Results

Fidelity Advisor Series I

10/21/2021 | Press release | Distributed by Public on 10/21/2021 08:55

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03785

Fidelity Advisor Series I

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000

Date of fiscal year end:

August 31

Date of reporting period:

August 31, 2021

Item 1.

Reports to Stockholders

Fidelity Advisor® Balanced Fund



Annual Report

August 31, 2021



Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and - given the wide variability in outcomes regarding the outbreak - significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action - in concert with the U.S. Federal Reserve and central banks around the world - to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended August 31, 2021 Past 1 year Past 5 years Past 10 years
Class A (incl. 5.75% sales charge) 17.23% 12.74% 11.23%
Class M (incl. 3.50% sales charge) 19.76% 13.01% 11.23%
Class C (incl. contingent deferred sales charge) 22.43% 13.23% 11.21%
Class I 24.68% 14.38% 12.17%
Class Z 24.82% 14.52% 12.29%

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® Balanced Fund - Class A on August 31, 2011, 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
$28,982 Fidelity Advisor® Balanced Fund - Class A
$45,424 S&P 500® Index

Management's Discussion of Fund Performance Market Recap: The S&P 500® index gained 31.17% for the 12 months ending August 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. The rally slowed in September 2020, when stocks began a two-month retreat amid Congress's inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. As part of the "reopening" theme, investors favored cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through August, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials and energy led the way for the full year, whereas the consumer segments notably lagged. Turning to fixed income, U.S. taxable investment-grade bonds posted a modest decline for the 12 months, hampered by markedly higher interest rates. The Bloomberg U.S. Aggregate Bond Index returned -0.08%. Meanwhile, strong fundamentals bolstered high-yield bonds, up 10.26%, as per the ICE BofA® US High Yield Constrained Index.Comments from Co-Portfolio Manager Robert Stansky: For the fiscal year ending August 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 23% to 25%, well ahead of the 17.92% advance of the Fidelity Balanced 60/40 Composite Index℠. The decision to overweight stocks and underweight bonds contributed significantly to the fund's outperformance of the Composite index. Security selection in the equity subportfolio also provided a boost, as did picks in the investment-grade bond sleeve to a lesser extent. The fund's stock investments gained 36.01% the past 12 months, well ahead of the 31.17% advance of the S&P 500®. Choices in the information technology, materials, communication services and financials sectors boosted the subportfolio's relative result most. At the stock level, the top relative contributor was Capital One Financial, which gained about 144% in the subportfolio. We reduced this position. Conversely, a non-benchmark stake in Sunrun was the subportfolio's largest relative detractor, returning -31%. We significantly increased this position. The investment-grade bond central fund gained 2.01%, compared with -0.08% for the Bloomberg U.S. Aggregate Bond Index. Our decision to overweight corporate bonds added value, as credit spreads tightened for the 12 months. Our picks among corporate bonds also contributed. Underweighting mortgage-backed securities (MBS), which offered little value for most of the period, further aided the fund's relative result. On the other hand, positioning along the yield curve detracted somewhat, especially overweighting 30-year U.S. Treasury bonds. Sector allocation among the bonds of industrial firms also set us back to a degree, but our picks in this segment made up for this shortfall and then some.

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) The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

Top Five Stocks as of August 31, 2021

% of fund's net assets
Microsoft Corp. 4.8
Apple, Inc. 3.3
Amazon.com, Inc. 2.7
Facebook, Inc. Class A 2.0
Alphabet, Inc. Class A 1.7
14.5

Top Five Bond Issuers as of August 31, 2021

(with maturities greater than one year) % of fund's net assets
U.S. Treasury Obligations 6.8
Freddie Mac 1.9
Ginnie Mae 1.6
Uniform Mortgage Backed Securities 1.3
Fannie Mae 1.3
12.9

Top Five Market Sectors as of August 31, 2021

% of fund's net assets
Information Technology 18.8
Financials 12.7
Health Care 9.6
Consumer Discretionary 8.9
Communication Services 8.6

Asset Allocation (% of fund's net assets)

As of August 31, 2021*
Stocks and Equity Futures 71.7%
Bonds 28.1%
Convertible Securities 0.2%
Other Investments 0.1%
Short-Term Investments and Net Other Assets (Liabilities)** (0.1)%

* Foreign investments - 8.5%

** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Percentages are adjusted for the effect of futures contracts and swaps, if applicable.

Schedule of Investments August 31, 2021

Showing Percentage of Net Assets

Common Stocks - 69.5%
Shares Value (000s)
COMMUNICATION SERVICES - 7.8%
Entertainment - 1.4%
Activision Blizzard, Inc. 145,717 $12,003
Electronic Arts, Inc. 45,335 6,583
Live Nation Entertainment, Inc. (a) 32,300 2,800
Marcus Corp. (a)(b) 18,068 282
Netflix, Inc. (a) 57,445 32,697
Sea Ltd. ADR (a) 3,100 1,049
Square Enix Holdings Co. Ltd. 16,100 938
The Walt Disney Co. (a) 246,485 44,688
101,040
Interactive Media & Services - 5.6%
Alphabet, Inc.:
Class A (a) 41,803 120,976
Class C (a) 40,842 118,819
Facebook, Inc. Class A (a) 374,028 141,899
Snap, Inc. Class A (a) 69,558 5,294
Tencent Holdings Ltd. 32,800 2,026
Tongdao Liepin Group (a) 1,540,421 2,729
Twitter, Inc. (a) 110,241 7,111
Vimeo, Inc. (a) 36,758 1,401
Z Holdings Corp. 246,000 1,603
Zoominfo Technologies, Inc. (a) 57,500 3,748
405,606
Media - 0.5%
Altice U.S.A., Inc. Class A (a) 36,558 1,003
Comcast Corp. Class A 531,414 32,246
ViacomCBS, Inc. Class B 84,300 3,494
36,743
Wireless Telecommunication Services - 0.3%
T-Mobile U.S., Inc. (a) 136,135 18,653
TOTAL COMMUNICATION SERVICES 562,042
CONSUMER DISCRETIONARY - 8.6%
Automobiles - 0.8%
Ferrari NV 21,000 4,565
Lucid Motors, Inc. (c) 48,422 967
Tesla, Inc. (a) 71,400 52,530
58,062
Distributors - 0.1%
LKQ Corp. (a) 199,500 10,512
Hotels, Restaurants & Leisure - 1.3%
Airbnb, Inc. Class A 48,200 7,471
Booking Holdings, Inc. (a) 9,400 21,617
Boyd Gaming Corp. (a) 73,900 4,535
Caesars Entertainment, Inc. (a) 73,700 7,490
Churchill Downs, Inc. 41,100 8,652
Compass Group PLC (a) 418,300 8,642
Domino's Pizza, Inc. 5,700 2,946
MakeMyTrip Ltd. (a) 76,989 1,988
Marriott International, Inc. Class A (a) 136,600 18,460
McDonald's Corp. 56,700 13,464
Penn National Gaming, Inc. (a) 15,900 1,289
96,554
Household Durables - 0.6%
GoPro, Inc. Class A (a) 289,000 2,881
Leggett & Platt, Inc. 144,600 6,997
Lennar Corp. Class A 164,200 17,620
Mohawk Industries, Inc. (a) 31,900 6,309
Tempur Sealy International, Inc. 135,400 6,052
39,859
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. (a) 56,035 194,486
Chewy, Inc. (a)(b) 18,100 1,595
Coupang, Inc. Class A (a) 41,900 1,255
Deliveroo PLC 200,000 910
Deliveroo PLC Class A (a)(d) 365,100 1,749
eBay, Inc. 252,900 19,408
Farfetch Ltd. Class A (a) 120,600 5,048
Kogan.Com Ltd. (b) 29,521 246
Porch Group, Inc. Class A (a) 440,763 8,815
Shop Apotheke Europe NV (a)(d) 6,400 1,140
THG PLC 258,700 2,189
ZOZO, Inc. 19,700 751
237,592
Leisure Products - 0.1%
Mattel, Inc. (a) 200,382 4,278
Multiline Retail - 0.2%
Dollar Tree, Inc. (a) 119,300 10,801
Nordstrom, Inc. (a) 131,200 3,754
14,555
Specialty Retail - 1.6%
Auto1 Group SE (d) 69,700 3,033
Burlington Stores, Inc. (a) 14,300 4,283
Industria de Diseno Textil SA 251,500 8,592
Lowe's Companies, Inc. 232,900 47,486
The Home Depot, Inc. 83,509 27,239
TJX Companies, Inc. 282,030 20,509
111,142
Textiles, Apparel & Luxury Goods - 0.6%
Capri Holdings Ltd. (a) 43,900 2,481
LVMH Moet Hennessy Louis Vuitton SE 8,200 6,075
NIKE, Inc. Class B 86,964 14,326
PVH Corp. (a) 52,700 5,522
Tapestry, Inc. 300,700 12,124
40,528
TOTAL CONSUMER DISCRETIONARY 613,082
CONSUMER STAPLES - 4.1%
Beverages - 1.3%
Constellation Brands, Inc. Class A (sub. vtg.) 34,700 7,327
Keurig Dr. Pepper, Inc. 123,600 4,409
Monster Beverage Corp. (a) 128,575 12,545
PepsiCo, Inc. 195,000 30,496
Pernod Ricard SA 26,800 5,631
The Coca-Cola Co. 584,300 32,902
93,310
Food & Staples Retailing - 1.2%
BJ's Wholesale Club Holdings, Inc. (a) 145,800 8,261
Costco Wholesale Corp. 68,500 31,201
U.S. Foods Holding Corp. (a) 285,600 9,710
Walgreens Boots Alliance, Inc. 123,600 6,273
Walmart, Inc. 202,400 29,975
Zur Rose Group AG (a) 4,260 1,833
87,253
Food Products - 0.4%
Bunge Ltd. 17,400 1,317
Darling Ingredients, Inc. (a) 31,400 2,339
Freshpet, Inc. (a) 10,000 1,281
Hotel Chocolat Group Ltd. (a) 33,000 170
Lamb Weston Holdings, Inc. 88,300 5,753
Mondelez International, Inc. 268,700 16,678
Oatly Group AB ADR (a) 33,400 609
28,147
Household Products - 0.7%
Procter & Gamble Co. 356,500 50,762
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A 43,200 14,709
Herbalife Nutrition Ltd. (a) 39,500 2,028
The Honest Co., Inc. (b) 59,100 602
17,339
Tobacco - 0.2%
Altria Group, Inc. 265,700 13,346
Philip Morris International, Inc. 20,100 2,070
15,416
TOTAL CONSUMER STAPLES 292,227
ENERGY - 1.9%
Energy Equipment & Services - 0.2%
Baker Hughes Co. Class A 165,900 3,779
Halliburton Co. 230,600 4,607
Oceaneering International, Inc. (a) 115,309 1,418
Subsea 7 SA 130,000 990
10,794
Oil, Gas & Consumable Fuels - 1.7%
Africa Oil Corp. (a) 1,546,400 2,084
Canadian Natural Resources Ltd. 286,900 9,494
Cheniere Energy, Inc. 45,300 3,962
Chevron Corp. 23,976 2,320
ConocoPhillips Co. 45,700 2,538
Enterprise Products Partners LP 75,600 1,683
Exxon Mobil Corp. 778,691 42,454
Harbour Energy PLC (a) 287,575 1,410
Hess Corp. 173,100 11,901
Imperial Oil Ltd. (b) 99,000 2,620
Marathon Petroleum Corp. 14,300 848
MEG Energy Corp. (a) 1,028,100 6,552
Murphy Oil Corp. 115,400 2,453
Phillips 66 Co. 100,874 7,171
Range Resources Corp. (a) 2,132 31
Reliance Industries Ltd. 15,709 348
Reliance Industries Ltd. 520,984 16,127
Reliance Industries Ltd. sponsored GDR (d) 78,180 4,835
Tourmaline Oil Corp. 104,400 2,792
Valero Energy Corp. 49,000 3,249
124,872
TOTAL ENERGY 135,666
FINANCIALS - 7.6%
Banks - 3.1%
Bank of America Corp. 1,258,991 52,563
BNP Paribas SA 50,300 3,186
Citigroup, Inc. 96,330 6,927
Citizens Financial Group, Inc. 184,100 8,062
Comerica, Inc. 60,100 4,442
EFG Eurobank Ergasias SA (a) 4,279,500 4,078
First Horizon National Corp. 156,898 2,572
JPMorgan Chase & Co. 182,700 29,223
M&T Bank Corp. 54,100 7,575
NatWest Group PLC 413,900 1,213
Piraeus Financial Holdings SA (a) 748,700 1,264
PNC Financial Services Group, Inc. 106,400 20,333
Signature Bank 13,000 3,371
Societe Generale Series A 222,200 6,994
Standard Chartered PLC (United Kingdom) 518,800 3,244
Starling Bank Ltd. Series D (a)(e) 659,301 1,173
UniCredit SpA 259,100 3,233
Wells Fargo & Co. 1,322,100 60,420
219,873
Capital Markets - 1.8%
Bank of New York Mellon Corp. 657,700 36,318
BlackRock, Inc. Class A 26,400 24,903
Cboe Global Markets, Inc. 39,272 4,954
Goldman Sachs Group, Inc. 26,400 10,917
Intercontinental Exchange, Inc. 26,000 3,108
Morgan Stanley 280,500 29,293
State Street Corp. 99,600 9,254
StepStone Group, Inc. Class A 120,278 5,758
Virtu Financial, Inc. Class A 115,500 2,827
127,332
Consumer Finance - 1.3%
American Express Co. 155,700 25,840
Capital One Financial Corp. 301,009 49,958
OneMain Holdings, Inc. 238,325 13,782
Shriram Transport Finance Co. Ltd. 89,092 1,652
91,232
Diversified Financial Services - 0.4%
Ant International Co. Ltd. Class C (a)(c)(e) 463,804 1,160
Berkshire Hathaway, Inc.:
Class A (a) 11 4,729
Class B (a) 71,700 20,490
Cazoo Group Ltd. (c) 53,300 408
Jumo World Ltd. (e) 162 1,218
Voya Financial, Inc. 60,300 3,918
31,923
Insurance - 1.0%
AIA Group Ltd. 157,800 1,884
American International Group, Inc. 176,100 9,608
Arthur J. Gallagher & Co. 54,400 7,813
Hartford Financial Services Group, Inc. 213,000 14,318
Marsh & McLennan Companies, Inc. 56,700 8,913
Prudential PLC (a) 83,800 1,746
The Travelers Companies, Inc. 144,900 23,142
Willis Towers Watson PLC 36,300 8,012
75,436
Thrifts & Mortgage Finance - 0.0%
Mr. Cooper Group, Inc. (a) 9 0
TOTAL FINANCIALS 545,796
HEALTH CARE - 9.1%
Biotechnology - 1.0%
Amgen, Inc. 88,155 19,882
Argenx SE ADR (a) 16,000 5,296
Blueprint Medicines Corp. (a) 30,800 2,873
Horizon Therapeutics PLC (a) 193,840 20,952
Regeneron Pharmaceuticals, Inc. (a) 30,000 20,202
69,205
Health Care Equipment & Supplies - 2.8%
Abbott Laboratories 366,054 46,258
Boston Scientific Corp. (a) 725,719 32,766
DexCom, Inc. (a) 24,076 12,746
Envista Holdings Corp. (a) 237,800 10,175
Intuitive Surgical, Inc. (a) 28,700 30,237
ResMed, Inc. 32,300 9,384
Siemens Healthineers AG (d) 230,908 16,059
Stryker Corp. 145,090 40,204
197,829
Health Care Providers & Services - 2.3%
AmerisourceBergen Corp. 132,600 16,205
dentalcorp Holdings Ltd. (a) 148,990 1,882
Guardant Health, Inc. (a) 15,500 1,973
HCA Holdings, Inc. 112,900 28,561
Humana, Inc. 54,500 22,095
Option Care Health, Inc. (a) 330,103 8,830
Surgery Partners, Inc. (a) 284,559 14,000
UnitedHealth Group, Inc. 171,818 71,523
165,069
Health Care Technology - 0.1%
Health Catalyst, Inc. (a) 123,858 6,764
Life Sciences Tools & Services - 0.8%
Avantor, Inc. (a) 81,468 3,213
Thermo Fisher Scientific, Inc. 99,222 55,063
58,276
Pharmaceuticals - 2.1%
AstraZeneca PLC sponsored ADR 221,500 12,909
Bristol-Myers Squibb Co. 475,894 31,818
Eli Lilly & Co. 154,900 40,009
Roche Holding AG (participation certificate) 32,585 13,085
Royalty Pharma PLC 325,382 12,576
UCB SA 125,400 14,345
Zoetis, Inc. Class A 146,300 29,927
154,669
TOTAL HEALTH CARE 651,812
INDUSTRIALS - 6.9%
Aerospace & Defense - 2.1%
General Dynamics Corp. 115,806 23,197
Lockheed Martin Corp. 74,159 26,682
Northrop Grumman Corp. 69,499 25,555
Raytheon Technologies Corp. 406,487 34,454
Space Exploration Technologies Corp. Class A (a)(c)(e) 1,600 672
The Boeing Co. (a) 172,222 37,803
148,363
Air Freight & Logistics - 0.5%
FedEx Corp. 102,561 27,249
United Parcel Service, Inc. Class B 57,470 11,243
38,492
Airlines - 0.1%
Joby Aviation, Inc. (c) 72,057 870
Spirit Airlines, Inc. (a) 134,355 3,296
4,166
Commercial Services & Supplies - 0.1%
CoreCivic, Inc. (a) 460,599 4,477
Construction & Engineering - 0.3%
AECOM (a) 284,476 18,650
API Group Corp. (a)(d) 19,400 450
19,100
Electrical Equipment - 0.9%
Array Technologies, Inc. 382,891 7,302
FTC Solar, Inc. (a) 128,300 1,392
Plug Power, Inc. (a)(b) 69,200 1,803
Sensata Technologies, Inc. PLC (a) 433,593 25,660
Shoals Technologies Group, Inc. 47,950 1,562
Sunrun, Inc. (a) 690,705 30,564
68,283
Industrial Conglomerates - 0.9%
3M Co. 42,202 8,218
General Electric Co. 351,023 37,001
Hitachi Ltd. 218,900 12,107
Honeywell International, Inc. 26,837 6,224
63,550
Machinery - 0.7%
Allison Transmission Holdings, Inc. 509,317 18,835
Caterpillar, Inc. 143,542 30,269
Flowserve Corp. 59,467 2,311
51,415
Marine - 0.2%
Genco Shipping & Trading Ltd. 192,927 3,760
Golden Ocean Group Ltd. 180,914 2,077
Star Bulk Carriers Corp. 351,300 8,104
13,941
Professional Services - 0.5%
Dun & Bradstreet Holdings, Inc. (a) 222,500 4,078
Nielsen Holdings PLC 1,617,033 34,702
Renrui Human Resources Technology Holdings Ltd. 90,800 109
38,889
Road & Rail - 0.6%
Lyft, Inc. (a) 128,561 6,121
Norfolk Southern Corp. 55,216 13,999
Uber Technologies, Inc. (a) 542,599 21,237
Union Pacific Corp. 11,555 2,506
43,863
TOTAL INDUSTRIALS 494,539
INFORMATION TECHNOLOGY - 18.2%
Electronic Equipment & Components - 1.2%
Corning, Inc. 57,900 2,315
Flex Ltd. (a) 1,386,640 25,764
Hon Hai Precision Industry Co. Ltd. (Foxconn) 921,000 3,697
Insight Enterprises, Inc. (a) 38,839 3,996
Jabil, Inc. 892,770 55,155
90,927
IT Services - 2.7%
Cognizant Technology Solutions Corp. Class A 34,800 2,656
Dlocal Ltd. 62,500 4,000
Fidelity National Information Services, Inc. 52,100 6,657
Fiserv, Inc. (a) 17,000 2,002
Genpact Ltd. 8,800 457
Global Payments, Inc. 73,400 11,938
GoDaddy, Inc. (a) 41,900 3,072
MasterCard, Inc. Class A 157,100 54,393
MongoDB, Inc. Class A (a) 17,100 6,700
PayPal Holdings, Inc. (a) 155,800 44,973
Square, Inc. (a) 5,000 1,340
Visa, Inc. Class A 228,350 52,315
Wix.com Ltd. (a) 7,100 1,577
192,080
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc. (a) 21,100 2,336
Applied Materials, Inc. 103,663 14,008
Cirrus Logic, Inc. (a) 47,900 4,008
indie Semiconductor, Inc. (a) 64,900 655
Lam Research Corp. 9,300 5,625
Marvell Technology, Inc. 204,700 12,526
Microchip Technology, Inc. 55,800 8,781
Micron Technology, Inc. 91,887 6,772
NVIDIA Corp. 353,200 79,064
NXP Semiconductors NV 127,697 27,471
ON Semiconductor Corp. (a) 509,306 22,593
Renesas Electronics Corp. (a) 177,800 1,904
Semtech Corp. (a) 32,600 2,279
Teradyne, Inc. 11,800 1,433
Universal Display Corp. 5,600 1,168
Xilinx, Inc. 28,900 4,497
195,120
Software - 8.1%
Adobe, Inc. (a) 42,800 28,406
Anaplan, Inc. (a) 121,900 7,312
Autodesk, Inc. (a) 79,630 24,692
Avalara, Inc. (a) 16,900 3,037
CCC Intelligent Solutions Holdings, Inc. (c) 34,443 380
Ceridian HCM Holding, Inc. (a) 28,900 3,247
Cloudflare, Inc. (a) 9,300 1,123
Cognyte Software Ltd. (a) 280,890 7,719
Confluent, Inc. 10,800 604
Coupa Software, Inc. (a) 7,800 1,910
Elastic NV (a) 13,996 2,233
Epic Games, Inc. (a)(c)(e) 1,715 1,518
Everbridge, Inc. (a) 29,100 4,568
FireEye, Inc. (a) 62,800 1,142
Intuit, Inc. 33,900 19,191
Lightspeed Commerce, Inc. 36,300 4,036
LivePerson, Inc. (a) 125,600 8,051
Microsoft Corp. 1,127,900 340,488
Momentive Global, Inc. (a) 871,203 17,084
Otonomo Technologies Ltd. (c) 96,391 664
Qualtrics International, Inc. 93,900 4,252
Salesforce.com, Inc. (a) 195,189 51,778
ServiceNow, Inc. (a) 20,200 13,002
Stripe, Inc. Class B (a)(c)(e) 15,600 626
Verint Systems, Inc. (a) 20,300 906
Workday, Inc. Class A (a) 45,800 12,511
Workiva, Inc. (a) 7,800 1,094
Yext, Inc. (a) 613,423 8,293
Zendesk, Inc. (a) 66,800 8,256
Zoom Video Communications, Inc. Class A (a) 5,600 1,621
579,744
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc. 1,578,120 239,606
HP, Inc. 190,500 5,665
Western Digital Corp. (a) 53,100 3,356
248,627
TOTAL INFORMATION TECHNOLOGY 1,306,498
MATERIALS - 1.8%
Chemicals - 0.9%
Air Products & Chemicals, Inc. 19,460 5,245
Albemarle Corp. U.S. 20,000 4,735
Balchem Corp. 19,500 2,738
Ecolab, Inc. 31,883 7,185
FMC Corp. 33,800 3,165
Innospec, Inc. 35,844 3,355
Linde PLC 45,083 14,183
LyondellBasell Industries NV Class A 41,700 4,185
Olin Corp. 231,742 11,550
Sherwin-Williams Co. 18,154 5,513
Valvoline, Inc. 188,400 5,682
67,536
Construction Materials - 0.3%
Martin Marietta Materials, Inc. 19,307 7,361
Summit Materials, Inc. (a) 176,674 5,949
Vulcan Materials Co. 32,500 6,043
19,353
Containers & Packaging - 0.1%
Crown Holdings, Inc. 82,400 9,047
Metals & Mining - 0.5%
Commercial Metals Co. 127,815 4,169
First Quantum Minerals Ltd. 432,300 9,005
Freeport-McMoRan, Inc. 322,648 11,741
Newmont Corp. 141,028 8,178
33,093
TOTAL MATERIALS 129,029
REAL ESTATE - 1.9%
Equity Real Estate Investment Trusts (REITs) - 1.8%
Alexandria Real Estate Equities, Inc. 33,400 6,893
American Tower Corp. 68,500 20,014
Corporate Office Properties Trust (SBI) 41,400 1,167
CubeSmart 165,600 8,860
Digital Realty Trust, Inc. 50,800 8,327
Douglas Emmett, Inc. 50,500 1,667
Equinix, Inc. 4,100 3,458
Equity Lifestyle Properties, Inc. 118,900 10,115
Healthcare Trust of America, Inc. 18,000 546
Invitation Homes, Inc. 209,300 8,619
Kilroy Realty Corp. 45,400 2,981
Lexington Corporate Properties Trust 315,200 4,265
Mid-America Apartment Communities, Inc. 57,600 11,081
Prologis (REIT), Inc. 127,800 17,210
SBA Communications Corp. Class A 14,600 5,241
Ventas, Inc. 77,500 4,335
VICI Properties, Inc. 42,700 1,320
Welltower, Inc. 86,117 7,538
Weyerhaeuser Co. 50,200 1,807
125,444
Real Estate Management & Development - 0.1%
Cushman & Wakefield PLC (a) 345,100 6,260
Jones Lang LaSalle, Inc. (a) 13,300 3,224
9,484
TOTAL REAL ESTATE 134,928
UTILITIES - 1.6%
Electric Utilities - 1.1%
American Electric Power Co., Inc. 13,800 1,236
Duke Energy Corp. 11,300 1,183
Edison International 128,300 7,421
Entergy Corp. 24,571 2,718
Evergy, Inc. 93,365 6,391
Exelon Corp. 259,876 12,739
FirstEnergy Corp. 184,000 7,152
NextEra Energy, Inc. 253,900 21,325
NRG Energy, Inc. 51,700 2,361
PG&E Corp. (a) 588,862 5,400
PPL Corp. 49,100 1,441
Southern Co. 184,300 12,114
81,481
Independent Power and Renewable Electricity Producers - 0.1%
FREYR Battery SA (a) 72,304 642
The AES Corp. 198,849 4,747
5,389
Multi-Utilities - 0.4%
CenterPoint Energy, Inc. 220,945 5,544
Dominion Energy, Inc. 113,645 8,846
NiSource, Inc. 136,600 3,367
Public Service Enterprise Group, Inc. 38,800 2,481
Sempra Energy 70,124 9,282
29,520
TOTAL UTILITIES 116,390
TOTAL COMMON STOCKS
(Cost $3,179,554) 4,982,009
Preferred Stocks - 0.3%
Convertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Algolia SAS Series D (c)(e) 28,657 838
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
ABL Space Systems Series B (c)(e) 16,809 757
Construction & Engineering - 0.0%
Beta Technologies, Inc. Series A (c)(e) 6,703 491
TOTAL INDUSTRIALS 1,248
INFORMATION TECHNOLOGY - 0.2%
Communications Equipment - 0.0%
Astranis Space Technologies Corp. Series C (c)(e) 56,066 1,229
Xsight Labs Ltd. Series D (c)(e) 60,136 481
1,710
IT Services - 0.1%
ByteDance Ltd. Series E1 (c)(e) 18,992 1,970
Checkr, Inc. Series E (c)(e) 30,412 1,642
3,612
Semiconductors & Semiconductor Equipment - 0.0%
Astera Labs, Inc. Series C (c)(e) 140,700 473
Software - 0.1%
Amplitude, Inc. Series F (c)(e) 43,619 1,397
Databricks, Inc.:
Series G (c)(e) 1,359 300
Series H (c)(e) 6,495 1,432
Stripe, Inc. Series H (c)(e) 6,300 253
ThoughtWorks, Inc.:
Series A (c)(e) 2,404 1,980
Series B (c)(e) 1,219 1,004
6,366
TOTAL INFORMATION TECHNOLOGY 12,161
TOTAL CONVERTIBLE PREFERRED STOCKS 14,247
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Porsche Automobil Holding SE (Germany) 73,700 7,456
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Gupshup, Inc. (c)(e) 58,730 1,343
TOTAL NONCONVERTIBLE PREFERRED STOCKS 8,799
TOTAL PREFERRED STOCKS
(Cost $20,150) 23,046
Principal Amount (000s) Value (000s)
U.S. Treasury Obligations - 0.2%
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.05% 9/9/21 to 11/12/21 (f)
(Cost $9,469) 9,470 9,469
Preferred Securities - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
Circle Internet Financial Ltd. 0%
(Cost $1,011)(c)(e)(g)
$1,011 $1,011
Shares Value (000s)
Fixed-Income Funds - 27.1%
Fidelity Investment Grade Bond Central Fund (h)
(Cost $1,914,886) 16,805,489 1,943,723
Money Market Funds - 2.9%
Fidelity Cash Central Fund 0.06% (i) 199,262,201 199,302
Fidelity Securities Lending Cash Central Fund 0.06% (i)(j) 4,862,220 4,863
TOTAL MONEY MARKET FUNDS
(Cost $204,165) 204,165
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $5,329,235) 7,163,423
NET OTHER ASSETS (LIABILITIES) - 0.0% 2,379
NET ASSETS - 100% $7,165,802

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 500 Index Contracts (United States) 609 Sept. 2021 $137,649 $7,865 $7,865

The notional amount of futures purchased as a percentage of Net Assets is 1.9%

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

Legend

(a) Non-income producing

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

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,866,000 or 0.3% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,266,000 or 0.4% of net assets.

(e) Level 3 security

(f) 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 $7,378,000.

(g) Security is perpetual in nature with no stated maturity date.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds is available at fidelity.com and/or institutional.fidelity.com, as applicable. 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) 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.

(j) 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)
ABL Space Systems Series B 3/24/21 $757
Algolia SAS Series D 7/23/21 $838
Amplitude, Inc. Series F 8/9/21 $1,397
Ant International Co. Ltd. Class C 5/16/18 $2,602
Astera Labs, Inc. Series C 8/24/21 $473
Astranis Space Technologies Corp. Series C 3/19/21 $1,229
Beta Technologies, Inc. Series A 4/9/21 $491
ByteDance Ltd. Series E1 11/18/20 $2,081
Cazoo Group Ltd. 3/28/21 $533
CCC Intelligent Solutions Holdings, Inc. 2/2/21 $344
Checkr, Inc. Series E 8/24/21 $1,642
Circle Internet Financial Ltd. 0% 5/11/21 $1,011
Databricks, Inc. Series G 2/1/21 $241
Databricks, Inc. Series H 8/31/21 $1,432
Epic Games, Inc. 3/29/21 $1,518
Gupshup, Inc. 6/8/21 $1,343
Joby Aviation, Inc. 2/23/21 $721
Lucid Motors, Inc. 2/22/21 $726
Otonomo Technologies Ltd. 1/31/21 $964
Space Exploration Technologies Corp. Class A 2/16/21 $672
Stripe, Inc. Class B 5/18/21 $626
Stripe, Inc. Series H 3/15/21 $253
ThoughtWorks, Inc. Series A 1/13/21 $1,472
ThoughtWorks, Inc. Series B 6/25/21 $807
Xsight Labs Ltd. Series D 2/16/21 $481

Affiliated Central Funds

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period
Fidelity Cash Central Fund 0.06% $88,711 $2,236,868 $2,126,275 $125 $(2) $-- $199,302 0.3%
Fidelity High Income Central Fund 78,429 1,380 82,096 1,466 2,510 (223) -- 0.0%
Fidelity Investment Grade Bond Central Fund 1,364,888 612,509 -- 69,188 -- (33,674) 1,943,723 5.9%
Fidelity Securities Lending Cash Central Fund 0.06% 20,393 131,707 147,237 49 -- -- 4,863 0.0%
Total $1,552,421 $2,982,464 $2,355,608 $70,828 $2,508 $(33,897) $2,147,888

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 August 31, 2021, 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 $562,042 $560,016 $2,026 $--
Consumer Discretionary 621,376 588,863 31,675 838
Consumer Staples 292,227 292,227 -- --
Energy 135,666 135,666 -- --
Financials 545,796 528,027 14,218 3,551
Health Care 651,812 638,727 13,085 --
Industrials 495,787 492,997 870 1,920
Information Technology 1,320,002 1,301,406 5,932 12,664
Materials 129,029 129,029 -- --
Real Estate 134,928 134,928 -- --
Utilities 116,390 116,390 -- --
U.S. Government and Government Agency Obligations 9,469 -- 9,469 --
Preferred Securities 1,011 -- -- 1,011
Fixed-Income Funds 1,943,723 1,943,723 -- --
Money Market Funds 204,165 204,165 -- --
Total Investments in Securities: $7,163,423 $7,066,164 $77,275 $19,984
Derivative Instruments:
Assets
Futures Contracts $7,865 $7,865 $-- $--
Total Assets $7,865 $7,865 $-- $--
Total Derivative Instruments: $7,865 $7,865 $-- $--
Net unrealized depreciation on unfunded commitments $(458) $-- $(458) $--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2021. 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
Futures Contracts(a) $7,865 $0
Total Equity Risk 7,865 0
Total Value of Derivatives $7,865 $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

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 14.1%
AAA,AA,A 4.3%
BBB 6.7%
BB 1.6%
B 0.0%
Not Rated 0.7%
Equities 69.8%
Short-Term Investments and Net Other Assets 2.8%
100%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

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) August 31, 2021
Assets
Investment in securities, at value (including securities loaned of $4,650) - See accompanying schedule:
Unaffiliated issuers (cost $3,210,184)
$5,015,535
Fidelity Central Funds (cost $2,119,051) 2,147,888
Total Investment in Securities (cost $5,329,235) $7,163,423
Receivable for investments sold 8,354
Receivable for fund shares sold 12,103
Dividends receivable 5,631
Distributions receivable from Fidelity Central Funds 23
Prepaid expenses 11
Other receivables 148
Total assets 7,189,693
Liabilities
Payable to custodian bank $1,294
Payable for investments purchased 6,898
Unrealized depreciation on unfunded commitments 458
Payable for fund shares redeemed 4,166
Accrued management fee 2,196
Distribution and service plan fees payable 1,983
Payable for daily variation margin on futures contracts 143
Other affiliated payables 979
Other payables and accrued expenses 911
Collateral on securities loaned 4,863
Total liabilities 23,891
Net Assets $7,165,802
Net Assets consist of:
Paid in capital $4,932,828
Total accumulated earnings (loss) 2,232,974
Net Assets $7,165,802
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,723,094 ÷ 58,066 shares)(a) $29.67
Maximum offering price per share (100/94.25 of $29.67) $31.48
Class M:
Net Asset Value and redemption price per share ($1,743,911 ÷ 57,985 shares)(a) $30.08
Maximum offering price per share (100/96.50 of $30.08) $31.17
Class C:
Net Asset Value and offering price per share ($1,117,950 ÷ 38,059 shares)(a) $29.37
Class I:
Net Asset Value, offering price and redemption price per share ($1,831,448 ÷ 60,319 shares) $30.36
Class Z:
Net Asset Value, offering price and redemption price per share ($749,399 ÷ 24,673 shares) $30.37

(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 August 31, 2021
Investment Income
Dividends $46,676
Interest 9
Income from Fidelity Central Funds (including $49 from security lending) 38,387
Total income 85,072
Expenses
Management fee $22,089
Transfer agent fees 9,016
Distribution and service plan fees 20,711
Accounting fees 1,402
Custodian fees and expenses 106
Independent trustees' fees and expenses 23
Registration fees 367
Audit 124
Legal 19
Miscellaneous 27
Total expenses before reductions 53,884
Expense reductions (240)
Total expenses after reductions 53,644
Net investment income (loss) 31,428
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $171) 425,511
Fidelity Central Funds 2,508
Foreign currency transactions (20)
Futures contracts 38,940
Capital gain distributions from Fidelity Central Funds 32,441
Total net realized gain (loss) 499,380
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $243) 775,265
Fidelity Central Funds (33,897)
Unfunded commitments (458)
Assets and liabilities in foreign currencies (13)
Futures contracts 638
Total change in net unrealized appreciation (depreciation) 741,535
Net gain (loss) 1,240,915
Net increase (decrease) in net assets resulting from operations $1,272,343

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


Statement of Changes in Net Assets

Amounts in thousands Year ended August 31, 2021 Year ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $31,428 $44,644
Net realized gain (loss) 499,380 187,400
Change in net unrealized appreciation (depreciation) 741,535 562,557
Net increase (decrease) in net assets resulting from operations 1,272,343 794,601
Distributions to shareholders (201,498) (110,464)
Share transactions - net increase (decrease) 1,332,853 286,311
Total increase (decrease) in net assets 2,403,698 970,448
Net Assets
Beginning of period 4,762,104 3,791,656
End of period $7,165,802 $4,762,104

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


Financial Highlights

Fidelity Advisor Balanced Fund Class A

Years ended August 31, 2021 2020 2019 2018 2017
Selected Per-Share Data
Net asset value, beginning of period $24.87 $21.14 $22.22 $21.09 $19.18
Income from Investment Operations
Net investment income (loss)A .17 .27 .30 .25 .26
Net realized and unrealized gain (loss) 5.67 4.10 .08 2.22 1.98
Total from investment operations 5.84 4.37 .38 2.47 2.24
Distributions from net investment income (.17) (.29) (.29) (.25) (.25)
Distributions from net realized gain (.88) (.35) (1.18) (1.09) (.09)
Total distributions (1.04)B (.64) (1.46)B (1.34) (.33)B
Net asset value, end of period $29.67 $24.87 $21.14 $22.22 $21.09
Total ReturnC,D 24.38% 21.16% 2.15% 12.26% 11.84%
Ratios to Average Net AssetsE,F
Expenses before reductions .83% .85% .86% .87% .89%
Expenses net of fee waivers, if any .83% .85% .86% .87% .89%
Expenses net of all reductions .82% .84% .86% .86% .88%
Net investment income (loss) .63% 1.21% 1.46% 1.18% 1.28%
Supplemental Data
Net assets, end of period (in millions) $1,723 $1,080 $818 $681 $593
Portfolio turnover rateG 37% 92% 57% 62%H 86%

ACalculated based on average shares outstanding during the period.

BTotal distributions per share do not sum due to rounding.

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

DTotal returns do not include the effect of the sales charges.

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

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Balanced Fund Class M

Years ended August 31, 2021 2020 2019 2018 2017
Selected Per-Share Data
Net asset value, beginning of period $25.19 $21.40 $22.47 $21.31 $19.37
Income from Investment Operations
Net investment income (loss)A .10 .22 .25 .20 .21
Net realized and unrealized gain (loss) 5.76 4.15 .09 2.24 2.01
Total from investment operations 5.86 4.37 .34 2.44 2.22
Distributions from net investment income (.10) (.23) (.23) (.19) (.20)
Distributions from net realized gain (.88) (.35) (1.18) (1.09) (.09)
Total distributions (.97)B (.58) (1.41) (1.28) (.28)B
Net asset value, end of period $30.08 $25.19 $21.40 $22.47 $21.31
Total ReturnC,D 24.11% 20.85% 1.91% 11.99% 11.59%
Ratios to Average Net AssetsE,F
Expenses before reductions 1.07% 1.10% 1.11% 1.12% 1.13%
Expenses net of fee waivers, if any 1.07% 1.10% 1.11% 1.11% 1.13%
Expenses net of all reductions 1.07% 1.09% 1.11% 1.11% 1.13%
Net investment income (loss) .38% .97% 1.21% .94% 1.04%
Supplemental Data
Net assets, end of period (in millions) $1,744 $1,455 $1,273 $1,257 $1,163
Portfolio turnover rateG 37% 92% 57% 62%H 86%

ACalculated based on average shares outstanding during the period.

BTotal distributions per share do not sum due to rounding.

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

DTotal returns do not include the effect of the sales charges.

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

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Balanced Fund Class C

Years ended August 31, 2021 2020 2019 2018 2017
Selected Per-Share Data
Net asset value, beginning of period $24.67 $20.97 $22.05 $20.93 $19.04
Income from Investment Operations
Net investment income (loss)A (.03) .10 .14 .09 .10
Net realized and unrealized gain (loss) 5.62 4.07 .09 2.20 1.98
Total from investment operations 5.59 4.17 .23 2.29 2.08
Distributions from net investment income (.02) (.13) (.13) (.08) (.10)
Distributions from net realized gain (.87) (.35) (1.18) (1.09) (.09)
Total distributions (.89) (.47)B (1.31) (1.17) (.19)
Net asset value, end of period $29.37 $24.67 $20.97 $22.05 $20.93
Total ReturnC,D 23.43% 20.25% 1.40% 11.41% 10.99%
Ratios to Average Net AssetsE,F
Expenses before reductions 1.58% 1.60% 1.62% 1.62% 1.64%
Expenses net of fee waivers, if any 1.58% 1.60% 1.62% 1.62% 1.64%
Expenses net of all reductions 1.58% 1.60% 1.62% 1.62% 1.64%
Net investment income (loss) (.13)% .46% .70% .43% .53%
Supplemental Data
Net assets, end of period (in millions) $1,118 $769 $635 $620 $479
Portfolio turnover rateG 37% 92% 57% 62%H 86%

ACalculated based on average shares outstanding during the period.

BTotal distributions per share do not sum due to rounding.

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

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

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

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Balanced Fund Class I

Years ended August 31, 2021 2020 2019 2018 2017
Selected Per-Share Data
Net asset value, beginning of period $25.42 $21.59 $22.66 $21.48 $19.53
Income from Investment Operations
Net investment income (loss)A .24 .33 .36 .31 .31
Net realized and unrealized gain (loss) 5.81 4.19 .08 2.26 2.02
Total from investment operations 6.05 4.52 .44 2.57 2.33
Distributions from net investment income (.23) (.34) (.34) (.30) (.30)
Distributions from net realized gain (.88) (.35) (1.18) (1.09) (.09)
Total distributions (1.11) (.69) (1.51)B (1.39) (.38)B
Net asset value, end of period $30.36 $25.42 $21.59 $22.66 $21.48
Total ReturnC 24.68% 21.48% 2.41% 12.56% 12.12%
Ratios to Average Net AssetsD,E
Expenses before reductions .57% .59% .61% .61% .63%
Expenses net of fee waivers, if any .57% .59% .61% .61% .63%
Expenses net of all reductions .57% .58% .60% .61% .62%
Net investment income (loss) .88% 1.47% 1.71% 1.44% 1.54%
Supplemental Data
Net assets, end of period (in millions) $1,831 $1,070 $785 $621 $422
Portfolio turnover rateF 37% 92% 57% 62%G 86%

ACalculated based on average shares outstanding during the period.

BTotal distributions per share do not sum due to rounding.

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

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

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

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

GPortfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Advisor Balanced Fund Class Z

Years ended August 31, 2021 2020 2019 2018 2017
Selected Per-Share Data
Net asset value, beginning of period $25.43 $21.60 $22.66 $21.48 $19.53
Income from Investment Operations
Net investment income (loss)A .28 .36 .38 .34 .34
Net realized and unrealized gain (loss) 5.80 4.19 .10 2.26 2.02
Total from investment operations 6.08 4.55 .48 2.60 2.36
Distributions from net investment income (.26) (.37) (.36) (.33) (.33)
Distributions from net realized gain (.88) (.35) (1.18) (1.09) (.09)
Total distributions (1.14) (.72) (1.54) (1.42) (.41)B
Net asset value, end of period $30.37 $25.43 $21.60 $22.66 $21.48
Total ReturnC,D 24.82% 21.62% 2.57% 12.70% 12.26%
Ratios to Average Net AssetsE,F
Expenses before reductions .45% .47% .48% .49% .50%
Expenses net of fee waivers, if any .45% .47% .48% .49% .50%
Expenses net of all reductions .45% .46% .48% .48% .49%
Net investment income (loss) 1.00% 1.59% 1.84% 1.56% 1.67%
Supplemental Data
Net assets, end of period (in millions) $749 $388 $280 $224 $68
Portfolio turnover rateG 37% 92% 57% 62%H 86%

ACalculated based on average shares outstanding during the period.

BTotal distributions per share do not sum due to rounding.

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

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

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

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

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

HPortfolio 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 August 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Balanced 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 June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted 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.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a)
Fidelity Investment Grade Bond Central Fund Fidelity Management & Research Company LLC (FMR) Seeks a high level of income by normally investing in investment-grade debt securities. Delayed Delivery & When Issued Securities
Futures
Options
Restricted Securities
Swaps
Less than .005%
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01%

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

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

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

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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:

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.

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. Preferred securities and 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.

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 August 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

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

Fidelity Advisor Balanced Fund $11

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 August 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred Trustees compensation 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 $1,885,487
Gross unrealized depreciation (63,744)
Net unrealized appreciation (depreciation) $1,821,743
Tax Cost $5,341,222

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

Undistributed ordinary income $173,612
Undistributed long-term capital gain $238,230
Net unrealized appreciation (depreciation) on securities and other investments $1,821,764

The tax character of distributions paid was as follows:

August 31, 2021 August 31, 2020
Ordinary Income $55,666 $ 54,882
Long-term Capital Gains 145,832 55,582
Total $201,498 $ 110,464

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

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

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

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

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.

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. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. 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.

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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

Purchases ($) Sales ($)
Fidelity Advisor Balanced Fund 3,226,790 2,093,374

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .38% of the Fund's average net assets.

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

Distribution Fee Service Fee Total Fees Retained by FDC
Class A -% .25% $3,423 $229
Class M .25% .25% 8,001 81
Class C .75% .25% 9,287 2,253
$20,711 $2,563

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 $1,054
Class M 96
Class C(a) 59
$1,209

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

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

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

Amount % of Class-Level Average Net Assets
Class A $2,263 .17
Class M 2,616 .16
Class C 1,573 .17
Class I 2,331 .16
Class Z 233 .04
$9,016

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

% of Average Net Assets
Fidelity Advisor Balanced Fund .02

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

Amount
Fidelity Advisor Balanced Fund $44

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

Purchases ($) Sales ($)
Fidelity Advisor Balanced Fund 166,897 99,328

Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the Fund completed exchanges in-kind with Fidelity Investment Grade Bond Central Fund. The Fund delivered investments, including accrued interest, and cash valued at $874,641 to Fidelity Investment Grade Bond Central Fund in exchange for 7,773 shares. The fund had a net realized gain of $41,637 on investments delivered through in-kind redemptions. The Fund recognized gains for federal income tax purposes.

In addition, the Fund redeemed 2,597 shares of Fidelity Mortgage Backed Securities Central Fund in exchange for investments and cash with a value of $284,489 and a non-taxable exchange of those investments for 2,529 shares of Fidelity Investment Grade Bond Central Fund. The fund had a net realized gains of $7,898 on the Fund's redemptions of Fidelity Mortgage Backed Securities Central Fund shares. The Fund recognized gains on the redemption of Fidelity Mortgage Backed Securities Central Fund for federal income tax purposes.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. During the period, there were no borrowings on this line of credit.

Amount
Fidelity Advisor Balanced Fund $10

8. Security Lending.

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

Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End
Fidelity Advisor Balanced Fund $6 $-(a) $-

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

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $184 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $56.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Year ended
August 31, 2021
Year ended
August 31, 2020
Fidelity Advisor Balanced Fund
Distributions to shareholders
Class A $47,534 $25,430
Class M 56,522 34,161
Class C 28,342 14,844
Class I 50,343 26,047
Class Z 18,757 9,981
Total $201,498 $110,464

11. Share Transactions.

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

Shares Shares Dollars Dollars
Year ended August 31, 2021 Year ended August 31, 2020 Year ended August 31, 2021 Year ended August 31, 2020
Fidelity Advisor Balanced Fund
Class A
Shares sold 22,051 12,906 $593,897 $285,278
Reinvestment of distributions 1,841 1,144 45,631 24,560
Shares redeemed (9,229) (9,351) (246,231) (200,560)
Net increase (decrease) 14,663 4,699 $393,297 $109,278
Class M
Shares sold 9,785 10,468 $265,142 $231,602
Reinvestment of distributions 2,232 1,542 55,721 33,597
Shares redeemed (11,805) (13,737) (321,240) (302,913)
Net increase (decrease) 212 (1,727) $(377) $(37,714)
Class C
Shares sold 13,228 8,147 $353,988 $177,503
Reinvestment of distributions 1,107 653 26,946 14,019
Shares redeemed (7,458) (7,916) (199,240) (168,970)
Net increase (decrease) 6,877 884 $181,694 $22,552
Class I
Shares sold 27,164 16,930 $746,743 $381,101
Reinvestment of distributions 1,724 1,033 43,904 22,623
Shares redeemed (10,654) (12,218) (293,201) (265,764)
Net increase (decrease) 18,234 5,745 $497,446 $137,960
Class Z
Shares sold 12,328 6,222 $341,897 $138,757
Reinvestment of distributions 641 394 16,391 8,617
Shares redeemed (3,564) (4,308) (97,495) (93,139)
Net increase (decrease) 9,405 2,308 $260,793 $54,235

12. Other.

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.

13. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Balanced Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of August 31, 2021, 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 August 31, 2021, 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 August 31, 2021, by correspondence with the custodian, issuers of privately offered securities, and brokers; when replies were not received from issuers of privately offered securities and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 14, 2021


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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 313 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

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

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

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

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

+ 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.

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).



Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

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 FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2021 to August 31, 2021).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Annualized Expense Ratio-A Beginning
Account Value
March 1, 2021
Ending
Account Value
August 31, 2021
Expenses Paid
During Period-B
March 1, 2021
to August 31, 2021
Fidelity Advisor Balanced Fund
Class A .82%
Actual $1,000.00 $1,122.90 $4.39
Hypothetical-C $1,000.00 $1,021.07 $4.18
Class M 1.07%
Actual $1,000.00 $1,121.70 $5.72
Hypothetical-C $1,000.00 $1,019.81 $5.45
Class C 1.57%
Actual $1,000.00 $1,118.90 $8.39
Hypothetical-C $1,000.00 $1,017.29 $7.98
Class I .57%
Actual $1,000.00 $1,124.30 $3.05
Hypothetical-C $1,000.00 $1,022.33 $2.91
Class Z .45%
Actual $1,000.00 $1,125.30 $2.41
Hypothetical-C $1,000.00 $1,022.94 $2.29

AAnnualized expense ratio reflects expenses net of applicable fee waivers.

BExpenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

C5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Balanced 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 Balanced Fund
Class A 10/11/21 10/08/21 $0.042 $1.664
Class M 10/11/21 10/08/21 $0.022 $1.664
Class C 10/11/21 10/08/21 $0.000 $1.664
Class I 10/11/21 10/08/21 $0.059 $1.664
Class Z 10/11/21 10/08/21 $0.067 $1.664

The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2021, $255,249,850, or, if subsequently determined to be different, the net capital gain of such year.

A total of 6.74% 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.

The fund designates $32,553,903 of distributions paid during the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 100% of the short-term capital gain dividends distributed in September 2020, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 32%, 32%, 100%, and 100%; Class M designates 42%, 36%, 100%, and 100%; Class C designates 90%, 46%, 0%, and 0%; Class I designates 27%, 29%, 100%, and 100%; and Class Z designates 24%, 28%, 100%, and 100%; of the dividends distributed in October 2020, December 2020, April 2021, and July 2021, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 47%, 34%, 100%, and 100%; Class M designates 62%, 38%, 100%, and 100%; Class C designates 100%, 49%, 0%, and 0%; Class I designates 39%, 31%, 100%, and 100%; and Class Z designates 36%, 30%, 100%, and 100%; of the dividends distributed in October 2020, December 2020, April 2021, and July 2021, 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 designates 1% and 2%; Class M designates 1% and 2%; Class C designates 0% and 2%; Class I designates 1% and 2%; and Class Z designates 1% and 2% of the dividends distributed in October 2020 and December 2020, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Balanced Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in August 2018, November 2018, March 2019, October 2019, November 2019, and January 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Balanced Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Advisor Balanced Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.The Board noted that the total expense ratio of Class I ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

AIG-ANN-1021
1.538593.124

Item 2.

Code of Ethics

As of the end of the period, August 31, 2021, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Advisor Balanced Fund (the "Fund"):

Services Billed by Deloitte Entities

August 31, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor Balanced Fund

$83,700

$-

$11,600

$1,700

August 31, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor Balanced Fund

$84,800

$-

$12,500

$1,700

A Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

Services Billed by Deloitte Entities

August 31, 2021A

August 31, 2020A

Audit-Related Fees

$-

$-

Tax Fees

$-

$3,000

All Other Fees

$-

$-

A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

Billed By

August 31, 2021A

August 31, 2020A

Deloitte Entities

$534,900

$518,800

A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits

(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer

Date:

October 21, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer

Date:

October 21, 2021

By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer

Date:

October 21, 2021