0000722574 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member cso:C000048884Member 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member cso:ReturnBeforeTaxesMember cso:C000048884Member 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member rr:AfterTaxesOnDistributionsMember cso:C000048884Member 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member rr:AfterTaxesOnDistributionsAndSalesMember cso:C000048884Member 2022-01-29 2022-01-29 0000722574 cso:D1130FidelityRealEstateHighIncomeFundPRO08Member cso:S000017688Member cso:IndexLB282Member 2022-01-29 2022-01-29 iso4217:USD pure 485BPOS 2021-11-30 false 0000722574 N-1A FIDELITY ADVISOR SERIES I 0.1841 0.0595 0.0945 0.0284 0.0252 0.0579 0.0288 0.0952 -0.0543 0.0812 Fund Summary Fund:Fidelity® Real Estate High Income Fund Investment Objective The fund seeks a high level of current income. As a secondary objective, the fund also seeks growth of capital. As a secondary objective, the fund also seeks growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees 0 Annual Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0070 0 0.0008 0.0078 This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 80 249 433 966 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 22% of the average value of its portfolio. 0.22 Principal Investment Strategies Normally investing at least 80% of the fund's assets in real estate related investments of all types. Investing primarily in real estate related instruments of domestic and foreign issuers, with an emphasis on lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). Normally investing at least 65% of total assets in commercial and residential mortgage-backed securities; debt securities of real estate entities; equity securities of entities whose primary assets are mortgage loans or commercial or residential mortgage-backed securities; and preferred stock of Real Estate Investment Trusts (REITs). Normally investing at least 90% of net assets in commercial and residential mortgage-backed securities; debt securities of real estate entities; equity securities of entities whose primary assets are mortgage loans or commercial or residential mortgage-backed securities; preferred stock of REITs; U.S. Government securities; cash equivalents; and related futures and options. Normally investing more than 25% of total assets in securities and instruments backed by real estate and real estate mortgages and securities of companies engaged in the real estate business, including interests in REITs. Investing the fund's assets without limitation in lower-rated securities and non-rated securities of lower quality. In selecting investments, analyzing a security's structural features, current pricing and trading opportunities, and the credit quality of its issuer or the underlying assets, as well as using fundamental analysis of each issuer's financial condition. Normally investing more than 25% of total assets in securities and instruments backed by real estate and real estate mortgages and securities of companies engaged in the real estate business, including interests in REITs. Principal Investment Risks The fund may be appropriate for aggressive institutional investors who understand the potential risks and rewards of investing in real estate related securities, particularly lower-quality securities, and are willing to accept the greater price movements and credit risks of these securities. Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments. Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill and creditworthiness of the issuer. Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change. Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for more recent performance information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Year-by-Year Returns Highest Quarter Return 0.0643 2020-09-30 Lowest Quarter Return -0.1886 2020-03-31 Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Return Before Taxes 0.0812 0.0404 0.0584 Return After Taxes on Distributions 0.0644 0.0205 0.0359 Return After Taxes on Distributions and Sale of Fund Shares 0.0479 0.0221 0.0353 Bloomberg U.S. CMBS ex AAA Index 0.0286 0.0505 0.0501