1%)	2.3%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $23,132) — See accompanying schedule: Unaffiliated issuers (cost $2,063,574)	$3,195,154
Fidelity Central Funds (cost $63,841)	63,841
Total Investment in Securities (cost $2,127,415)		$3,258,995
Cash		83
Receivable for investments sold		3,807
Receivable for fund shares sold		741
Dividends receivable		2,004
Distributions receivable from Fidelity Central Funds		94
Prepaid expenses		5
Other receivables		116
Total assets		3,265,845
Liabilities
Payable for investments purchased
Regular delivery	$9,184
Delayed delivery	337
Payable for fund shares redeemed	1,590
Accrued management fee	1,414
Distribution and service plan fees payable	878
Other affiliated payables	519
Other payables and accrued expenses	793
Collateral on securities loaned	23,795
Total liabilities		38,510
Net Assets		$3,227,335
Net Assets consist of:
Paid in capital		$1,814,727
Total accumulated earnings (loss)		1,412,608
Net Assets		$3,227,335
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,049,395 ÷ 80,272 shares)^(a)		$13.07
Maximum offering price per share (100/94.25 of $13.07)		$13.87
Class M:
Net Asset Value and redemption price per share ($1,417,476 ÷ 110,931 shares)^(a)		$12.78
Maximum offering price per share (100/96.50 of $12.78)		$13.24
Class C:
Net Asset Value and offering price per share ($101,152 ÷ 9,281 shares)^(a)		$10.90
Class I:
Net Asset Value, offering price and redemption price per share ($547,659 ÷ 37,866 shares)		$14.46
Class Z:
Net Asset Value, offering price and redemption price per share ($111,653 ÷ 7,654 shares)		$14.59

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$25,978
Income from Fidelity Central Funds (including $228 from security lending)		704
Total income		26,682
Expenses
Management fee	$16,986
Transfer agent fees	5,485
Distribution and service plan fees	10,414
Accounting and security lending fees	928
Custodian fees and expenses	66
Independent trustees' fees and expenses	18
Registration fees	107
Audit	70
Legal	13
Interest	21
Miscellaneous	21
Total expenses before reductions	34,129
Expense reductions	(121)
Total expenses after reductions		34,008
Net investment income (loss)		(7,326)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	323,685
Redemptions in-kind with affiliated entities	40,130
Fidelity Central Funds	(1)
Foreign currency transactions	(23)
Total net realized gain (loss)		363,791
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $620)	175,103
Assets and liabilities in foreign currencies	(2)
Total change in net unrealized appreciation (depreciation)		175,101
Net gain (loss)		538,892
Net increase (decrease) in net assets resulting from operations		$531,566

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(7,326)	$(5,642)
Net realized gain (loss)	363,791	204,053
Change in net unrealized appreciation (depreciation)	175,101	53,666
Net increase (decrease) in net assets resulting from operations	531,566	252,077
Distributions to shareholders	(189,976)	(337,553)
Share transactions - net increase (decrease)	(272,517)	111,564
Total increase (decrease) in net assets	69,073	26,088
Net Assets
Beginning of period	3,158,262	3,132,174
End of period	$3,227,335	$3,158,262

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

Financial Highlights

Fidelity Advisor Equity Growth Fund Class A

Years ended November 30,	2019	2018 ^A	2017 ^A	2016 ^A	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.84	$12.26	$9.61	$9.88	$9.38
Income from Investment Operations
Net investment income (loss)^B	(.02)	(.01)	(.01)	(.02)	(.01)
Net realized and unrealized gain (loss)	1.97	.93	3.24	(.01)	.51
Total from investment operations	1.95	.92	3.23	(.03)	.50
Distributions from net realized gain	(.72)	(1.34)	(.58)	(.24)	–
Total distributions	(.72)	(1.34)	(.58)	(.24)	–
Net asset value, end of period	$13.07	$11.84	$12.26	$9.61	$9.88
Total Return^C,^D	18.34%	8.38%	35.72%	(.39)%	5.34%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.01%	1.02%	1.03%	1.05%	1.05%
Expenses net of fee waivers, if any	1.01%	1.01%	1.03%	1.05%	1.05%
Expenses net of all reductions	1.01%	1.01%	1.03%	1.05%	1.04%
Net investment income (loss)	(.16)%	(.09)%	(.12)%	(.25)%	(.13)%
Supplemental Data
Net assets, end of period (in millions)	$1,049	$865	$843	$803	$887
Portfolio turnover rate^G	49%^H	37%	48%	60%	63%

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

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

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

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

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

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

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

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

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

Fidelity Advisor Equity Growth Fund Class M

Years ended November 30,	2019	2018^A	2017^A	2016^A	2015^A
Selected Per–Share Data
Net asset value, beginning of period	$11.61	$12.05	$9.47	$9.77	$9.29
Income from Investment Operations
Net investment income (loss)^B	(.05)	(.04)	(.04)	(.04)	(.03)
Net realized and unrealized gain (loss)	1.94	.91	3.20	(.02)	.51
Total from investment operations	1.89	.87	3.16	(.06)	.48
Distributions from net realized gain	(.72)	(1.31)	(.58)	(.24)	–
Total distributions	(.72)	(1.31)	(.58)	(.24)	–
Net asset value, end of period	$12.78	$11.61	$12.05	$9.47	$9.77
Total Return^C,^D	18.18%	8.07%	35.41%	(.62)%	5.10%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.25%	1.25%	1.26%	1.28%	1.27%
Expenses net of fee waivers, if any	1.25%	1.25%	1.26%	1.27%	1.27%
Expenses net of all reductions	1.24%	1.24%	1.26%	1.27%	1.27%
Net investment income (loss)	(.40)%	(.32)%	(.36)%	(.48)%	(.36)%
Supplemental Data
Net assets, end of period (in millions)	$1,417	$1,332	$1,353	$1,129	$1,306
Portfolio turnover rate^G	49%^H	37%	48%	60%	63%

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

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

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

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

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

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

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

Fidelity Advisor Equity Growth Fund Class C

Years ended November 30,	2019	2018 ^A	2017 ^A	2016 ^A	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.07	$10.63	$8.47	$8.80	$8.42
Income from Investment Operations
Net investment income (loss)^B	(.09)	(.09)	(.08)	(.08)	(.08)
Net realized and unrealized gain (loss)	1.64	.80	2.82	(.01)	.46
Total from investment operations	1.55	.71	2.74	(.09)	.38
Distributions from net realized gain	(.72)	(1.27)	(.58)	(.24)	–
Total distributions	(.72)	(1.27)	(.58)	(.24)	–
Net asset value, end of period	$10.90	$10.07	$10.63	$8.47	$8.80
Total Return^C,^D	17.53%	7.50%	34.70%	(1.15)%	4.55%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.80%	1.78%	1.79%	1.81%	1.81%
Expenses net of fee waivers, if any	1.80%	1.78%	1.79%	1.81%	1.81%
Expenses net of all reductions	1.79%	1.77%	1.79%	1.81%	1.80%
Net investment income (loss)	(.95)%	(.85)%	(.89)%	(1.01)%	(.89)%
Supplemental Data
Net assets, end of period (in millions)	$101	$196	$200	$161	$183
Portfolio turnover rate^G	49%^H	37%	48%	60%	63%

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

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

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

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

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

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

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

Fidelity Advisor Equity Growth Fund Class I

Years ended November 30,	2019	2018 ^A	2017 ^A	2016 ^A	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.98	$13.32	$10.36	$10.61	$10.04
Income from Investment Operations
Net investment income (loss)^B	.01	.02	.02	–^C	.02
Net realized and unrealized gain (loss)	2.19	1.01	3.52	(.01)	.55
Total from investment operations	2.20	1.03	3.54	(.01)	.57
Distributions from net realized gain	(.72)	(1.37)	(.58)	(.24)	–
Total distributions	(.72)	(1.37)	(.58)	(.24)	–
Net asset value, end of period	$14.46	$12.98	$13.32	$10.36	$10.61
Total Return^D	18.68%	8.65%	36.08%	(.12)%	5.64%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.75%	.75%	.77%	.78%	.78%
Expenses net of fee waivers, if any	.75%	.75%	.76%	.78%	.77%
Expenses net of all reductions	.75%	.75%	.76%	.77%	.77%
Net investment income (loss)	.10%	.17%	.14%	.02%	.14%
Supplemental Data
Net assets, end of period (in millions)	$548	$679	$677	$434	$463
Portfolio turnover rate^G	49%^H	37%	48%	60%	63%

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

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

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

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

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

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

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

Fidelity Advisor Equity Growth Fund Class Z

Years ended November 30,	2019	2018 ^A	2017 ^A	2016 ^A	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.07	$13.40	$10.41	$10.64	$10.06
Income from Investment Operations
Net investment income (loss)^B	.03	.04	.03	.02	.03
Net realized and unrealized gain (loss)	2.21	1.02	3.54	(.01)	.55
Total from investment operations	2.24	1.06	3.57	.01	.58
Distributions from net realized gain	(.72)	(1.39)	(.58)	(.24)	–
Total distributions	(.72)	(1.39)	(.58)	(.24)	–
Net asset value, end of period	$14.59	$13.07	$13.40	$10.41	$10.64
Total Return^C	18.87%	8.80%	36.27%	.02%	5.77%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.62%	.62%	.63%	.64%	.64%
Expenses net of fee waivers, if any	.62%	.62%	.63%	.63%	.64%
Expenses net of all reductions	.62%	.62%	.63%	.63%	.63%
Net investment income (loss)	.23%	.30%	.28%	.16%	.28%
Supplemental Data
Net assets, end of period (in millions)	$112	$87	$59	$33	$26
Portfolio turnover rate^F	49%^G	37%	48%	60%	63%

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

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

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

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

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $89 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$1,162,158
Gross unrealized depreciation	(31,555)
Net unrealized appreciation (depreciation)	$1,130,603
Tax Cost	$2,128,392

The Fund intends to elect to defer to its next fiscal year $6,770 of ordinary losses recognized during the period January 1, 2019 to November 30, 2019.

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

Undistributed long-term capital gain	$289,488
Net unrealized appreciation (depreciation) on securities and other investments	$1,130,599

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$–	$ 16,127
Long-term Capital Gains	189,976	321,426
Total	$189,976	$ 337,553

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,549,061 and $1,969,864, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$2,381	$61
Class M	.25%	.25%	6,766	121
Class C	.75%	.25%	1,267	136
			$10,414	$318

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

	Retained by FDC
Class A	$173
Class M	26
Class C^(a)	13
	$212

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,764	.18
Class M	2,310	.17
Class C	266	.21
Class I	1,098	.17
Class Z	47	.05
	$5,485

	Amount
Fidelity Advisor Equity Growth Fund	$39

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$22,354	2.62%	$21

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $12. 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, and includes $13 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $23.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$51,863	$91,591
Class M	82,195	146,455
Class C	13,683	23,734
Class I	37,411	68,882
Class Z	4,824	6,891
Total	$189,976	$337,553

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018^(a)	Year ended November 30, 2019	Year ended November 30, 2018^(a)
Class A
Shares sold	15,045	9,440	$176,639	$111,596
Reinvestment of distributions	4,812	7,841	48,074	85,798
Shares redeemed	(12,652)	(13,004)	(148,629)	(153,755)
Net increase (decrease)	7,205	4,277	$76,084	$43,639
Class M
Shares sold	9,056	12,689	$104,106	$147,591
Reinvestment of distributions	8,220	13,304	80,395	143,123
Shares redeemed	(21,083)	(23,515)	(243,349)	(273,304)
Net increase (decrease)	(3,807)	2,478	$(58,848)	$17,410
Class C
Shares sold	2,475	4,110	$23,916	$41,822
Reinvestment of distributions	1,605	2,385	13,465	22,368
Shares redeemed	(14,231)	(5,863)	(139,351)	(59,709)
Net increase (decrease)	(10,151)	632	$(101,970)	$4,481
Class I
Shares sold	10,757	15,639	$139,214	$204,465
Reinvestment of distributions	3,224	5,482	35,532	65,612
Shares redeemed	(28,423)^(b)	(19,663)	(373,732)^(b)	(252,991)
Net increase (decrease)	(14,442)	1,458	$(198,986)	$17,086
Class Z
Shares sold	2,726	3,585	$35,347	$47,276
Reinvestment of distributions	420	558	4,662	6,713
Shares redeemed	(2,127)	(1,888)	(28,806)	(25,041)
Net increase (decrease)	1,019	2,255	$11,203	$28,948

(a) Share activity prior to May 11, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

(b) Amount includes in-kind redemptions (see Affiliated Redemptions In-Kind note for additional details).

11. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.01%
Actual		$1,000.00	$1,131.60	$5.40
Hypothetical-^C		$1,000.00	$1,020.00	$5.11
Class M	1.24%
Actual		$1,000.00	$1,131.00	$6.62
Hypothetical-^C		$1,000.00	$1,018.85	$6.28
Class C	1.78%
Actual		$1,000.00	$1,127.20	$9.49
Hypothetical-^C		$1,000.00	$1,016.14	$9.00
Class I	.74%
Actual		$1,000.00	$1,133.20	$3.96
Hypothetical-^C		$1,000.00	$1,021.36	$3.75
Class Z	.62%
Actual		$1,000.00	$1,134.50	$3.32
Hypothetical-^C		$1,000.00	$1,021.96	$3.14

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Capital Gains
Fidelity Advisor Equity Growth Fund
Class A	12/30/19	12/27/19	$1.183
Class M	12/30/19	12/27/19	$1.183
Class C	12/30/19	12/27/19	$1.183
Class I	12/30/19	12/27/19	$1.183
Class Z	12/30/19	12/27/19	$1.183

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $324,527,534, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Equity Growth Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

EPG-ANN-0120
1.539469.122

Fidelity Advisor® Equity Value Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	3.44%	5.07%	10.24%
Class M (incl. 3.50% sales charge)	5.68%	5.29%	10.21%
Class C (incl. contingent deferred sales charge)	7.95%	5.51%	10.06%
Class I	10.12%	6.63%	11.21%
Class Z	10.27%	6.72%	11.26%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Value Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$26,509	Fidelity Advisor® Equity Value Fund - Class A
	$30,095	Russell 3000® Value Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Sean Gavin: For the fiscal year, the fund share classes (excluding sales charges, if applicable) gained roughly 9% to 10%, trailing the 10.81% advance of the benchmark Russell 3000^® Value Index. The fund's underperformance of the benchmark was due to sector allocation, especially an underweighting in the market-leading information technology category, where security selection also detracted. My picks in communication services and financials also hurt versus the benchmark. Conversely, security selection was helpful overall, especially in consumer staples, health care and energy. The biggest individual detractor was CVS Health (-3%), which combines a retail drug store chain, pharmacy-benefit-management division and health insurance business. Although I continued to see upside with CVS, I saw even better potential elsewhere, so I reduced the fund's stake in CVS and reinvested the proceeds in other health care names. This included a new position in Centene, which gained about 16% and was a relative contributor. Elsewhere, it hurt to hold C.H. Robinson (-16%), a truck-brokerage services company that faced mounting competitive challenges and which I sold late in the period. In contrast, lower-than-benchmark exposure to drugmaker Pfizer was the top relative contributor, returning roughly -4% for the fund until I sold it. Elsewhere, shares of chocolate manufacturer Hershey gained 34% in response to the company's favorable sales growth and competitive position, among other qualities. I sold the stock in the third quarter of 2019.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	4.0
Wells Fargo & Co.	3.8
Comcast Corp. Class A	3.5
U.S. Bancorp	2.9
Exxon Mobil Corp.	2.7
Chevron Corp.	2.5
PNC Financial Services Group, Inc.	2.5
The Walt Disney Co.	2.3
Amgen, Inc.	2.3
Cigna Corp.	2.2
	28.7

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Financials	28.3
Health Care	17.8
Communication Services	11.3
Consumer Staples	9.1
Energy	7.4

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	97.4%
	Short-Term Investments and Net Other Assets (Liabilities)	2.6%

* Foreign investments - 13.6%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares	Value
COMMUNICATION SERVICES - 11.3%
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.	14,288	$860,709
Entertainment - 4.1%
Activision Blizzard, Inc.	20,789	1,139,861
Electronic Arts, Inc. (a)	9,442	953,736
Lions Gate Entertainment Corp. Class B	50,403	436,994
The Walt Disney Co.	21,193	3,212,435
		5,743,026
Interactive Media & Services - 0.7%
Alphabet, Inc. Class A (a)	709	924,600
Media - 5.1%
Comcast Corp. Class A	108,596	4,794,513
Fox Corp. Class A	19,855	710,015
Interpublic Group of Companies, Inc.	67,786	1,518,406
		7,022,934
Wireless Telecommunication Services - 0.8%
T-Mobile U.S., Inc. (a)	14,347	1,126,957

TOTAL COMMUNICATION SERVICES		15,678,226

CONSUMER DISCRETIONARY - 4.1%
Auto Components - 0.3%
Lear Corp.	3,787	455,614
Internet & Direct Marketing Retail - 0.7%
eBay, Inc.	25,053	889,883
Multiline Retail - 1.5%
Dollar General Corp.	13,261	2,086,751
Textiles, Apparel & Luxury Goods - 1.6%
PVH Corp.	13,815	1,339,502
Tapestry, Inc.	32,745	880,513
		2,220,015

TOTAL CONSUMER DISCRETIONARY		5,652,263

CONSUMER STAPLES - 9.1%
Beverages - 1.8%
C&C Group PLC (United Kingdom)	207,866	1,048,449
PepsiCo, Inc.	10,720	1,456,098
		2,504,547
Food & Staples Retailing - 3.2%
Sysco Corp.	21,676	1,746,002
U.S. Foods Holding Corp. (a)	19,870	790,230
Walmart, Inc.	16,257	1,936,046
		4,472,278
Food Products - 1.8%
Danone SA	16,652	1,370,165
Seaboard Corp.	135	555,062
The J.M. Smucker Co.	5,734	602,586
		2,527,813
Personal Products - 0.7%
Unilever NV (NY Reg.)	15,652	932,077
Tobacco - 1.6%
Altria Group, Inc.	45,100	2,241,470

TOTAL CONSUMER STAPLES		12,678,185

ENERGY - 7.4%
Energy Equipment & Services - 0.2%
Baker Hughes, A GE Co. Class A	12,564	281,685
Oil, Gas & Consumable Fuels - 7.2%
Chevron Corp.	29,793	3,489,654
Exxon Mobil Corp.	55,235	3,763,161
GasLog Partners LP	46,542	677,186
Golar LNG Partners LP	72,455	689,047
Hoegh LNG Partners LP	35,046	541,811
Teekay LNG Partners LP	44,933	685,228
Teekay Offshore Partners LP	125,948	195,219
		10,041,306

TOTAL ENERGY		10,322,991

FINANCIALS - 28.3%
Banks - 12.5%
Huntington Bancshares, Inc.	61,012	908,469
M&T Bank Corp.	9,656	1,590,729
PNC Financial Services Group, Inc.	22,385	3,429,606
SunTrust Banks, Inc.	30,149	2,135,755
U.S. Bancorp	65,934	3,958,018
Wells Fargo & Co.	97,759	5,323,955
		17,346,532
Capital Markets - 3.4%
Affiliated Managers Group, Inc.	9,269	791,295
Goldman Sachs Group, Inc.	9,951	2,202,654
Invesco Ltd.	26,676	468,431
State Street Corp.	16,061	1,206,181
		4,668,561
Consumer Finance - 2.2%
Capital One Financial Corp.	12,444	1,244,524
Discover Financial Services	20,966	1,779,384
		3,023,908
Diversified Financial Services - 4.0%
Berkshire Hathaway, Inc. Class B (a)	25,303	5,574,251
Insurance - 3.8%
Allstate Corp.	8,497	946,141
Chubb Ltd.	10,838	1,641,740
FNF Group	19,563	931,786
The Travelers Companies, Inc.	13,017	1,779,684
		5,299,351
Mortgage Real Estate Investment Trusts - 2.4%
AGNC Investment Corp.	110,588	1,915,384
MFA Financial, Inc.	187,046	1,432,772
		3,348,156

TOTAL FINANCIALS		39,260,759

HEALTH CARE - 17.8%
Biotechnology - 3.0%
AbbVie, Inc.	11,711	1,027,406
Amgen, Inc.	13,479	3,163,791
		4,191,197
Health Care Providers & Services - 9.1%
Anthem, Inc.	5,774	1,666,723
Centene Corp. (a)	42,797	2,587,935
Cigna Corp.	15,193	3,037,385
CVS Health Corp.	21,501	1,618,380
Humana, Inc.	2,878	982,060
UnitedHealth Group, Inc.	9,656	2,702,425
		12,594,908
Pharmaceuticals - 5.7%
Allergan PLC	11,706	2,164,908
Bristol-Myers Squibb Co.	45,052	2,565,261
Bristol-Myers Squibb Co. rights (a)	26,404	56,769
Roche Holding AG (participation certificate)	5,841	1,800,739
Sanofi SA sponsored ADR	27,922	1,303,399
		7,891,076

TOTAL HEALTH CARE		24,677,181

INDUSTRIALS - 4.1%
Aerospace & Defense - 2.0%
General Dynamics Corp.	9,083	1,650,744
Harris Corp.	3,941	792,496
United Technologies Corp.	1,866	276,802
		2,720,042
Electrical Equipment - 0.6%
Vestas Wind Systems A/S	8,432	802,485
Machinery - 0.9%
Ingersoll-Rand PLC	10,129	1,328,013
Trading Companies & Distributors - 0.6%
HD Supply Holdings, Inc. (a)	21,371	850,993

TOTAL INDUSTRIALS		5,701,533

INFORMATION TECHNOLOGY - 6.3%
Communications Equipment - 1.1%
Cisco Systems, Inc.	33,025	1,496,363
Electronic Equipment & Components - 2.0%
Arrow Electronics, Inc. (a)	8,737	695,815
Avnet, Inc.	14,102	573,246
TE Connectivity Ltd.	16,492	1,528,973
		2,798,034
IT Services - 2.6%
Amdocs Ltd.	18,662	1,293,277
Cognizant Technology Solutions Corp. Class A	21,421	1,373,300
The Western Union Co.	33,859	910,130
		3,576,707
Software - 0.6%
Nortonlifelock, Inc.	35,572	885,743

TOTAL INFORMATION TECHNOLOGY		8,756,847

MATERIALS - 2.2%
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.	75,978	1,236,162
Metals & Mining - 1.3%
Newmont Goldcorp Corp.	46,071	1,769,126

TOTAL MATERIALS		3,005,288

REAL ESTATE - 2.3%
Equity Real Estate Investment Trusts (REITs) - 0.8%
Simon Property Group, Inc.	7,706	1,165,224
Real Estate Management & Development - 1.5%
CBRE Group, Inc. (a)	35,828	2,042,913

TOTAL REAL ESTATE		3,208,137

UTILITIES - 4.5%
Electric Utilities - 4.5%
Exelon Corp.	60,494	2,685,934
OGE Energy Corp.	27,667	1,163,674
Southern Co.	39,924	2,474,889
		6,324,497
TOTAL COMMON STOCKS
(Cost $119,334,232)		135,265,907

Money Market Funds - 2.5%
Fidelity Cash Central Fund 1.61% (b)
(Cost $3,486,151)	3,485,454	3,486,151
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $122,820,383)		138,752,058
NET OTHER ASSETS (LIABILITIES) - 0.1%		163,215
NET ASSETS - 100%		$138,915,273

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$166,315
Fidelity Securities Lending Cash Central Fund	6,356
Total	$172,671

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$15,678,226	$15,678,226	$--	$--
Consumer Discretionary	5,652,263	5,652,263	--	--
Consumer Staples	12,678,185	11,308,020	1,370,165	--
Energy	10,322,991	10,322,991	--	--
Financials	39,260,759	39,260,759	--	--
Health Care	24,677,181	22,876,442	1,800,739	--
Industrials	5,701,533	5,701,533	--	--
Information Technology	8,756,847	8,756,847	--	--
Materials	3,005,288	3,005,288	--	--
Real Estate	3,208,137	3,208,137	--	--
Utilities	6,324,497	6,324,497	--	--
Money Market Funds	3,486,151	3,486,151	--	--
Total Investments in Securities:	$138,752,058	$135,581,154	$3,170,904	$--

Other Information

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

United States of America	86.4%
Switzerland	3.6%
Ireland	3.3%
Marshall Islands	2.0%
France	1.9%
Others (Individually Less Than 1%)	2.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $119,334,232)	$135,265,907
Fidelity Central Funds (cost $3,486,151)	3,486,151
Total Investment in Securities (cost $122,820,383)		$138,752,058
Foreign currency held at value (cost $1)		1
Receivable for fund shares sold		53,125
Dividends receivable		363,510
Distributions receivable from Fidelity Central Funds		5,628
Prepaid expenses		367
Other receivables		18,043
Total assets		139,192,732
Liabilities
Payable for fund shares redeemed	$110,557
Accrued management fee	52,183
Audit fee payable	41,761
Transfer agent fee payable	26,451
Distribution and service plan fees payable	39,869
Other affiliated payables	4,466
Other payables and accrued expenses	2,172
Total liabilities		277,459
Net Assets		$138,915,273
Net Assets consist of:
Paid in capital		$116,771,907
Total accumulated earnings (loss)		22,143,366
Net Assets		$138,915,273
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($71,915,637 ÷ 3,822,258 shares)^(a)		$18.81
Maximum offering price per share (100/94.25 of $18.81)		$19.96
Class M:
Net Asset Value and redemption price per share ($28,790,733 ÷ 1,532,192 shares)^(a)		$18.79
Maximum offering price per share (100/96.50 of $18.79)		$19.47
Class C:
Net Asset Value and offering price per share ($15,819,276 ÷ 865,001 shares)^(a)		$18.29
Class I:
Net Asset Value, offering price and redemption price per share ($18,537,687 ÷ 967,730 shares)		$19.16
Class Z:
Net Asset Value, offering price and redemption price per share ($3,851,940 ÷ 200,832 shares)		$19.18

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$5,153,980
Income from Fidelity Central Funds (including $6,356 from security lending)		172,671
Total income		5,326,651
Expenses
Management fee
Basic fee	$1,161,509
Performance adjustment	(243,006)
Transfer agent fees	432,083
Distribution and service plan fees	476,381
Accounting and security lending fees	84,172
Custodian fees and expenses	13,642
Independent trustees' fees and expenses	1,311
Registration fees	73,306
Audit	60,901
Legal	5,137
Miscellaneous	1,424
Total expenses before reductions	2,066,860
Expense reductions	(7,190)
Total expenses after reductions		2,059,670
Net investment income (loss)		3,266,981
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $1,143)	6,761,086
Redemptions in-kind with affiliated entities	15,857,287
Fidelity Central Funds	100
Foreign currency transactions	(2,899)
Futures contracts	501,317
Total net realized gain (loss)		23,116,891
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,098)	(10,583,907)
Fidelity Central Funds	(51)
Assets and liabilities in foreign currencies	(779)
Total change in net unrealized appreciation (depreciation)		(10,584,737)
Net gain (loss)		12,532,154
Net increase (decrease) in net assets resulting from operations		$15,799,135

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$3,266,981	$3,809,764
Net realized gain (loss)	23,116,891	16,603,373
Change in net unrealized appreciation (depreciation)	(10,584,737)	(18,704,340)
Net increase (decrease) in net assets resulting from operations	15,799,135	1,708,797
Distributions to shareholders	(18,933,474)	(2,675,097)
Share transactions - net increase (decrease)	(101,653,211)	(38,293,331)
Total increase (decrease) in net assets	(104,787,550)	(39,259,631)
Net Assets
Beginning of period	243,702,823	282,962,454
End of period	$138,915,273	$243,702,823

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

Financial Highlights

Fidelity Advisor Equity Value Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.77	$18.84	$16.46	$15.66	$16.00
Income from Investment Operations
Net investment income (loss)^A	.26	.26	.21	.17	.35^B
Net realized and unrealized gain (loss)	1.25	(.16)	2.30	1.00	(.50)^C
Total from investment operations	1.51	.10	2.51	1.17	(.15)
Distributions from net investment income	(.28)	(.13)	(.13)	(.24)^D	(.19)
Distributions from net realized gain	(1.19)	(.05)	–	(.13)^D	–
Total distributions	(1.47)	(.17)^E	(.13)	(.37)	(.19)
Net asset value, end of period	$18.81	$18.77	$18.84	$16.46	$15.66
Total Return^F,^G	9.75%	.53%	15.35%	7.75%	(.91)%^C
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.00%	1.00%	1.10%	1.19%	1.24%
Expenses net of fee waivers, if any	1.00%	1.00%	1.09%	1.19%	1.23%
Expenses net of all reductions	.99%	1.00%	1.08%	1.19%	1.23%
Net investment income (loss)	1.47%	1.39%	1.18%	1.08%	2.23%^B
Supplemental Data
Net assets, end of period (000 omitted)	$71,916	$67,457	$81,229	$77,787	$67,005
Portfolio turnover rate^J	43%^K	33%	42%	46%	49%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.31%.

^C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.99)%.

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

^E Total distributions of $.17 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.045 per share.

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

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

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

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

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

Fidelity Advisor Equity Value Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.73	$18.80	$16.43	$15.62	$15.96
Income from Investment Operations
Net investment income (loss)^A	.21	.21	.16	.12	.31^B
Net realized and unrealized gain (loss)	1.26	(.16)	2.30	1.01	(.50)^C
Total from investment operations	1.47	.05	2.46	1.13	(.19)
Distributions from net investment income	(.23)	(.07)	(.09)	(.19)^D	(.15)
Distributions from net realized gain	(1.19)	(.05)	–	(.13)^D	–
Total distributions	(1.41)^E	(.12)	(.09)	(.32)	(.15)
Net asset value, end of period	$18.79	$18.73	$18.80	$16.43	$15.62
Total Return^F,^G	9.51%	.25%	15.02%	7.49%	(1.19)%^C
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.26%	1.27%	1.36%	1.46%	1.50%
Expenses net of fee waivers, if any	1.26%	1.27%	1.35%	1.46%	1.50%
Expenses net of all reductions	1.26%	1.26%	1.35%	1.45%	1.50%
Net investment income (loss)	1.21%	1.12%	.91%	.81%	1.96%^B
Supplemental Data
Net assets, end of period (000 omitted)	$28,791	$30,030	$38,976	$38,565	$34,643
Portfolio turnover rate^J	43%^K	33%	42%	46%	49%

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

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

^E Total distributions of $1.41 per share is comprised of distributions from net investment income of $.229 and distributions from net realized gain of $1.185 per share.

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

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

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

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

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

Fidelity Advisor Equity Value Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.25	$18.33	$16.04	$15.27	$15.63
Income from Investment Operations
Net investment income (loss)^A	.12	.11	.07	.05	.23^B
Net realized and unrealized gain (loss)	1.24	(.16)	2.24	.98	(.49)^C
Total from investment operations	1.36	(.05)	2.31	1.03	(.26)
Distributions from net investment income	(.13)	–	(.02)	(.13)^D	(.10)
Distributions from net realized gain	(1.19)	(.03)	–	(.13)^D	–
Total distributions	(1.32)	(.03)	(.02)	(.26)	(.10)
Net asset value, end of period	$18.29	$18.25	$18.33	$16.04	$15.27
Total Return^E,^F	8.95%	(.29)%	14.44%	6.95%	(1.68)%^C
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.79%	1.78%	1.87%	1.96%	2.00%
Expenses net of fee waivers, if any	1.79%	1.78%	1.86%	1.96%	2.00%
Expenses net of all reductions	1.79%	1.78%	1.86%	1.95%	2.00%
Net investment income (loss)	.68%	.61%	.40%	.31%	1.46%^B
Supplemental Data
Net assets, end of period (000 omitted)	$15,819	$21,206	$25,427	$34,006	$28,295
Portfolio turnover rate^I	43%^J	33%	42%	46%	49%

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

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

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

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

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

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

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

Fidelity Advisor Equity Value Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$19.09	$19.18	$16.74	$15.93	$16.27
Income from Investment Operations
Net investment income (loss)^A	.31	.32	.26	.21	.40^B
Net realized and unrealized gain (loss)	1.28	(.17)	2.35	1.02	(.50)^C
Total from investment operations	1.59	.15	2.61	1.23	(.10)
Distributions from net investment income	(.34)	(.19)	(.17)	(.29)^D	(.24)
Distributions from net realized gain	(1.19)	(.05)	–	(.13)^D	–
Total distributions	(1.52)^E	(.24)	(.17)	(.42)	(.24)
Net asset value, end of period	$19.16	$19.09	$19.18	$16.74	$15.93
Total Return^F	10.12%	.75%	15.73%	8.02%	(.60)%^C
Ratios to Average Net Assets^G,^H
Expenses before reductions	.72%	.73%	.82%	.91%	.93%
Expenses net of fee waivers, if any	.72%	.72%	.82%	.91%	.93%
Expenses net of all reductions	.72%	.72%	.82%	.91%	.93%
Net investment income (loss)	1.75%	1.66%	1.45%	1.36%	2.53%^B
Supplemental Data
Net assets, end of period (000 omitted)	$18,538	$122,603	$136,750	$22,972	$25,984
Portfolio turnover rate^I	43%^J	33%	42%	46%	49%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.15 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%.

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

^E Total distributions of $1.52 per share is comprised of distributions from net investment income of $.337 and distributions from net realized gain of $1.185 per share.

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

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

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

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

Fidelity Advisor Equity Value Fund Class Z

Years ended November 30,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$19.12	$19.20	$17.46
Income from Investment Operations
Net investment income (loss)^B	.33	.34	.24
Net realized and unrealized gain (loss)	1.28	(.16)	1.50
Total from investment operations	1.61	.18	1.74
Distributions from net investment income	(.37)	(.21)	–
Distributions from net realized gain	(1.19)	(.05)	–
Total distributions	(1.55)^C	(.26)	–
Net asset value, end of period	$19.18	$19.12	$19.20
Total Return^D,^E	10.27%	.91%	9.97%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.58%	.59%	.69%^H
Expenses net of fee waivers, if any	.58%	.59%	.69%^H
Expenses net of all reductions	.58%	.58%	.68%^H
Net investment income (loss)	1.89%	1.80%	1.59%^H
Supplemental Data
Net assets, end of period (000 omitted)	$3,852	$2,406	$581
Portfolio turnover rate^I	43%^J	33%	42%

^A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.

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

^C Total distributions of $1.55 per share is comprised of distributions from net investment income of $.369 and distributions from net realized gain of $1.185 per share.

^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.

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

^H Annualized

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019

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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, 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	$20,487,615
Gross unrealized depreciation	(5,087,416)
Net unrealized appreciation (depreciation)	$15,400,199
Tax Cost	$123,351,859

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

Undistributed ordinary income	$2,859,126
Undistributed long-term capital gain	$3,883,655
Net unrealized appreciation (depreciation) on securities and other investments	$15,399,486

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$3,727,381	$ 2,276,988
Long-term Capital Gains	15,206,093	398,109
Total	$18,933,474	$ 2,675,097

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.

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. The Fund used futures contracts to manage its 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 (variation margin) 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $89,361,902 and $109,071,800, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 of the Fund as compared to its benchmark index, the Russell 3000 Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .43% 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%	$166,429	$2,748
Class M	.25%	.25%	142,028	2,136
Class C	.75%	.25%	167,924	14,200
			$476,381	$19,084

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

	Retained by FDC
Class A	$16,327
Class M	2,554
Class C^(a)	829
	$19,710

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$140,637	.21
Class M	63,261	.22
Class C	41,504	.25
Class I	185,170	.18
Class Z	1,511	.05
	$432,083

	Amount
Fidelity Advisor Equity Value Fund	$2,155

Affiliated Redemptions In-Kind. During the period, 5,066,023 shares of the Fund were redeemed in-kind for investments and cash with a value of $91,298,847. The net realized gain of $15,857,287 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $616 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. 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. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,801.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$5,220,713	$728,057
Class M	2,271,102	243,030
Class C	1,505,420	36,911
Class I	9,737,158	1,656,313
Class Z	199,081	10,786
Total	$18,933,474	$2,675,097

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	706,645	430,532	$12,195,411	$8,163,680
Reinvestment of distributions	328,286	37,430	5,062,178	710,804
Shares redeemed	(806,687)	(1,184,591)	(13,913,663)	(22,299,608)
Net increase (decrease)	228,244	(716,629)	$3,343,926	$(13,425,124)
Class M
Shares sold	154,552	115,992	$2,634,157	$2,192,989
Reinvestment of distributions	145,711	12,686	2,248,322	241,033
Shares redeemed	(371,205)	(598,236)	(6,347,420)	(11,241,304)
Net increase (decrease)	(70,942)	(469,558)	$(1,464,941)	$(8,807,282)
Class C
Shares sold	175,881	160,672	$2,938,116	$2,951,495
Reinvestment of distributions	96,159	1,869	1,452,001	34,762
Shares redeemed	(568,894)	(387,892)	(9,543,988)	(7,170,975)
Net increase (decrease)	(296,854)	(225,351)	$(5,153,871)	$(4,184,718)
Class I
Shares sold	886,122	1,756,303	$15,260,551	$33,530,713
Reinvestment of distributions	583,943	77,656	9,144,546	1,495,652
Shares redeemed	(6,923,103)^(a)	(2,543,433)	(124,061,130)^(a)	(48,747,625)
Net increase (decrease)	(5,453,038)	(709,474)	$(99,656,033)	$(13,721,260)
Class Z
Shares sold	90,632	125,790	$1,579,109	$2,429,543
Reinvestment of distributions	10,508	526	164,552	10,140
Shares redeemed	(26,132)	(30,752)	(465,953)	(594,630)
Net increase (decrease)	75,008	95,564	$1,277,708	$1,845,053

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

12. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.01%
Actual		$1,000.00	$1,123.70	$5.38
Hypothetical-^C		$1,000.00	$1,020.00	$5.11
Class M	1.27%
Actual		$1,000.00	$1,122.50	$6.76
Hypothetical-^C		$1,000.00	$1,018.70	$6.43
Class C	1.80%
Actual		$1,000.00	$1,119.30	$9.56
Hypothetical-^C		$1,000.00	$1,016.04	$9.10
Class I	.73%
Actual		$1,000.00	$1,125.10	$3.89
Hypothetical-^C		$1,000.00	$1,021.41	$3.70
Class Z	.59%
Actual		$1,000.00	$1,126.20	$3.14
Hypothetical-^C		$1,000.00	$1,022.11	$2.99

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Equity Value Fund
Class A	12/30/2019	12/27/2019	$0.451	$0.531
Class M	12/30/2019	12/27/2019	$0.395	$0.531
Class C	12/30/2019	12/27/2019	$0.287	$0.531
Class I	12/30/2019	12/27/2019	$0.352	$0.531
Class Z	12/30/2019	12/27/2019	$0.524	$0.531

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $5,341,166, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 100%, Class M designates 100%; Class C designates 100%; Class I designates 95%; and Class Z designates 87%; of the dividends distributed in November, as indicated in the Corporate Qualifying memo distributed by the Tax department, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Class I designates 99%; and Class Z designates 91%; of the, dividends distributed in November as indicated in the Qualified Dividend memo distributed by the Tax department, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Equity Value Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

AEV-ANN-0120
1.767075.118

Fidelity Advisor® Growth Opportunities Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	23.74%	15.56%	17.47%
Class M (incl. 3.50% sales charge)	26.42%	15.84%	17.49%
Class C (incl. contingent deferred sales charge)	29.31%	16.06%	17.28%
Class I	31.66%	17.26%	18.52%
Class Z	31.81%	17.41%	18.61%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth Opportunities Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

	Period Ending Values
	$50,018	Fidelity Advisor® Growth Opportunities Fund - Class A
	$41,263	Russell 1000® Growth Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kyle Weaver: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 30% to 32%, considerably ahead of the 21.01% advance of the benchmark Russell 1000^® Growth Index. Versus the benchmark, stock selection in the consumer staples sector contributed most by a wide margin, almost entirely due to top contributor Juul Labs (+7%). We transitioned our non-benchmark holdings in Juul to a much smaller position the past 12 months, which was timely. Stock choices in consumer discretionary, communication services, health care and information technology also lifted the fund’s relative result. Roku (+296%), a maker of online media players, was a noteworthy contributor, along with Carvana (+118%), a fast-growing operator of an e-commerce platform for selling used cars. It also helped to establish a non-benchmark stake in Sea Limited (+222%), a Singapore-based provider of e-commerce and digital entertainment in various Southeast Asian countries, as well as in Latin America. Conversely, security selection in materials and industrials detracted this period, although a large underweighting offset much of the relative underperformance in the latter group. Alliance Data Systems returned -47% until I exited the position, and the provider of private-label credit cards was the largest individual relative detractor. Untimely non-benchmark exposure to meal-delivery service Waitr Holdings returned about -97% and hurt our relative result. Waitr was not held at period end.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Microsoft Corp.	7.5
Alphabet, Inc. Class C	4.8
Apple, Inc.	4.8
Amazon.com, Inc.	4.7
Facebook, Inc. Class A	3.4
Salesforce.com, Inc.	2.5
Carvana Co. Class A	2.0
UnitedHealth Group, Inc.	1.7
Alphabet, Inc. Class A	1.6
LendingTree, Inc.	1.5
	34.5

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Information Technology	39.2
Communication Services	17.0
Consumer Discretionary	14.7
Health Care	13.8
Industrials	3.8

Asset Allocation (% of fund's net assets)

As of November 30, 2019^*
	Stocks	96.4%
	Convertible Securities	1.6%
	Short-Term Investments and Net Other Assets (Liabilities)	2.0%

* Foreign investments - 14.6%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares	Value (000s)
COMMUNICATION SERVICES - 17.0%
Entertainment - 3.9%
Activision Blizzard, Inc.	633,651	$34,743
Electronic Arts, Inc. (a)	254,935	25,751
Netflix, Inc. (a)	103,927	32,702
Roku, Inc. Class A (a)	375,780	60,264
Sea Ltd. ADR (a)(b)	1,767,448	65,466
Take-Two Interactive Software, Inc. (a)	131,678	15,979
The Walt Disney Co.	447,040	67,762
		302,667
Interactive Media & Services - 11.0%
Alphabet, Inc.:
Class A (a)	93,870	122,415
Class C (a)	291,199	380,003
CarGurus, Inc. Class A (a)	1,711,290	68,606
Facebook, Inc. Class A (a)	1,320,533	266,272
IAC/InterActiveCorp (a)	125,900	28,038
Zillow Group, Inc. Class A (a)	46,172	1,803
		867,137
Media - 0.9%
Charter Communications, Inc. Class A (a)	24,972	11,737
Comcast Corp. Class A	1,259,109	55,590
		67,327
Wireless Telecommunication Services - 1.2%
T-Mobile U.S., Inc. (a)	1,235,946	97,084

TOTAL COMMUNICATION SERVICES		1,334,215

CONSUMER DISCRETIONARY - 14.7%
Automobiles - 1.2%
Tesla, Inc. (a)(b)	287,476	94,850
Diversified Consumer Services - 0.2%
Arco Platform Ltd. Class A (a)	401,728	17,274
Hotels, Restaurants & Leisure - 0.2%
McDonald's Corp.	11,300	2,198
Planet Fitness, Inc. (a)	166,713	12,323
Starbucks Corp.	7,332	626
		15,147
Internet & Direct Marketing Retail - 9.8%
Alibaba Group Holding Ltd. sponsored ADR (a)	539,953	107,991
Amazon.com, Inc. (a)	206,667	372,166
Meituan Dianping Class B (a)	1,554,192	20,489
MercadoLibre, Inc. (a)	77,689	45,105
Naspers Ltd. Class N	133,066	18,960
Pinduoduo, Inc. ADR (a)(b)	2,402,318	86,363
Prosus NV (a)	154,966	10,564
The Booking Holdings, Inc. (a)	36,391	69,290
The RealReal, Inc. (b)	1,018,550	17,519
Wayfair LLC Class A (a)	214,314	18,200
		766,647
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	180,744	16,531
Specialty Retail - 2.9%
Carvana Co. Class A (a)(b)	1,663,713	158,585
Floor & Decor Holdings, Inc. Class A (a)	676,482	32,478
Lowe's Companies, Inc.	293,688	34,453
		225,516
Textiles, Apparel & Luxury Goods - 0.2%
Allbirds, Inc. (a)(c)(d)	4,746	227
lululemon athletica, Inc. (a)	75,515	17,043
		17,270

TOTAL CONSUMER DISCRETIONARY		1,153,235

CONSUMER STAPLES - 1.8%
Beverages - 0.3%
Budweiser Brewing Co. APAC Ltd. (a)(e)	887,566	3,163
Fever-Tree Drinks PLC	644,614	18,241
		21,404
Food & Staples Retailing - 0.4%
BJ's Wholesale Club Holdings, Inc. (a)	643,700	15,256
Performance Food Group Co. (a)	407,866	19,194
Walmart, Inc.	9,566	1,139
		35,589
Food Products - 0.1%
Beyond Meat, Inc. (b)	95,544	7,926
Personal Products - 0.1%
Unilever NV	98,486	5,859
Tobacco - 0.9%
Altria Group, Inc.	1,503,168	74,707
JUUL Labs, Inc. Class B (a)(c)(d)	2,772	397
		75,104

TOTAL CONSUMER STAPLES		145,882

ENERGY - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
Reliance Industries Ltd.	4,255,297	91,996
FINANCIALS - 2.9%
Banks - 0.2%
HDFC Bank Ltd. sponsored ADR	271,500	16,765
Capital Markets - 0.9%
Cboe Global Markets, Inc.	154,948	18,423
Charles Schwab Corp.	174,332	8,629
London Stock Exchange Group PLC	259,159	23,045
MSCI, Inc.	34,579	8,963
TD Ameritrade Holding Corp.	227,774	11,806
		70,866
Consumer Finance - 0.3%
Synchrony Financial	506,501	18,948
Thrifts & Mortgage Finance - 1.5%
LendingTree, Inc. (a)(b)	335,700	121,030

TOTAL FINANCIALS		227,609

HEALTH CARE - 13.8%
Biotechnology - 4.9%
AbbVie, Inc.	175,235	15,373
ACADIA Pharmaceuticals, Inc. (a)	236,589	10,715
Acceleron Pharma, Inc. (a)	73,692	3,608
Agios Pharmaceuticals, Inc. (a)	253,500	9,861
Aimmune Therapeutics, Inc. (a)	185,911	5,191
Alexion Pharmaceuticals, Inc. (a)	474,324	54,044
Alnylam Pharmaceuticals, Inc. (a)	219,735	25,740
Argenx SE ADR (a)	19,329	2,862
Ascendis Pharma A/S sponsored ADR (a)	50,262	5,789
BeiGene Ltd. (a)	127,913	1,964
BioNTech SE ADR (a)(b)	409,307	8,997
bluebird bio, Inc. (a)	85,705	6,937
Blueprint Medicines Corp. (a)	22,888	1,878
Crinetics Pharmaceuticals, Inc. (a)	391,161	7,651
FibroGen, Inc. (a)	671,501	28,451
G1 Therapeutics, Inc. (a)	95,316	2,059
Gritstone Oncology, Inc. (a)	311,808	2,716
Heron Therapeutics, Inc. (a)	375,021	9,586
Insmed, Inc. (a)	1,602,579	36,939
Intercept Pharmaceuticals, Inc. (a)	49,872	5,405
La Jolla Pharmaceutical Co. (a)	107,957	296
Neurocrine Biosciences, Inc. (a)	223,502	26,063
Sage Therapeutics, Inc. (a)	53,547	8,287
Sarepta Therapeutics, Inc. (a)	267,680	30,111
Vertex Pharmaceuticals, Inc. (a)	331,196	73,443
		383,966
Health Care Equipment & Supplies - 4.7%
Becton, Dickinson & Co.	207,956	53,757
Boston Scientific Corp. (a)	1,640,353	70,945
DexCom, Inc. (a)	127,913	29,076
Insulet Corp. (a)	112,610	20,912
Intuitive Surgical, Inc. (a)	64,373	38,167
Masimo Corp. (a)	130,437	20,227
Novocure Ltd. (a)	445,958	41,108
Penumbra, Inc. (a)	128,805	22,788
SmileDirectClub, Inc. (a)(b)(f)	5,839,753	58,222
TransMedics Group, Inc.	636,123	11,927
		367,129
Health Care Providers & Services - 3.2%
Centene Corp. (a)	146,144	8,837
Cigna Corp.	147,444	29,477
Guardant Health, Inc. (a)	43,596	3,386
Humana, Inc.	216,298	73,807
UnitedHealth Group, Inc.	480,709	134,536
		250,043
Life Sciences Tools & Services - 0.2%
10X Genomics, Inc. (a)	38,840	2,520
Bruker Corp.	274,545	14,054
Thermo Fisher Scientific, Inc.	12,400	3,893
		20,467
Pharmaceuticals - 0.8%
AstraZeneca PLC sponsored ADR	78,175	3,790
Bristol-Myers Squibb Co.	399,675	22,757
Bristol-Myers Squibb Co. rights (a)	125,816	271
Nabriva Therapeutics PLC (a)(b)	3,850,181	7,777
Nektar Therapeutics (a)	380,771	7,726
OptiNose, Inc. (a)	32,200	301
Roche Holding AG (participation certificate)	66,779	20,587
Theravance Biopharma, Inc. (a)	150,727	3,280
		66,489

TOTAL HEALTH CARE		1,088,094

INDUSTRIALS - 3.6%
Aerospace & Defense - 0.1%
Northrop Grumman Corp.	30,616	10,770
Airlines - 1.0%
JetBlue Airways Corp. (a)	1,321,342	25,462
Spirit Airlines, Inc. (a)	1,368,407	53,464
		78,926
Electrical Equipment - 0.5%
Sunrun, Inc. (a)	1,409,172	19,559
Vestas Wind Systems A/S	217,560	20,705
		40,264
Industrial Conglomerates - 0.1%
General Electric Co.	726,100	8,183
Machinery - 0.3%
Minebea Mitsumi, Inc.	1,127,044	21,878
Professional Services - 0.3%
TransUnion Holding Co., Inc.	312,996	27,015
Road & Rail - 1.3%
Lyft, Inc.	1,439,913	70,527
Uber Technologies, Inc.	980,381	29,019
		99,546

TOTAL INDUSTRIALS		286,582

INFORMATION TECHNOLOGY - 39.0%
Electronic Equipment & Components - 0.4%
Flextronics International Ltd. (a)	1,128,700	13,398
TTM Technologies, Inc. (a)	1,140,792	15,298
		28,696
IT Services - 9.6%
Adyen BV (a)(e)	7,176	5,505
Black Knight, Inc. (a)	65,500	4,127
EPAM Systems, Inc. (a)	56,773	12,027
Fidelity National Information Services, Inc.	211,137	29,169
GDS Holdings Ltd. ADR (a)(b)	2,175,238	101,845
Genpact Ltd.	190,958	7,772
Global Payments, Inc.	280,130	50,732
GoDaddy, Inc. (a)	976,348	64,810
MasterCard, Inc. Class A	359,996	105,202
MongoDB, Inc. Class A (a)	168,999	25,130
Okta, Inc. (a)	123,521	16,031
PagSeguro Digital Ltd. (a)	874,083	29,666
PayPal Holdings, Inc. (a)	582,845	62,953
Riskified Ltd. warrants (a)(c)(d)	818	0
StoneCo Ltd. Class A (a)	20,700	848
Twilio, Inc. Class A (a)(b)	223,030	23,035
Visa, Inc. Class A	637,208	117,571
Wix.com Ltd. (a)	849,184	102,658
		759,081
Semiconductors & Semiconductor Equipment - 6.6%
Applied Materials, Inc.	729,775	42,254
Broadcom, Inc.	133,231	42,129
Lam Research Corp.	190,430	50,812
Marvell Technology Group Ltd.	2,149,847	56,691
Micron Technology, Inc. (a)	1,675,772	79,616
NVIDIA Corp.	523,368	113,435
NXP Semiconductors NV	724,872	83,781
ON Semiconductor Corp. (a)	1,234,561	26,506
Qualcomm, Inc.	205,989	17,210
Skyworks Solutions, Inc.	8,917	877
SolarEdge Technologies, Inc. (a)	26,455	2,159
		515,470
Software - 17.2%
Adobe, Inc. (a)	329,782	102,077
Anaplan, Inc. (a)	311,185	16,779
Autodesk, Inc. (a)	418,648	75,733
Cloudflare, Inc.	60,400	1,059
Coupa Software, Inc. (a)	175,207	26,893
Datadog, Inc. Class A (a)(b)	241,918	9,863
DocuSign, Inc. (a)	325,778	23,199
Elastic NV (a)	311,040	24,700
HubSpot, Inc. (a)	159,750	24,122
Intuit, Inc.	108,590	28,113
Lightspeed POS, Inc. (a)	1,158,995	30,347
Microsoft Corp.	3,888,180	588,591
Nutanix, Inc. Class A (a)	131,600	4,915
Q2 Holdings, Inc. (a)	20,212	1,706
RingCentral, Inc. (a)	69,191	11,933
Salesforce.com, Inc. (a)	1,183,150	192,723
ServiceNow, Inc. (a)	144,550	40,913
SS&C Technologies Holdings, Inc.	208,565	12,524
The Trade Desk, Inc. (a)(b)	379,676	99,984
Workday, Inc. Class A (a)	146,764	26,288
Xero Ltd. (a)	16,469	905
Zoom Video Communications, Inc. Class A (b)	109,887	8,187
		1,351,554
Technology Hardware, Storage & Peripherals - 5.2%
Apple, Inc.	1,405,040	375,497
Western Digital Corp.	643,396	32,382
		407,879

TOTAL INFORMATION TECHNOLOGY		3,062,680

MATERIALS - 0.9%
Chemicals - 0.9%
LG Chemical Ltd.	120,716	31,321
Olin Corp.	828,423	14,514
The Chemours Co. LLC	1,474,017	23,275
		69,110
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.7%
American Tower Corp.	157,202	33,646
Equinix, Inc.	29,823	16,905
		50,551
Real Estate Management & Development - 0.1%
Redfin Corp. (a)(b)	536,704	10,348

TOTAL REAL ESTATE		60,899

UTILITIES - 0.7%
Electric Utilities - 0.6%
NextEra Energy, Inc.	77,778	18,186
ORSTED A/S (e)	300,999	27,741
		45,927
Independent Power and Renewable Electricity Producers - 0.1%
Sunnova Energy International, Inc.	697,331	7,169

TOTAL UTILITIES		53,096

TOTAL COMMON STOCKS
(Cost $5,220,238)		7,573,398

Preferred Stocks - 1.6%
Convertible Preferred Stocks - 1.6%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Neutron Holdings, Inc. Series C (a)(c)(d)	6,477,300	1,571
Textiles, Apparel & Luxury Goods - 0.0%
Allbirds, Inc.:
Series A (a)(c)(d)	1,873	89
Series B (a)(c)(d)	329	16
Series C (a)(c)(d)	3,146	150
		255
TOTAL CONSUMER DISCRETIONARY		1,826
CONSUMER STAPLES - 1.2%
Food & Staples Retailing - 0.1%
Blink Health LLC Series C (c)(d)	143,212	5,467
Sweetgreen, Inc.:
Series C (c)(d)	3,842	66
Series D (c)(d)	61,801	1,057
Series I (c)(d)	145,657	2,491
		9,081
Tobacco - 1.1%
JUUL Labs, Inc.:
Series C (a)(c)(d)	566,439	81,029
Series D (a)(c)(d)	3,671	525
		81,554
TOTAL CONSUMER STAPLES		90,635
FINANCIALS - 0.0%
Insurance - 0.0%
Clover Health Series D (a)(c)(d)	282,226	965
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Nuvation Bio, Inc. Series A (c)(d)(g)	1,839,200	1,419
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.0%
Space Exploration Technologies Corp. Series I (a)(c)(d)	16,438	3,518
Road & Rail - 0.2%
Convoy, Inc. Series D (c)(d)	1,038,289	14,058
TOTAL INDUSTRIALS		17,576
INFORMATION TECHNOLOGY - 0.2%
IT Services - 0.0%
Riskified Ltd. Series E (c)(d)	3,900	928
Software - 0.2%
ACV Auctions, Inc. Series E (c)(d)	2,543,049	14,064
TOTAL INFORMATION TECHNOLOGY		14,992
REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
Sonder Canada, Inc. Series D (c)(d)	126,152	1,324

TOTAL CONVERTIBLE PREFERRED STOCKS		128,737

Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Allbirds, Inc. (a)(c)(d)	1,006	48
TOTAL PREFERRED STOCKS
(Cost $47,832)		128,785

Money Market Funds - 9.9%
Fidelity Cash Central Fund 1.61% (h)	161,258,943	161,291
Fidelity Securities Lending Cash Central Fund 1.61% (h)(i)	614,594,265	614,656
TOTAL MONEY MARKET FUNDS
(Cost $775,947)		775,947
TOTAL INVESTMENT IN SECURITIES - 107.9%
(Cost $6,044,017)		8,478,130
NET OTHER ASSETS (LIABILITIES) - (7.9)%		(618,318)
NET ASSETS - 100%		$7,859,812

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.

(d) Level 3 security

(f) Affiliated company

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
ACV Auctions, Inc. Series E	11/6/19	$14,064
Allbirds, Inc.	10/9/18	$260
Allbirds, Inc.	10/9/18	$55
Allbirds, Inc. Series A	10/9/18	$103
Allbirds, Inc. Series B	10/9/18	$18
Allbirds, Inc. Series C	10/9/18	$173
Blink Health LLC Series C	11/7/19	$5,467
Clover Health Series D	6/7/17	$2,647
Convoy, Inc. Series D	10/30/19	$14,058
JUUL Labs, Inc. Class B	11/21/17	$0
JUUL Labs, Inc. Series C	5/22/15	$0
JUUL Labs, Inc. Series D	6/25/18	$0
Neutron Holdings, Inc. Series C	7/3/18	$1,184
Nuvation Bio, Inc. Series A	6/17/19	$1,419
Riskified Ltd. Series E	10/28/19	$928
Riskified Ltd. warrants	10/28/19	$0
Sonder Canada, Inc. Series D	5/21/19	$1,324
Space Exploration Technologies Corp. Series I	4/5/18	$2,778
Sweetgreen, Inc. Series C	9/13/19	$66
Sweetgreen, Inc. Series D	9/13/19	$1,057
Sweetgreen, Inc. Series I	9/13/19	$2,491

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$2,281
Fidelity Securities Lending Cash Central Fund	3,655
Total	$5,936

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Nabriva Therapeutics PLC	$2,574	$5,876	$64	$--	$--	$(609)	$--
SmileDirectClub, Inc.	--	69,533	1,740	--	(1,762)	(7,809)	58,222
Waitr Holdings, Inc.	--	39,334	1,555	--	(37,779)	--	--
Total	$2,574	$114,743	$3,359	$--	$(39,541)	$(8,418)	$58,222

(a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$1,334,215	$1,334,215	$--	$--
Consumer Discretionary	1,155,109	1,134,048	18,960	2,101
Consumer Staples	236,517	139,626	5,859	91,032
Energy	91,996	91,996	--	--
Financials	228,574	204,564	23,045	965
Health Care	1,089,513	1,067,507	20,587	1,419
Industrials	304,158	286,582	--	17,576
Information Technology	3,077,672	3,061,621	1,059	14,992
Materials	69,110	69,110	--	--
Real Estate	62,223	60,899	--	1,324
Utilities	53,096	53,096	--	--
Money Market Funds	775,947	775,947	--	--
Total Investments in Securities:	$8,478,130	$8,279,211	$69,510	$129,409

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Equities - Consumer Staples
Beginning Balance	$194,540
Net Realized Gain (Loss) on Investment Securities	223,081
Net Unrealized Gain (Loss) on Investment Securities	(109,363)
Cost of Purchases	9,080
Proceeds of Sales	(226,306)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$91,032
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(109,374)
Other Investments in Securities
Beginning Balance	$28,784
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	(7,916)
Cost of Purchases	31,792
Proceeds of Sales	(14,283)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$38,377
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(624)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America	85.4%
Cayman Islands	5.4%
Netherlands	1.8%
India	1.4%
Israel	1.3%
Others (Individually Less Than 1%)	4.7%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $598,178) — See accompanying schedule: Unaffiliated issuers (cost $5,202,039)	$7,643,961
Fidelity Central Funds (cost $775,947)	775,947
Other affiliated issuers (cost $66,031)	58,222
Total Investment in Securities (cost $6,044,017)		$8,478,130
Receivable for investments sold		2,009
Receivable for fund shares sold		8,456
Dividends receivable		3,389
Distributions receivable from Fidelity Central Funds		455
Prepaid expenses		10
Other receivables		79
Total assets		8,492,528
Liabilities
Payable for investments purchased
Regular delivery	$4,300
Delayed delivery	709
Payable for fund shares redeemed	3,103
Accrued management fee	4,026
Distribution and service plan fees payable	1,505
Other affiliated payables	991
Other payables and accrued expenses	3,431
Collateral on securities loaned	614,651
Total liabilities		632,716
Net Assets		$7,859,812
Net Assets consist of:
Paid in capital		$5,130,194
Total accumulated earnings (loss)		2,729,618
Net Assets		$7,859,812
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,349,229 ÷ 14,990.63 shares)^(a)		$90.00
Maximum offering price per share (100/94.25 of $90.00)		$95.49
Class M:
Net Asset Value and redemption price per share ($2,094,190 ÷ 23,523.32 shares)^(a)		$89.03
Maximum offering price per share (100/96.50 of $89.03)		$92.26
Class C:
Net Asset Value and offering price per share ($482,832 ÷ 6,311.24 shares)^(a)		$76.50
Class I:
Net Asset Value, offering price and redemption price per share ($2,819,240 ÷ 28,897.86 shares)		$97.56
Class Z:
Net Asset Value, offering price and redemption price per share ($1,114,321 ÷ 11,319.90 shares)		$98.44

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$34,200
Non-Cash dividends		11,238
Income from Fidelity Central Funds (including $3,655 from security lending)		5,936
Total income		51,374
Expenses
Management fee
Basic fee	$31,166
Performance adjustment	6,639
Transfer agent fees	8,981
Distribution and service plan fees	15,530
Accounting and security lending fees	1,136
Custodian fees and expenses	146
Independent trustees' fees and expenses	31
Registration fees	380
Audit	79
Legal	13
Interest	6
Miscellaneous	29
Total expenses before reductions	64,136
Expense reductions	(151)
Total expenses after reductions		63,985
Net investment income (loss)		(12,611)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	420,520
Redemptions in-kind with affiliated entities	37,752
Fidelity Central Funds	(6)
Other affiliated issuers	(39,541)
Foreign currency transactions	(96)
Total net realized gain (loss)		418,629
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,828)	1,086,793
Other affiliated issuers	(8,418)
Assets and liabilities in foreign currencies	(2)
Total change in net unrealized appreciation (depreciation)		1,078,373
Net gain (loss)		1,497,002
Net increase (decrease) in net assets resulting from operations		$1,484,391

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(12,611)	$(14,109)
Net realized gain (loss)	418,629	421,232
Change in net unrealized appreciation (depreciation)	1,078,373	166,656
Net increase (decrease) in net assets resulting from operations	1,484,391	573,779
Distributions to shareholders	(375,736)	(214,543)
Share transactions - net increase (decrease)	3,226,621	138,173
Total increase (decrease) in net assets	4,335,276	497,409
Net Assets
Beginning of period	3,524,536	3,027,127
End of period	$7,859,812	$3,524,536

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

Financial Highlights

Fidelity Advisor Growth Opportunities Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$76.87	$68.76	$58.24	$66.87	$63.52
Income from Investment Operations
Net investment income (loss)^A	(.18)^B	(.25)	.04	.07	(.08)
Net realized and unrealized gain (loss)	21.21	13.33	17.86	(1.46)	3.43
Total from investment operations	21.03	13.08	17.90	(1.39)	3.35
Distributions from net realized gain	(7.90)	(4.97)	(7.38)	(7.24)	–
Total distributions	(7.90)	(4.97)	(7.38)	(7.24)	–
Net asset value, end of period	$90.00	$76.87	$68.76	$58.24	$66.87
Total Return^C,^D	31.29%	20.35%	34.64%	(2.37)%	5.27%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.11%	1.05%	.91%	.86%	1.05%
Expenses net of fee waivers, if any	1.11%	1.05%	.91%	.86%	1.05%
Expenses net of all reductions	1.10%	1.05%	.91%	.86%	1.05%
Net investment income (loss)	(.22)%^B	(.33)%	.06%	.13%	(.12)%
Supplemental Data
Net assets, end of period (in millions)	$1,349	$673	$540	$502	$664
Portfolio turnover rate^G	37%^H	46%	52%	66%	51%

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

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

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

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

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

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

Fidelity Advisor Growth Opportunities Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$76.28	$68.27	$57.99	$66.75	$63.55
Income from Investment Operations
Net investment income (loss)^A	(.37)^B	(.41)	(.10)	(.06)	(.23)
Net realized and unrealized gain (loss)	21.02	13.24	17.76	(1.46)	3.43
Total from investment operations	20.65	12.83	17.66	(1.52)	3.20
Distributions from net realized gain	(7.90)	(4.82)	(7.38)	(7.24)	–
Total distributions	(7.90)	(4.82)	(7.38)	(7.24)	–
Net asset value, end of period	$89.03	$76.28	$68.27	$57.99	$66.75
Total Return^C,^D	31.01%	20.07%	34.34%	(2.59)%	5.04%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.34%	1.28%	1.14%	1.09%	1.28%
Expenses net of fee waivers, if any	1.34%	1.28%	1.14%	1.09%	1.28%
Expenses net of all reductions	1.34%	1.28%	1.13%	1.09%	1.28%
Net investment income (loss)	(.46)%^B	(.57)%	(.17)%	(.10)%	(.35)%
Supplemental Data
Net assets, end of period (in millions)	$2,094	$1,671	$1,492	$1,250	$1,461
Portfolio turnover rate^G	37%^H	46%	52%	66%	51%

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

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

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

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

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

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

Fidelity Advisor Growth Opportunities Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$67.03	$60.60	$52.52	$61.42	$58.78
Income from Investment Operations
Net investment income (loss)^A	(.67)^B	(.70)	(.37)	(.32)	(.52)
Net realized and unrealized gain (loss)	18.04	11.68	15.83	(1.34)	3.16
Total from investment operations	17.37	10.98	15.46	(1.66)	2.64
Distributions from net realized gain	(7.90)	(4.55)	(7.38)	(7.24)	–
Total distributions	(7.90)	(4.55)	(7.38)	(7.24)	–
Net asset value, end of period	$76.50	$67.03	$60.60	$52.52	$61.42
Total Return^C,^D	30.31%	19.44%	33.64%	(3.10)%	4.49%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.86%	1.81%	1.66%	1.61%	1.80%
Expenses net of fee waivers, if any	1.86%	1.81%	1.66%	1.61%	1.80%
Expenses net of all reductions	1.86%	1.80%	1.66%	1.61%	1.80%
Net investment income (loss)	(.98)%^B	(1.09)%	(.69)%	(.62)%	(.87)%
Supplemental Data
Net assets, end of period (in millions)	$483	$244	$201	$178	$238
Portfolio turnover rate^G	37%^H	46%	52%	66%	51%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.17) %.

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

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

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

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

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

Fidelity Advisor Growth Opportunities Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$82.42	$73.38	$61.52	$70.05	$66.35
Income from Investment Operations
Net investment income (loss)^A	.03^B	(.05)	.22	.25	.11
Net realized and unrealized gain (loss)	23.01	14.25	19.02	(1.54)	3.59
Total from investment operations	23.04	14.20	19.24	(1.29)	3.70
Distributions from net realized gain	(7.90)	(5.16)	(7.38)	(7.24)	–
Total distributions	(7.90)	(5.16)	(7.38)	(7.24)	–
Net asset value, end of period	$97.56	$82.42	$73.38	$61.52	$70.05
Total Return^C	31.66%	20.67%	35.01%	(2.09)%	5.58%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.84%	.78%	.63%	.58%	.77%
Expenses net of fee waivers, if any	.84%	.78%	.63%	.58%	.77%
Expenses net of all reductions	.84%	.78%	.63%	.58%	.77%
Net investment income (loss)	.04%^B	(.06)%	.34%	.41%	.16%
Supplemental Data
Net assets, end of period (in millions)	$2,819	$850	$642	$562	$1,061
Portfolio turnover rate^F	37%^G	46%	52%	66%	51%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.17 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15) %.

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

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

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

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

Fidelity Advisor Growth Opportunities Fund Class Z

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$83.00	$73.88	$61.82	$70.27	$66.48
Income from Investment Operations
Net investment income (loss)^A	.14^B	.04	.32	.33	.20
Net realized and unrealized gain (loss)	23.20	14.35	19.12	(1.54)	3.59
Total from investment operations	23.34	14.39	19.44	(1.21)	3.79
Distributions from net investment income	–	(.05)	–	–	–
Distributions from net realized gain	(7.90)	(5.22)	(7.38)	(7.24)	–
Total distributions	(7.90)	(5.27)	(7.38)	(7.24)	–
Net asset value, end of period	$98.44	$83.00	$73.88	$61.82	$70.27
Total Return^C	31.81%	20.82%	35.18%	(1.96)%	5.70%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.72%	.66%	.51%	.45%	.64%
Expenses net of fee waivers, if any	.72%	.66%	.50%	.45%	.64%
Expenses net of all reductions	.72%	.65%	.50%	.45%	.64%
Net investment income (loss)	.16%^B	.06%	.47%	.54%	.29%
Supplemental Data
Net assets, end of period (in millions)	$1,114	$88	$152	$7	$5
Portfolio turnover rate^F	37%^G	46%	52%	66%	51%

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

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique (s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$129,409	Market comparable	Enterprise value/Sales multiple (EV/S)	0.4 - 8.4 / 7.2	Increase
			Transaction price	$0.77	Increase
			Discount rate	10.0% - 44.1% / 10.4%	Decrease
			Discount for lack of marketability	10.00%	Decrease
			Premium rate	15.5% - 20.0% / 20.0%	Increase
		Market approach	Transaction price	$0.00 - $237.86 / $34.27	Increase

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2019, as well as a roll forward of Level 3 investments, 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $64 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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

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

Gross unrealized appreciation	$2,550,365
Gross unrealized depreciation	(129,682)
Net unrealized appreciation (depreciation)	$2,420,683
Tax Cost	$6,057,447

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

Undistributed long-term capital gain	$317,448
Net unrealized appreciation (depreciation) on securities and other investments	$2,420,680

The Fund intends to elect to defer to its next fiscal year $5,209 of ordinary losses recognized during the period January 1, 2019 to November 30, 2019.

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$–	$ 32,569
Long-term Capital Gains	375,736	181,974
Total	$375,736	$ 214,543

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $5,013,969 and $2,112,130, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annual 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%	$2,575	$122
Class M	.25%	.25%	9,475	228
Class C	.75%	.25%	3,480	1,190
			$15,530	$1,540

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

	Retained by FDC
Class A	$1,156
Class M	163
Class C^(a)	76
	$1,395

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,858	.18
Class M	3,145	.17
Class C	647	.18
Class I	2,995	.17
Class Z	336	.05
	$8,981

	Amount
Fidelity Advisor Growth Opportunities Fund	$89

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$37,421	1.84%	$6

Affiliated Redemptions In-Kind. During the period, 714 shares of the Fund were redeemed in-kind for investments and cash with a value of $63,177. The net realized gain of $37,752 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $375. Total fees paid by the Fund to NFS, as lending agent, amounted to $300. 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, and includes $194 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $114 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$69,056	$38,843
Class M	172,195	104,766
Class C	28,420	14,984
Class I	81,919	45,003
Class Z	24,146	10,947
Total	$375,736	$214,543

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	8,598	1,765	$684,846	$132,452
Reinvestment of distributions	1,004	567	65,327	36,792
Shares redeemed	(3,360)	(1,443)	(270,268)	(104,059)
Net increase (decrease)	6,242	889	$479,905	$65,185
Class M
Shares sold	2,869	2,091	$223,333	$152,273
Reinvestment of distributions	2,574	1,564	165,967	100,981
Shares redeemed	(3,822)	(3,604)	(299,591)	(258,947)
Net increase (decrease)	1,621	51	$89,709	$(5,693)
Class C
Shares sold	4,254	889	$289,250	$58,616
Reinvestment of distributions	482	240	26,865	13,699
Shares redeemed	(2,061)	(811)	(139,159)	(51,367)
Net increase (decrease)	2,675	318	$176,956	$20,948
Class I
Shares sold	25,181	3,407	$2,186,583	$274,660
Reinvestment of distributions	845	448	59,435	31,123
Shares redeemed	(7,438)^(a)	(2,298)	(646,852)^(a)	(178,161)
Net increase (decrease)	18,588	1,557	$1,599,166	$127,622
Class Z
Shares sold	13,616	1,090	$1,190,747	$88,159
Reinvestment of distributions	324	150	22,945	10,497
Shares redeemed	(3,679)	(2,233)	(332,807)	(168,545)
Net increase (decrease)	10,261	(993)	$880,885	$(69,889)

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

11. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.09%
Actual		$1,000.00	$1,166.60	$5.92
Hypothetical-^C		$1,000.00	$1,019.60	$5.52
Class M	1.32%
Actual		$1,000.00	$1,165.30	$7.17
Hypothetical-^C		$1,000.00	$1,018.45	$6.68
Class C	1.85%
Actual		$1,000.00	$1,162.10	$10.03
Hypothetical-^C		$1,000.00	$1,015.79	$9.35
Class I	.84%
Actual		$1,000.00	$1,168.10	$4.57
Hypothetical-^C		$1,000.00	$1,020.86	$4.26
Class Z	.72%
Actual		$1,000.00	$1,168.80	$3.91
Hypothetical-^C		$1,000.00	$1,021.46	$3.65

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Growth Opportunities Fund
Class A	12/30/19	12/27/19	$0.000	$3.641
Class M	12/30/19	12/27/19	$0.000	$3.641
Class C	12/30/19	12/27/19	$0.000	$3.641
Class I	12/30/19	12/27/19	$0.000	$3.641
Class Z	12/30/19	12/27/19	$0.000	$3.641

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $383,299,325 or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Growth Opportunities Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

GO-ANN-0120
1.704314.122

Fidelity Advisor® Growth & Income Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	7.12%	7.10%	11.33%
Class M (incl. 3.50% sales charge)	9.36%	7.34%	11.33%
Class C (incl. contingent deferred sales charge)	11.76%	7.56%	11.16%
Class I	13.89%	8.66%	12.33%
Class Z	14.11%	8.75%	12.38%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth & Income Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$29,261	Fidelity Advisor® Growth & Income Fund - Class A
	$35,289	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 13% to 14%, trailing the benchmark S&P 500^® index. Versus the benchmark, sector positioning detracted most, especially a large overweight in energy, by far the weakest category this period, and an underweight in information technology, which led the market. The fund's higher-than-usual cash position also detracted. The biggest individual relative detractor – and one of our largest holdings on November 30 – was integrated energy company Exxon Mobil (-10%), which struggled along with a sluggish price of oil. Another big individual detractor was Altria Group (-3%), another large holding. Concern about the company's ownership in e-cigarette manufacturer Juul Labs hurt Altria's shares, given new concerns about the health impact of Juul's product. In contrast, the fund's biggest contributor was industrial conglomerate General Electric (+56%), by far our largest holding on November 30 and a stock that I believed was significantly undervalued. Semiconductor and telecommunication equipment firm Qualcomm (+50%) was another contributor, benefiting after resolving a licensing dispute with Apple. Lacking exposure to benchmark component Amazon.com (+7%) also helped, as the online retailer's shares were up about 7% the past year.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
General Electric Co.	6.0
Microsoft Corp.^(a)	4.8
Exxon Mobil Corp.	4.6
Comcast Corp. Class A	3.8
Altria Group, Inc.	3.7
Wells Fargo & Co.	3.1
Bank of America Corp.^(a)	2.8
Bristol-Myers Squibb Co.	2.4
JPMorgan Chase & Co.^(a)	2.3
Apple, Inc.	2.3
	35.8

(a) Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Health Care	18.1
Financials	17.9
Industrials	14.9
Information Technology	14.1
Consumer Staples	9.4

Asset Allocation (% of fund's net assets)

As of November 30, 2019^,^*
	Stocks	94.9%
	Convertible Securities	0.4%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	4.6%

* Foreign investments - 10.7%

** Written options - (0.1)%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares	Value (000s)
COMMUNICATION SERVICES - 8.2%
Diversified Telecommunication Services - 1.5%
AT&T, Inc. (a)	15,354	$574
Verizon Communications, Inc.	125,609	7,567
		8,141
Entertainment - 1.6%
Activision Blizzard, Inc.	42,600	2,336
The Walt Disney Co.	15,600	2,365
Vivendi SA	157,400	4,322
		9,023
Interactive Media & Services - 0.4%
Alphabet, Inc.:
Class A (b)	953	1,243
Class C (b)	913	1,191
		2,434
Media - 4.7%
Comcast Corp. Class A	479,958	21,190
Interpublic Group of Companies, Inc.	99,400	2,227
Omnicom Group, Inc.	8,300	660
Sinclair Broadcast Group, Inc. Class A	49,100	1,710
		25,787

TOTAL COMMUNICATION SERVICES		45,385

CONSUMER DISCRETIONARY - 1.6%
Household Durables - 0.3%
Mohawk Industries, Inc. (b)	200	28
Whirlpool Corp.	11,800	1,689
		1,717
Leisure Products - 0.0%
Brunswick Corp.	300	18
Specialty Retail - 1.1%
Lowe's Companies, Inc. (a)	38,557	4,523
TJX Companies, Inc.	22,040	1,347
		5,870
Textiles, Apparel & Luxury Goods - 0.2%
Puma AG	806	61
PVH Corp.	9,300	902
Tapestry, Inc.	6,300	169
		1,132

TOTAL CONSUMER DISCRETIONARY		8,737

CONSUMER STAPLES - 9.4%
Beverages - 1.1%
The Coca-Cola Co.	117,984	6,300
Food & Staples Retailing - 1.9%
Walgreens Boots Alliance, Inc.	35,700	2,128
Walmart, Inc. (a)	70,410	8,385
		10,513
Food Products - 0.4%
Nestle SA sponsored ADR	18,700	1,944
Household Products - 1.3%
Colgate-Palmolive Co.	5,400	366
Energizer Holdings, Inc.	11,700	584
Procter & Gamble Co. (a)	39,435	4,813
Spectrum Brands Holdings, Inc.	26,800	1,676
		7,439
Tobacco - 4.7%
Altria Group, Inc.	413,720	20,562
British American Tobacco PLC sponsored ADR	100,180	3,968
Philip Morris International, Inc.	22,461	1,863
		26,393

TOTAL CONSUMER STAPLES		52,589

ENERGY - 8.2%
Energy Equipment & Services - 0.1%
Schlumberger Ltd.	11,100	402
Oil, Gas & Consumable Fuels - 8.1%
Cenovus Energy, Inc.	3,000	27
Cenovus Energy, Inc. (Canada)	820,900	7,311
Equinor ASA sponsored ADR	274,600	5,088
Exxon Mobil Corp.	372,200	25,358
Hess Corp.	76,300	4,737
Kosmos Energy Ltd.	391,600	2,338
Noble Energy, Inc.	8,800	183
		45,042

TOTAL ENERGY		45,444

FINANCIALS - 17.9%
Banks - 12.3%
Bank of America Corp.(a)	466,842	15,555
Citigroup, Inc. (a)	38,927	2,924
First Hawaiian, Inc.	15,600	445
JPMorgan Chase & Co. (a)	99,043	13,050
M&T Bank Corp.	6,600	1,087
PNC Financial Services Group, Inc.	46,616	7,142
SunTrust Banks, Inc.	85,135	6,031
U.S. Bancorp	79,630	4,780
Wells Fargo & Co.	322,250	17,550
		68,564
Capital Markets - 4.3%
Apollo Global Management LLC Class A	1,300	57
Brookfield Asset Management, Inc.	20,801	1,215
Cboe Global Markets, Inc.	3,610	429
Charles Schwab Corp.	26,113	1,293
FS KKR Capital Corp.	3,600	23
KKR & Co. LP	71,313	2,103
Morgan Stanley	35,430	1,753
Northern Trust Corp.	77,937	8,358
Raymond James Financial, Inc.	12,100	1,087
S&P Global, Inc.	200	53
State Street Corp.	95,770	7,192
Virtu Financial, Inc. Class A	8,526	142
		23,705
Consumer Finance - 0.0%
Shriram Transport Finance Co. Ltd.	14,100	222
Insurance - 1.0%
Chubb Ltd.	14,700	2,227
Marsh & McLennan Companies, Inc.	16,966	1,834
The Travelers Companies, Inc.	8,800	1,203
		5,264
Thrifts & Mortgage Finance - 0.3%
Radian Group, Inc.	59,490	1,537

TOTAL FINANCIALS		99,292

HEALTH CARE - 17.7%
Biotechnology - 2.0%
AbbVie, Inc.	29,300	2,570
Alexion Pharmaceuticals, Inc. (b)	27,800	3,168
Amgen, Inc.	13,200	3,098
Intercept Pharmaceuticals, Inc. (b)	19,495	2,113
		10,949
Health Care Equipment & Supplies - 0.3%
Becton, Dickinson & Co.	4,200	1,086
Boston Scientific Corp. (b)	14,500	627
		1,713
Health Care Providers & Services - 7.5%
AmerisourceBergen Corp.	40,000	3,516
Cardinal Health, Inc.	81,800	4,501
Cigna Corp.	35,600	7,117
CVS Health Corp. (a)	160,851	12,107
McKesson Corp.	43,633	6,311
Patterson Companies, Inc.	57,900	1,127
UnitedHealth Group, Inc.	24,900	6,969
		41,648
Pharmaceuticals - 7.9%
Bayer AG	116,073	8,766
Bristol-Myers Squibb Co.	234,900	13,375
GlaxoSmithKline PLC sponsored ADR (a)	221,309	10,065
Johnson & Johnson	87,201	11,989
Novartis AG sponsored ADR	601	55
		44,250

TOTAL HEALTH CARE		98,560

INDUSTRIALS - 14.9%
Aerospace & Defense - 1.5%
General Dynamics Corp.	13,000	2,363
Huntington Ingalls Industries, Inc.	6,400	1,611
Meggitt PLC	353	3
The Boeing Co.	1,900	696
United Technologies Corp.	25,231	3,743
		8,416
Air Freight & Logistics - 2.1%
C.H. Robinson Worldwide, Inc.	6,500	500
Expeditors International of Washington, Inc.	800	60
FedEx Corp.	6,900	1,104
United Parcel Service, Inc. Class B (a)	84,979	10,175
		11,839
Commercial Services & Supplies - 0.6%
Healthcare Services Group, Inc. (c)	53,000	1,333
Interface, Inc.	63,300	1,063
Ritchie Bros. Auctioneers, Inc.	1,700	73
Stericycle, Inc. (b)	10,525	661
		3,130
Electrical Equipment - 0.6%
Acuity Brands, Inc.	9,400	1,229
Hubbell, Inc. Class B	13,212	1,942
Rockwell Automation, Inc.	1,900	372
		3,543
Industrial Conglomerates - 6.1%
3M Co.	2,400	407
General Electric Co.	2,958,093	33,333
		33,740
Machinery - 0.8%
Donaldson Co., Inc.	18,900	1,060
Flowserve Corp.	25,100	1,222
Fortive Corp.	800	58
Westinghouse Air Brake Co. (a)	23,231	1,825
		4,165
Professional Services - 0.5%
RELX PLC (London Stock Exchange)	110,796	2,684
Robert Half International, Inc.	1,800	105
		2,789
Road & Rail - 2.0%
J.B. Hunt Transport Services, Inc. (a)	32,720	3,783
Knight-Swift Transportation Holdings, Inc. Class A	118,600	4,387
Union Pacific Corp.	17,500	3,080
		11,250
Trading Companies & Distributors - 0.7%
Fastenal Co.	15,200	540
MSC Industrial Direct Co., Inc. Class A	700	51
Watsco, Inc.	19,564	3,482
		4,073

TOTAL INDUSTRIALS		82,945

INFORMATION TECHNOLOGY - 14.1%
Communications Equipment - 0.2%
Cisco Systems, Inc.	22,571	1,023
IT Services - 2.3%
Genpact Ltd.	17,200	700
IBM Corp.	12,500	1,681
MasterCard, Inc. Class A	190	56
Paychex, Inc.	9,209	793
Unisys Corp. (b)	72,692	827
Visa, Inc. Class A (a)	46,140	8,513
		12,570
Semiconductors & Semiconductor Equipment - 2.6%
Analog Devices, Inc.	6,300	712
Applied Materials, Inc.	28,595	1,656
Marvell Technology Group Ltd.	14,500	382
NVIDIA Corp.	300	65
Qualcomm, Inc.	136,498	11,404
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,500	451
		14,670
Software - 6.7%
Microsoft Corp. (a)	174,373	26,397
Oracle Corp.	83,484	4,687
SAP SE sponsored ADR	44,700	6,077
		37,161
Technology Hardware, Storage & Peripherals - 2.3%
Apple, Inc.	48,573	12,981

TOTAL INFORMATION TECHNOLOGY		78,405

MATERIALS - 0.9%
Chemicals - 0.7%
Corteva, Inc.	22,300	580
International Flavors & Fragrances, Inc.	4,900	692
Nutrien Ltd.	45,380	2,153
The Scotts Miracle-Gro Co. Class A (a)	5,300	536
		3,961
Metals & Mining - 0.2%
BHP Billiton Ltd. sponsored ADR (c)	24,300	1,252

TOTAL MATERIALS		5,213

REAL ESTATE - 1.3%
Equity Real Estate Investment Trusts (REITs) - 1.3%
American Tower Corp.	9,700	2,076
CoreSite Realty Corp.	10,300	1,168
Equinix, Inc. (a)	3,910	2,216
Public Storage	3,400	716
Simon Property Group, Inc.	5,900	892
		7,068
UTILITIES - 0.7%
Electric Utilities - 0.5%
Duke Energy Corp.	11,200	988
Edison International	2,500	173
Exelon Corp.	11,800	524
PPL Corp.	31,200	1,062
Southern Co.	1,100	68
		2,815
Multi-Utilities - 0.2%
Sempra Energy	6,600	972

TOTAL UTILITIES		3,787

TOTAL COMMON STOCKS
(Cost $393,582)		527,425

Convertible Preferred Stocks - 0.4%
HEALTH CARE - 0.4%
Health Care Equipment & Supplies - 0.3%
Becton, Dickinson & Co. Series A, 6.125%	26,900	1,673
Life Sciences Tools & Services - 0.1%
Avantor, Inc. Series A 6.25%	5,100	307
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,790)		1,980
	Principal Amount (000s)	Value (000s)

Convertible Bonds - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Intercept Pharmaceuticals, Inc. 2% 5/15/26
(Cost $191)	190	227
	Shares	Value (000s)

Other - 0.1%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
(Cost $1,470)	1,469,796	687

Money Market Funds - 4.8%
Fidelity Cash Central Fund 1.61% (g)	25,752,483	25,758
Fidelity Securities Lending Cash Central Fund 1.61% (g)(h)	921,598	922
TOTAL MONEY MARKET FUNDS
(Cost $26,680)		26,680
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $423,713)		556,999
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(1,078)
NET ASSETS - 100%		$555,921

Written Options
	Counterparty	Number of Contracts	Notional Amount (000s)	Exercise Price	Expiration Date	Value (000s)
Call Options
AT&T, Inc.	Chicago Board Options Exchange	146	$546	$40.00	1/17/20	$(2)
Bank of America Corp.	Chicago Board Options Exchange	416	1,386	34.00	1/17/20	(29)
Citigroup, Inc.	Chicago Board Options Exchange	38	285	80.00	1/17/20	(3)
CVS Health Corp.	Chicago Board Options Exchange	76	572	75.00	12/20/19	(12)
Equinix, Inc.	Chicago Board Options Exchange	4	227	570.00	12/20/19	(4)
Equinix, Inc.	Chicago Board Options Exchange	4	227	580.00	12/20/19	(2)
Flowserve Corp.	Bank of America NA	196	955	55.00	2/21/20	(15)
GlaxoSmithKline PLC	Chicago Board Options Exchange	107	487	46.00	1/17/20	(8)
J.B. Hunt Transport Services, Inc.	Chicago Board Options Exchange	50	578	125.00	2/21/20	(11)
JPMorgan Chase & Co.	Chicago Board Options Exchange	152	2,003	120.00	12/20/19	(184)
JPMorgan Chase & Co.	Chicago Board Options Exchange	152	2,003	115.00	12/20/19	(256)
JPMorgan Chase & Co.	Chicago Board Options Exchange	44	580	130.00	1/17/20	(19)
JPMorgan Chase & Co.	Chicago Board Options Exchange	44	580	135.00	1/17/20	(8)
Lowe's Companies, Inc.	Chicago Board Options Exchange	19	223	120.00	1/17/20	(5)
Microsoft Corp.	Chicago Board Options Exchange	82	1,241	155.00	1/17/20	(19)
Procter & Gamble Co.	Chicago Board Options Exchange	37	452	125.00	3/20/20	(13)
Procter & Gamble Co.	Chicago Board Options Exchange	37	452	130.00	3/20/20	(6)
Scotts Miracle-Gro Co.	Chicago Board Options Exchange	25	253	115.00	12/20/19	0
Scotts Miracle-Gro Co.	Chicago Board Options Exchange	25	253	120.00	12/20/19	(1)
United Parcel Service, Inc.	Chicago Board Options Exchange	82	982	130.00	4/17/20	(18)
Visa, Inc.	Chicago Board Options Exchange	19	351	190.00	1/17/20	(5)
Walmart, Inc.	Chicago Board Options Exchange	31	369	125.00	1/17/20	(2)
Westinghouse Air Brake Co.	Chicago Board Options Exchange	69	542	85.00	12/20/19	(2)
TOTAL WRITTEN OPTIONS						$(624)

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 pledged as collateral for call options written. At period end, the value of securities pledged amounted to $14,592,000.

(b) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $687,000 or 0.1% of net assets.

(f) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$1,470

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$438
Fidelity Securities Lending Cash Central Fund	9
Total	$447

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$45,385	$45,385	$--	$--
Consumer Discretionary	8,737	8,737	--	--
Consumer Staples	52,589	52,589	--	--
Energy	45,444	45,444	--	--
Financials	99,292	99,292	--	--
Health Care	100,540	89,794	10,746	--
Industrials	82,945	82,945	--	--
Information Technology	78,405	78,405	--	--
Materials	5,213	5,213	--	--
Real Estate	7,068	7,068	--	--
Utilities	3,787	3,787	--	--
Corporate Bonds	227	--	227	--
Other	687	--	--	687
Money Market Funds	26,680	26,680	--	--
Total Investments in Securities:	$556,999	$545,339	$10,973	$687
Derivative Instruments:
Liabilities
Written Options	$(624)	$(609)	$(15)	$--
Total Liabilities	$(624)	$(609)	$(15)	$--
Total Derivative Instruments:	$(624)	$(609)	$(15)	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2019. 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
	Asset	Liability
(Amounts in thousands)
Equity Risk
Written Options^(a)	$0	$(624)
Total Equity Risk	0	(624)
Total Value of Derivatives	$0	$(624)

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

Other Information

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

United States of America	89.3%
United Kingdom	3.0%
Germany	2.7%
Canada	1.9%
Others (Individually Less Than 1%)	3.1%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $889) — See accompanying schedule: Unaffiliated issuers (cost $397,033)	$530,319
Fidelity Central Funds (cost $26,680)	26,680
Total Investment in Securities (cost $423,713)		$556,999
Restricted cash		68
Receivable for investments sold		869
Receivable for fund shares sold		532
Dividends receivable		1,332
Distributions receivable from Fidelity Central Funds		32
Prepaid expenses		1
Other receivables		3
Total assets		559,836
Liabilities
Payable for investments purchased	$919
Payable for fund shares redeemed	922
Accrued management fee	200
Distribution and service plan fees payable	165
Written options, at value (premium received $295)	624
Other affiliated payables	101
Other payables and accrued expenses	60
Collateral on securities loaned	924
Total liabilities		3,915
Net Assets		$555,921
Net Assets consist of:
Paid in capital		$388,442
Total accumulated earnings (loss)		167,479
Net Assets		$555,921
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($287,997 ÷ 10,170 shares)^(a)		$28.32
Maximum offering price per share (100/94.25 of $28.32)		$30.05
Class M:
Net Asset Value and redemption price per share ($172,388 ÷ 6,089 shares)^(a)		$28.31
Maximum offering price per share (100/96.50 of $28.31)		$29.34
Class C:
Net Asset Value and offering price per share ($40,517 ÷ 1,545 shares)^(a)		$26.22
Class I:
Net Asset Value, offering price and redemption price per share ($47,747 ÷ 1,646 shares)		$29.01
Class Z:
Net Asset Value, offering price and redemption price per share ($7,272 ÷ 250 shares)		$29.09

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$14,697
Interest		26
Income from Fidelity Central Funds (including $9 from security lending)		447
Total income		15,170
Expenses
Management fee	$2,302
Transfer agent fees	1,027
Distribution and service plan fees	1,958
Accounting and security lending fees	202
Custodian fees and expenses	27
Independent trustees' fees and expenses	3
Registration fees	80
Audit	64
Legal	6
Miscellaneous	5
Total expenses before reductions	5,674
Expense reductions	(16)
Total expenses after reductions		5,658
Net investment income (loss)		9,512
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	32,258
Foreign currency transactions	(1)
Written options	354
Total net realized gain (loss)		32,611
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $2)	23,002
Assets and liabilities in foreign currencies	1
Written options	(361)
Total change in net unrealized appreciation (depreciation)		22,642
Net gain (loss)		55,253
Net increase (decrease) in net assets resulting from operations		$64,765

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$9,512	$8,015
Net realized gain (loss)	32,611	61,138
Change in net unrealized appreciation (depreciation)	22,642	(49,485)
Net increase (decrease) in net assets resulting from operations	64,765	19,668
Distributions to shareholders	(62,774)	(50,628)
Share transactions - net increase (decrease)	(7,551)	(3,254)
Total increase (decrease) in net assets	(5,560)	(34,214)
Net Assets
Beginning of period	561,481	595,695
End of period	$555,921	$561,481

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

Financial Highlights

Fidelity Advisor Growth & Income Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$28.69	$30.29	$26.89	$26.36	$28.95
Income from Investment Operations
Net investment income (loss)^A	.49	.43	.41	.37	.42
Net realized and unrealized gain (loss)	2.48	.58	3.83	2.12	(.76)^B
Total from investment operations	2.97	1.01	4.24	2.49	(.34)
Distributions from net investment income	(.47)	(.36)	(.39)^C	(.39)	(.36)
Distributions from net realized gain	(2.87)	(2.26)	(.45)^C	(1.57)	(1.88)
Total distributions	(3.34)	(2.61)^D	(.84)	(1.96)	(2.25)^E
Net asset value, end of period	$28.32	$28.69	$30.29	$26.89	$26.36
Total Return^F,^G	13.65%	3.42%	16.15%	10.59%	(.96)%^B
Ratios to Average Net Assets^H,^I
Expenses before reductions	.96%	.96%	.97%	.99%	.99%
Expenses net of fee waivers, if any	.96%	.96%	.97%	.99%	.98%
Expenses net of all reductions	.95%	.95%	.97%	.99%	.98%
Net investment income (loss)	1.93%	1.49%	1.47%	1.51%	1.57%
Supplemental Data
Net assets, end of period (in millions)	$288	$243	$255	$253	$244
Portfolio turnover rate^J	29%	40%	36%	31%	35%

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

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

^D Total distributions of $2.61 per share is comprised of distributions from net investment income of $.355 and distributions from net realized gain of $2.257 per share.

^E Total distributions of $2.25 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $1.883 per share.

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

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

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

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

Fidelity Advisor Growth & Income Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$28.67	$30.26	$26.87	$26.32	$28.91
Income from Investment Operations
Net investment income (loss)^A	.43	.36	.34	.31	.35
Net realized and unrealized gain (loss)	2.47	.59	3.82	2.12	(.76)^B
Total from investment operations	2.90	.95	4.16	2.43	(.41)
Distributions from net investment income	(.39)	(.28)	(.32)^C	(.32)	(.29)
Distributions from net realized gain	(2.87)	(2.26)	(.45)^C	(1.57)	(1.88)
Total distributions	(3.26)	(2.54)	(.77)	(1.88)^D	(2.18)^E
Net asset value, end of period	$28.31	$28.67	$30.26	$26.87	$26.32
Total Return^F,^G	13.33%	3.19%	15.85%	10.36%	(1.22)%^B
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.21%	1.21%	1.23%	1.24%	1.23%
Expenses net of fee waivers, if any	1.21%	1.21%	1.22%	1.24%	1.23%
Expenses net of all reductions	1.20%	1.20%	1.22%	1.24%	1.23%
Net investment income (loss)	1.68%	1.24%	1.22%	1.26%	1.32%
Supplemental Data
Net assets, end of period (in millions)	$172	$175	$186	$176	$180
Portfolio turnover rate^J	29%	40%	36%	31%	35%

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

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

^D Total distributions of $1.88 per share is comprised of distributions from net investment income of $.319 and distributions from net realized gain of $1.565 per share.

^E Total distributions of $2.18 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $1.883 per share.

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

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

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

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

Fidelity Advisor Growth & Income Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$26.79	$28.45	$25.33	$24.92	$27.51
Income from Investment Operations
Net investment income (loss)^A	.27	.20	.19	.17	.21
Net realized and unrealized gain (loss)	2.28	.55	3.60	2.01	(.73)^B
Total from investment operations	2.55	.75	3.79	2.18	(.52)
Distributions from net investment income	(.26)	(.15)	(.22)^C	(.21)	(.18)
Distributions from net realized gain	(2.87)	(2.26)	(.45)^C	(1.57)	(1.88)
Total distributions	(3.12)^D	(2.41)	(.67)	(1.77)^E	(2.07)^F
Net asset value, end of period	$26.22	$26.79	$28.45	$25.33	$24.92
Total Return^G,^H	12.74%	2.64%	15.28%	9.81%	(1.74)%^B
Ratios to Average Net Assets^I,^J
Expenses before reductions	1.73%	1.72%	1.73%	1.74%	1.73%
Expenses net of fee waivers, if any	1.73%	1.71%	1.73%	1.74%	1.73%
Expenses net of all reductions	1.73%	1.71%	1.72%	1.74%	1.73%
Net investment income (loss)	1.15%	.73%	.72%	.76%	.82%
Supplemental Data
Net assets, end of period (in millions)	$41	$75	$86	$80	$79
Portfolio turnover rate^K	29%	40%	36%	31%	35%

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

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

^D Total distributions of $3.12 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $2.869 per share.

^E Total distributions of $1.77 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $1.565 per share.

^F Total distributions of $2.07 per share is comprised of distributions from net investment income of $.183 and distributions from net realized gain of $1.883 per share.

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

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

Fidelity Advisor Growth & Income Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$29.33	$30.91	$27.41	$26.85	$29.47
Income from Investment Operations
Net investment income (loss)^A	.57	.52	.50	.44	.50
Net realized and unrealized gain (loss)	2.52	.60	3.90	2.16	(.78)^B
Total from investment operations	3.09	1.12	4.40	2.60	(.28)
Distributions from net investment income	(.54)	(.44)	(.45)^C	(.48)	(.45)
Distributions from net realized gain	(2.87)	(2.26)	(.45)^C	(1.57)	(1.88)
Total distributions	(3.41)	(2.70)	(.90)	(2.04)^D	(2.34)^E
Net asset value, end of period	$29.01	$29.33	$30.91	$27.41	$26.85
Total Return^F	13.89%	3.71%	16.45%	10.91%	(.70)%^B
Ratios to Average Net Assets^G,^H
Expenses before reductions	.70%	.69%	.70%	.73%	.71%
Expenses net of fee waivers, if any	.69%	.69%	.70%	.73%	.70%
Expenses net of all reductions	.69%	.69%	.70%	.73%	.70%
Net investment income (loss)	2.19%	1.75%	1.74%	1.77%	1.86%
Supplemental Data
Net assets, end of period (in millions)	$48	$47	$53	$35	$36
Portfolio turnover rate^I	29%	40%	36%	31%	35%

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

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

^D Total distributions of $2.04 per share is comprised of distributions from net investment income of $.478 and distributions from net realized gain of $1.565 per share.

^E Total distributions of $2.34 per share is comprised of distributions from net investment income of $.454 and distributions from net realized gain of $1.883 per share.

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

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

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

Fidelity Advisor Growth & Income Fund Class Z

Years ended November 30,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$29.35	$30.94	$27.35
Income from Investment Operations
Net investment income (loss)^B	.62	.56	.51
Net realized and unrealized gain (loss)	2.53	.59	3.08
Total from investment operations	3.15	1.15	3.59
Distributions from net investment income	(.54)	(.49)	–
Distributions from net realized gain	(2.87)	(2.26)	–
Total distributions	(3.41)	(2.74)^C	–
Net asset value, end of period	$29.09	$29.35	$30.94
Total Return^D,^E	14.11%	3.84%	13.13%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.56%	.56%	.57%^H
Expenses net of fee waivers, if any	.56%	.56%	.57%^H
Expenses net of all reductions	.55%	.55%	.57%^H
Net investment income (loss)	2.33%	1.89%	2.13%^H
Supplemental Data
Net assets, end of period (in millions)	$7	$22	$16
Portfolio turnover rate^I	29%	40%	36%

^A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.

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

^C Total distributions of $2.74 per share is comprised of distributions from net investment income of $.486 and distributions from net realized gain of $2.257 per share.

^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.

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

^H Annualized

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

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. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, certain conversion ratio adjustments 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	$155,779
Gross unrealized depreciation	(24,995)
Net unrealized appreciation (depreciation)	$130,784
Tax Cost	$425,591

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

Undistributed ordinary income	$7,967
Undistributed long-term capital gain	$28,732
Net unrealized appreciation (depreciation) on securities and other investments	$130,781

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$8,127	$ 8,206
Long-term Capital Gains	54,647	42,422
Total	$62,774	$ 50,628

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $755 in this Subsidiary, representing .14% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receive collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

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.

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the 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, the 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 on 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 the Fund will realize a gain or loss 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $148,067 and $222,266, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$648	$15
Class M	.25%	.25%	826	19
Class C	.75%	.25%	484	49
			$1,958	$83

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

	Retained by FDC
Class A	$59
Class M	15
Class C^(a)	4
	$78

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$512	.20
Class M	324	.20
Class C	102	.21
Class I	86	.18
Class Z	3	.05
	$1,027

	Amount
Fidelity Advisor Growth & Income Fund	$4

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to less than five hundred dollars. 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. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

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

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$28,125	$21,875
Class M	19,861	15,518
Class C	8,665	7,230
Class I	5,384	4,343
Class Z	739	1,662
Total	$62,774	$50,628

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	2,141	693	$53,751	$20,030
Reinvestment of distributions	1,185	728	26,128	20,716
Shares redeemed	(1,629)	(1,369)	(41,300)	(39,630)
Net increase (decrease)	1,697	52	$38,579	$1,116
Class M
Shares sold	389	403	$9,907	$11,720
Reinvestment of distributions	879	533	19,427	15,179
Shares redeemed	(1,276)	(977)	(32,309)	(28,255)
Net increase (decrease)	(8)	(41)	$(2,975)	$(1,356)
Class C
Shares sold	325	259	$7,678	$7,069
Reinvestment of distributions	415	251	8,532	6,699
Shares redeemed	(2,002)	(729)	(46,928)	(19,873)
Net increase (decrease)	(1,262)	(219)	$(30,718)	$(6,105)
Class I
Shares sold	637	464	$16,618	$13,745
Reinvestment of distributions	212	136	4,787	3,952
Shares redeemed	(796)	(714)	(20,915)	(21,373)
Net increase (decrease)	53	(114)	$490	$(3,676)
Class Z
Shares sold	253	711	$6,620	$21,177
Reinvestment of distributions	19	15	425	433
Shares redeemed	(759)	(505)	(19,972)	(14,843)
Net increase (decrease)	(487)	221	$(12,927)	$6,767

12. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Growth & Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth & Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	.95%
Actual		$1,000.00	$1,163.00	$5.15
Hypothetical-^C		$1,000.00	$1,020.31	$4.81
Class M	1.20%
Actual		$1,000.00	$1,161.70	$6.50
Hypothetical-^C		$1,000.00	$1,019.05	$6.07
Class C	1.71%
Actual		$1,000.00	$1,158.60	$9.25
Hypothetical-^C		$1,000.00	$1,016.50	$8.64
Class I	.69%
Actual		$1,000.00	$1,164.60	$3.74
Hypothetical-^C		$1,000.00	$1,021.61	$3.50
Class Z	.55%
Actual		$1,000.00	$1,165.50	$2.99
Hypothetical-^C		$1,000.00	$1,022.31	$2.79

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Growth & Income Fund
Class A	12/30/19	12/27/19	$0.478	$1.469
Class M	12/30/19	12/27/19	$0.403	$1.469
Class C	12/30/19	12/27/19	$0.236	$1.469
Class I	12/30/19	12/27/19	$0.543	$1.469
Class Z	12/30/19	12/27/19	$0.583	$1.469

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $32,175,492, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends distributed in December 2018, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Growth & Income Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

AGAI-ANN-0120
1.539472.122

Fidelity Advisor® Small Cap Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	7.42%	4.63%	8.82%
Class M (incl. 3.50% sales charge)	9.75%	4.89%	8.83%
Class C (incl. contingent deferred sales charge)	12.12%	5.07%	8.63%
Class I	14.26%	6.16%	9.77%
Class Z	14.46%	6.32%	9.87%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Small Cap Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$23,277	Fidelity Advisor® Small Cap Fund - Class A
	$32,117	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 13% to 14%, significantly outperforming the 7.51% advance of the benchmark Russell 2000^® Index. Security selection drove the fund's outperformance of the benchmark, led by my picks in the industrials, consumer discretionary, energy, financials and information technology sectors. The fund's top relative individual contributor – and our largest holding – was Generac Holdings, the market leader in backup-power generation. Our position in Generac shares gained about 73%, rising due to the company's strong business execution and an expanding market opportunity in the wake of California's planned power outages. TopBuild, a U.S. installer and distributor of insulation products for the construction industry, gained 116% for the fund and also notably contributed, benefiting from improved housing-market fundamentals. It also helped to hold a sizable stake in Synnex (+54%), a technology distributor and business-process outsourcer, as the company successfully integrated a recent corporate acquisition and improved its cash flow. In contrast, our biggest detractor versus the benchmark was Supernus Pharmaceuticals (-49%), a specialty drugmaker whose shares fell on stronger-than-expected competition. Another notable detractor was wireless-network access provider Boingo Wireless (-54%), which lowered earnings estimates.

Note to shareholders: On June 29, 2019, Jamie Harmon retired from Fidelity, leaving Jennifer Fo Cardillo as sole portfolio manager of the fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Generac Holdings, Inc.	1.8
Chemed Corp.	1.8
SYNNEX Corp.	1.8
Essent Group Ltd.	1.7
ICON PLC	1.7
BJ's Wholesale Club Holdings, Inc.	1.6
First Citizens Bancshares, Inc.	1.6
ICF International, Inc.	1.5
iShares Russell 2000 Index ETF	1.5
Oshkosh Corp.	1.5
	16.5

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Industrials	18.3
Information Technology	17.4
Financials	17.0
Health Care	13.4
Consumer Discretionary	13.3

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	99.7%
	Short-Term Investments and Net Other Assets (Liabilities)	0.3%

* Foreign investments - 11.8%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value (000s)
COMMUNICATION SERVICES - 3.4%
Interactive Media & Services - 1.0%
CarGurus, Inc. Class A (a)	473,000	$18,963
Media - 1.9%
Gray Television, Inc. (a)	1,090,900	22,080
The New York Times Co. Class A	433,300	13,974
		36,054
Wireless Telecommunication Services - 0.5%
Boingo Wireless, Inc. (a)	745,000	8,575

TOTAL COMMUNICATION SERVICES		63,592

CONSUMER DISCRETIONARY - 13.3%
Diversified Consumer Services - 0.8%
Grand Canyon Education, Inc. (a)	161,800	13,784
Hotels, Restaurants & Leisure - 3.2%
Churchill Downs, Inc.	203,900	26,509
Hilton Grand Vacations, Inc. (a)	344,013	11,913
Planet Fitness, Inc. (a)	288,600	21,333
		59,755
Household Durables - 3.7%
Cavco Industries, Inc. (a)	91,400	18,281
Taylor Morrison Home Corp. (a)	745,500	17,311
TopBuild Corp. (a)	163,100	17,987
TRI Pointe Homes, Inc. (a)	871,900	13,584
		67,163
Leisure Products - 1.3%
Brunswick Corp.	164,700	9,679
Clarus Corp.	473,669	5,963
YETI Holdings, Inc. (a)(b)	276,000	8,782
		24,424
Multiline Retail - 0.6%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	177,200	11,589
Specialty Retail - 2.7%
Aaron's, Inc. Class A	106,900	6,243
Boot Barn Holdings, Inc. (a)(b)	246,400	9,812
Murphy U.S.A., Inc. (a)	183,800	21,602
The Children's Place Retail Stores, Inc. (b)	162,800	11,764
		49,421
Textiles, Apparel & Luxury Goods - 1.0%
Carter's, Inc.	182,700	18,875

TOTAL CONSUMER DISCRETIONARY		245,011

CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 1.6%
BJ's Wholesale Club Holdings, Inc. (a)(b)	1,215,030	28,796
Food Products - 1.2%
Nomad Foods Ltd. (a)	1,079,400	22,667

TOTAL CONSUMER STAPLES		51,463

ENERGY - 2.1%
Energy Equipment & Services - 0.6%
Cactus, Inc.	348,700	10,527
Oil, Gas & Consumable Fuels - 1.5%
Hess Midstream Partners LP	989,048	20,226
Rattler Midstream LP	526,600	8,378
		28,604

TOTAL ENERGY		39,131

FINANCIALS - 17.0%
Banks - 6.9%
ConnectOne Bancorp, Inc.	962,700	24,250
First Citizens Bancshares, Inc.	55,300	28,745
First Interstate Bancsystem, Inc.	422,100	17,770
Independent Bank Corp., Massachusetts	249,100	20,974
Old National Bancorp, Indiana	594,200	10,743
ServisFirst Bancshares, Inc.	396,900	14,431
Trico Bancshares	251,700	9,728
		126,641
Capital Markets - 3.3%
Blucora, Inc. (a)	547,540	12,889
LPL Financial	283,000	26,135
Morningstar, Inc.	135,300	21,256
		60,280
Consumer Finance - 1.4%
First Cash Financial Services, Inc.	315,200	25,481
Insurance - 2.6%
Enstar Group Ltd. (a)	62,800	12,824
Hastings Group Holdings PLC (c)	4,450,964	10,229
Primerica, Inc.	186,200	24,921
		47,974
Thrifts & Mortgage Finance - 2.8%
Essent Group Ltd.	560,923	30,654
WSFS Financial Corp.	477,100	21,274
		51,928

TOTAL FINANCIALS		312,304

HEALTH CARE - 13.4%
Biotechnology - 2.6%
Allakos, Inc. (a)(b)	83,500	7,933
Allogene Therapeutics, Inc. (a)(b)	128,800	3,630
Audentes Therapeutics, Inc. (a)	95,900	2,784
bluebird bio, Inc. (a)	48,600	3,934
FibroGen, Inc. (a)	184,500	7,817
G1 Therapeutics, Inc. (a)	57,500	1,242
Heron Therapeutics, Inc. (a)	258,000	6,594
Kezar Life Sciences, Inc. (a)	164,200	429
Kura Oncology, Inc. (a)	195,500	3,116
Mirati Therapeutics, Inc. (a)	60,900	6,137
Principia Biopharma, Inc. (a)	97,500	3,493
		47,109
Health Care Equipment & Supplies - 2.6%
Integra LifeSciences Holdings Corp. (a)	308,100	18,791
Masimo Corp. (a)	83,700	12,979
Merit Medical Systems, Inc. (a)	224,600	6,289
Tandem Diabetes Care, Inc. (a)	117,000	8,077
TransMedics Group, Inc.	129,200	2,423
		48,559
Health Care Providers & Services - 3.0%
Chemed Corp.	77,300	33,241
Encompass Health Corp.	158,000	11,172
LHC Group, Inc. (a)	78,877	10,522
		54,935
Health Care Technology - 0.7%
HMS Holdings Corp. (a)	428,700	12,947
Life Sciences Tools & Services - 3.4%
10X Genomics, Inc. (a)	9,500	616
Charles River Laboratories International, Inc. (a)	156,600	22,746
ICON PLC (a)	184,700	30,136
PRA Health Sciences, Inc. (a)	90,500	9,847
		63,345
Pharmaceuticals - 1.1%
Horizon Pharma PLC (a)	247,800	8,123
Supernus Pharmaceuticals, Inc. (a)	307,600	7,192
Zogenix, Inc. (a)	100,100	4,783
		20,098

TOTAL HEALTH CARE		246,993

INDUSTRIALS - 18.3%
Building Products - 1.4%
Armstrong World Industries, Inc.	146,900	14,105
Patrick Industries, Inc.	233,064	11,541
		25,646
Commercial Services & Supplies - 1.1%
Tetra Tech, Inc.	220,600	19,477
Construction & Engineering - 1.8%
EMCOR Group, Inc.	162,200	14,424
MasTec, Inc. (a)	271,300	17,998
		32,422
Electrical Equipment - 1.8%
Generac Holdings, Inc. (a)	340,300	33,521
Machinery - 8.0%
Douglas Dynamics, Inc.	304,300	16,466
ESCO Technologies, Inc.	129,000	11,361
Gardner Denver Holdings, Inc. (a)	253,700	8,593
ITT, Inc.	370,700	25,867
Luxfer Holdings PLC sponsored	1,177,300	20,567
Oshkosh Corp.	297,900	26,948
Rexnord Corp. (a)	790,800	24,981
SPX Flow, Inc. (a)	284,700	13,495
		148,278
Professional Services - 3.4%
ASGN, Inc. (a)	240,100	16,089
FTI Consulting, Inc. (a)	162,800	17,744
ICF International, Inc.	316,879	28,434
		62,267
Trading Companies & Distributors - 0.8%
GMS, Inc. (a)	476,000	14,737

TOTAL INDUSTRIALS		336,348

INFORMATION TECHNOLOGY - 17.4%
Electronic Equipment & Components - 5.0%
CDW Corp.	163,000	22,013
ePlus, Inc. (a)	175,889	14,699
Insight Enterprises, Inc. (a)	215,972	14,166
Napco Security Technolgies, Inc. (a)(b)	263,351	8,230
SYNNEX Corp.	262,641	32,255
		91,363
IT Services - 5.2%
Booz Allen Hamilton Holding Corp. Class A	318,900	23,203
Euronet Worldwide, Inc. (a)	141,700	22,274
Genpact Ltd.	434,300	17,676
Hackett Group, Inc.	331,940	5,089
KBR, Inc.	155,000	4,614
Repay Holdings Corp. (a)(b)	757,200	10,472
Verra Mobility Corp. (a)	796,700	11,927
		95,255
Semiconductors & Semiconductor Equipment - 1.7%
Entegris, Inc.	324,200	15,341
Onto Innovation, Inc. (a)	505,300	16,958
		32,299
Software - 5.5%
CyberArk Software Ltd. (a)	107,700	13,199
Everbridge, Inc. (a)	107,100	9,418
j2 Global, Inc.	262,700	25,487
Pegasystems, Inc.	148,900	11,558
Proofpoint, Inc. (a)(b)	121,200	14,385
PROS Holdings, Inc. (a)	200,100	12,464
RealPage, Inc. (a)	105,009	5,779
Zensar Technologies Ltd.	3,486,930	9,069
		101,359

TOTAL INFORMATION TECHNOLOGY		320,276

MATERIALS - 4.4%
Chemicals - 1.9%
Ashland Global Holdings, Inc.	199,700	14,318
Element Solutions, Inc. (a)	1,822,100	21,300
		35,618
Construction Materials - 0.8%
Eagle Materials, Inc.	162,800	14,982
Containers & Packaging - 1.3%
Aptargroup, Inc.	203,700	22,839
Paper & Forest Products - 0.4%
Neenah, Inc.	97,100	7,067

TOTAL MATERIALS		80,506

REAL ESTATE - 4.6%
Equity Real Estate Investment Trusts (REITs) - 2.6%
Americold Realty Trust	557,100	20,958
CoreSite Realty Corp.	85,000	9,638
EPR Properties	252,100	17,879
		48,475
Real Estate Management & Development - 2.0%
CBRE Group, Inc. (a)	166,000	9,465
Cushman & Wakefield PLC (a)	1,367,000	26,506
		35,971

TOTAL REAL ESTATE		84,446

UTILITIES - 1.5%
Gas Utilities - 0.8%
Star Gas Partners LP	1,602,900	15,051
Multi-Utilities - 0.7%
Telecom Plus PLC	785,486	13,511

TOTAL UTILITIES		28,562

TOTAL COMMON STOCKS
(Cost $1,472,620)		1,808,632

Money Market Funds - 3.3%
Fidelity Cash Central Fund 1.61% (d)	9,611,238	9,613
Fidelity Securities Lending Cash Central Fund 1.61% (d)(e)	50,615,881	50,621
TOTAL MONEY MARKET FUNDS
(Cost $60,234)		60,234

Equity Funds - 1.5%
Small Blend Funds - 1.5%
iShares Russell 2000 Index ETF (b)
(Cost $26,308)	171,600	27,760
TOTAL INVESTMENT IN SECURITIES - 103.0%
(Cost $1,559,162)		1,896,626
NET OTHER ASSETS (LIABILITIES) - (3.0)%		(54,699)
NET ASSETS - 100%		$1,841,927

Security Type Abbreviations

ETF – Exchange-Traded Fund

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 $10,229,000 or 0.6% of net assets.

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

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$452
Fidelity Securities Lending Cash Central Fund	500
Total	$952

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

United States of America	88.2%
United Kingdom	3.9%
Bermuda	3.4%
Ireland	2.1%
British Virgin Islands	1.2%
Others (Individually Less Than 1%)	1.2%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $49,196) — See accompanying schedule: Unaffiliated issuers (cost $1,498,928)	$1,836,392
Fidelity Central Funds (cost $60,234)	60,234
Total Investment in Securities (cost $1,559,162)		$1,896,626
Receivable for fund shares sold		1,007
Dividends receivable		1,073
Distributions receivable from Fidelity Central Funds		54
Prepaid expenses		3
Other receivables		9
Total assets		1,898,772
Liabilities
Payable to custodian bank	$2,696
Payable for fund shares redeemed	1,706
Accrued management fee	1,005
Distribution and service plan fees payable	438
Other affiliated payables	330
Other payables and accrued expenses	48
Collateral on securities loaned	50,622
Total liabilities		56,845
Net Assets		$1,841,927
Net Assets consist of:
Paid in capital		$1,447,891
Total accumulated earnings (loss)		394,036
Net Assets		$1,841,927
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($653,507 ÷ 26,953 shares)^(a)		$24.25
Maximum offering price per share (100/94.25 of $24.25)		$25.73
Class M:
Net Asset Value and redemption price per share ($541,631 ÷ 24,557 shares)^(a)		$22.06
Maximum offering price per share (100/96.50 of $22.06)		$22.86
Class C:
Net Asset Value and offering price per share ($96,095 ÷ 5,616 shares)^(a)		$17.11
Class I:
Net Asset Value, offering price and redemption price per share ($433,677 ÷ 16,010 shares)		$27.09
Class Z:
Net Asset Value, offering price and redemption price per share ($117,017 ÷ 4,310 shares)		$27.15

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$14,703
Interest		9
Income from Fidelity Central Funds (including $500 from security lending)		952
Total income		15,664
Expenses
Management fee
Basic fee	$12,617
Performance adjustment	(3,824)
Transfer agent fees	3,636
Distribution and service plan fees	5,506
Accounting and security lending fees	563
Custodian fees and expenses	64
Independent trustees' fees and expenses	11
Registration fees	104
Audit	65
Legal	6
Interest	5
Miscellaneous	15
Total expenses before reductions	18,768
Expense reductions	(67)
Total expenses after reductions		18,701
Net investment income (loss)		(3,037)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	68,188
Fidelity Central Funds	(1)
Foreign currency transactions	(38)
Futures contracts	5,195
Total net realized gain (loss)		73,344
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	155,084
Assets and liabilities in foreign currencies	(1)
Futures contracts	(41)
Total change in net unrealized appreciation (depreciation)		155,042
Net gain (loss)		228,386
Net increase (decrease) in net assets resulting from operations		$225,349

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(3,037)	$(4,505)
Net realized gain (loss)	73,344	262,229
Change in net unrealized appreciation (depreciation)	155,042	(370,037)
Net increase (decrease) in net assets resulting from operations	225,349	(112,313)
Distributions to shareholders	(233,679)	(325,472)
Share transactions - net increase (decrease)	(240,341)	(99,053)
Total increase (decrease) in net assets	(248,671)	(536,838)
Net Assets
Beginning of period	2,090,598	2,627,436
End of period	$1,841,927	$2,090,598

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

Financial Highlights

Fidelity Advisor Small Cap Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.46	$29.35	$25.52	$27.56	$29.85
Income from Investment Operations
Net investment income (loss)^A	(.03)	(.04)	.03	.12^B	.02^C
Net realized and unrealized gain (loss)	2.56	(1.28)	4.18	.05	1.10
Total from investment operations	2.53	(1.32)	4.21	.17	1.12
Distributions from net investment income	–	–	(.08)	–	–
Distributions from net realized gain	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Total distributions	(2.74)	(3.57)	(.38)	(2.21)	(3.41)
Net asset value, end of period	$24.25	$24.46	$29.35	$25.52	$27.56
Total Return^D,^E	13.97%	(5.18)%	16.68%	1.31%	4.17%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.98%	.97%	1.05%	1.32%	1.26%
Expenses net of fee waivers, if any	.98%	.97%	1.05%	1.32%	1.26%
Expenses net of all reductions	.98%	.96%	1.04%	1.31%	1.25%
Net investment income (loss)	(.13)%	(.13)%	.10%	.52%^B	.07%^C
Supplemental Data
Net assets, end of period (in millions)	$654	$640	$805	$932	$1,047
Portfolio turnover rate^H	56%	74%	84%	81%	33%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .07%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.16)%.

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

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

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

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

Fidelity Advisor Small Cap Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$22.58	$27.43	$23.88	$25.99	$28.40
Income from Investment Operations
Net investment income (loss)^A	(.07)	(.09)	(.03)	.07^B	(.04)^C
Net realized and unrealized gain (loss)	2.29	(1.19)	3.91	.03	1.04
Total from investment operations	2.22	(1.28)	3.88	.10	1.00
Distributions from net investment income	–	–	(.03)	–	–
Distributions from net realized gain	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Total distributions	(2.74)	(3.57)	(.33)	(2.21)	(3.41)
Net asset value, end of period	$22.06	$22.58	$27.43	$23.88	$25.99
Total Return^D,^E	13.73%	(5.42)%	16.41%	1.10%	3.93%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.22%	1.20%	1.28%	1.54%	1.49%
Expenses net of fee waivers, if any	1.22%	1.20%	1.28%	1.54%	1.49%
Expenses net of all reductions	1.21%	1.19%	1.27%	1.54%	1.49%
Net investment income (loss)	(.36)%	(.37)%	(.13)%	.29%^B	(.16)%^C
Supplemental Data
Net assets, end of period (in millions)	$542	$580	$734	$756	$888
Portfolio turnover rate^H	56%	74%	84%	81%	33%

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

^C Net investment income per share reflects a large, non-recurring dividends which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.39)%.

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

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

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

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

Fidelity Advisor Small Cap Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.32	$23.02	$20.17	$22.44	$25.10
Income from Investment Operations
Net investment income (loss)^A	(.15)	(.18)	(.14)	(.05)^B	(.16)^C
Net realized and unrealized gain (loss)	1.68	(.95)	3.29	(.01)	.91
Total from investment operations	1.53	(1.13)	3.15	(.06)	.75
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Total distributions	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Net asset value, end of period	$17.11	$18.32	$23.02	$20.17	$22.44
Total Return^D,^E	13.05%	(5.88)%	15.80%	.50%	3.38%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.79%	1.74%	1.81%	2.08%	2.02%
Expenses net of fee waivers, if any	1.79%	1.74%	1.81%	2.08%	2.02%
Expenses net of all reductions	1.78%	1.73%	1.80%	2.07%	2.01%
Net investment income (loss)	(.93)%	(.90)%	(.66)%	(.24)%^B	(.69)%^C
Supplemental Data
Net assets, end of period (in millions)	$96	$196	$273	$274	$318
Portfolio turnover rate^H	56%	74%	84%	81%	33%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.69)%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.91)%.

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

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

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

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

Fidelity Advisor Small Cap Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$26.89	$31.84	$27.65	$29.59	$31.80
Income from Investment Operations
Net investment income (loss)^A	.03	.04	.11	.20^B	.10^C
Net realized and unrealized gain (loss)	2.91	(1.42)	4.54	.07	1.18
Total from investment operations	2.94	(1.38)	4.65	.27	1.28
Distributions from net investment income	–	–	(.15)	–	(.08)
Distributions from net realized gain	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Total distributions	(2.74)	(3.57)	(.46)^D	(2.21)	(3.49)
Net asset value, end of period	$27.09	$26.89	$31.84	$27.65	$29.59
Total Return^E	14.26%	(4.93)%	17.01%	1.58%	4.46%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.72%	.71%	.78%	1.05%	.99%
Expenses net of fee waivers, if any	.72%	.71%	.78%	1.04%	.99%
Expenses net of all reductions	.72%	.70%	.77%	1.04%	.99%
Net investment income (loss)	.14%	.12%	.37%	.79%^B	.34%^C
Supplemental Data
Net assets, end of period (in millions)	$434	$604	$758	$652	$704
Portfolio turnover rate^H	56%	74%	84%	81%	33%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .11%.

^D Total distributions of $.46 per share is comprised of distributions from net investment income of $.152 and distributions from net realized gain of $.304 per share.

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

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

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

Fidelity Advisor Small Cap Fund Class Z

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$26.90	$31.81	$27.63	$29.53	$31.76
Income from Investment Operations
Net investment income (loss)^A	.07	.08	.15	.24^B	.14^C
Net realized and unrealized gain (loss)	2.92	(1.42)	4.53	.07	1.17
Total from investment operations	2.99	(1.34)	4.68	.31	1.31
Distributions from net investment income	–	–	(.20)	–	(.14)
Distributions from net realized gain	(2.74)	(3.57)	(.30)	(2.21)	(3.41)
Total distributions	(2.74)	(3.57)	(.50)	(2.21)	(3.54)^D
Net asset value, end of period	$27.15	$26.90	$31.81	$27.63	$29.53
Total Return^E	14.46%	(4.80)%	17.17%	1.73%	4.59%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.57%	.56%	.63%	.89%	.84%
Expenses net of fee waivers, if any	.57%	.56%	.63%	.89%	.84%
Expenses net of all reductions	.57%	.55%	.62%	.89%	.84%
Net investment income (loss)	.29%	.28%	.51%	.94%^B	.48%^C
Supplemental Data
Net assets, end of period (in millions)	$117	$71	$57	$44	$41
Portfolio turnover rate^H	56%	74%	84%	81%	33%

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

^D Total distributions of $3.54 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $3.406 per share.

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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.

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. 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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, market discount, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$412,157
Gross unrealized depreciation	(75,052)
Net unrealized appreciation (depreciation)	$337,105
Tax Cost	$1,559,521

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

Undistributed ordinary income	$–
Undistributed long-term capital gain	$70,478
Net unrealized appreciation (depreciation) on securities and other investments	$334,208

The Fund intends to elect to defer to its next fiscal year $10,650 of ordinary losses recognized during the period January 1, 2019 to November 30, 2019.

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Long-term Capital Gains	$233,679	$325,472

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,018,497 and $1,479,914, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .48% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,572	$21
Class M	.25%	.25%	2,691	20
Class C	.75%	.25%	1,243	110
			$5,506	$ 151

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

	Retained by FDC
Class A	$77
Class M	12
Class C^(a)	9
	$98

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,325	.21
Class M	1,032	.19
Class C	312	.25
Class I	935	.20
Class Z	32	.05
	$3,636

	Amount
Fidelity Advisor Small Cap Fund	$55

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$7,616	2.65%	$5

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $18. 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, and includes $59 from securities loaned to NFS, as affiliated borrower.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$70,409	$97,007
Class M	69,540	94,774
Class C	28,270	42,142
Class I	58,773	84,511
Class Z	6,687	7,038
Total	$233,679	$325,472

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	5,398	2,683	$117,576	$70,872
Reinvestment of distributions	3,724	3,654	68,215	94,669
Shares redeemed	(8,332)	(7,596)	(183,112)	(199,704)
Net increase (decrease)	790	(1,259)	$2,679	$(34,163)
Class M
Shares sold	2,649	2,955	$52,736	$71,993
Reinvestment of distributions	4,110	3,900	68,624	93,479
Shares redeemed	(7,883)	(7,929)	(157,565)	(192,971)
Net increase (decrease)	(1,124)	(1,074)	$(36,205)	$(27,499)
Class C
Shares sold	637	1,069	$9,759	$21,280
Reinvestment of distributions	2,131	2,060	27,737	40,250
Shares redeemed	(7,879)	(4,279)	(121,637)	(84,745)
Net increase (decrease)	(5,111)	(1,150)	$(84,141)	$(23,215)
Class I
Shares sold	2,794	5,442	$67,982	$157,788
Reinvestment of distributions	2,665	2,708	54,406	76,927
Shares redeemed	(11,902)	(9,517)	(288,598)	(273,837)
Net increase (decrease)	(6,443)	(1,367)	$(166,210)	$(39,122)
Class Z
Shares sold	3,553	1,924	$90,450	$55,987
Reinvestment of distributions	290	228	5,933	6,486
Shares redeemed	(2,166)	(1,308)	(52,848)	(37,527)
Net increase (decrease)	1,677	844	$43,535	$24,946

12. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the “Fund”) as of November 30, 2019, the related statement of operations for the year ended November 30, 2019, the statement of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2019 and the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 10, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.04%
Actual		$1,000.00	$1,141.40	$5.58
Hypothetical-^C		$1,000.00	$1,019.85	$5.27
Class M	1.27%
Actual		$1,000.00	$1,140.20	$6.81
Hypothetical-^C		$1,000.00	$1,018.70	$6.43
Class C	1.87%
Actual		$1,000.00	$1,136.40	$10.02
Hypothetical-^C		$1,000.00	$1,015.69	$9.45
Class I	.78%
Actual		$1,000.00	$1,142.70	$4.19
Hypothetical-^C		$1,000.00	$1,021.16	$3.95
Class Z	.62%
Actual		$1,000.00	$1,143.80	$3.33
Hypothetical-^C		$1,000.00	$1,021.96	$3.14

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Capital Gains
Fidelity Advisor Small Cap Fund
Class A	12/30/19	12/27/19	$0.928
Class M	12/30/19	12/27/19	$0.928
Class C	12/30/19	12/27/19	$0.928
Class I	12/30/19	12/27/19	$0.928
Class Z	12/30/19	12/27/19	$0.928

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $74,906,725, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Small Cap Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

ASCF-ANN-0120
1.713164.122

Fidelity Advisor® Stock Selector Mid Cap Fund

Annual Report

November 30, 2019

Includes Fidelity and Fidelity Advisor share classes

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	5.68%	6.95%	11.14%
Class M (incl. 3.50% sales charge)	7.97%	7.20%	11.16%
Class C (incl. contingent deferred sales charge)	10.37%	7.41%	10.96%
Fidelity® Stock Selector Mid Cap Fund	12.38%	8.45%	12.07%
Class I	12.41%	8.47%	12.08%
Class Z	12.59%	8.56%	12.13%

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

The initial offering of Fidelity^® Stock Selector Mid Cap Fund took place on June 6, 2012. Returns prior to June 6, 2012, are those of Class I.

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Stock Selector Mid Cap Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period.

	Period Ending Values
	$28,743	Fidelity Advisor® Stock Selector Mid Cap Fund - Class A
	$34,236	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Comments from Co-Portfolio Manager Robert Stansky: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 11% to 13%, well ahead of the 8.86% advance of the benchmark S&P MidCap 400^® Index. Versus the benchmark, picks within the consumer discretionary, health care and real estate sectors were particularly successful. Overall, the fund’s co-managers added value in nine of 11 market sectors. Exposure to growth-oriented stocks also added value because these types of investments significantly outperformed their value counterparts this period. At an individual stock level, the fund’s top relative contributor was consumer finance and insurance provider OneMain Holdings (+60%). Consumer spending has remained relatively strong, whereas delinquencies and defaults have stayed fairly low – a nearly ideal environment for companies like OneMain. Other contributors included Insulet (+123%), which makes insulin-delivery systems for people with insulin-dependent diabetes, and Netherlands-based engineering & construction firm Arcadis (+66%). Conversely, security selection in the materials sector, along with an underweighting in the market-leading information technology sector, detracted modestly. Audience-measurement expert Nielsen Holdings (-25%) was the fund’s largest relative detractor. Amneal Pharmaceuticals (-83%) – which we sold from the portfolio prior to period end – also hurt. All of the stocks just mentioned were out-of-benchmark holdings.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
OneMain Holdings, Inc.	2.5
AECOM	1.9
Huntington Bancshares, Inc.	1.8
First Horizon National Corp.	1.6
Nielsen Holdings PLC	1.5
PVH Corp.	1.3
HD Supply Holdings, Inc.	1.2
Jeld-Wen Holding, Inc.	1.2
Masimo Corp.	1.2
Duke Realty Corp.	1.2
	15.4

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Industrials	15.7
Financials	15.7
Information Technology	14.6
Consumer Discretionary	12.1
Real Estate	10.7

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks and Equity Futures	97.8%
	Short-Term Investments and Net Other Assets (Liabilities)	2.2%

* Foreign investments - 11.1%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 0.4%
GCI Liberty, Inc. (a)	134,124	$9,521
Entertainment - 0.4%
Electronic Arts, Inc. (a)	76,100	7,687
Interactive Media & Services - 0.1%
TripAdvisor, Inc.	98,100	2,786
Media - 2.0%
Discovery Communications, Inc. Class A (a)(b)	174,180	5,737
Interpublic Group of Companies, Inc.	213,051	4,772
Liberty Broadband Corp. Class A (a)	97,487	11,534
Liberty Media Corp.:
Liberty Media Class A (a)	105,036	4,524
Liberty SiriusXM Series A (a)	150,900	7,349
Nexstar Broadcasting Group, Inc. Class A	16,000	1,723
Omnicom Group, Inc.	51,782	4,116
Sinclair Broadcast Group, Inc. Class A	78,100	2,720
		42,475

TOTAL COMMUNICATION SERVICES		62,469

CONSUMER DISCRETIONARY - 12.1%
Auto Components - 1.4%
Gentex Corp.	695,200	19,744
Lear Corp.	83,900	10,094
		29,838
Distributors - 1.0%
LKQ Corp. (a)	595,000	20,992
Diversified Consumer Services - 1.0%
Graham Holdings Co.	8,200	5,179
Grand Canyon Education, Inc. (a)	116,700	9,942
H&R Block, Inc.	223,000	5,437
		20,558
Household Durables - 1.9%
Mohawk Industries, Inc. (a)	66,300	9,240
NVR, Inc. (a)	4,600	17,443
Whirlpool Corp.	97,600	13,967
		40,650
Internet & Direct Marketing Retail - 0.1%
Liberty Interactive Corp. QVC Group Series A (a)	262,584	2,484
Leisure Products - 0.5%
Brunswick Corp.	193,600	11,378
Multiline Retail - 0.7%
Dollar General Corp.	31,000	4,878
Dollar Tree, Inc. (a)	111,900	10,234
		15,112
Specialty Retail - 3.3%
AutoNation, Inc. (a)	243,600	12,446
AutoZone, Inc. (a)	14,500	17,080
O'Reilly Automotive, Inc. (a)	35,300	15,612
Ross Stores, Inc.	108,100	12,556
Williams-Sonoma, Inc. (b)	161,800	11,229
		68,923
Textiles, Apparel & Luxury Goods - 2.2%
PVH Corp.	280,900	27,236
Tapestry, Inc.	715,200	19,232
		46,468

TOTAL CONSUMER DISCRETIONARY		256,403

CONSUMER STAPLES - 2.7%
Beverages - 0.2%
Coca-Cola European Partners PLC	58,300	2,942
Food & Staples Retailing - 0.3%
U.S. Foods Holding Corp. (a)	158,700	6,311
Food Products - 1.0%
Conagra Brands, Inc.	225,327	6,505
Ingredion, Inc.	137,600	11,444
The J.M. Smucker Co.	38,300	4,025
		21,974
Household Products - 1.0%
Church & Dwight Co., Inc.	57,000	4,004
Energizer Holdings, Inc.	245,600	12,253
Spectrum Brands Holdings, Inc.	67,707	4,233
		20,490
Tobacco - 0.2%
Universal Corp.	85,500	4,465

TOTAL CONSUMER STAPLES		56,182

ENERGY - 2.0%
Energy Equipment & Services - 0.3%
Dril-Quip, Inc. (a)	93,400	3,947
Nabors Industries Ltd.	1,327,900	2,735
		6,682
Oil, Gas & Consumable Fuels - 1.7%
Cimarex Energy Co.	91,200	4,192
EQT Corp.	544,000	4,749
HollyFrontier Corp.	101,300	5,222
PBF Energy, Inc. Class A	237,800	7,443
PDC Energy, Inc. (a)	143,700	3,266
WPX Energy, Inc. (a)	1,033,700	10,172
		35,044

TOTAL ENERGY		41,726

FINANCIALS - 15.7%
Banks - 6.5%
Banco Inter SA unit	248,400	2,648
First Horizon National Corp.	2,091,200	33,626
Huntington Bancshares, Inc.	2,496,806	37,177
Live Oak Bancshares, Inc. (b)	186,000	3,395
PacWest Bancorp	419,300	15,615
Piraeus Bank SA (a)	1,283,500	4,497
Popular, Inc.	180,800	10,000
Signature Bank	160,200	19,762
Wintrust Financial Corp.	160,900	10,927
		137,647
Capital Markets - 3.7%
Avanza Bank Holding AB	488,803	4,757
E*TRADE Financial Corp.	265,500	11,762
Lazard Ltd. Class A	468,800	18,114
Morningstar, Inc.	109,700	17,234
SEI Investments Co.	291,600	18,817
Virtu Financial, Inc. Class A (b)	528,870	8,779
		79,463
Consumer Finance - 3.4%
First Cash Financial Services, Inc.	103,500	8,367
OneMain Holdings, Inc.	1,228,614	52,938
SLM Corp.	1,265,062	10,791
		72,096
Diversified Financial Services - 0.3%
ECN Capital Corp.	1,906,300	6,386
Insurance - 1.4%
Argo Group International Holdings, Ltd.	85,200	5,604
Beazley PLC	470,300	3,236
Old Republic International Corp.	627,700	14,161
Talanx AG	134,800	6,425
		29,426
Thrifts & Mortgage Finance - 0.4%
Essent Group Ltd.	143,300	7,831

TOTAL FINANCIALS		332,849

HEALTH CARE - 10.4%
Biotechnology - 0.9%
Neurocrine Biosciences, Inc. (a)	80,000	9,329
Sarepta Therapeutics, Inc. (a)	94,000	10,574
		19,903
Health Care Equipment & Supplies - 5.4%
Hologic, Inc. (a)	320,000	16,422
Insulet Corp. (a)	84,000	15,599
Integra LifeSciences Holdings Corp. (a)	210,000	12,808
Masimo Corp. (a)	165,000	25,587
Nanosonics Ltd. (a)	2,800,000	12,632
Nevro Corp. (a)	34,202	3,823
Penumbra, Inc. (a)	100,300	17,745
Varian Medical Systems, Inc. (a)	78,000	10,431
		115,047
Health Care Providers & Services - 3.5%
HealthEquity, Inc. (a)	240,000	15,094
LHC Group, Inc. (a)	67,000	8,938
Molina Healthcare, Inc. (a)	170,000	23,035
Premier, Inc. (a)	240,000	8,530
Wellcare Health Plans, Inc. (a)	56,000	18,036
		73,633
Life Sciences Tools & Services - 0.4%
Avantor, Inc.	460,000	7,880
Pharmaceuticals - 0.2%
Nektar Therapeutics (a)	180,000	3,652

TOTAL HEALTH CARE		220,115

INDUSTRIALS - 15.7%
Airlines - 1.6%
American Airlines Group, Inc.	565,191	16,244
JetBlue Airways Corp. (a)	885,600	17,066
		33,310
Building Products - 1.2%
Jeld-Wen Holding, Inc. (a)	1,146,409	26,081
Construction & Engineering - 4.2%
AECOM (a)	901,937	39,081
Arcadis NV (b)	850,084	17,290
Fluor Corp.	162,700	2,837
Granite Construction, Inc. (b)	883,563	22,761
Jacobs Engineering Group, Inc.	71,200	6,557
		88,526
Electrical Equipment - 0.9%
Sensata Technologies, Inc. PLC (a)	371,051	19,105
Machinery - 1.4%
Allison Transmission Holdings, Inc.	368,463	17,834
Kennametal, Inc.	201,600	7,022
WABCO Holdings, Inc. (a)	35,900	4,838
		29,694
Marine - 1.0%
A.P. Moller - Maersk A/S Series B	15,785	22,062
Professional Services - 1.5%
Nielsen Holdings PLC	1,573,499	30,762
Road & Rail - 1.8%
Genesee & Wyoming, Inc. Class A (a)	67,600	7,534
Knight-Swift Transportation Holdings, Inc. Class A	574,200	21,240
Ryder System, Inc.	197,700	10,377
		39,151
Trading Companies & Distributors - 2.1%
HD Supply Holdings, Inc. (a)	665,449	26,498
MRC Global, Inc. (a)	1,393,855	18,594
		45,092

TOTAL INDUSTRIALS		333,783

INFORMATION TECHNOLOGY - 14.6%
Electronic Equipment & Components - 4.4%
Avnet, Inc.	319,800	13,000
Belden, Inc.	157,200	8,448
Cognex Corp.	326,700	16,394
Coherent, Inc. (a)	17,500	2,640
Corning, Inc.	339,200	9,850
Jabil, Inc.	185,900	7,220
Trimble, Inc. (a)	523,400	21,213
TTM Technologies, Inc. (a)	488,500	6,551
Vishay Intertechnology, Inc. (b)	398,300	7,922
		93,238
IT Services - 3.7%
Akamai Technologies, Inc. (a)	51,500	4,487
Alliance Data Systems Corp.	31,000	3,314
Capgemini SA	124,500	14,726
ExlService Holdings, Inc. (a)	73,200	5,110
Gartner, Inc. (a)	68,900	11,056
GoDaddy, Inc. (a)	102,500	6,804
GreenSky, Inc. Class A (a)(b)	263,600	1,961
Leidos Holdings, Inc.	85,700	7,785
Liveramp Holdings, Inc. (a)	142,500	7,138
PagSeguro Digital Ltd. (a)	62,000	2,104
Twilio, Inc. Class A (a)	68,000	7,023
WEX, Inc. (a)	31,900	6,416
		77,924
Semiconductors & Semiconductor Equipment - 1.4%
Cirrus Logic, Inc. (a)	93,200	6,682
Microchip Technology, Inc. (b)	84,100	7,951
ON Semiconductor Corp. (a)	379,500	8,148
Skyworks Solutions, Inc.	77,200	7,589
		30,370
Software - 4.8%
Blackbaud, Inc.	84,400	6,995
Box, Inc. Class A (a)	271,400	4,950
Check Point Software Technologies Ltd. (a)	59,500	7,014
Citrix Systems, Inc.	83,500	9,420
Constellation Software, Inc.	7,700	8,226
LogMeIn, Inc.	97,600	7,611
Micro Focus International PLC	594,393	8,711
Nortonlifelock, Inc.	431,200	10,737
Parametric Technology Corp. (a)	275,700	21,119
Pivotal Software, Inc. (a)	509,500	7,653
Pluralsight, Inc. (a)	558,400	9,487
		101,923
Technology Hardware, Storage & Peripherals - 0.3%
Western Digital Corp.	106,900	5,380

TOTAL INFORMATION TECHNOLOGY		308,835

MATERIALS - 5.8%
Chemicals - 1.8%
Ashland Global Holdings, Inc.	197,200	14,139
Axalta Coating Systems Ltd. (a)	372,500	10,605
Olin Corp.	459,300	8,047
The Chemours Co. LLC	422,700	6,674
		39,465
Construction Materials - 0.6%
Eagle Materials, Inc.	142,500	13,114
Containers & Packaging - 1.7%
Aptargroup, Inc.	172,100	19,296
Sonoco Products Co.	264,800	16,028
		35,324
Metals & Mining - 1.3%
Steel Dynamics, Inc.	530,500	17,894
Wheaton Precious Metals Corp. (b)	328,000	9,066
		26,960
Paper & Forest Products - 0.4%
Louisiana-Pacific Corp.	284,000	8,423

TOTAL MATERIALS		123,286

REAL ESTATE - 10.7%
Equity Real Estate Investment Trusts (REITs) - 9.9%
Acadia Realty Trust (SBI)	523,500	14,072
Alexandria Real Estate Equities, Inc.	137,000	22,265
CareTrust (REIT), Inc.	697,700	14,568
CoreSite Realty Corp.	105,000	11,906
CubeSmart	174,700	5,388
Duke Realty Corp.	712,078	25,051
Equity Lifestyle Properties, Inc.	185,200	13,720
Four Corners Property Trust, Inc.	314,600	8,909
Front Yard Residential Corp. Class B	546,521	6,340
Healthcare Realty Trust, Inc.	576,100	19,121
Highwoods Properties, Inc. (SBI)	389,000	18,886
National Retail Properties, Inc.	246,800	13,757
Outfront Media, Inc.	319,800	7,989
Potlatch Corp.	161,754	7,025
RLJ Lodging Trust	777,700	13,291
UDR, Inc.	175,400	8,428
		210,716
Real Estate Management & Development - 0.8%
Jones Lang LaSalle, Inc.	62,600	10,412
The RMR Group, Inc.	120,200	5,646
		16,058

TOTAL REAL ESTATE		226,774

UTILITIES - 4.4%
Electric Utilities - 0.8%
Entergy Corp.	53,600	6,239
OGE Energy Corp.	164,800	6,931
PNM Resources, Inc.	78,000	3,779
		16,949
Gas Utilities - 1.7%
Atmos Energy Corp.	136,900	14,643
National Fuel Gas Co.	84,100	3,786
Southwest Gas Holdings, Inc.	117,400	8,894
UGI Corp.	227,774	9,920
		37,243
Independent Power and Renewable Electricity Producers - 0.2%
Clearway Energy, Inc. Class C	202,100	4,008
Multi-Utilities - 0.6%
Black Hills Corp.	73,500	5,628
CMS Energy Corp.	32,100	1,968
NiSource, Inc.	165,900	4,388
		11,984
Water Utilities - 1.1%
Aqua America, Inc.	425,098	18,819
SJW Corp.	65,750	4,656
		23,475

TOTAL UTILITIES		93,659

TOTAL COMMON STOCKS
(Cost $1,807,732)		2,056,081
	Principal Amount (000s)	Value (000s)

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 1.52% to 1.91% 12/12/19 to 2/6/20 (c)
(Cost $969)	970	969
	Shares	Value (000s)

Money Market Funds - 4.8%
Fidelity Cash Central Fund 1.61% (d)	63,654,153	$63,667
Fidelity Securities Lending Cash Central Fund 1.61% (d)(e)	38,610,747	38,615
TOTAL MONEY MARKET FUNDS
(Cost $102,278)		102,282
TOTAL INVESTMENT IN SECURITIES - 101.8%
(Cost $1,910,979)		2,159,332
NET OTHER ASSETS (LIABILITIES) - (1.8)%		(38,503)
NET ASSETS - 100%		$2,120,829

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)	83	Dec. 2019	$16,683	$151	$151

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

Legend

(a) Non-income producing

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

(c) 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 $759,000.

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$1,433
Fidelity Securities Lending Cash Central Fund	168
Total	$1,601

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$62,469	$62,469	$--	$--
Consumer Discretionary	256,403	256,403	--	--
Consumer Staples	56,182	56,182	--	--
Energy	41,726	41,726	--	--
Financials	332,849	332,849	--	--
Health Care	220,115	220,115	--	--
Industrials	333,783	333,783	--	--
Information Technology	308,835	300,124	8,711	--
Materials	123,286	123,286	--	--
Real Estate	226,774	226,774	--	--
Utilities	93,659	93,659	--	--
U.S. Government and Government Agency Obligations	969	--	969	--
Money Market Funds	102,282	102,282	--	--
Total Investments in Securities:	$2,159,332	$2,149,652	$9,680	$--
Derivative Instruments:
Assets
Futures Contracts	$151	$151	$--	$--
Total Assets	$151	$151	$--	$--
Total Derivative Instruments:	$151	$151	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Equity Risk
Futures Contracts^(a)	$151	$0
Total Equity Risk	151	0
Total Value of Derivatives	$151	$0

(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).

Other Information

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

United States of America	88.9%
United Kingdom	3.1%
Bermuda	2.1%
Canada	1.1%
Denmark	1.0%
Others (Individually Less Than 1%)	3.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $37,641) — See accompanying schedule: Unaffiliated issuers (cost $1,808,701)	$2,057,050
Fidelity Central Funds (cost $102,278)	102,282
Total Investment in Securities (cost $1,910,979)		$2,159,332
Cash		48
Receivable for investments sold		1,465
Receivable for fund shares sold		932
Dividends receivable		2,532
Distributions receivable from Fidelity Central Funds		88
Prepaid expenses		3
Other receivables		656
Total assets		2,165,056
Liabilities
Payable for investments purchased	$1,514
Payable for fund shares redeemed	1,832
Accrued management fee	1,305
Distribution and service plan fees payable	385
Payable for daily variation margin on futures contracts	176
Other affiliated payables	341
Other payables and accrued expenses	63
Collateral on securities loaned	38,611
Total liabilities		44,227
Net Assets		$2,120,829
Net Assets consist of:
Paid in capital		$1,796,357
Total accumulated earnings (loss)		324,472
Net Assets		$2,120,829
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($623,090 ÷ 17,273 shares)^(a)		$36.07
Maximum offering price per share (100/94.25 of $36.07)		$38.27
Class M:
Net Asset Value and redemption price per share ($543,658 ÷ 14,978 shares)^(a)		$36.30
Maximum offering price per share (100/96.50 of $36.30)		$37.62
Class C:
Net Asset Value and offering price per share ($35,234 ÷ 1,096 shares)^(a)		$32.15
Fidelity Stock Selector Mid Cap Fund:
Net Asset Value, offering price and redemption price per share ($361,598 ÷ 9,516 shares)		$38.00
Class I:
Net Asset Value, offering price and redemption price per share ($312,007 ÷ 8,179 shares)		$38.15
Class Z:
Net Asset Value, offering price and redemption price per share ($245,242 ÷ 6,433 shares)		$38.12

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$36,732
Interest		23
Income from Fidelity Central Funds (including $168 from security lending)		1,601
Total income		38,356
Expenses
Management fee
Basic fee	$10,893
Performance adjustment	2,507
Transfer agent fees	3,955
Distribution and service plan fees	4,687
Accounting and security lending fees	618
Custodian fees and expenses	52
Independent trustees' fees and expenses	12
Registration fees	129
Audit	77
Legal	14
Miscellaneous	14
Total expenses before reductions	22,958
Expense reductions	(16)
Total expenses after reductions		22,942
Net investment income (loss)		15,414
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	72,761
Fidelity Central Funds	2
Foreign currency transactions	(5)
Futures contracts	(126)
Total net realized gain (loss)		72,632
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	147,604
Fidelity Central Funds	1
Assets and liabilities in foreign currencies	5
Futures contracts	151
Total change in net unrealized appreciation (depreciation)		147,761
Net gain (loss)		220,393
Net increase (decrease) in net assets resulting from operations		$235,807

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$15,414	$14,138
Net realized gain (loss)	72,632	359,827
Change in net unrealized appreciation (depreciation)	147,761	(288,501)
Net increase (decrease) in net assets resulting from operations	235,807	85,464
Distributions to shareholders	(314,397)	(110,481)
Share transactions - net increase (decrease)	218,415	(543,193)
Total increase (decrease) in net assets	139,825	(568,210)
Net Assets
Beginning of period	1,981,004	2,549,214
End of period	$2,120,829	$1,981,004

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

Financial Highlights

Fidelity Advisor Stock Selector Mid Cap Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$39.28	$39.74	$33.13	$32.01	$31.80
Income from Investment Operations
Net investment income (loss)^A	.25	.26	.13	.20	.08
Net realized and unrealized gain (loss)	2.80^B	1.04	6.68	1.49	.13
Total from investment operations	3.05	1.30	6.81	1.69	.21
Distributions from net investment income	(.25)	(.11)	(.19)	(.04)	–
Distributions from net realized gain	(6.01)	(1.65)	(.01)	(.53)	–
Total distributions	(6.26)	(1.76)	(.20)	(.57)	–
Net asset value, end of period	$36.07	$39.28	$39.74	$33.13	$32.01
Total Return^C,^D	12.13%^B	3.36%	20.64%	5.49%	.66%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.14%	.93%	.87%	.88%	.98%
Expenses net of fee waivers, if any	1.14%	.92%	.87%	.88%	.98%
Expenses net of all reductions	1.14%	.91%	.86%	.88%	.97%
Net investment income (loss)	.75%	.64%	.36%	.64%	.24%
Supplemental Data
Net assets, end of period (in millions)	$623	$532	$564	$546	$593
Portfolio turnover rate^G	57%	81%	84%	98%	109%

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

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

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

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

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

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

Fidelity Advisor Stock Selector Mid Cap Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$39.43	$39.89	$33.25	$32.16	$32.02
Income from Investment Operations
Net investment income (loss)^A	.17	.16	.04	.13	–
Net realized and unrealized gain (loss)	2.85^B	1.04	6.71	1.49	.14
Total from investment operations	3.02	1.20	6.75	1.62	.14
Distributions from net investment income	(.14)	(.01)	(.11)	–	–
Distributions from net realized gain	(6.01)	(1.65)	(.01)	(.53)	–
Total distributions	(6.15)	(1.66)	(.11)^C	(.53)	–
Net asset value, end of period	$36.30	$39.43	$39.89	$33.25	$32.16
Total Return^D,^E	11.88%^B	3.10%	20.37%	5.22%	.44%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.38%	1.17%	1.11%	1.12%	1.22%
Expenses net of fee waivers, if any	1.38%	1.17%	1.11%	1.12%	1.21%
Expenses net of all reductions	1.38%	1.15%	1.10%	1.11%	1.21%
Net investment income (loss)	.51%	.39%	.11%	.41%	.01%
Supplemental Data
Net assets, end of period (in millions)	$544	$536	$606	$591	$681
Portfolio turnover rate^H	57%	81%	84%	98%	109%

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

^C Total distributions of $.11 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.006 per share.

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

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

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

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

Fidelity Advisor Stock Selector Mid Cap Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$35.67	$36.25	$30.28	$29.48	$29.51
Income from Investment Operations
Net investment income (loss)^A	(.01)	(.05)	(.13)	(.03)	(.15)
Net realized and unrealized gain (loss)	2.46^B	.96	6.10	1.36	.12
Total from investment operations	2.45	.91	5.97	1.33	(.03)
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(5.97)	(1.49)	–	(.53)	–
Total distributions	(5.97)	(1.49)	–	(.53)	–
Net asset value, end of period	$32.15	$35.67	$36.25	$30.28	$29.48
Total Return^C,^D	11.27%^B	2.59%	19.72%	4.71%	(.10)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.93%	1.69%	1.63%	1.63%	1.74%
Expenses net of fee waivers, if any	1.93%	1.69%	1.63%	1.63%	1.73%
Expenses net of all reductions	1.93%	1.67%	1.62%	1.63%	1.73%
Net investment income (loss)	(.04)%	(.12)%	(.40)%	(.11)%	(.51)%
Supplemental Data
Net assets, end of period (in millions)	$35	$114	$142	$140	$155
Portfolio turnover rate^G	57%	81%	84%	98%	109%

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

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

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

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

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

Fidelity Stock Selector Mid Cap Fund

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$41.00	$41.43	$34.53	$33.34	$33.14
Income from Investment Operations
Net investment income (loss)^A	.34	.33	.20	.28	.16
Net realized and unrealized gain (loss)	2.99^B	1.09	6.96	1.55	.14
Total from investment operations	3.33	1.42	7.16	1.83	.30
Distributions from net investment income	(.32)	(.20)	(.26)	(.12)	(.10)
Distributions from net realized gain	(6.01)	(1.65)	(.01)	(.53)	–
Total distributions	(6.33)	(1.85)	(.26)^C	(.64)^D	(.10)
Net asset value, end of period	$38.00	$41.00	$41.43	$34.53	$33.34
Total Return^E	12.38%^B	3.53%	20.87%	5.73%	.90%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.94%	.77%	.70%	.64%	.75%
Expenses net of fee waivers, if any	.94%	.76%	.70%	.64%	.74%
Expenses net of all reductions	.94%	.75%	.69%	.63%	.74%
Net investment income (loss)	.95%	.80%	.53%	.89%	.48%
Supplemental Data
Net assets, end of period (in millions)	$362	$502	$545	$222	$486
Portfolio turnover rate^H	57%	81%	84%	98%	109%

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

^C Total distributions of $.26 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.006 per share.

^D Total distributions of $.64 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.529 per share.

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

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

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

Fidelity Advisor Stock Selector Mid Cap Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$41.11	$41.51	$34.60	$33.39	$33.22
Income from Investment Operations
Net investment income (loss)^A	.35	.36	.23	.28	.13
Net realized and unrealized gain (loss)	3.01^B	1.10	6.96	1.56	.14
Total from investment operations	3.36	1.46	7.19	1.84	.27
Distributions from net investment income	(.31)	(.21)	(.27)	(.11)	(.10)
Distributions from net realized gain	(6.01)	(1.65)	(.01)	(.53)	–
Total distributions	(6.32)	(1.86)	(.28)	(.63)^C	(.10)
Net asset value, end of period	$38.15	$41.11	$41.51	$34.60	$33.39
Total Return^D	12.41%^B	3.62%	20.92%	5.75%	.80%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.91%	.69%	.63%	.64%	.83%
Expenses net of fee waivers, if any	.91%	.69%	.63%	.64%	.83%
Expenses net of all reductions	.91%	.67%	.62%	.64%	.82%
Net investment income (loss)	.98%	.87%	.60%	.88%	.39%
Supplemental Data
Net assets, end of period (in millions)	$312	$279	$683	$523	$479
Portfolio turnover rate^G	57%	81%	84%	98%	109%

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

^C Total distributions of $.63 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.529 per share.

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

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

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

Fidelity Advisor Stock Selector Mid Cap Fund Class Z

Years ended November 30,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$41.15	$41.57	$35.79
Income from Investment Operations
Net investment income (loss)^B	.41	.43	.23
Net realized and unrealized gain (loss)	2.99^C	1.08	5.55
Total from investment operations	3.40	1.51	5.78
Distributions from net investment income	(.42)	(.28)	–
Distributions from net realized gain	(6.01)	(1.65)	–
Total distributions	(6.43)	(1.93)	–
Net asset value, end of period	$38.12	$41.15	$41.57
Total Return^D,^E	12.59%^C	3.75%	16.15%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.75%	.53%	.48%^H
Expenses net of fee waivers, if any	.75%	.53%	.47%^H
Expenses net of all reductions	.75%	.52%	.46%^H
Net investment income (loss)	1.14%	1.03%	.69%^H
Supplemental Data
Net assets, end of period (in millions)	$245	$18	$9
Portfolio turnover rate^I	57%	81%	84%

^A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.

^B 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 $.06 per share. Excluding these litigation proceeds, the total return would have been 12.41%

^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.

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

^H Annualized

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, 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	$348,211
Gross unrealized depreciation	(106,778)
Net unrealized appreciation (depreciation)	$241,433
Tax Cost	$1,917,899

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

Undistributed ordinary income	$18,933
Undistributed long-term capital gain	$64,112
Net unrealized appreciation (depreciation) on securities and other investments	$241,428

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$31,377	$ 53,420
Long-term Capital Gains	283,020	57,061
Total	$314,397	$ 110,481

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,123,040 and $1,163,642, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .66% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$1,440	$29
Class M	.25%	.25%	2,657	40
Class C	.75%	.25%	590	43
			$4,687	$112

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

	Retained by FDC
Class A	$52
Class M	14
Class C^(a)	3
	$69

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$1,084	.19
Class M	952	.18
Class C	122	.21
Fidelity Stock Selector Mid Cap Fund	1,173	.24
Class I	589	.20
Class Z	35	.04
	$3,955

	Amount
Fidelity Advisor Stock Selector Mid Cap Fund	$37

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $5. 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, and includes $1 from securities loaned to NFS, as affiliated borrower.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$84,647	$24,662
Class M	83,088	24,902
Class C	18,993	5,817
Fidelity Stock Selector Mid Cap Fund	82,532	23,962
Class I	42,535	30,651
Class Z	2,602	487
Total	$314,397	$110,481

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	3,779	1,009	$125,147	$40,393
Reinvestment of distributions	2,756	603	78,073	23,126
Shares redeemed	(2,815)	(2,254)	(93,979)	(89,934)
Net increase (decrease)	3,720	(642)	$109,241	$(26,415)
Class M
Shares sold	1,917	943	$63,921	$37,889
Reinvestment of distributions	2,831	628	80,879	24,265
Shares redeemed	(3,357)	(3,179)	(113,233)	(127,217)
Net increase (decrease)	1,391	(1,608)	$31,567	$(65,063)
Class C
Shares sold	276	105	$8,212	$3,842
Reinvestment of distributions	737	153	18,739	5,355
Shares redeemed	(3,110)	(989)	(92,128)	(35,928)
Net increase (decrease)	(2,097)	(731)	$(65,177)	$(26,731)
Fidelity Stock Selector Mid Cap Fund
Shares sold	4,085	2,202	$146,301	$91,837
Reinvestment of distributions	2,719	590	81,003	23,601
Shares redeemed	(9,537)	(3,700)	(335,660)	(155,546)
Net increase (decrease)	(2,733)	(908)	$(108,356)	$(40,108)
Class I
Shares sold	2,002	12,470	$69,438	$506,015
Reinvestment of distributions	1,375	746	41,120	29,881
Shares redeemed	(1,982)	(22,883)	(69,771)	(930,143)
Net increase (decrease)	1,395	(9,667)	$40,787	$(394,247)
Class Z
Shares sold	6,216	265	$219,042	$11,054
Reinvestment of distributions	76	12	2,264	461
Shares redeemed	(297)	(51)	(10,953)	(2,144)
Net increase (decrease)	5,995	226	$210,353	$9,371

12. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Stock Selector Mid Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Stock Selector Mid Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	1.20%
Actual		$1,000.00	$1,118.80	$6.37
Hypothetical-^C		$1,000.00	$1,019.05	$6.07
Class M	1.44%
Actual		$1,000.00	$1,117.60	$7.64
Hypothetical-^C		$1,000.00	$1,017.85	$7.28
Class C	2.05%
Actual		$1,000.00	$1,114.80	$10.87
Hypothetical-^C		$1,000.00	$1,014.79	$10.35
Fidelity Stock Selector Mid Cap Fund	.99%
Actual		$1,000.00	$1,120.30	$5.26
Hypothetical-^C		$1,000.00	$1,020.10	$5.01
Class I	.96%
Actual		$1,000.00	$1,120.40	$5.10
Hypothetical-^C		$1,000.00	$1,020.26	$4.86
Class Z	.77%
Actual		$1,000.00	$1,121.20	$4.09
Hypothetical-^C		$1,000.00	$1,021.21	$3.90

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Stock Selector Mid Cap Fund
Class A	12/30/19	12/27/19	$0.210	$1.270
Class M	12/30/19	12/27/19	$0.118	$1.270
Class C	12/30/19	12/27/19	$0.000	$1.114
Fidelity Stock Selector Mid Cap Fund	12/30/19	12/27/19	$0.244	$1.270
Class I	12/30/19	12/27/19	$0.289	$1.270
Class Z	12/30/19	12/27/19	$0.353	$1.270

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019 $64,117,168, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 62%; Class M designates 75%; Class C designates 100%; Fidelity Stock Selector Mid Cap Fund designates 56%; Class I designates 57% and Class Z designates 50% of the dividends distributed in December 2018, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 75%; Class M designates 91%; Class C designates 100%; Fidelity Stock Selector Mid Cap Fund designates 68%; Class I designates 69% and Class Z designates 60% of the dividends distributed in December 2018, during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Stock Selector Mid Cap Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

MC-ANN-0120
1.539186.122

Fidelity Advisor® Large Cap Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	7.63%	7.55%	12.23%
Class M (incl. 3.50% sales charge)	9.94%	7.78%	12.20%
Class C (incl. contingent deferred sales charge)	12.37%	8.01%	12.05%
Class I	14.54%	9.12%	13.22%
Class Z	14.67%	9.20%	13.26%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Large Cap Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$31,692	Fidelity Advisor® Large Cap Fund - Class A
	$35,289	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 13% to 15%, trailing the benchmark S&P 500^® index. The fund's underperformance of the benchmark the past 12 months was due to sector positioning, especially a large overweight in energy and an underweight in information technology. Security selection contributed overall, led by my picks in tech and industrials. Our biggest individual relative detractor was integrated energy company Exxon Mobil (-10%), which struggled along with sluggish oil prices. It also hurt to overweight Altria Group (-3%), as concern about its ownership stake in e-cigarette manufacturer Juul Labs hampered the stock. Other notable relative detractors were Apple (+52%), a consumer electronics company I significantly underweighted, and social-media giant Facebook (+43%), a benchmark component the fund did not hold. Exxon Mobil, Altria and Apple were among the fund's largest holdings. In contrast, the top contributor was industrial conglomerate General Electric (+56%), our largest holding on November 30 and a stock that I believed was significantly undervalued. Semiconductor and telecommunications equipment firm Qualcomm (+50%) was another big contributor, benefiting from the successful resolution of a longstanding licensing dispute with Apple. Lastly, lacking exposure to benchmark component Amazon.com (+7%) also helped, as shares of the online retailer lagged the benchmark.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
General Electric Co.	6.4
Microsoft Corp.	5.2
Exxon Mobil Corp.	4.5
Comcast Corp. Class A	3.7
Altria Group, Inc.	3.6
Bank of America Corp.	3.1
Wells Fargo & Co.	2.9
Bristol-Myers Squibb Co.	2.4
Apple, Inc.	2.3
Qualcomm, Inc.	2.2
	36.3

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Health Care	19.0
Financials	18.5
Information Technology	14.9
Industrials	14.0
Consumer Staples	9.0

Asset Allocation (% of fund's net assets)

As of November 30, 2019^*
	Stocks	97.3%
	Other Investments	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	2.5%

* Foreign investments - 9.7%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares	Value
COMMUNICATION SERVICES - 8.3%
Diversified Telecommunication Services - 1.1%
Verizon Communications, Inc.	196,676	$11,847,762
Entertainment - 1.9%
Activision Blizzard, Inc.	60,411	3,312,335
Electronic Arts, Inc. (a)	44,503	4,495,248
The Walt Disney Co.	26,175	3,967,607
Vivendi SA	290,634	7,979,896
		19,755,086
Interactive Media & Services - 0.7%
Alphabet, Inc.:
Class A (a)	2,799	3,650,148
Class C (a)	2,877	3,754,370
		7,404,518
Media - 4.6%
Comcast Corp. Class A	877,623	38,747,055
Discovery Communications, Inc. Class A (a)	49,837	1,641,631
Interpublic Group of Companies, Inc.	153,520	3,438,848
Omnicom Group, Inc.	8,630	685,912
Sinclair Broadcast Group, Inc. Class A	91,901	3,200,912
		47,714,358

TOTAL COMMUNICATION SERVICES		86,721,724

CONSUMER DISCRETIONARY - 3.5%
Distributors - 0.3%
LKQ Corp. (a)	84,702	2,988,287
Hotels, Restaurants & Leisure - 0.1%
Drive Shack, Inc. (a)	70,750	271,680
Household Durables - 0.9%
Mohawk Industries, Inc. (a)	46,406	6,467,604
Whirlpool Corp.	22,234	3,181,685
		9,649,289
Internet & Direct Marketing Retail - 1.1%
Ocado Group PLC (a)	6,100	104,531
The Booking Holdings, Inc. (a)	5,909	11,250,913
		11,355,444
Leisure Products - 0.0%
Brunswick Corp.	2,534	148,923
Specialty Retail - 0.9%
Lowe's Companies, Inc.	68,530	8,039,254
TJX Companies, Inc.	25,299	1,546,528
		9,585,782
Textiles, Apparel & Luxury Goods - 0.2%
Capri Holdings Ltd. (a)	9,619	357,250
PVH Corp.	18,159	1,760,697
Tapestry, Inc.	8,146	219,046
		2,336,993

TOTAL CONSUMER DISCRETIONARY		36,336,398

CONSUMER STAPLES - 9.0%
Beverages - 1.0%
The Coca-Cola Co.	195,981	10,465,385
Food & Staples Retailing - 2.0%
Walgreens Boots Alliance, Inc.	63,821	3,803,732
Walmart, Inc.	142,095	16,922,094
		20,725,826
Food Products - 0.3%
Nestle SA sponsored ADR	28,772	2,990,562
Household Products - 1.1%
Colgate-Palmolive Co.	1,600	108,512
Procter & Gamble Co.	70,851	8,648,073
Spectrum Brands Holdings, Inc.	37,667	2,354,941
		11,111,526
Personal Products - 0.0%
Edgewell Personal Care Co. (a)	7,012	218,494
Tobacco - 4.6%
Altria Group, Inc.	769,280	38,233,216
British American Tobacco PLC sponsored ADR	182,347	7,222,765
Philip Morris International, Inc.	38,926	3,228,133
		48,684,114

TOTAL CONSUMER STAPLES		94,195,907

ENERGY - 8.4%
Energy Equipment & Services - 0.1%
Schlumberger Ltd.	20,900	756,580
Oil, Gas & Consumable Fuels - 8.3%
Cenovus Energy, Inc. (Canada)	1,651,062	14,704,557
EOG Resources, Inc.	2,900	205,610
Equinor ASA sponsored ADR	536,775	9,946,441
Exxon Mobil Corp.	684,768	46,653,244
Hess Corp.	172,035	10,681,653
Kosmos Energy Ltd.	798,684	4,768,143
Noble Energy, Inc.	25,081	520,682
		87,480,330

TOTAL ENERGY		88,236,910

FINANCIALS - 18.5%
Banks - 11.8%
Bank of America Corp.	978,814	32,614,082
Citigroup, Inc.	72,609	5,454,388
First Hawaiian, Inc.	18,611	531,158
JPMorgan Chase & Co.	164,918	21,729,596
M&T Bank Corp.	10,428	1,717,909
PNC Financial Services Group, Inc.	81,141	12,431,613
SunTrust Banks, Inc.	150,909	10,690,394
U.S. Bancorp	134,990	8,103,450
Wells Fargo & Co.	560,403	30,519,547
		123,792,137
Capital Markets - 4.0%
Cboe Global Markets, Inc.	7,601	903,759
Charles Schwab Corp.	52,614	2,604,393
KKR & Co. LP	152,591	4,499,909
Morgan Stanley	88,425	4,375,269
Northern Trust Corp.	131,991	14,154,715
Raymond James Financial, Inc.	9,162	822,931
State Street Corp.	193,319	14,518,257
		41,879,233
Consumer Finance - 0.0%
Shriram Transport Finance Co. Ltd.	26,100	410,039
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc. Class B (a)	18,738	4,127,981
KKR Renaissance Co-Invest LP unit (a)(b)	14,257	5,849,439
		9,977,420
Insurance - 0.4%
Chubb Ltd.	22,295	3,377,247
The Travelers Companies, Inc.	8,900	1,216,808
		4,594,055
Thrifts & Mortgage Finance - 1.3%
MGIC Investment Corp.	152,476	2,197,179
Radian Group, Inc.	432,731	11,181,769
		13,378,948

TOTAL FINANCIALS		194,031,832

HEALTH CARE - 19.0%
Biotechnology - 2.9%
AbbVie, Inc.	55,826	4,897,615
Alexion Pharmaceuticals, Inc. (a)	67,356	7,674,543
Alnylam Pharmaceuticals, Inc. (a)	17,019	1,993,606
Amgen, Inc.	24,052	5,645,485
Gritstone Oncology, Inc. (a)	61,940	539,497
Heron Therapeutics, Inc. (a)	12,316	314,797
Insmed, Inc. (a)	82,286	1,896,692
Intercept Pharmaceuticals, Inc. (a)(c)	66,750	7,233,698
		30,195,933
Health Care Equipment & Supplies - 1.0%
Becton, Dickinson & Co.	11,897	3,075,375
Boston Scientific Corp.(a)	177,826	7,690,975
		10,766,350
Health Care Providers & Services - 7.3%
AmerisourceBergen Corp.	75,179	6,608,986
Cardinal Health, Inc.	151,082	8,314,042
Cigna Corp.	67,903	13,575,168
Covetrus, Inc. (a)(c)	46,621	667,147
CVS Health Corp.	285,298	21,474,380
McKesson Corp.	87,206	12,613,476
UnitedHealth Group, Inc.	44,999	12,593,870
		75,847,069
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	114,062	158,546
Life Sciences Tools & Services - 0.1%
Avantor, Inc.	81,374	1,393,937
Pharmaceuticals - 7.7%
Bayer AG	206,166	15,570,607
Bristol-Myers Squibb Co.	439,317	25,014,710
GlaxoSmithKline PLC sponsored ADR	395,038	17,966,328
Johnson & Johnson	147,584	20,291,324
TherapeuticsMD, Inc. (a)(c)	631,352	1,584,694
		80,427,663

TOTAL HEALTH CARE		198,789,498

INDUSTRIALS - 14.0%
Aerospace & Defense - 1.3%
General Dynamics Corp.	17,329	3,149,372
Huntington Ingalls Industries, Inc.	9,619	2,420,814
The Boeing Co.	3,667	1,342,782
United Technologies Corp.	47,792	7,089,465
		14,002,433
Air Freight & Logistics - 2.3%
C.H. Robinson Worldwide, Inc.	12,233	940,106
FedEx Corp.	26,892	4,304,065
United Parcel Service, Inc. Class B	150,863	18,062,827
XPO Logistics, Inc. (a)	9,799	810,279
		24,117,277
Commercial Services & Supplies - 0.2%
Healthcare Services Group, Inc. (c)	3,956	99,493
Stericycle, Inc. (a)	28,587	1,795,835
		1,895,328
Electrical Equipment - 0.5%
Acuity Brands, Inc.	20,056	2,622,924
Hubbell, Inc. Class B	16,485	2,423,625
Melrose Industries PLC	1	3
		5,046,552
Industrial Conglomerates - 6.5%
3M Co.	2,359	400,487
General Electric Co.	5,980,008	67,394,689
		67,795,176
Machinery - 0.7%
Flowserve Corp.	66,119	3,219,995
Fortive Corp.	2,900	209,293
Westinghouse Air Brake Co.	47,345	3,719,897
		7,149,185
Professional Services - 0.2%
Acacia Research Corp. (a)	36,900	109,593
IHS Markit Ltd. (a)	28,521	2,072,051
RELX PLC (London Stock Exchange)	21,300	515,961
		2,697,605
Road & Rail - 2.3%
J.B. Hunt Transport Services, Inc.	60,715	7,019,868
Knight-Swift Transportation Holdings, Inc. Class A (c)	251,258	9,294,033
Lyft, Inc.	45,916	2,248,966
Union Pacific Corp.	32,805	5,773,352
		24,336,219

TOTAL INDUSTRIALS		147,039,775

INFORMATION TECHNOLOGY - 14.9%
Communications Equipment - 0.1%
Cisco Systems, Inc.	31,544	1,429,259
IT Services - 2.3%
MasterCard, Inc. Class A	11,415	3,335,805
Paychex, Inc.	6,762	582,343
Unisys Corp. (a)	163,962	1,865,888
Visa, Inc. Class A	97,127	17,920,903
		23,704,939
Semiconductors & Semiconductor Equipment - 2.8%
Analog Devices, Inc.	10,518	1,188,008
Applied Materials, Inc.	53,516	3,098,576
Marvell Technology Group Ltd.	25,801	680,372
NVIDIA Corp.	2,407	521,693
Qualcomm, Inc.	270,201	22,575,294
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	13,135	697,337
		28,761,280
Software - 7.4%
Autodesk, Inc. (a)	19,241	3,480,697
Dynatrace, Inc. (c)	26,865	713,803
Microsoft Corp.	358,353	54,247,477
Oracle Corp.	140,028	7,861,172
Parametric Technology Corp. (a)	7,000	536,200
SAP SE sponsored ADR	80,317	10,919,096
		77,758,445
Technology Hardware, Storage & Peripherals - 2.3%
Apple, Inc.	91,042	24,330,975

TOTAL INFORMATION TECHNOLOGY		155,984,898

MATERIALS - 0.9%
Chemicals - 0.7%
Corteva, Inc.	41,203	1,072,102
International Flavors & Fragrances, Inc.	7,102	1,003,015
Intrepid Potash, Inc. (a)	367,016	836,796
Nutrien Ltd.	84,205	3,994,397
The Scotts Miracle-Gro Co. Class A	3,776	381,678
		7,287,988
Metals & Mining - 0.2%
BHP Billiton Ltd. sponsored ADR (c)	38,065	1,961,489

TOTAL MATERIALS		9,249,477

REAL ESTATE - 0.6%
Equity Real Estate Investment Trusts (REITs) - 0.6%
American Tower Corp.	9,709	2,078,017
Equinix, Inc.	5,742	3,254,853
Simon Property Group, Inc.	5,394	815,627
		6,148,497
UTILITIES - 0.2%
Electric Utilities - 0.1%
Duke Energy Corp.	7,282	642,054
Southern Co.	14,741	913,795
		1,555,849
Multi-Utilities - 0.1%
Sempra Energy	4,034	594,087

TOTAL UTILITIES		2,149,936

TOTAL COMMON STOCKS
(Cost $780,590,012)		1,018,884,852

Other - 0.2%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Utica Shale Drilling Program (non-operating revenue interest) (b)(d)(e)
(Cost $3,301,608)	3,301,608	1,542,181

Money Market Funds - 4.1%
Fidelity Cash Central Fund 1.61% (f)	25,592,384	25,597,503
Fidelity Securities Lending Cash Central Fund 1.61% (f)(g)	17,817,913	17,819,694
TOTAL MONEY MARKET FUNDS
(Cost $43,417,197)		43,417,197
TOTAL INVESTMENT IN SECURITIES - 101.6%
(Cost $827,308,817)		1,063,844,230
NET OTHER ASSETS (LIABILITIES) - (1.6)%		(16,645,573)
NET ASSETS - 100%		$1,047,198,657

Legend

(a) Non-income producing

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

(e) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
KKR Renaissance Co-Invest LP unit	7/25/13	$1,504,114
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$3,301,608

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$318,027
Fidelity Securities Lending Cash Central Fund	166,624
Total	$484,651

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$86,721,724	$86,721,724	$--	$--
Consumer Discretionary	36,336,398	36,336,398	--	--
Consumer Staples	94,195,907	94,195,907	--	--
Energy	88,236,910	88,236,910	--	--
Financials	194,031,832	188,182,393	5,849,439	--
Health Care	198,789,498	183,218,891	15,570,607	--
Industrials	147,039,775	147,039,775	--	--
Information Technology	155,984,898	155,984,898	--	--
Materials	9,249,477	9,249,477	--	--
Real Estate	6,148,497	6,148,497	--	--
Utilities	2,149,936	2,149,936	--	--
Other	1,542,181	--	--	1,542,181
Money Market Funds	43,417,197	43,417,197	--	--
Total Investments in Securities:	$1,063,844,230	$1,040,882,003	$21,420,046	$1,542,181

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $17,152,116) — See accompanying schedule: Unaffiliated issuers (cost $783,891,620)	$1,020,427,033
Fidelity Central Funds (cost $43,417,197)	43,417,197
Total Investment in Securities (cost $827,308,817)		$1,063,844,230
Restricted cash		154,966
Foreign currency held at value (cost $3)		3
Receivable for investments sold		1,643,889
Receivable for fund shares sold		186,034
Dividends receivable		2,279,350
Distributions receivable from Fidelity Central Funds		39,552
Prepaid expenses		1,809
Other receivables		88,650
Total assets		1,068,238,483
Liabilities
Payable for investments purchased	$1,804,623
Payable for fund shares redeemed	657,517
Accrued management fee	253,973
Distribution and service plan fees payable	259,547
Other affiliated payables	181,984
Other payables and accrued expenses	58,787
Collateral on securities loaned	17,823,395
Total liabilities		21,039,826
Net Assets		$1,047,198,657
Net Assets consist of:
Paid in capital		$733,088,152
Total accumulated earnings (loss)		314,110,505
Net Assets		$1,047,198,657
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($423,325,022 ÷ 12,904,940 shares)^(a)		$32.80
Maximum offering price per share (100/94.25 of $32.80)		$34.80
Class M:
Net Asset Value and redemption price per share ($175,138,747 ÷ 5,358,227 shares)^(a)		$32.69
Maximum offering price per share (100/96.50 of $32.69)		$33.88
Class C:
Net Asset Value and offering price per share ($119,071,838 ÷ 4,092,880 shares)^(a)		$29.09
Class I:
Net Asset Value, offering price and redemption price per share ($301,067,224 ÷ 8,694,574 shares)		$34.63
Class Z:
Net Asset Value, offering price and redemption price per share ($28,595,826 ÷ 825,571 shares)		$34.64

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$26,962,553
Non-Cash dividends		1,756,355
Income from Fidelity Central Funds (including $166,624 from security lending)		484,651
Total income		29,203,559
Expenses
Management fee
Basic fee	$5,995,343
Performance adjustment	(1,347,190)
Transfer agent fees	2,039,798
Distribution and service plan fees	3,122,393
Accounting and security lending fees	365,058
Custodian fees and expenses	35,629
Independent trustees' fees and expenses	6,581
Registration fees	89,915
Audit	58,410
Legal	9,658
Miscellaneous	7,946
Total expenses before reductions	10,383,541
Expense reductions	(33,725)
Total expenses after reductions		10,349,816
Net investment income (loss)		18,853,743
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	84,387,542
Redemptions in-kind with affiliated entities	38,293,813
Fidelity Central Funds	497
Foreign currency transactions	(157)
Total net realized gain (loss)		122,681,695
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(5,211,118)
Assets and liabilities in foreign currencies	(1,129)
Total change in net unrealized appreciation (depreciation)		(5,212,247)
Net gain (loss)		117,469,448
Net increase (decrease) in net assets resulting from operations		$136,323,191

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$18,853,743	$15,089,949
Net realized gain (loss)	122,681,695	165,234,743
Change in net unrealized appreciation (depreciation)	(5,212,247)	(127,512,263)
Net increase (decrease) in net assets resulting from operations	136,323,191	52,812,429
Distributions to shareholders	(156,407,970)	(97,436,803)
Share transactions - net increase (decrease)	(143,854,088)	(129,052,235)
Total increase (decrease) in net assets	(163,938,867)	(173,676,609)
Net Assets
Beginning of period	1,211,137,524	1,384,814,133
End of period	$1,047,198,657	$1,211,137,524

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

Financial Highlights

Fidelity Advisor Large Cap Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$33.76	$34.98	$30.27	$28.12	$29.60
Income from Investment Operations
Net investment income (loss)^A	.51	.40	.39	.34	.25
Net realized and unrealized gain (loss)	2.97	.89	4.93	2.64	(.74)
Total from investment operations	3.48	1.29	5.32	2.98	(.49)
Distributions from net investment income	(.45)	(.38)	(.33)	(.23)	(.14)
Distributions from net realized gain	(3.99)	(2.13)	(.27)	(.60)	(.85)
Total distributions	(4.44)	(2.51)	(.61)^B	(.83)	(.99)
Net asset value, end of period	$32.80	$33.76	$34.98	$30.27	$28.12
Total Return^C,^D	14.19%	3.77%	17.84%	11.09%	(1.57)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.91%	.92%	.91%	.92%	1.15%
Expenses net of fee waivers, if any	.91%	.92%	.91%	.92%	1.15%
Expenses net of all reductions	.90%	.92%	.90%	.91%	1.15%
Net investment income (loss)	1.71%	1.17%	1.22%	1.25%	.90%
Supplemental Data
Net assets, end of period (000 omitted)	$423,325	$401,495	$461,949	$455,182	$469,026
Portfolio turnover rate^G	28%^H	37%	31%	28%	31%

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

^B Total distributions of $.61 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.273 per share.

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

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

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

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

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

Fidelity Advisor Large Cap Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$33.63	$34.86	$30.17	$28.02	$29.50
Income from Investment Operations
Net investment income (loss)^A	.43	.31	.31	.27	.18
Net realized and unrealized gain (loss)	2.98	.89	4.91	2.64	(.74)
Total from investment operations	3.41	1.20	5.22	2.91	(.56)
Distributions from net investment income	(.36)	(.29)	(.26)	(.16)	(.07)
Distributions from net realized gain	(3.99)	(2.13)	(.27)	(.60)	(.85)
Total distributions	(4.35)	(2.43)^B	(.53)	(.76)	(.92)
Net asset value, end of period	$32.69	$33.63	$34.86	$30.17	$28.02
Total Return^C,^D	13.93%	3.50%	17.54%	10.81%	(1.84)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.17%	1.18%	1.17%	1.18%	1.41%
Expenses net of fee waivers, if any	1.16%	1.18%	1.17%	1.18%	1.41%
Expenses net of all reductions	1.16%	1.18%	1.17%	1.18%	1.41%
Net investment income (loss)	1.46%	.92%	.96%	.99%	.63%
Supplemental Data
Net assets, end of period (000 omitted)	$175,139	$173,195	$193,882	$173,119	$177,560
Portfolio turnover rate^G	28%^H	37%	31%	28%	31%

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

^B Total distributions of $2.43 per share is comprised of distributions from net investment income of $.294 and distributions from net realized gain of $2.132 per share.

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

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

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

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

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

Fidelity Advisor Large Cap Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$30.44	$31.78	$27.58	$25.70	$27.21
Income from Investment Operations
Net investment income (loss)^A	.25	.13	.14	.12	.04
Net realized and unrealized gain (loss)	2.60	.81	4.49	2.40	(.69)
Total from investment operations	2.85	.94	4.63	2.52	(.65)
Distributions from net investment income	(.21)	(.15)	(.15)	(.04)	(.01)
Distributions from net realized gain	(3.99)	(2.13)	(.27)	(.60)	(.85)
Total distributions	(4.20)	(2.28)	(.43)^B	(.64)	(.86)
Net asset value, end of period	$29.09	$30.44	$31.78	$27.58	$25.70
Total Return^C,^D	13.33%	3.01%	16.97%	10.21%	(2.33)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	1.67%	1.69%	1.67%	1.67%	1.90%
Expenses net of fee waivers, if any	1.67%	1.69%	1.67%	1.67%	1.90%
Expenses net of all reductions	1.67%	1.68%	1.66%	1.67%	1.90%
Net investment income (loss)	.95%	.41%	.46%	.49%	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$119,072	$158,775	$194,553	$169,524	$181,957
Portfolio turnover rate^G	28%^H	37%	31%	28%	31%

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

^B Total distributions of $.43 per share is comprised of distributions from net investment income of $.152 and distributions from net realized gain of $.273 per share.

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

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

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

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

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

Fidelity Advisor Large Cap Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$35.37	$36.53	$31.57	$29.30	$30.78
Income from Investment Operations
Net investment income (loss)^A	.62	.51	.50	.43	.34
Net realized and unrealized gain (loss)	3.17	.93	5.14	2.74	(.78)
Total from investment operations	3.79	1.44	5.64	3.17	(.44)
Distributions from net investment income	(.54)	(.47)	(.40)	(.30)	(.20)
Distributions from net realized gain	(3.99)	(2.13)	(.27)	(.60)	(.85)
Total distributions	(4.53)	(2.60)	(.68)^B	(.90)	(1.04)^C
Net asset value, end of period	$34.63	$35.37	$36.53	$31.57	$29.30
Total Return^D	14.54%	4.05%	18.16%	11.34%	(1.33)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.64%	.66%	.64%	.65%	.89%
Expenses net of fee waivers, if any	.64%	.66%	.64%	.65%	.89%
Expenses net of all reductions	.64%	.66%	.64%	.65%	.89%
Net investment income (loss)	1.98%	1.44%	1.48%	1.51%	1.15%
Supplemental Data
Net assets, end of period (000 omitted)	$301,067	$459,962	$520,465	$433,079	$498,404
Portfolio turnover rate^G	28%^H	37%	31%	28%	31%

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

^B Total distributions of $.68 per share is comprised of distributions from net investment income of $.404 and distributions from net realized gain of $.273 per share.

^C Total distributions of $1.04 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.849 per share.

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

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

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

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

Fidelity Advisor Large Cap Fund Class Z

Years ended November 30,	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$35.41	$36.57	$32.04
Income from Investment Operations
Net investment income (loss)^B	.66	.56	.51
Net realized and unrealized gain (loss)	3.16	.93	4.02
Total from investment operations	3.82	1.49	4.53
Distributions from net investment income	(.60)	(.52)	–
Distributions from net realized gain	(3.99)	(2.13)	–
Total distributions	(4.59)	(2.65)	–
Net asset value, end of period	$34.64	$35.41	$36.57
Total Return^C,^D	14.67%	4.19%	14.14%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.51%	.53%	.51%^G
Expenses net of fee waivers, if any	.51%	.53%	.51%^G
Expenses net of all reductions	.51%	.53%	.51%^G
Net investment income (loss)	2.11%	1.57%	1.80%^G
Supplemental Data
Net assets, end of period (000 omitted)	$28,596	$17,711	$13,966
Portfolio turnover rate^H	28%^I	37%	31%

^A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.

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

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

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

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

^G Annualized

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019

1. Organization.

Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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.

Book-tax differences are primarily due to in-kind transactions, partnerships, 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	$293,868,599
Gross unrealized depreciation	(62,549,406)
Net unrealized appreciation (depreciation)	$231,319,193
Tax Cost	$832,525,037

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

Undistributed ordinary income	$16,836,281
Undistributed long-term capital gain	$65,957,293
Net unrealized appreciation (depreciation) on securities and other investments	$231,316,931

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$15,497,287	$ 23,346,706
Long-term Capital Gains	140,910,683	74,090,097
Total	$156,407,970	$ 97,436,803

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $1,697,147 in this Subsidiary, representing .16% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $310,571,984 and $502,371,578, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .42% 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%	$993,100	$19,710
Class M	.25%	.25%	833,728	5,251
Class C	.75%	.25%	1,295,565	101,956
			$3,122,393	$126,917

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

	Retained by FDC
Class A	$88,973
Class M	12,725
Class C^(a)	15,224
	$116,922

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$749,899	.19
Class M	328,963	.20
Class C	260,547	.20
Class I	688,015	.17
Class Z	12,374	.05
	$2,039,798

	Amount
Fidelity Advisor Large Cap Fund	$10,375

Affiliated Redemptions In-Kind. During the period, 3,448,450 shares of the Fund were redeemed in-kind for investments and cash with a value of $109,171,715. The net realized gain of $38,293,813 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,057 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $14,101. 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, and includes $259 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,771.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$52,574,860	$32,666,263
Class M	22,422,377	13,408,791
Class C	21,365,837	13,819,228
Class I	57,066,246	36,527,867
Class Z	2,978,650	1,014,654
Total	$156,407,970	$97,436,803

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	2,411,911	1,712,222	$70,596,919	$58,739,685
Reinvestment of distributions	2,012,376	950,555	50,953,371	31,701,003
Shares redeemed	(3,413,311)	(3,976,434)	(100,437,805)	(136,078,999)
Net increase (decrease)	1,010,976	(1,313,657)	$21,112,485	$(45,638,311)
Class M
Shares sold	632,380	598,948	$18,471,672	$20,402,311
Reinvestment of distributions	869,758	395,478	21,996,189	13,169,411
Shares redeemed	(1,294,413)	(1,406,391)	(37,697,052)	(47,695,158)
Net increase (decrease)	207,725	(411,965)	$2,770,809	$(14,123,436)
Class C
Shares sold	697,792	652,661	$17,629,082	$20,372,329
Reinvestment of distributions	880,159	423,097	19,900,399	12,811,392
Shares redeemed	(2,701,896)	(1,980,528)	(70,243,190)	(61,523,821)
Net increase (decrease)	(1,123,945)	(904,770)	$(32,713,709)	$(28,340,100)
Class I
Shares sold	2,258,206	2,810,257	$68,580,970	$100,775,615
Reinvestment of distributions	1,992,530	973,077	53,120,853	33,921,480
Shares redeemed	(8,559,302)^(a)	(5,026,296)	(266,670,865)^(a)	(180,183,302)
Net increase (decrease)	(4,308,566)	(1,242,962)	$(144,969,042)	$(45,486,207)
Class Z
Shares sold	663,462	445,216	$20,709,858	$15,909,977
Reinvestment of distributions	97,118	25,324	2,587,220	882,557
Shares redeemed	(435,227)	(352,207)	(13,351,709)	(12,256,715)
Net increase (decrease)	325,353	118,333	$9,945,369	$4,535,819

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

11. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Large Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2020

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 funds.

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	.84%
Actual		$1,000.00	$1,168.10	$4.57
Hypothetical-^C		$1,000.00	$1,020.86	$4.26
Class M	1.09%
Actual		$1,000.00	$1,167.10	$5.92
Hypothetical-^C		$1,000.00	$1,019.60	$5.52
Class C	1.59%
Actual		$1,000.00	$1,164.10	$8.63
Hypothetical-^C		$1,000.00	$1,017.10	$8.04
Class I	.56%
Actual		$1,000.00	$1,169.90	$3.05
Hypothetical-^C		$1,000.00	$1,022.26	$2.84
Class Z	.45%
Actual		$1,000.00	$1,170.70	$2.45
Hypothetical-^C		$1,000.00	$1,022.81	$2.28

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Large Cap Fund
Class A	12/30/19	12/27/19	$0.599	$2.083
Class M	12/30/19	12/27/19	$0.516	$2.083
Class C	12/30/19	12/27/19	$0.358	$2.083
Class I	12/30/19	12/27/19	$0.658	$2.083
Class Z	12/30/19	12/27/19	$0.720	$2.083

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $85,653,681, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Large Cap Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

LC-ANN-0120
1.539156.122

Fidelity Advisor® Dividend Growth Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	6.35%	6.75%	10.87%
Class M (incl. 3.50% sales charge)	8.64%	6.99%	10.87%
Class C (incl. contingent deferred sales charge)	11.04%	7.20%	10.70%
Class I	13.13%	8.28%	11.81%
Class Z	13.25%	8.44%	11.92%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Dividend Growth Fund - Class A on November 30, 2009, and the current 5.75% sales charge was paid.

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

	Period Ending Values
	$28,057	Fidelity Advisor® Dividend Growth Fund - Class A
	$35,289	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Gordon Scott: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 12% to 13%, trailing the benchmark S&P 500^®. Versus the benchmark, positioning in information technology detracted most, especially an underweighting in this market-leading sector. Stock picks in communication services, consumer staples and financials also weighed on our relative result. Insurance-focused conglomerate Berkshire Hathaway (+1%) was the biggest individual detractor versus the benchmark, due to both its lagging performance and the fact that it was our largest position. The company’s fourth-quarter 2018 financial results were negatively affected by its sizable stake in processed-food company Kraft Heinz (-37%), the fund’s second-largest relative detractor. The latter announced disappointing fourth-quarter results in February. Conversely, stock choices in industrials, consumer discretionary and energy provided a boost compared with the benchmark, as did underweighting the lagging health care sector. Among individual holdings, General Electric (+57%), the fund’s second-largest position, topped our list of contributors the past 12 months. Homebuilder NVR (+54%), a beneficiary of lower interest rates, also helped.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	9.5
General Electric Co.	8.9
Comcast Corp. Class A	5.6
Bank of America Corp.	3.7
Exxon Mobil Corp.	3.7
JPMorgan Chase & Co.	3.7
Altria Group, Inc.	2.9
Apple, Inc.	2.6
Wells Fargo & Co.	2.5
UnitedHealth Group, Inc.	2.4
	45.5

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Financials	24.4
Industrials	23.9
Communication Services	12.3
Health Care	12.2
Consumer Discretionary	7.6

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	99.5%
	Short-Term Investments and Net Other Assets (Liabilities)	0.5%

* Foreign investments - 3.8%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value (000s)
COMMUNICATION SERVICES - 12.3%
Diversified Telecommunication Services - 0.2%
GCI Liberty, Inc. (a)	25,200	$1,789
Interactive Media & Services - 0.1%
TripAdvisor, Inc.	37,000	1,051
Media - 12.0%
CBS Corp. Class B	203,100	8,201
Charter Communications, Inc. Class A (a)	16,500	7,755
Comcast Corp. Class A	1,346,950	59,468
Discovery Communications, Inc. Class A (a)(b)	253,000	8,334
Interpublic Group of Companies, Inc.	348,900	7,815
Liberty Broadband Corp. Class A (a)	40,100	4,744
Liberty Media Corp.:
Liberty Formula One Group Series C (a)	19,084	860
Liberty Media Class A (a)	8,100	349
Liberty SiriusXM Series A (a)	271,553	13,225
Omnicom Group, Inc.	77,300	6,144
Sinclair Broadcast Group, Inc. Class A	290,800	10,129
		127,024

TOTAL COMMUNICATION SERVICES		129,864

CONSUMER DISCRETIONARY - 7.6%
Auto Components - 1.0%
BorgWarner, Inc.	129,400	5,441
Lear Corp.	41,700	5,017
		10,458
Automobiles - 1.2%
General Motors Co.	360,700	12,985
Distributors - 1.6%
LKQ Corp. (a)	473,900	16,719
Household Durables - 1.1%
Mohawk Industries, Inc. (a)	15,300	2,132
NVR, Inc. (a)	900	3,413
Whirlpool Corp.	40,500	5,796
		11,341
Internet & Direct Marketing Retail - 0.6%
The Booking Holdings, Inc. (a)	3,100	5,902
Leisure Products - 0.0%
Brunswick Corp.	6,713	395
Specialty Retail - 0.7%
AutoNation, Inc. (a)	144,206	7,367
Textiles, Apparel & Luxury Goods - 1.4%
PVH Corp.	80,400	7,796
Tapestry, Inc.	256,900	6,908
		14,704

TOTAL CONSUMER DISCRETIONARY		79,871

CONSUMER STAPLES - 5.9%
Food Products - 1.5%
Conagra Brands, Inc.	54,400	1,571
The Kraft Heinz Co.	457,600	13,957
		15,528
Household Products - 1.5%
Energizer Holdings, Inc.	106,700	5,323
Spectrum Brands Holdings, Inc.	166,285	10,396
		15,719
Tobacco - 2.9%
Altria Group, Inc.	614,173	30,524

TOTAL CONSUMER STAPLES		61,771

ENERGY - 6.1%
Oil, Gas & Consumable Fuels - 6.1%
Equinor ASA sponsored ADR	455,200	8,435
Exxon Mobil Corp.	576,222	39,258
Phillips 66 Co.	146,500	16,806
		64,499
FINANCIALS - 24.4%
Banks - 14.1%
Bank of America Corp.	1,186,603	39,538
JPMorgan Chase & Co.	292,393	38,526
M&T Bank Corp.	73,800	12,158
PNC Financial Services Group, Inc.	107,100	16,409
U.S. Bancorp	250,800	15,056
Wells Fargo & Co.	492,390	26,816
		148,503
Capital Markets - 0.7%
KKR & Co. LP	163,900	4,833
Raymond James Financial, Inc.	29,600	2,659
		7,492
Diversified Financial Services - 9.5%
Berkshire Hathaway, Inc. Class B (a)	453,000	99,794
Insurance - 0.1%
The Travelers Companies, Inc.	8,200	1,121

TOTAL FINANCIALS		256,910

HEALTH CARE - 12.2%
Health Care Equipment & Supplies - 1.1%
Becton, Dickinson & Co.	24,800	6,411
Envista Holdings Corp. (a)(b)	173,100	4,868
		11,279
Health Care Providers & Services - 7.9%
AmerisourceBergen Corp.	91,700	8,061
Anthem, Inc.	49,600	14,318
Cigna Corp.	92,800	18,553
CVS Health Corp.	147,200	11,080
HCA Holdings, Inc.	43,900	6,087
UnitedHealth Group, Inc.	91,497	25,607
		83,706
Pharmaceuticals - 3.2%
Bayer AG	129,100	9,750
Bristol-Myers Squibb Co.	418,900	23,852
		33,602

TOTAL HEALTH CARE		128,587

INDUSTRIALS - 23.9%
Aerospace & Defense - 0.6%
TransDigm Group, Inc.	10,300	5,841
Air Freight & Logistics - 2.5%
FedEx Corp.	70,600	11,300
United Parcel Service, Inc. Class B	127,800	15,301
		26,601
Airlines - 1.0%
Delta Air Lines, Inc.	192,200	11,015
Electrical Equipment - 0.6%
AMETEK, Inc.	64,700	6,406
Industrial Conglomerates - 8.9%
General Electric Co.	8,289,700	93,425
Machinery - 4.7%
Allison Transmission Holdings, Inc.	105,643	5,113
Caterpillar, Inc.	40,800	5,905
Cummins, Inc.	67,200	12,288
Fortive Corp.	25,400	1,833
PACCAR, Inc.	166,400	13,540
Snap-On, Inc.	70,600	11,328
		50,007
Professional Services - 0.6%
Nielsen Holdings PLC	318,100	6,219
Road & Rail - 2.7%
Knight-Swift Transportation Holdings, Inc. Class A (b)	585,800	21,669
Norfolk Southern Corp.	7,800	1,509
Union Pacific Corp.	28,000	4,928
		28,106
Trading Companies & Distributors - 2.3%
AerCap Holdings NV (a)	32,700	2,021
Air Lease Corp. Class A	233,700	10,851
HD Supply Holdings, Inc. (a)	299,405	11,922
		24,794

TOTAL INDUSTRIALS		252,414

INFORMATION TECHNOLOGY - 6.6%
IT Services - 2.1%
Amdocs Ltd.	126,300	8,753
Cognizant Technology Solutions Corp. Class A	158,400	10,155
DXC Technology Co.	89,500	3,341
		22,249
Software - 1.8%
Oracle Corp.	202,600	11,374
SS&C Technologies Holdings, Inc.	133,700	8,029
		19,403
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.	102,424	27,373
HP, Inc.	38,400	771
		28,144

TOTAL INFORMATION TECHNOLOGY		69,796

MATERIALS - 0.5%
Chemicals - 0.5%
LyondellBasell Industries NV Class A	52,700	4,877
TOTAL COMMON STOCKS
(Cost $905,400)		1,048,589

Money Market Funds - 3.2%
Fidelity Cash Central Fund 1.61% (c)	2,197,011	2,197
Fidelity Securities Lending Cash Central Fund 1.61% (c)(d)	31,578,061	31,581
TOTAL MONEY MARKET FUNDS
(Cost $33,778)		33,778
TOTAL INVESTMENT IN SECURITIES - 102.7%
(Cost $939,178)		1,082,367
NET OTHER ASSETS (LIABILITIES) - (2.7)%		(28,383)
NET ASSETS - 100%		$1,053,984

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$523
Fidelity Securities Lending Cash Central Fund	14
Total	$537

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$129,864	$129,864	$--	$--
Consumer Discretionary	79,871	79,871	--	--
Consumer Staples	61,771	61,771	--	--
Energy	64,499	64,499	--	--
Financials	256,910	256,910	--	--
Health Care	128,587	118,837	9,750	--
Industrials	252,414	252,414	--	--
Information Technology	69,796	69,796	--	--
Materials	4,877	4,877	--	--
Money Market Funds	33,778	33,778	--	--
Total Investments in Securities:	$1,082,367	$1,072,617	$9,750	$--

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $30,416) — See accompanying schedule: Unaffiliated issuers (cost $905,400)	$1,048,589
Fidelity Central Funds (cost $33,778)	33,778
Total Investment in Securities (cost $939,178)		$1,082,367
Receivable for investments sold		2,350
Receivable for fund shares sold		401
Dividends receivable		2,068
Distributions receivable from Fidelity Central Funds		14
Prepaid expenses		2
Other receivables		348
Total assets		1,087,550
Liabilities
Payable for investments purchased	$434
Payable for fund shares redeemed	697
Accrued management fee	314
Distribution and service plan fees payable	302
Other affiliated payables	182
Other payables and accrued expenses	56
Collateral on securities loaned	31,581
Total liabilities		33,566
Net Assets		$1,053,984
Net Assets consist of:
Paid in capital		$870,998
Total accumulated earnings (loss)		182,986
Net Assets		$1,053,984
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($420,747 ÷ 24,669 shares)^(a)		$17.06
Maximum offering price per share (100/94.25 of $17.06)		$18.10
Class M:
Net Asset Value and redemption price per share ($375,698 ÷ 22,181 shares)^(a)		$16.94
Maximum offering price per share (100/96.50 of $16.94)		$17.55
Class C:
Net Asset Value and offering price per share ($70,888 ÷ 4,454 shares)^(a)		$15.92
Class I:
Net Asset Value, offering price and redemption price per share ($173,399 ÷ 9,540 shares)		$18.18
Class Z:
Net Asset Value, offering price and redemption price per share ($13,252 ÷ 716 shares)		$18.51

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

Amounts in thousands		Year ended November 30, 2019
Investment Income
Dividends		$20,016
Non-Cash dividends		2,467
Income from Fidelity Central Funds (including $14 from security lending)		537
Total income		23,020
Expenses
Management fee
Basic fee	$5,282
Performance adjustment	(2,041)
Transfer agent fees	1,875
Distribution and service plan fees	3,580
Accounting and security lending fees	327
Custodian fees and expenses	24
Independent trustees' fees and expenses	6
Registration fees	87
Audit	65
Legal	10
Miscellaneous	8
Total expenses before reductions	9,223
Expense reductions	(82)
Total expenses after reductions		9,141
Net investment income (loss)		13,879
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	33,330
Fidelity Central Funds	1
Foreign currency transactions	(13)
Total net realized gain (loss)		33,318
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	70,220
Fidelity Central Funds	(1)
Assets and liabilities in foreign currencies	(1)
Total change in net unrealized appreciation (depreciation)		70,218
Net gain (loss)		103,536
Net increase (decrease) in net assets resulting from operations		$117,415

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$13,879	$15,009
Net realized gain (loss)	33,318	140,479
Change in net unrealized appreciation (depreciation)	70,218	(109,069)
Net increase (decrease) in net assets resulting from operations	117,415	46,419
Distributions to shareholders	(142,301)	(155,466)
Share transactions - net increase (decrease)	49,687	51,408
Total increase (decrease) in net assets	24,801	(57,639)
Net Assets
Beginning of period	1,029,183	1,086,822
End of period	$1,053,984	$1,029,183

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

Financial Highlights

Fidelity Advisor Dividend Growth Fund Class A

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$17.97	$20.01	$16.90	$17.35	$19.65
Income from Investment Operations
Net investment income (loss)^A	.24^B	.28	.25	.21	.20
Net realized and unrealized gain (loss)	1.39	.58	3.07	.46	(.34)^C
Total from investment operations	1.63	.86	3.32	.67	(.14)
Distributions from net investment income	(.27)	(.26)	(.21)	(.18)	(.19)
Distributions from net realized gain	(2.27)	(2.65)	–	(.94)	(1.96)
Total distributions	(2.54)	(2.90)^D	(.21)	(1.12)	(2.16)^E
Net asset value, end of period	$17.06	$17.97	$20.01	$16.90	$17.35
Total Return^F,^G	12.84%	4.69%	19.81%	4.36%	(.41)%^C
Ratios to Average Net Assets^H,^I
Expenses before reductions	.82%	.84%	.85%	.90%	1.01%
Expenses net of fee waivers, if any	.82%	.84%	.85%	.90%	1.00%
Expenses net of all reductions	.81%	.83%	.84%	.90%	1.00%
Net investment income (loss)	1.53%^B	1.58%	1.36%	1.33%	1.13%
Supplemental Data
Net assets, end of period (in millions)	$421	$353	$376	$355	$356
Portfolio turnover rate^J	75%	110%	73%	31%	56%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

^C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (.51)%

^D Total distributions of $2.90 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $2.648 per share.

^E Total distributions of $2.16 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $1.962 per share.

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

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

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

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

Fidelity Advisor Dividend Growth Fund Class M

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$17.85	$19.90	$16.81	$17.25	$19.55
Income from Investment Operations
Net investment income (loss)^A	.20^B	.24	.20	.17	.15
Net realized and unrealized gain (loss)	1.39	.57	3.05	.47	(.34)^C
Total from investment operations	1.59	.81	3.25	.64	(.19)
Distributions from net investment income	(.23)	(.21)	(.16)	(.14)	(.15)
Distributions from net realized gain	(2.27)	(2.65)	–	(.94)	(1.96)
Total distributions	(2.50)	(2.86)	(.16)	(1.08)	(2.11)
Net asset value, end of period	$16.94	$17.85	$19.90	$16.81	$17.25
Total Return^D,^E	12.59%	4.38%	19.50%	4.15%	(.67)%^C
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.07%	1.09%	1.09%	1.14%	1.24%
Expenses net of fee waivers, if any	1.07%	1.09%	1.09%	1.14%	1.24%
Expenses net of all reductions	1.06%	1.08%	1.09%	1.14%	1.24%
Net investment income (loss)	1.28%^B	1.33%	1.11%	1.09%	.89%
Supplemental Data
Net assets, end of period (in millions)	$376	$363	$374	$351	$372
Portfolio turnover rate^H	75%	110%	73%	31%	56%

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

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

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

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

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

Fidelity Advisor Dividend Growth Fund Class C

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$16.92	$19.00	$16.06	$16.53	$18.82
Income from Investment Operations
Net investment income (loss)^A	.11^B	.14	.10	.09	.06
Net realized and unrealized gain (loss)	1.29	.54	2.92	.44	(.32)^C
Total from investment operations	1.40	.68	3.02	.53	(.26)
Distributions from net investment income	(.14)	(.12)	(.08)	(.06)	(.06)
Distributions from net realized gain	(2.27)	(2.65)	–	(.94)	(1.96)
Total distributions	(2.40)^D	(2.76)^E	(.08)	(1.00)	(2.03)^F
Net asset value, end of period	$15.92	$16.92	$19.00	$16.06	$16.53
Total Return^G,^H	11.98%	3.86%	18.88%	3.58%	(1.16)%^C
Ratios to Average Net Assets^I,^J
Expenses before reductions	1.62%	1.61%	1.61%	1.66%	1.76%
Expenses net of fee waivers, if any	1.61%	1.61%	1.61%	1.66%	1.76%
Expenses net of all reductions	1.61%	1.60%	1.61%	1.66%	1.76%
Net investment income (loss)	.73%^B	.81%	.59%	.57%	.37%
Supplemental Data
Net assets, end of period (in millions)	$71	$137	$160	$154	$167
Portfolio turnover rate^K	75%	110%	73%	31%	56%

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

^D Total distributions of $2.40 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $2.268 per share.

^E Total distributions of $2.76 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $2.648 per share.

^F Total distributions of $2.03 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.962 per share.

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

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

Fidelity Advisor Dividend Growth Fund Class I

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$18.97	$20.97	$17.70	$18.12	$20.42
Income from Investment Operations
Net investment income (loss)^A	.29^B	.34	.30	.26	.25
Net realized and unrealized gain (loss)	1.50	.61	3.21	.49	(.35)^C
Total from investment operations	1.79	.95	3.51	.75	(.10)
Distributions from net investment income	(.31)	(.30)	(.24)	(.22)	(.24)
Distributions from net realized gain	(2.27)	(2.65)	–	(.94)	(1.96)
Total distributions	(2.58)	(2.95)	(.24)	(1.17)^D	(2.20)
Net asset value, end of period	$18.18	$18.97	$20.97	$17.70	$18.12
Total Return^E	13.13%	4.93%	20.07%	4.60%	(.14)%^C
Ratios to Average Net Assets^F,^G
Expenses before reductions	.58%	.60%	.61%	.67%	.76%
Expenses net of fee waivers, if any	.58%	.60%	.61%	.67%	.76%
Expenses net of all reductions	.57%	.59%	.60%	.66%	.76%
Net investment income (loss)	1.77%^B	1.82%	1.59%	1.57%	1.37%
Supplemental Data
Net assets, end of period (in millions)	$173	$166	$170	$123	$125
Portfolio turnover rate^H	75%	110%	73%	31%	56%

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

^D Total distributions of $1.17 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.941 per share.

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

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

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

Fidelity Advisor Dividend Growth Fund Class Z

Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$19.28	$21.27	$17.95	$18.36	$20.44
Income from Investment Operations
Net investment income (loss)^A	.32^B	.38	.34	.29	.28
Net realized and unrealized gain (loss)	1.52	.62	3.24	.50	(.35)^C
Total from investment operations	1.84	1.00	3.58	.79	(.07)
Distributions from net investment income	(.34)	(.34)	(.26)	(.26)	(.05)
Distributions from net realized gain	(2.27)	(2.65)	–	(.94)	(1.96)
Total distributions	(2.61)	(2.99)	(.26)	(1.20)	(2.01)
Net asset value, end of period	$18.51	$19.28	$21.27	$17.95	$18.36
Total Return^D	13.25%	5.10%	20.21%	4.80%	(.01)%^C
Ratios to Average Net Assets^E,^F
Expenses before reductions	.43%	.45%	.45%	.49%	.59%
Expenses net of fee waivers, if any	.43%	.45%	.45%	.49%	.59%
Expenses net of all reductions	.42%	.44%	.44%	.49%	.59%
Net investment income (loss)	1.92%^B	1.98%	1.76%	1.74%	1.54%
Supplemental Data
Net assets, end of period (in millions)	$13	$10	$7	$2	$9
Portfolio turnover rate^G	75%	110%	73%	31%	56%

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Non-cash Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

Gross unrealized appreciation	$168,543
Gross unrealized depreciation	(30,759)
Net unrealized appreciation (depreciation)	$137,784
Tax Cost	$944,583

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

Undistributed ordinary income	$12,290
Undistributed long-term capital gain	$32,912
Net unrealized appreciation (depreciation) on securities and other investments	$137,784

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$34,609	$ 12,196
Long-term Capital Gains	107,692	143,270
Total	$142,301	$ 155,466

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $728,670 and $754,562, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. 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 of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .33% 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%	$936	$15
Class M	.25%	.25%	1,757	16
Class C	.75%	.25%	887	72
			$3,580	$103

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

	Retained by FDC
Class A	$72
Class M	13
Class C^(a)	9
	$94

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$709	.19
Class M	648	.18
Class C	196	.22
Class I	317	.20
Class Z	5	.05
	$1,875

	Amount
Fidelity Advisor Dividend Growth Fund	$21

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $1. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2019	Year ended November 30, 2018
Distributions to shareholders
Class A	$49,025	$53,981
Class M	50,351	53,571
Class C	19,304	23,071
Class I	22,201	23,769
Class Z	1,419	1,074
Total	$142,301	$155,466

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2019	Year ended November 30, 2018	Year ended November 30, 2019	Year ended November 30, 2018
Class A
Shares sold	6,265	2,356	$95,563	$42,190
Reinvestment of distributions	3,375	2,930	45,399	51,334
Shares redeemed	(4,633)	(4,414)	(71,279)	(78,366)
Net increase (decrease)	5,007	872	$69,683	$15,158
Class M
Shares sold	3,142	3,096	$47,904	$54,768
Reinvestment of distributions	3,701	3,022	49,551	52,730
Shares redeemed	(4,970)	(4,622)	(75,690)	(81,811)
Net increase (decrease)	1,873	1,496	$21,765	$25,687
Class C
Shares sold	847	705	$12,122	$11,901
Reinvestment of distributions	1,492	1,270	18,858	21,110
Shares redeemed	(5,981)	(2,281)	(85,655)	(38,527)
Net increase (decrease)	(3,642)	(306)	$(54,675)	$(5,516)
Class I
Shares sold	2,088	1,553	$34,451	$29,414
Reinvestment of distributions	1,453	1,201	20,776	22,163
Shares redeemed	(2,739)	(2,115)	(45,066)	(39,588)
Net increase (decrease)	802	639	$10,161	$11,989
Class Z
Shares sold	267	234	$4,519	$4,538
Reinvestment of distributions	90	54	1,311	1,003
Shares redeemed	(184)	(77)	(3,077)	(1,451)
Net increase (decrease)	173	211	$2,753	$4,090

11. Other.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Dividend Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the “Fund”) as of November 30, 2019, the related statement of operations for the year ended November 30, 2019, the statement of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2019 and the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 10, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Class A	.82%
Actual		$1,000.00	$1,162.90	$4.45
Hypothetical-^C		$1,000.00	$1,020.96	$4.15
Class M	1.07%
Actual		$1,000.00	$1,161.10	$5.80
Hypothetical-^C		$1,000.00	$1,019.70	$5.42
Class C	1.61%
Actual		$1,000.00	$1,157.80	$8.71
Hypothetical-^C		$1,000.00	$1,017.00	$8.14
Class I	.58%
Actual		$1,000.00	$1,163.90	$3.15
Hypothetical-^C		$1,000.00	$1,022.16	$2.94
Class Z	.43%
Actual		$1,000.00	$1,164.90	$2.33
Hypothetical-^C		$1,000.00	$1,022.91	$2.18

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Advisor Dividend Growth Fund
Class A	12/30/19	12/27/19	$0.247	$0.536
Class M	12/30/19	12/27/19	$0.206	$0.536
Class C	12/30/19	12/27/19	$0.084	$0.536
Class I	12/30/19	12/27/19	$0.282	$0.536
Class Z	12/30/19	12/27/19	$0.308	$0.536

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019 $35,967,009, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class C, Class I, and Class Z designate 63%, 68%, 80%, 59%, and 57% of the dividends during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class C, Class I, and Class Z designate 69%, 74%, 87%, 64%, and 62% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Dividend Growth Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

ADGF-ANN-0120
1.733548.120

Fidelity Advisor® Series Small Cap Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Life of fund^A
Fidelity Advisor® Series Small Cap Fund	15.27%	6.57%	7.42%

^A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Small Cap Fund on November 7, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$15,440	Fidelity Advisor® Series Small Cap Fund
	$16,364	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year, the fund gained 15.27%, significantly outperforming the 7.51% advance of the benchmark Russell 2000^® Index. Security selection drove the fund's outperformance of the benchmark, led by my picks in the industrials, consumer discretionary, energy and financials sectors. The fund's top relative individual contributor – and one of our largest holdings – was Generac Holdings, the market leader in backup-power generation. Our position in Generac shares gained about 73%, rising due to the company's strong business execution and an expanding market opportunity in the wake of California's planned power outages. TopBuild, a U.S. installer and distributor of insulation products for the construction industry, gained roughly 115% for the fund and also notably contributed, benefiting from improved housing-market fundamentals. It also helped to hold a sizable stake in Synnex (+54%), a technology distributor and business-process outsourcer, as the company successfully integrated a recent corporate acquisition and improved its cash flow. In contrast, our biggest detractor versus the benchmark was Supernus Pharmaceuticals (-49%), a specialty drugmaker whose shares fell on stronger-than-expected competition. Another notable detractor was wireless-network access provider Boingo Wireless (-54%), which lowered earnings estimates.

Note to shareholders: On June 29, 2019, Jamie Harmon retired from Fidelity, leaving Jennifer Fo Cardillo as sole portfolio manager of the fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Chemed Corp.	1.9
Generac Holdings, Inc.	1.8
SYNNEX Corp.	1.8
ICON PLC	1.7
Essent Group Ltd.	1.7
First Citizens Bancshares, Inc.	1.6
ICF International, Inc.	1.6
Oshkosh Corp.	1.5
Churchill Downs, Inc.	1.5
Cushman & Wakefield PLC	1.5
	16.6

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Industrials	18.3
Information Technology	17.4
Financials	17.2
Health Care	13.4
Consumer Discretionary	13.3

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	99.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.9%

* Foreign investments - 11.7%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares	Value
COMMUNICATION SERVICES - 3.4%
Interactive Media & Services - 1.0%
CarGurus, Inc. Class A (a)	119,000	$4,770,710
Media - 1.9%
Gray Television, Inc. (a)	274,400	5,553,856
The New York Times Co. Class A	108,500	3,499,125
		9,052,981
Wireless Telecommunication Services - 0.5%
Boingo Wireless, Inc. (a)	190,800	2,196,108

TOTAL COMMUNICATION SERVICES		16,019,799

CONSUMER DISCRETIONARY - 13.3%
Diversified Consumer Services - 0.8%
Grand Canyon Education, Inc. (a)	41,000	3,492,790
Hotels, Restaurants & Leisure - 3.3%
Churchill Downs, Inc. (b)	53,700	6,981,537
Hilton Grand Vacations, Inc. (a)	87,756	3,038,990
Planet Fitness, Inc. (a)	73,100	5,403,552
		15,424,079
Household Durables - 3.6%
Cavco Industries, Inc. (a)	23,200	4,640,232
Taylor Morrison Home Corp. (a)	187,500	4,353,750
TopBuild Corp. (a)	41,200	4,543,536
TRI Pointe Homes, Inc. (a)	219,400	3,418,252
		16,955,770
Leisure Products - 1.3%
Brunswick Corp.	40,200	2,362,554
Clarus Corp.	120,973	1,523,050
YETI Holdings, Inc. (a)(b)	69,400	2,208,308
		6,093,912
Multiline Retail - 0.6%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	44,800	2,929,920
Specialty Retail - 2.7%
Aaron's, Inc. Class A	26,900	1,570,960
Boot Barn Holdings, Inc. (a)	62,000	2,468,840
Murphy U.S.A., Inc. (a)	48,400	5,688,452
The Children's Place Retail Stores, Inc. (b)	40,700	2,940,982
		12,669,234
Textiles, Apparel & Luxury Goods - 1.0%
Carter's, Inc.	45,900	4,741,929

TOTAL CONSUMER DISCRETIONARY		62,307,634

CONSUMER STAPLES - 2.4%
Food & Staples Retailing - 1.2%
BJ's Wholesale Club Holdings, Inc. (a)	243,020	5,759,574
Food Products - 1.2%
Nomad Foods Ltd. (a)	272,900	5,730,900

TOTAL CONSUMER STAPLES		11,490,474

ENERGY - 2.1%
Energy Equipment & Services - 0.5%
Cactus, Inc.	88,300	2,665,777
Oil, Gas & Consumable Fuels - 1.6%
Hess Midstream Partners LP	260,299	5,323,115
Rattler Midstream LP	132,200	2,103,302
		7,426,417

TOTAL ENERGY		10,092,194

FINANCIALS - 17.2%
Banks - 6.9%
ConnectOne Bancorp, Inc.	253,376	6,382,541
First Citizens Bancshares, Inc.	14,600	7,589,080
First Interstate Bancsystem, Inc.	105,800	4,454,180
Independent Bank Corp., Massachusetts	63,100	5,313,020
Old National Bancorp, Indiana	149,500	2,702,960
ServisFirst Bancshares, Inc. (b)	100,400	3,650,544
Trico Bancshares	63,300	2,446,545
		32,538,870
Capital Markets - 3.4%
Blucora, Inc. (a)	139,471	3,283,147
LPL Financial	74,500	6,880,075
Morningstar, Inc.	35,600	5,592,760
		15,755,982
Consumer Finance - 1.4%
First Cash Financial Services, Inc.	82,600	6,677,384
Insurance - 2.7%
Enstar Group Ltd. (a)	15,800	3,226,518
Hastings Group Holdings PLC (c)	1,121,434	2,577,273
Primerica, Inc.	49,000	6,558,160
		12,361,951
Thrifts & Mortgage Finance - 2.8%
Essent Group Ltd.	144,300	7,885,995
WSFS Financial Corp.	120,400	5,368,636
		13,254,631

TOTAL FINANCIALS		80,588,818

HEALTH CARE - 13.4%
Biotechnology - 2.5%
Allakos, Inc. (a)(b)	21,200	2,014,000
Allogene Therapeutics, Inc. (a)(b)	32,400	913,032
Audentes Therapeutics, Inc. (a)	24,200	702,526
bluebird bio, Inc. (a)	12,300	995,562
FibroGen, Inc. (a)	46,400	1,965,968
G1 Therapeutics, Inc. (a)	11,400	246,240
Heron Therapeutics, Inc. (a)	64,900	1,658,844
Kezar Life Sciences, Inc. (a)	36,200	94,482
Kura Oncology, Inc. (a)	59,100	942,054
Mirati Therapeutics, Inc. (a)	14,800	1,491,396
Principia Biopharma, Inc. (a)	23,300	834,839
		11,858,943
Health Care Equipment & Supplies - 2.6%
Integra LifeSciences Holdings Corp. (a)	77,500	4,726,725
Masimo Corp. (a)	21,100	3,271,977
Merit Medical Systems, Inc. (a)	56,400	1,579,200
Tandem Diabetes Care, Inc. (a)	29,400	2,029,482
TransMedics Group, Inc.	32,500	609,375
		12,216,759
Health Care Providers & Services - 3.0%
Chemed Corp.	20,300	8,729,408
Encompass Health Corp.	39,200	2,771,832
LHC Group, Inc. (a)	19,624	2,617,842
		14,119,082
Health Care Technology - 0.7%
HMS Holdings Corp. (a)	108,500	3,276,700
Life Sciences Tools & Services - 3.5%
10X Genomics, Inc. (a)	5,900	382,851
Charles River Laboratories International, Inc. (a)	39,700	5,766,425
ICON PLC (a)	48,600	7,929,576
PRA Health Sciences, Inc. (a)	22,500	2,448,225
		16,527,077
Pharmaceuticals - 1.1%
Horizon Pharma PLC (a)	62,300	2,042,194
Supernus Pharmaceuticals, Inc. (a)	77,400	1,809,612
Zogenix, Inc. (a)	25,700	1,227,946
		5,079,752

TOTAL HEALTH CARE		63,078,313

INDUSTRIALS - 18.3%
Building Products - 1.4%
Armstrong World Industries, Inc.	36,900	3,543,138
Patrick Industries, Inc.	58,581	2,900,931
		6,444,069
Commercial Services & Supplies - 1.1%
Tetra Tech, Inc.	55,900	4,935,411
Construction & Engineering - 1.7%
EMCOR Group, Inc.	40,900	3,637,237
MasTec, Inc. (a)	68,300	4,531,022
		8,168,259
Electrical Equipment - 1.8%
Generac Holdings, Inc. (a)	85,600	8,431,600
Machinery - 8.1%
Douglas Dynamics, Inc.	76,500	4,139,415
ESCO Technologies, Inc.	32,400	2,853,468
Gardner Denver Holdings, Inc. (a)	63,800	2,160,906
ITT, Inc.	97,600	6,810,528
Luxfer Holdings PLC sponsored	296,700	5,183,349
Oshkosh Corp.	78,400	7,092,064
Rexnord Corp. (a)	208,100	6,573,879
SPX Flow, Inc. (a)	71,600	3,393,840
		38,207,449
Professional Services - 3.4%
ASGN, Inc. (a)	60,900	4,080,909
FTI Consulting, Inc. (a)	41,100	4,479,489
ICF International, Inc.	83,376	7,481,328
		16,041,726
Trading Companies & Distributors - 0.8%
GMS, Inc. (a)	119,900	3,712,104

TOTAL INDUSTRIALS		85,940,618

INFORMATION TECHNOLOGY - 17.4%
Electronic Equipment & Components - 5.0%
CDW Corp.	41,200	5,564,060
ePlus, Inc. (a)	44,513	3,719,951
Insight Enterprises, Inc. (a)	55,698	3,653,232
Napco Security Technolgies, Inc. (a)(b)	67,141	2,098,156
SYNNEX Corp.	67,613	8,303,553
		23,338,952
IT Services - 5.2%
Booz Allen Hamilton Holding Corp. Class A	80,900	5,886,284
Euronet Worldwide, Inc. (a)	37,300	5,863,187
Genpact Ltd.	108,300	4,407,810
Hackett Group, Inc.	84,407	1,293,959
KBR, Inc.	38,900	1,158,053
Repay Holdings Corp. (a)	190,500	2,634,615
Verra Mobility Corp. (a)	202,100	3,025,437
		24,269,345
Semiconductors & Semiconductor Equipment - 1.7%
Entegris, Inc.	81,600	3,861,312
Onto Innovation, Inc. (a)	128,700	4,319,172
		8,180,484
Software - 5.5%
CyberArk Software Ltd. (a)	27,100	3,321,105
Everbridge, Inc. (a)	27,000	2,374,380
j2 Global, Inc.	69,100	6,704,082
Pegasystems, Inc.	37,500	2,910,750
Proofpoint, Inc. (a)(b)	30,500	3,620,045
PROS Holdings, Inc. (a)	51,200	3,189,248
RealPage, Inc. (a)	27,100	1,491,313
Zensar Technologies Ltd.	850,161	2,211,042
		25,821,965

TOTAL INFORMATION TECHNOLOGY		81,610,746

MATERIALS - 4.4%
Chemicals - 2.0%
Ashland Global Holdings, Inc.	50,200	3,599,340
Element Solutions, Inc. (a)	479,600	5,606,524
		9,205,864
Construction Materials - 0.8%
Eagle Materials, Inc.	40,800	3,754,824
Containers & Packaging - 1.2%
Aptargroup, Inc.	52,400	5,875,088
Paper & Forest Products - 0.4%
Neenah, Inc.	24,400	1,775,832

TOTAL MATERIALS		20,611,608

REAL ESTATE - 4.7%
Equity Real Estate Investment Trusts (REITs) - 2.7%
Americold Realty Trust	143,300	5,390,946
CoreSite Realty Corp.	21,400	2,426,546
EPR Properties	66,400	4,709,088
		12,526,580
Real Estate Management & Development - 2.0%
CBRE Group, Inc. (a)	41,900	2,389,138
Cushman & Wakefield PLC (a)	359,833	6,977,162
		9,366,300

TOTAL REAL ESTATE		21,892,880

UTILITIES - 1.5%
Gas Utilities - 0.8%
Star Gas Partners LP	403,178	3,785,841
Multi-Utilities - 0.7%
Telecom Plus PLC	197,467	3,396,608

TOTAL UTILITIES		7,182,449

TOTAL COMMON STOCKS
(Cost $380,549,353)		460,815,533

Money Market Funds - 4.8%
Fidelity Cash Central Fund 1.61% (d)	3,797,450	3,798,209
Fidelity Securities Lending Cash Central Fund 1.61% (d)(e)	18,684,548	18,686,417
TOTAL MONEY MARKET FUNDS
(Cost $22,484,548)		22,484,626

Equity Funds - 1.0%
Small Blend Funds - 1.0%
iShares Russell 2000 Index ETF
(Cost $4,276,417)	27,800	4,497,206
TOTAL INVESTMENT IN SECURITIES - 103.9%
(Cost $407,310,318)		487,797,365
NET OTHER ASSETS (LIABILITIES) - (3.9)%		(18,325,868)
NET ASSETS - 100%		$469,471,497

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$266,719
Fidelity Securities Lending Cash Central Fund	119,978
Total	$386,697

Investment Valuation

Other Information

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

United States of America	88.3%
United Kingdom	3.9%
Bermuda	3.3%
Ireland	2.1%
British Virgin Islands	1.2%
Others (Individually Less Than 1%)	1.2%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $18,128,468) — See accompanying schedule: Unaffiliated issuers (cost $384,825,770)	$465,312,739
Fidelity Central Funds (cost $22,484,548)	22,484,626
Total Investment in Securities (cost $407,310,318)		$487,797,365
Cash		63,930
Foreign currency held at value (cost $6)		6
Receivable for fund shares sold		5,709,437
Dividends receivable		264,592
Distributions receivable from Fidelity Central Funds		13,259
Total assets		493,848,589
Liabilities
Payable for fund shares redeemed	$5,686,947
Other payables and accrued expenses	3,667
Collateral on securities loaned	18,686,478
Total liabilities		24,377,092
Net Assets		$469,471,497
Net Assets consist of:
Paid in capital		$377,684,250
Total accumulated earnings (loss)		91,787,247
Net Assets		$469,471,497
Net Asset Value, offering price and redemption price per share ($469,471,497 ÷ 40,059,895 shares)		$11.72

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$3,538,752
Interest		5,684
Income from Fidelity Central Funds (including $119,978 from security lending)		386,697
Total income		3,931,133
Expenses
Custodian fees and expenses	$18,446
Independent trustees' fees and expenses	2,535
Interest	742
Commitment fees	1,162
Total expenses		22,885
Net investment income (loss)		3,908,248
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,586,843
Fidelity Central Funds	(152)
Foreign currency transactions	(5,362)
Futures contracts	1,904,008
Total net realized gain (loss)		9,485,337
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $41,442)	50,118,327
Fidelity Central Funds	78
Assets and liabilities in foreign currencies	(18,123)
Futures contracts	(4,352)
Total change in net unrealized appreciation (depreciation)		50,095,930
Net gain (loss)		59,581,267
Net increase (decrease) in net assets resulting from operations		$63,489,515

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$3,908,248	$3,906,262
Net realized gain (loss)	9,485,337	36,501,502
Change in net unrealized appreciation (depreciation)	50,095,930	(57,675,834)
Net increase (decrease) in net assets resulting from operations	63,489,515	(17,268,070)
Distributions to shareholders	(41,752,285)	(30,404,834)
Share transactions
Proceeds from sales of shares	85,084,631	56,560,740
Reinvestment of distributions	41,752,285	30,404,834
Cost of shares redeemed	(120,256,244)	(61,234,443)
Net increase (decrease) in net assets resulting from share transactions	6,580,672	25,731,131
Total increase (decrease) in net assets	28,317,902	(21,941,773)
Net Assets
Beginning of period	441,153,595	463,095,368
End of period	$469,471,497	$441,153,595
Other Information
Shares
Sold	7,779,011	4,702,111
Issued in reinvestment of distributions	4,659,853	2,567,976
Redeemed	(11,054,068)	(4,989,443)
Net increase (decrease)	1,384,796	2,280,644

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

Financial Highlights

Fidelity Advisor Series Small Cap Fund


Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.41	$12.72	$10.93	$11.26	$11.19
Income from Investment Operations
Net investment income (loss)^A	.09	.10	.08	.09^B	.03^C
Net realized and unrealized gain (loss)	1.32	(.58)	1.81	.10	.38
Total from investment operations	1.41	(.48)	1.89	.19	.41
Distributions from net investment income	(.11)^D	(.07)	(.10)	(.03)	(.02)
Distributions from net realized gain	(.99)^D	(.76)	–	(.50)	(.32)
Total distributions	(1.10)	(.83)	(.10)	(.52)^E	(.34)
Net asset value, end of period	$11.72	$11.41	$12.72	$10.93	$11.26
Total Return^F	15.27%	(4.02)%	17.37%	1.96%	3.81%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.01%	.01%	.41%	.97%	1.04%
Expenses net of fee waivers, if any	.01%	.01%	.41%	.97%	1.03%
Expenses net of all reductions	.01%	- %^I	.40%	.97%	1.02%
Net investment income (loss)	.89%	.83%	.72%	.85%^B	.30%^C
Supplemental Data
Net assets, end of period (000 omitted)	$469,471	$441,154	$463,095	$451,368	$483,566
Portfolio turnover rate^J	76%	82%	88%	90%	35%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .06%.

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

^E Total distributions of $.52 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.496 per share.

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

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

^I Amount represents less than .005%.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Fund.

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

Notes to Financial Statements

For the period ended November 30, 2019

1. Organization.

Fidelity Advisor Series Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications.

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	$98,426,455
Gross unrealized depreciation	(18,372,211)
Net unrealized appreciation (depreciation)	$80,054,244
Tax Cost	$407,743,121

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

Undistributed ordinary income	$2,271,732
Undistributed long-term capital gain	$9,975,386
Net unrealized appreciation (depreciation) on securities and other investments	$79,507,703

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$4,651,853	$ 2,604,033
Long-term Capital Gains	37,100,432	27,800,801
Total	$41,752,285	$ 30,404,834

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $327,009,439 and $335,985,857, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Advisor Series Small Cap Fund	$12,250

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$5,439,500	2.46%	$742

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,162 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $4,356. 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, and includes $13 from securities loaned to NFS, as affiliated borrower.

9. Other.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the “Fund”) as of November 30, 2019, the related statement of operations for the year ended November 30, 2019, the statement of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2019 and the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Actual	- %-^C	$1,000.00	$1,146.80	$--^D
Hypothetical-^E		$1,000.00	$1,025.07	$--^D

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Series Small Cap Fund voted to pay on December 19, 2019, to shareholders of record at the opening of business on December 18, 2019, a distribution of $0.281 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.067 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $10,031,942, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 54% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 68% of the dividend distributed during the fiscal year as an amount which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Series Small Cap Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

AXS5-ANN-0120
1.967941.106

Fidelity Advisor® Series Growth Opportunities Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Life of fund^A
Fidelity Advisor® Series Growth Opportunities Fund	32.07%	17.91%	17.74%

^A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Growth Opportunities Fund on November 7, 2013, when the fund started.

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

	Period Ending Values
	$26,929	Fidelity Advisor® Series Growth Opportunities Fund
	$22,695	Russell 3000® Growth Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kyle Weaver: For the fiscal year, the fund gained 32.07%, considerably ahead of the 20.28% advance of the benchmark Russell 3000^® Growth Index. Versus the benchmark, stock selection in the consumer staples sector contributed most by a wide margin, led by top contributor Juul Labs (+4%). We transitioned our non-benchmark holdings in Juul to a much smaller position the past 12 months, which was timely. Stock choices in consumer discretionary, communication services, health care and information technology also lifted the fund’s relative result. Roku (+301%), a maker of online media players, was a noteworthy contributor, along with Carvana (+117%), a fast-growing operator of an e-commerce platform for selling used cars. It also helped to establish a non-benchmark stake in Sea Limited (+221%), a Singapore-based provider of e-commerce and digital entertainment in various Southeast Asian countries, as well as in Latin America. Conversely, security selection in materials and industrials detracted this period, although a large underweighting offset much of the relative underperformance in the latter group. Alliance Data Systems returned -47% until I exited the position; the provider of private-label credit cards was the largest individual relative detractor. Untimely non-benchmark exposure to meal-delivery service Waitr Holdings returned about -97% and hurt our relative result. Waitr was not held at period end.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Microsoft Corp.	7.1
Alphabet, Inc. Class C	4.7
Amazon.com, Inc.	4.5
Apple, Inc.	4.4
Facebook, Inc. Class A	3.4
Salesforce.com, Inc.	2.6
Carvana Co. Class A	2.0
UnitedHealth Group, Inc.	1.7
LendingTree, Inc.	1.6
JUUL Labs, Inc. Series C	1.6
	33.6

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Information Technology	38.9
Communication Services	16.9
Consumer Discretionary	15.0
Health Care	14.9
Industrials	4.0

Asset Allocation (% of fund's net assets)

As of November 30, 2019 ^*
	Stocks	97.7%
	Convertible Securities	2.3%

* Foreign investments - 14.9%

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value
COMMUNICATION SERVICES - 16.9%
Entertainment - 3.9%
Activision Blizzard, Inc.	54,849	$3,007,371
Electronic Arts, Inc. (a)	21,165	2,137,877
Netflix, Inc. (a)	8,373	2,634,648
Roku, Inc. Class A (a)	30,360	4,868,833
Sea Ltd. ADR (a)	154,752	5,732,014
Take-Two Interactive Software, Inc. (a)	11,622	1,410,330
The Walt Disney Co.	37,360	5,663,029
		25,454,102
Interactive Media & Services - 10.8%
Alphabet, Inc.:
Class A (a)	7,095	9,252,519
Class C (a)	23,376	30,504,745
CarGurus, Inc. Class A (a)	148,710	5,961,784
Facebook, Inc. Class A (a)	108,208	21,819,061
IAC/InterActiveCorp (a)	11,100	2,471,970
Zillow Group, Inc. Class A (a)	4,228	165,146
		70,175,225
Media - 0.9%
Charter Communications, Inc. Class A (a)	2,250	1,057,523
Comcast Corp. Class A	101,391	4,476,413
		5,533,936
Wireless Telecommunication Services - 1.3%
T-Mobile U.S., Inc. (a)	107,554	8,448,367

TOTAL COMMUNICATION SERVICES		109,611,630

CONSUMER DISCRETIONARY - 14.9%
Automobiles - 1.2%
Tesla, Inc. (a)	23,022	7,595,879
Diversified Consumer Services - 0.2%
Arco Platform Ltd. Class A (a)	36,872	1,585,496
Hotels, Restaurants & Leisure - 0.2%
McDonald's Corp.	1,000	194,480
Planet Fitness, Inc. (a)	14,787	1,093,055
Starbucks Corp.	68	5,809
		1,293,344
Internet & Direct Marketing Retail - 9.8%
Alibaba Group Holding Ltd. sponsored ADR (a)	45,547	9,109,400
Amazon.com, Inc. (a)	16,193	29,160,354
Meituan Dianping Class B (a)	135,408	1,785,098
MercadoLibre, Inc. (a)	6,511	3,780,156
Naspers Ltd. Class N	11,334	1,614,894
Pinduoduo, Inc. ADR (a)	200,982	7,225,303
Prosus NV (a)	14,334	977,125
The Booking Holdings, Inc. (a)	3,109	5,919,629
The RealReal, Inc. (b)	84,771	1,458,061
Wayfair LLC Class A (a)	32,071	2,723,469
		63,753,489
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	15,256	1,395,314
Specialty Retail - 2.9%
Carvana Co. Class A (a)(b)	136,975	13,056,457
Floor & Decor Holdings, Inc. Class A (a)	58,118	2,790,245
Lowe's Companies, Inc.	23,412	2,746,462
		18,593,164
Textiles, Apparel & Luxury Goods - 0.4%
Allbirds, Inc. (a)(c)(d)	898	42,897
lululemon athletica, Inc. (a)	11,001	2,482,816
		2,525,713

TOTAL CONSUMER DISCRETIONARY		96,742,399

CONSUMER STAPLES - 2.1%
Beverages - 0.3%
Budweiser Brewing Co. APAC Ltd. (a)(e)	82,034	292,372
Fever-Tree Drinks PLC	54,410	1,539,662
		1,832,034
Food & Staples Retailing - 0.6%
BJ's Wholesale Club Holdings, Inc. (a)	77,272	1,831,346
Performance Food Group Co. (a)	38,884	1,829,881
Walmart, Inc.	1,234	146,957
		3,808,184
Food Products - 0.1%
Beyond Meat, Inc. (b)	8,756	726,398
Personal Products - 0.1%
Unilever NV	9,314	554,118
Tobacco - 1.0%
Altria Group, Inc.	130,632	6,492,410
JUUL Labs, Inc. Class B (a)(c)(d)	709	101,422
		6,593,832

TOTAL CONSUMER STAPLES		13,514,566

ENERGY - 1.1%
Oil, Gas & Consumable Fuels - 1.1%
Reliance Industries Ltd.	319,926	6,916,518
FINANCIALS - 3.0%
Banks - 0.2%
HDFC Bank Ltd. sponsored ADR	24,722	1,526,584
Capital Markets - 0.9%
Cboe Global Markets, Inc.	13,752	1,635,113
Charles Schwab Corp.	13,768	681,516
London Stock Exchange Group PLC	21,641	1,924,355
Morningstar, Inc.	500	78,550
MSCI, Inc.	3,021	783,013
TD Ameritrade Holding Corp.	19,226	996,484
Virtu Financial, Inc. Class A	800	13,280
		6,112,311
Consumer Finance - 0.3%
Synchrony Financial	43,799	1,638,521
Thrifts & Mortgage Finance - 1.6%
LendingTree, Inc. (a)(b)	28,300	10,202,999

TOTAL FINANCIALS		19,480,415

HEALTH CARE - 14.9%
Biotechnology - 5.4%
AbbVie, Inc.	14,665	1,286,560
ACADIA Pharmaceuticals, Inc. (a)	32,626	1,477,632
Acceleron Pharma, Inc. (a)	6,805	333,173
Agios Pharmaceuticals, Inc. (a)	20,200	785,780
Aimmune Therapeutics, Inc. (a)(b)	19,489	544,133
Alexion Pharmaceuticals, Inc. (a)	40,164	4,576,286
Alnylam Pharmaceuticals, Inc. (a)	20,415	2,391,413
Argenx SE ADR (a)	2,671	395,442
Ascendis Pharma A/S sponsored ADR (a)	7,116	819,621
BeiGene Ltd. (a)	12,487	191,735
BioNTech SE ADR (a)(b)	33,693	740,572
bluebird bio, Inc. (a)	8,095	655,209
Blueprint Medicines Corp. (a)	2,612	214,288
Crinetics Pharmaceuticals, Inc. (a)(b)	36,739	718,615
FibroGen, Inc. (a)	54,799	2,321,834
G1 Therapeutics, Inc. (a)	17,853	385,625
Gritstone Oncology, Inc. (a)	44,893	391,018
Heron Therapeutics, Inc. (a)	38,179	975,855
Insmed, Inc. (a)	147,900	3,409,095
Intercept Pharmaceuticals, Inc. (a)	10,063	1,090,527
La Jolla Pharmaceutical Co. (a)	2,625	7,193
Neurocrine Biosciences, Inc. (a)	19,228	2,242,177
Sage Therapeutics, Inc. (a)	5,497	850,771
Sarepta Therapeutics, Inc. (a)	21,548	2,423,935
Vertex Pharmaceuticals, Inc. (a)	26,894	5,963,745
		35,192,234
Health Care Equipment & Supplies - 5.0%
Axonics Modulation Technologies, Inc. (a)	2,100	51,219
Becton, Dickinson & Co.	17,244	4,457,574
Boston Scientific Corp. (a)	140,160	6,061,920
DexCom, Inc. (a)	10,487	2,383,800
Insulet Corp. (a)	12,245	2,273,897
Intuitive Surgical, Inc. (a)	5,427	3,217,668
Masimo Corp. (a)	10,863	1,684,525
Novocure Ltd. (a)	40,642	3,746,380
Penumbra, Inc. (a)	15,695	2,776,759
SmileDirectClub, Inc. (a)(b)	460,547	4,591,654
TransMedics Group, Inc.	66,064	1,238,700
		32,484,096
Health Care Providers & Services - 3.2%
Centene Corp. (a)	11,456	692,744
Cigna Corp.	12,368	2,472,611
Guardant Health, Inc. (a)	4,004	310,991
Humana, Inc.	17,902	6,108,699
UnitedHealth Group, Inc.	38,291	10,716,502
		20,301,547
Life Sciences Tools & Services - 0.3%
10X Genomics, Inc. (a)	3,660	237,497
Bruker Corp.	22,855	1,169,947
Thermo Fisher Scientific, Inc.	1,100	345,345
		1,752,789
Pharmaceuticals - 1.0%
AstraZeneca PLC sponsored ADR	7,425	359,964
Bristol-Myers Squibb Co.	32,825	1,869,056
Bristol-Myers Squibb Co. rights (a)	10,584	22,756
Nabriva Therapeutics PLC (a)(b)	339,519	685,828
Nektar Therapeutics (a)	33,529	680,303
OptiNose, Inc. (a)	17,423	162,731
Roche Holding AG (participation certificate)	5,851	1,803,822
Theravance Biopharma, Inc. (a)	38,798	844,244
		6,428,704

TOTAL HEALTH CARE		96,159,370

INDUSTRIALS - 3.7%
Aerospace & Defense - 0.1%
Northrop Grumman Corp.	2,484	873,797
Airlines - 1.1%
JetBlue Airways Corp. (a)	111,058	2,140,088
Spirit Airlines, Inc. (a)	123,899	4,840,734
		6,980,822
Electrical Equipment - 0.5%
Sunrun, Inc. (a)	114,228	1,585,485
Vestas Wind Systems A/S	18,540	1,764,478
		3,349,963
Industrial Conglomerates - 0.1%
General Electric Co.	59,300	668,311
Machinery - 0.3%
Minebea Mitsumi, Inc.	92,056	1,786,940
Professional Services - 0.3%
TransUnion Holding Co., Inc.	25,504	2,201,250
Road & Rail - 1.3%
Lyft, Inc.	120,439	5,899,102
Uber Technologies, Inc.	82,093	2,429,953
		8,329,055

TOTAL INDUSTRIALS		24,190,138

INFORMATION TECHNOLOGY - 38.7%
Electronic Equipment & Components - 0.5%
Flextronics International Ltd. (a)	95,900	1,138,333
TTM Technologies, Inc. (a)	177,161	2,375,729
		3,514,062
IT Services - 9.7%
Adyen BV (a)(e)	688	527,746
Black Knight, Inc. (a)	5,700	359,157
EPAM Systems, Inc. (a)	4,727	1,001,415
Fidelity National Information Services, Inc.	17,035	2,353,385
GDS Holdings Ltd. ADR (a)(b)	183,606	8,596,433
Genpact Ltd.	16,242	661,049
Global Payments, Inc.	23,170	4,196,087
GoDaddy, Inc. (a)	85,601	5,682,194
MasterCard, Inc. Class A	28,304	8,271,278
MongoDB, Inc. Class A (a)	16,334	2,428,866
Okta, Inc. (a)	10,779	1,398,899
PagSeguro Digital Ltd. (a)	71,017	2,410,317
PayPal Holdings, Inc. (a)	45,455	4,909,595
StoneCo Ltd. Class A (a)	1,800	73,764
Twilio, Inc. Class A (a)	18,870	1,948,894
Visa, Inc. Class A	51,892	9,574,593
Wix.com Ltd. (a)	72,620	8,779,032
		63,172,704
Semiconductors & Semiconductor Equipment - 6.5%
Applied Materials, Inc.	60,125	3,481,238
Broadcom, Inc.	10,269	3,247,160
Lam Research Corp.	16,270	4,341,324
Marvell Technology Group Ltd.	178,053	4,695,258
Micron Technology, Inc. (a)	139,828	6,643,228
NVIDIA Corp.	41,562	9,008,148
NXP Semiconductors NV	60,028	6,938,036
ON Semiconductor Corp. (a)	101,539	2,180,042
Qualcomm, Inc.	14,811	1,237,459
Skyworks Solutions, Inc.	783	76,969
SolarEdge Technologies, Inc. (a)	2,545	207,697
		42,056,559
Software - 17.2%
Adobe, Inc. (a)	27,218	8,424,788
Anaplan, Inc. (a)	27,015	1,456,649
Autodesk, Inc. (a)	37,252	6,738,887
Cloudflare, Inc.	11,400	199,865
Coupa Software, Inc. (a)	14,393	2,209,182
Datadog, Inc. Class A (a)(b)	18,082	737,203
DocuSign, Inc. (a)	27,922	1,988,326
Elastic NV (a)	25,560	2,029,720
HubSpot, Inc. (a)	13,450	2,030,950
Intuit, Inc.	9,010	2,332,599
Lightspeed POS, Inc. (a)	96,105	2,516,398
Microsoft Corp.	305,580	46,258,693
Nutanix, Inc. Class A (a)	11,900	444,465
Q2 Holdings, Inc. (a)	3,488	294,492
RingCentral, Inc. (a)	5,609	967,384
Salesforce.com, Inc. (a)	102,927	16,765,779
ServiceNow, Inc. (a)	11,550	3,269,112
SS&C Technologies Holdings, Inc.	17,535	1,052,977
The Trade Desk, Inc. (a)(b)	31,824	8,380,532
Workday, Inc. Class A (a)	12,536	2,245,448
Xero Ltd. (a)	1,553	85,381
Zoom Video Communications, Inc. Class A (b)	9,013	671,469
		111,100,299
Technology Hardware, Storage & Peripherals - 4.8%
Apple, Inc.	105,643	28,233,092
Western Digital Corp.	53,404	2,687,823
		30,920,915

TOTAL INFORMATION TECHNOLOGY		250,764,539

MATERIALS - 0.9%
Chemicals - 0.9%
LG Chemical Ltd.	9,771	2,535,183
Olin Corp.	73,385	1,285,705
The Chemours Co. LLC	109,683	1,731,895
		5,552,783
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.7%
American Tower Corp.	12,598	2,696,350
Equinix, Inc.	2,377	1,347,402
		4,043,752
Real Estate Management & Development - 0.1%
Redfin Corp. (a)(b)	41,096	792,331

TOTAL REAL ESTATE		4,836,083

UTILITIES - 0.7%
Electric Utilities - 0.6%
NextEra Energy, Inc.	7,022	1,641,884
ORSTED A/S (e)	26,401	2,433,200
		4,075,084
Independent Power and Renewable Electricity Producers - 0.1%
Sunnova Energy International, Inc. (b)	66,869	687,413

TOTAL UTILITIES		4,762,497

TOTAL COMMON STOCKS
(Cost $375,189,549)		632,530,938

Preferred Stocks - 2.3%
Convertible Preferred Stocks - 2.3%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Neutron Holdings, Inc. Series C (a)(c)(d)	1,387,600	336,493
Textiles, Apparel & Luxury Goods - 0.0%
Allbirds, Inc.:
Series A (a)(c)(d)	354	16,911
Series B (a)(c)(d)	62	2,962
Series C (a)(c)(d)	596	28,471
		48,344
TOTAL CONSUMER DISCRETIONARY		384,837
CONSUMER STAPLES - 1.7%
Food & Staples Retailing - 0.1%
Blink Health LLC Series C (c)(d)	12,949	494,341
Sweetgreen, Inc.:
Series C (c)(d)	322	5,506
Series D (c)(d)	5,177	88,527
Series I (c)(d)	12,201	208,637
		797,011
Tobacco - 1.6%
JUUL Labs, Inc.:
Series C (a)(c)(d)	70,175	10,038,534
Series D (a)(c)(d)	938	134,181
		10,172,715
TOTAL CONSUMER STAPLES		10,969,726
FINANCIALS - 0.0%
Insurance - 0.0%
Clover Health Series D (a)(c)(d)	67,979	232,488
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Nuvation Bio, Inc. Series A (c)(d)(f)	191,200	147,488
INDUSTRIALS - 0.3%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series I (a)(c)(d)	3,290	704,060
Road & Rail - 0.2%
Convoy, Inc. Series D (c)(d)	93,888	1,271,244
TOTAL INDUSTRIALS		1,975,304
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
ACV Auctions, Inc. Series E (c)(d)	229,793	1,270,801
REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
Sonder Canada, Inc. Series D (c)(d)	15,672	164,493

TOTAL CONVERTIBLE PREFERRED STOCKS		15,145,137

Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Allbirds, Inc. (a)(c)(d)	190	9,076
TOTAL PREFERRED STOCKS
(Cost $5,164,162)		15,154,213

Money Market Funds - 9.2%
Fidelity Cash Central Fund 1.61% (g)	17,452,309	17,455,799
Fidelity Securities Lending Cash Central Fund 1.61% (g)(h)	41,866,600	41,870,787
TOTAL MONEY MARKET FUNDS
(Cost $59,326,586)		59,326,586
TOTAL INVESTMENT IN SECURITIES - 109.2%
(Cost $439,680,297)		707,011,737
NET OTHER ASSETS (LIABILITIES) - (9.2)%		(59,467,539)
NET ASSETS - 100%		$647,544,198

Legend

(a) Non-income producing

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

(d) Level 3 security

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACV Auctions, Inc. Series E	11/6/19	$1,270,801
Allbirds, Inc.	10/9/18	$49,243
Allbirds, Inc.	10/9/18	$10,419
Allbirds, Inc. Series A	10/9/18	$19,412
Allbirds, Inc. Series B	10/9/18	$3,400
Allbirds, Inc. Series C	10/9/18	$32,682
Blink Health LLC Series C	11/7/19	$494,341
Clover Health Series D	6/7/17	$637,493
Convoy, Inc. Series D	10/30/19	$1,271,244
JUUL Labs, Inc. Class B	11/21/17	$0
JUUL Labs, Inc. Series C	5/22/15	$0
JUUL Labs, Inc. Series D	6/25/18	$0
Neutron Holdings, Inc. Series C	7/3/18	$253,709
Nuvation Bio, Inc. Series A	6/17/19	$147,488
Sonder Canada, Inc. Series D	5/21/19	$164,493
Space Exploration Technologies Corp. Series I	4/5/18	$556,010
Sweetgreen, Inc. Series C	9/13/19	$5,506
Sweetgreen, Inc. Series D	9/13/19	$88,527
Sweetgreen, Inc. Series I	9/13/19	$208,637

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$81,609
Fidelity Securities Lending Cash Central Fund	349,813
Total	$431,422

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$109,611,630	$109,611,630	$--	$--
Consumer Discretionary	97,136,312	95,084,608	1,614,894	436,810
Consumer Staples	24,484,292	12,859,026	554,118	11,071,148
Energy	6,916,518	6,916,518	--	--
Financials	19,712,903	17,556,060	1,924,355	232,488
Health Care	96,306,858	94,355,548	1,803,822	147,488
Industrials	26,165,442	24,190,138	--	1,975,304
Information Technology	252,035,340	250,564,674	199,865	1,270,801
Materials	5,552,783	5,552,783	--	--
Real Estate	5,000,576	4,836,083	--	164,493
Utilities	4,762,497	4,762,497	--	--
Money Market Funds	59,326,586	59,326,586	--	--
Total Investments in Securities:	$707,011,737	$685,616,151	$6,097,054	$15,298,532

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Equities - Consumer Staples
Beginning Balance	$35,640,549
Net Realized Gain (Loss) on Investment Securities	50,003,363
Net Unrealized Gain (Loss) on Investment Securities	(24,745,922)
Cost of Purchases	797,011
Proceeds of Sales	(50,623,853)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$11,071,148
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(24,745,922)
Other Investments in Securities
Beginning Balance	$6,557,526
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	(2,024,561)
Cost of Purchases	2,854,026
Proceeds of Sales	(3,159,607)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$4,227,384
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2019	$(189,010)

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America	85.1%
Cayman Islands	5.6%
Netherlands	1.9%
Israel	1.3%
India	1.3%
Others (Individually Less Than 1%)	4.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $40,797,634) — See accompanying schedule: Unaffiliated issuers (cost $380,353,711)	$647,685,151
Fidelity Central Funds (cost $59,326,586)	59,326,586
Total Investment in Securities (cost $439,680,297)		$707,011,737
Foreign currency held at value (cost $295,774)		295,770
Receivable for investments sold		5,770,855
Receivable for fund shares sold		41,932
Dividends receivable		288,692
Distributions receivable from Fidelity Central Funds		44,848
Other receivables		1,312
Total assets		713,455,146
Liabilities
Payable for investments purchased
Regular delivery	$447,641
Delayed delivery	73,744
Payable for fund shares redeemed	23,227,013
Other payables and accrued expenses	289,275
Collateral on securities loaned	41,873,275
Total liabilities		65,910,948
Net Assets		$647,544,198
Net Assets consist of:
Paid in capital		$236,960,643
Total accumulated earnings (loss)		410,583,555
Net Assets		$647,544,198
Net Asset Value, offering price and redemption price per share ($647,544,198 ÷ 39,794,096 shares)		$16.27

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$3,654,786
Non-Cash dividends		937,171
Income from Fidelity Central Funds (including $349,813 from security lending)		431,422
Total income		5,023,379
Expenses
Custodian fees and expenses	$48,630
Independent trustees' fees and expenses	3,721
Interest	20,012
Commitment fees	1,713
Total expenses		74,076
Net investment income (loss)		4,949,303
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $79,235)	140,504,025
Fidelity Central Funds	(745)
Foreign currency transactions	(14,701)
Total net realized gain (loss)		140,488,579
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $206,253)	44,504,523
Assets and liabilities in foreign currencies	(1,424)
Total change in net unrealized appreciation (depreciation)		44,503,099
Net gain (loss)		184,991,678
Net increase (decrease) in net assets resulting from operations		$189,940,981

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,949,303	$4,516,554
Net realized gain (loss)	140,488,579	110,580,462
Change in net unrealized appreciation (depreciation)	44,503,099	23,085,757
Net increase (decrease) in net assets resulting from operations	189,940,981	138,182,773
Distributions to shareholders	(116,238,648)	(57,776,852)
Share transactions
Proceeds from sales of shares	112,560,324	48,085,779
Reinvestment of distributions	116,238,648	57,776,852
Cost of shares redeemed	(291,300,492)	(168,412,313)
Net increase (decrease) in net assets resulting from share transactions	(62,501,520)	(62,549,682)
Total increase (decrease) in net assets	11,200,813	17,856,239
Net Assets
Beginning of period	636,343,385	618,487,146
End of period	$647,544,198	$636,343,385
Other Information
Shares
Sold	7,714,881	3,387,118
Issued in reinvestment of distributions	10,359,951	4,527,966
Redeemed	(19,446,179)	(11,384,837)
Net increase (decrease)	(1,371,347)	(3,469,753)

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

Financial Highlights

Fidelity Advisor Series Growth Opportunities Fund


Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.46	$13.86	$10.62	$12.23	$11.79
Income from Investment Operations
Net investment income (loss)^A	.11^B	.10	.09	.05	.05^C
Net realized and unrealized gain (loss)	3.56	2.83	3.54	(.32)	.60
Total from investment operations	3.67	2.93	3.63	(.27)	.65
Distributions from net investment income	(.11)	(.11)	(.04)	(.07)	(.02)
Distributions from net realized gain	(2.75)	(1.22)	(.36)	(1.27)	(.20)
Total distributions	(2.86)	(1.33)	(.39)^D	(1.34)	(.21)^E
Net asset value, end of period	$16.27	$15.46	$13.86	$10.62	$12.23
Total Return^F	32.07%	23.13%	35.40%	(2.09)%	5.71%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.01%	.01%	.31%	.62%	.74%
Expenses net of fee waivers, if any	.01%	.01%	.31%	.62%	.74%
Expenses net of all reductions	.01%	.01%	.30%	.61%	.74%
Net investment income (loss)	.77%^B	.69%	.71%	.45%	.44%^C
Supplemental Data
Net assets, end of period (000 omitted)	$647,544	$636,343	$618,487	$590,988	$633,109
Portfolio turnover rate^I	78%^J	47%	50%	67%	50%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .62%.

^D Total distributions of $.39 per share is comprised of distributions from net investment income of $.037 and distributions from net realized gain of $.355 per share.

^E Total distributions of $.21 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.197 per share.

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

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019

1. Organization.

Fidelity Advisor Series Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$ 15,298,532	Market comparable	Enterprise value/Sales multiple (EV/S)	0.4 - 8.4 / 7.2	Increase
			Transaction price	$0.77	Increase
			Discount rate	10.0% - 44.1% / 10.8%	Decrease
			Discount for lack of marketability	10.0%	Decrease
			Premium rate	15.5% - 20.0% / 20.0%	Increase
		Market approach	Transaction price	$0.24 - $214.00 / $44.18	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2019, as well as a roll forward of Level 3 investments, 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes 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	$275,851,940
Gross unrealized depreciation	(10,667,896)
Net unrealized appreciation (depreciation)	$265,184,044
Tax Cost	$441,827,693

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

Undistributed ordinary income	$18,289,414
Undistributed long-term capital gain	$127,385,766
Net unrealized appreciation (depreciation) on securities and other investments	$265,182,425

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$14,057,523	$ 18,314,172
Long-term Capital Gains	102,181,125	39,462,680
Total	$116,238,648	$ 57,776,852

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $492,110,174 and $684,868,738, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Advisor Series Growth Opportunities Fund	$10,461

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$9,221,625	2.44%	$20,012

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $63,177,493 in exchange for 4,283,220 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,713 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $455,824. Total fees paid by the Fund to NFS, as lending agent, amounted to $23,733. 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, and includes $39,151 from securities loaned to NFS, as affiliated borrower.

8. Other.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Series Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodians, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2020

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

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Actual	.01%	$1,000.00	$1,162.10	$.05
Hypothetical-^C		$1,000.00	$1,025.02	$.05

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Series Growth Opportunities Fund voted to pay on December 19, 2019, to shareholders of record at the opening of business on December 18, 2019, a distribution of $3.586 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.125 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $127,385,766, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 20% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 26% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Series Growth Opportunities Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

AXS3-ANN-0120
1.967930.106

Fidelity Advisor® Series Equity Growth Fund

Annual Report

November 30, 2019

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended November 30, 2019	Past 1 year	Past 5 years	Life of fund^A
Fidelity Advisor® Series Equity Growth Fund	19.73%	13.63%	13.64%

^A From June 6, 2014

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Equity Growth Fund on June 6, 2014, when the fund started.

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

	Period Ending Values
	$20,172	Fidelity Advisor® Series Equity Growth Fund
	$20,207	Russell 3000® Growth Index

Management's Discussion of Fund Performance

Comments from Co-Portfolio Manager Jason Weiner: For the fiscal year, the fund gained 19.73%, lagging the 20.28% advance of the benchmark Russell 3000^® Growth Index. Versus the benchmark, stock selection in the materials, financials and communication services sectors detracted most, followed by an overweighting in energy. Underweighting consumer electronics giant Apple was the largest individual relative detractor, as the stock gained 52% on greater-than-expected growth for subscription services, such as Apple Music and iCloud, from its installed base (consumers who already own iPhones). Untimely ownership of chemicals manufacturer Chemours (-43%) and online education provider Grand Canyon Education (-29%) also detracted before we decided to exit the positions. Conversely, stock picking in industrials and energy contributed to performance versus the benchmark, as did an overweighting in the software & services industry within information technology. Timely ownership of AbbVie, a leader in biologics, focused on autoimmune, infectious and cardiovascular diseases, was the largest individual contributor, gaining 35% for the fund after we established a position this period. It helped to hold a non-benchmark stake in Canadian e-commerce platform Shopify (+122%). Lastly, the fund’s position in cash detracted in an up market.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2019

	% of fund's net assets
Microsoft Corp.	9.2
Alphabet, Inc. Class A	7.4
Apple, Inc.	5.4
Facebook, Inc. Class A	4.1
Visa, Inc. Class A	4.0
Adobe, Inc.	3.7
Amazon.com, Inc.	3.7
Qualcomm, Inc.	2.6
American Tower Corp.	2.4
NVIDIA Corp.	2.2
	44.7

Top Five Market Sectors as of November 30, 2019

	% of fund's net assets
Information Technology	40.4
Communication Services	14.1
Health Care	13.6
Consumer Discretionary	13.1
Industrials	7.1

Asset Allocation (% of fund's net assets)

As of November 30, 2019^*
	Stocks	100.1%
	Short-Term Investments and Net Other Assets (Liabilities)^**	(0.1)%

* Foreign investments – 12.7%

** Net Other Assets (Liabilities) are not included in the pie chart

Schedule of Investments November 30, 2019

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value
COMMUNICATION SERVICES - 14.1%
Entertainment - 1.8%
Activision Blizzard, Inc.	214,334	$11,751,933
Electronic Arts, Inc. (a)	53,969	5,451,409
		17,203,342
Interactive Media & Services - 12.3%
Alphabet, Inc. Class A (a)	55,302	72,118,785
Facebook, Inc. Class A (a)	202,369	40,805,685
Tencent Holdings Ltd.	184,817	7,798,382
		120,722,852

TOTAL COMMUNICATION SERVICES		137,926,194

CONSUMER DISCRETIONARY - 13.1%
Automobiles - 0.8%
Ferrari NV	46,625	7,845,589
Diversified Consumer Services - 0.5%
Laureate Education, Inc. Class A (a)	273,856	4,751,402
Hotels, Restaurants & Leisure - 0.3%
Chipotle Mexican Grill, Inc. (a)	3,311	2,694,889
Household Durables - 0.9%
D.R. Horton, Inc.	74,903	4,145,881
NVR, Inc. (a)	1,199	4,546,476
		8,692,357
Internet & Direct Marketing Retail - 7.0%
Alibaba Group Holding Ltd. sponsored ADR (a)	41,034	8,206,800
Amazon.com, Inc. (a)	20,207	36,388,766
Fiverr International Ltd. (b)	7,218	166,086
Pinduoduo, Inc. ADR (a)	94,244	3,388,072
The Booking Holdings, Inc. (a)	10,549	20,085,612
		68,235,336
Specialty Retail - 2.2%
Five Below, Inc. (a)	14,492	1,792,805
National Vision Holdings, Inc. (a)	84,447	2,550,299
Ross Stores, Inc.	76,981	8,941,343
Ulta Beauty, Inc. (a)	36,208	8,467,603
		21,752,050
Textiles, Apparel & Luxury Goods - 1.4%
Anta Sports Products Ltd.	192,000	1,805,166
Canada Goose Holdings, Inc. (a)(b)	47,948	1,829,770
LVMH Moet Hennessy Louis Vuitton SE	23,987	10,739,022
		14,373,958

TOTAL CONSUMER DISCRETIONARY		128,345,581

CONSUMER STAPLES - 3.8%
Beverages - 1.0%
Constellation Brands, Inc. Class A (sub. vtg.)	11	2,047
Fever-Tree Drinks PLC	186	5,263
Kweichow Moutai Co. Ltd. (A Shares)	25,880	4,154,814
Pernod Ricard SA	16,701	3,067,474
Pernod Ricard SA ADR	72,276	2,658,311
		9,887,909
Food Products - 0.2%
The Simply Good Foods Co. (a)	74,992	2,072,029
Household Products - 1.8%
Energizer Holdings, Inc. (b)	158,286	7,896,889
Procter & Gamble Co.	73,662	8,991,184
		16,888,073
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	39,156	7,653,823

TOTAL CONSUMER STAPLES		36,501,834

ENERGY - 1.6%
Oil, Gas & Consumable Fuels - 1.6%
Cheniere Energy, Inc. (a)	141,075	8,540,681
Reliance Industries Ltd.	335,116	7,244,912
		15,785,593
FINANCIALS - 2.1%
Banks - 0.4%
HDFC Bank Ltd.	41,208	730,334
HDFC Bank Ltd. sponsored ADR	45,819	2,829,323
Metro Bank PLC (a)(b)	18,320	44,306
		3,603,963
Capital Markets - 1.7%
CME Group, Inc.	64,743	13,125,348
JMP Group, Inc.	54,284	175,880
MSCI, Inc.	2,389	619,205
The Blackstone Group LP	53,308	2,890,360
Tradeweb Markets, Inc. Class A	4,807	215,017
		17,025,810

TOTAL FINANCIALS		20,629,773

HEALTH CARE - 13.6%
Biotechnology - 4.0%
AbbVie, Inc.	183,042	16,058,275
Affimed NV (a)	114,523	295,469
Aimmune Therapeutics, Inc. (a)(b)	61,382	1,713,785
BioNTech AG	69,642	1,377,658
BioNTech SE ADR (a)(b)	24,205	532,026
Calyxt, Inc. (a)	8,265	30,415
Cytokinetics, Inc. (a)	100,137	968,325
Gamida Cell Ltd. (a)(b)	194,432	995,492
Insmed, Inc. (a)	237,206	5,467,598
Neurocrine Biosciences, Inc. (a)	17,500	2,040,675
Rubius Therapeutics, Inc. (a)	10,687	82,290
Vertex Pharmaceuticals, Inc. (a)	42,772	9,484,691
		39,046,699
Health Care Equipment & Supplies - 4.7%
Boston Scientific Corp. (a)	300,286	12,987,370
Danaher Corp.	56,517	8,250,352
Haemonetics Corp. (a)	25,093	3,026,216
Intuitive Surgical, Inc. (a)	25,109	14,887,126
Penumbra, Inc. (a)	11,814	2,090,133
ResMed, Inc.	27,763	4,153,345
		45,394,542
Health Care Providers & Services - 0.8%
Guardant Health, Inc. (a)	6,985	542,525
HealthEquity, Inc. (a)	38,596	2,427,302
UnitedHealth Group, Inc.	17,808	4,983,925
		7,953,752
Health Care Technology - 0.4%
Veeva Systems, Inc. Class A (a)	28,097	4,191,510
Life Sciences Tools & Services - 1.9%
10X Genomics, Inc. (a)	8,904	577,781
Bio-Techne Corp.	2,086	455,270
Bruker Corp.	96,863	4,958,417
Codexis, Inc. (a)	83,896	1,303,744
Thermo Fisher Scientific, Inc.	35,634	11,187,294
		18,482,506
Pharmaceuticals - 1.8%
AstraZeneca PLC sponsored ADR	268,870	13,034,818
Perrigo Co. PLC	96,053	4,920,795
		17,955,613

TOTAL HEALTH CARE		133,024,622

INDUSTRIALS - 7.1%
Aerospace & Defense - 0.5%
TransDigm Group, Inc.	9,295	5,271,195
Commercial Services & Supplies - 0.6%
Copart, Inc. (a)	62,813	5,590,357
Edenred SA	2,000	99,272
		5,689,629
Industrial Conglomerates - 0.5%
Roper Technologies, Inc.	14,043	5,060,676
Machinery - 1.1%
Gardner Denver Holdings, Inc. (a)	309,128	10,470,165
Professional Services - 2.3%
Equifax, Inc.	44,464	6,208,953
IHS Markit Ltd. (a)	88,152	6,404,243
TransUnion Holding Co., Inc.	113,519	9,797,825
Upwork, Inc. (a)	2,517	29,323
		22,440,344
Road & Rail - 2.1%
Knight-Swift Transportation Holdings, Inc. Class A	89,648	3,316,080
Lyft, Inc.	53,800	2,635,124
Uber Technologies, Inc.	475,940	14,087,824
		20,039,028

TOTAL INDUSTRIALS		68,971,037

INFORMATION TECHNOLOGY - 40.4%
Communications Equipment - 0.1%
ViaSat, Inc. (a)	12,658	930,363
Electronic Equipment & Components - 0.4%
Zebra Technologies Corp. Class A (a)	14,982	3,759,583
IT Services - 9.1%
Black Knight, Inc. (a)	156,505	9,861,380
Fiserv, Inc. (a)	89,034	10,349,312
MasterCard, Inc. Class A	30,973	9,051,240
MongoDB, Inc. Class A (a)	4,100	609,670
Okta, Inc. (a)	16,811	2,181,732
Shopify, Inc. Class A (a)	25,722	8,672,243
Square, Inc. (a)	76,100	5,260,032
VeriSign, Inc. (a)	1,995	380,526
Verra Mobility Corp. (a)	195,178	2,921,815
Visa, Inc. Class A	213,243	39,345,466
		88,633,416
Semiconductors & Semiconductor Equipment - 8.1%
ASML Holding NV	31,633	8,560,522
Cree, Inc. (a)	6,627	292,980
Marvell Technology Group Ltd.	71,114	1,875,276
Micron Technology, Inc. (a)	107,800	5,121,578
NVIDIA Corp.	99,701	21,609,195
NXP Semiconductors NV	115,464	13,345,329
Qualcomm, Inc.	302,940	25,310,637
Semtech Corp. (a)	65,888	3,192,932
		79,308,449
Software - 17.3%
Adobe, Inc. (a)	118,404	36,649,590
Autodesk, Inc. (a)	30,965	5,601,569
Cloudflare, Inc. (a)	5,646	109,984
Datadog, Inc. Class A (a)(b)	2,423	98,786
Elastic NV (a)	988	78,457
Intuit, Inc.	38,825	10,051,404
Manhattan Associates, Inc. (a)	41,650	3,478,192
Microsoft Corp.	592,168	89,642,390
Salesforce.com, Inc. (a)	116,902	19,042,167
SolarWinds, Inc. (a)(b)	249,735	4,829,875
		169,582,414
Technology Hardware, Storage & Peripherals - 5.4%
Apple, Inc.	197,800	52,862,050

TOTAL INFORMATION TECHNOLOGY		395,076,275

MATERIALS - 0.7%
Chemicals - 0.7%
Sherwin-Williams Co.	12,169	7,096,109
REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.4%
American Tower Corp.	110,161	23,577,759
Crown Castle International Corp.	72,110	9,638,223
		33,215,982
TOTAL COMMON STOCKS
(Cost $634,382,307)		976,573,000

Preferred Stocks - 0.2%
Convertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Nuvation Bio, Inc. Series A (c)(d)(e)	287,000	221,386
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
AppNexus, Inc. Series E (Escrow) (a)(d)(e)	38,419	37,074

TOTAL CONVERTIBLE PREFERRED STOCKS		258,460

Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Banks - 0.2%
Itau Unibanco Holding SA sponsored ADR	222,208	1,808,773
TOTAL PREFERRED STOCKS
(Cost $2,283,554)		2,067,233

Money Market Funds - 3.9%
Fidelity Cash Central Fund 1.61% (f)	27,405,123	27,410,604
Fidelity Securities Lending Cash Central Fund 1.61% (f)(g)	11,250,959	11,252,084
TOTAL MONEY MARKET FUNDS
(Cost $38,662,688)		38,662,688
TOTAL INVESTMENT IN SECURITIES - 104.0%
(Cost $675,328,549)		1,017,302,921
NET OTHER ASSETS (LIABILITIES) - (4.0)%		(39,580,935)
NET ASSETS - 100%		$977,721,986

Legend

(a) Non-income producing

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

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $258,460 or 0.0% of net assets.

(e) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
AppNexus, Inc. Series E (Escrow)	8/1/14	$69,266
Nuvation Bio, Inc. Series A	6/17/19	$221,386

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$183,545
Fidelity Securities Lending Cash Central Fund	129,926
Total	$313,471

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$137,926,194	$130,127,812	$7,798,382	$--
Consumer Discretionary	128,345,581	117,606,559	10,739,022	--
Consumer Staples	36,501,834	36,501,834	--	--
Energy	15,785,593	15,785,593	--	--
Financials	22,438,546	21,708,212	730,334	--
Health Care	133,246,008	131,646,964	1,377,658	221,386
Industrials	68,971,037	68,971,037	--	--
Information Technology	395,113,349	395,076,275	--	37,074
Materials	7,096,109	7,096,109	--	--
Real Estate	33,215,982	33,215,982	--	--
Money Market Funds	38,662,688	38,662,688	--	--
Total Investments in Securities:	$1,017,302,921	$996,399,065	$20,645,396	$258,460

Other Information

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

United States of America	87.3%
Netherlands	3.1%
Cayman Islands	2.1%
France	1.7%
United Kingdom	1.3%
India	1.1%
Canada	1.1%
Others (Individually Less Than 1%)	2.3%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		November 30, 2019
Assets
Investment in securities, at value (including securities loaned of $10,927,760) — See accompanying schedule: Unaffiliated issuers (cost $636,665,861)	$978,640,233
Fidelity Central Funds (cost $38,662,688)	38,662,688
Total Investment in Securities (cost $675,328,549)		$1,017,302,921
Receivable for investments sold		1,255,205
Receivable for fund shares sold		63,546
Dividends receivable		651,155
Distributions receivable from Fidelity Central Funds		39,882
Total assets		1,019,312,709
Liabilities
Payable for investments purchased
Regular delivery	$2,399,291
Delayed delivery	110,693
Payable for fund shares redeemed	27,632,773
Other payables and accrued expenses	196,265
Collateral on securities loaned	11,251,701
Total liabilities		41,590,723
Net Assets		$977,721,986
Net Assets consist of:
Paid in capital		$518,803,292
Total accumulated earnings (loss)		458,918,694
Net Assets		$977,721,986
Net Asset Value, offering price and redemption price per share ($977,721,986 ÷ 62,967,953 shares)		$15.53

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

Statement of Operations

		Year ended November 30, 2019
Investment Income
Dividends		$7,742,659
Income from Fidelity Central Funds (including $129,926 from security lending)		313,471
Total income		8,056,130
Expenses
Custodian fees and expenses	$43,564
Independent trustees' fees and expenses	5,445
Interest	9,471
Commitment fees	2,498
Total expenses		60,978
Net investment income (loss)		7,995,152
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	109,970,723
Fidelity Central Funds	353
Foreign currency transactions	(8,195)
Total net realized gain (loss)		109,962,881
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $185,948)	58,280,442
Assets and liabilities in foreign currencies	(310)
Total change in net unrealized appreciation (depreciation)		58,280,132
Net gain (loss)		168,243,013
Net increase (decrease) in net assets resulting from operations		$176,238,165

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

Statement of Changes in Net Assets

	Year ended November 30, 2019	Year ended November 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$7,995,152	$8,981,964
Net realized gain (loss)	109,962,881	65,231,272
Change in net unrealized appreciation (depreciation)	58,280,132	11,418,110
Net increase (decrease) in net assets resulting from operations	176,238,165	85,631,346
Distributions to shareholders	(73,966,903)	(143,605,042)
Share transactions
Proceeds from sales of shares	174,241,041	87,625,024
Reinvestment of distributions	73,966,903	143,605,042
Cost of shares redeemed	(320,110,139)	(159,465,335)
Net increase (decrease) in net assets resulting from share transactions	(71,902,195)	71,764,731
Total increase (decrease) in net assets	30,369,067	13,791,035
Net Assets
Beginning of period	947,352,919	933,561,884
End of period	$977,721,986	$947,352,919
Other Information
Shares
Sold	12,200,603	6,182,178
Issued in reinvestment of distributions	6,236,670	10,987,379
Redeemed	(22,161,899)	(11,049,440)
Net increase (decrease)	(3,724,626)	6,120,117

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

Financial Highlights

Fidelity Advisor Series Equity Growth Fund


Years ended November 30,	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$14.20	$15.41	$11.22	$11.25	$10.65
Income from Investment Operations
Net investment income (loss)^A	.12	.13	.08	.02	.02
Net realized and unrealized gain (loss)	2.33	1.05	4.12	(.03)	.59
Total from investment operations	2.45	1.18	4.20	(.01)	.61
Distributions from net investment income	(.13)	(.09)	(.01)	(.02)	(.01)
Distributions from net realized gain	(.99)	(2.30)	–	–	–
Total distributions	(1.12)	(2.39)	(.01)	(.02)	(.01)
Net asset value, end of period	$15.53	$14.20	$15.41	$11.22	$11.25
Total Return^B	19.73%	8.96%	37.51%	(.11)%	5.70%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.01%	.01%	.32%	.65%	.74%
Expenses net of fee waivers, if any	.01%	.01%	.32%	.65%	.74%
Expenses net of all reductions	.01%	- %^E	.32%	.65%	.73%
Net investment income (loss)	.84%	.92%	.57%	.15%	.19%
Supplemental Data
Net assets, end of period (000 omitted)	$977,722	$947,353	$933,562	$901,989	$964,918
Portfolio turnover rate^F	52%^G	38%	48%	60%	65%

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

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

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

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

^E Amount represents less than .005%.

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

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

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

Notes to Financial Statements

For the period ended November 30, 2019

1. Organization.

Fidelity Advisor Series Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. 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.

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

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	$350,304,041
Gross unrealized depreciation	(9,051,089)
Net unrealized appreciation (depreciation)	$341,252,952
Tax Cost	$676,049,969

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

Undistributed ordinary income	$7,318,927
Undistributed long-term capital gain	$110,535,487
Net unrealized appreciation (depreciation) on securities and other investments	$341,251,430

The tax character of distributions paid was as follows:

	November 30, 2019	November 30, 2018
Ordinary Income	$8,554,891	$ 18,846,280
Long-term Capital Gains	65,412,012	124,758,762
Total	$73,966,903	$ 143,605,042

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $483,811,014 and $686,016,607, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Advisor Series Equity Growth Fund	$12,077

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$7,927,824	2.53%	$9,471

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $87,353,775 in exchange for 6,011,960 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,498 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $10,668. 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, and includes $5,205 from securities loaned to NFS, as affiliated borrower.

8. Other.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Equity Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the “Fund”) as of November 30, 2019, the related statement of operations for the year ended November 30, 2019, the statement of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2019 and the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

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

Interested Trustees*:

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

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

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2019 to November 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value June 1, 2019	Ending Account Value November 30, 2019	Expenses Paid During Period-^B June 1, 2019 to November 30, 2019
Actual	.01%	$1,000.00	$1,136.90	$.05
Hypothetical-^C		$1,000.00	$1,025.02	$.05

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Series Equity Growth Fund voted to pay on December 19, 2019, to shareholders of record at the opening of business on December 18, 2019, a distribution of $1.785 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.130 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2019, $110,543,996, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 77% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 92% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor Series Equity Growth Fund

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

Fidelity Investments

AXM1-ANN-0120
1.9860268.105


Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2019


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Equity Growth Fund	$49,000	$100	$6,300	$1,200
Fidelity Advisor Equity Income Fund	$46,000	$100	$7,200	$1,200
Fidelity Advisor Equity Value Fund	$44,000	$100	$6,600	$1,100
Fidelity Advisor Growth & Income Fund	$45,000	$100	$5,500	$1,100
Fidelity Advisor Growth Opportunities Fund	$53,000	$100	$6,200	$1,300
Fidelity Advisor Large Cap Fund	$46,000	$100	$5,200	$1,100
Fidelity Advisor Series Growth Opportunities Fund	$50,000	$100	$6,300	$1,200
Fidelity Advisor Stock Selector Mid Cap Fund	$45,000	$100	$5,300	$1,100
Fidelity Advisor Value Strategies Fund	$45,000	$100	$7,300	$1,200


	November 30, 2019^A	November 30, 2018^A
Audit-Related Fees	$290,000	$5,000
Tax Fees	$5,000	$5,000
All Other Fees	$-	$-


Billed By	November 30, 2019^A	November 30, 2018^A
Deloitte Entities	$640,000	$550,000
PwC	$12,575,000	$10,975,000


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


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	January 24, 2020


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	January 24, 2020