Normally investing at least 80% of assets in stocks. Normally investing primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures). Potentially investing in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). Investing in domestic and foreign issuers. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. Reorganization. The Board of Trustees of Fidelity Advisor Series I has unanimously approved an Agreement and Plan of Reorganization ("Agreement") between Fidelity Advisor ® Leveraged Company Stock Fund and Fidelity ® Leveraged Company Stock Fund. Each fund seeks capital appreciation. As a result of the proposed Reorganization, shareholders of each class of Fidelity Advisor ® Leveraged Company Stock Fund will receive shares of the corresponding class of Fidelity ® Leveraged Company Stock Fund. The Agreement provides for the transfer of all of the assets and the assumption of all of the liabilities of Fidelity Advisor ® Leveraged Company Stock Fund in exchange for corresponding shares of Fidelity ® Leveraged Company Stock Fund equal in total value to the total value of shares of Fidelity Advisor ® Leveraged Company Stock Fund. After the exchange, Fidelity Advisor ® Leveraged Company Stock Fund will distribute the Fidelity ® Leveraged Company Stock Fund shares to its shareholders pro rata, in liquidation of Fidelity Advisor ® Leveraged Company Stock Fund (these transactions are referred to as the "Reorganization"). The Reorganization, which does not require shareholder approval, is expected to take place on or about October 25, 2024. The Reorganization is expected to be a tax-free transaction. This means that neither Fidelity Advisor ® Leveraged Company Stock Fund nor its shareholders will recognize any gain or loss as a direct result of the Reorganization. Effective after the close of business on or about October 18, 2024, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's Reorganization takes place. For more detailed information, please contact Fidelity at 1-877-208-0098.