Strategy. Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. Potentially investing in bonds, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation. Investing in domestic and foreign issuers. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Effective December 11, 2025, normally investing at least 80% of assets in … Show more… Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. Potentially investing in bonds, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation. Investing in domestic and foreign issuers. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Effective December 11, 2025, normally investing at least 80% of assets in a combination of securities of growth companies and income-producing securities. Growth companies are companies the Adviser believes have above average growth potential. The Adviser considers a number of factors in determining a company's growth potential, such as whether the company is included in a third-party growth benchmark or classified as a growth company by a third-party vendor, if the company's projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company's research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company's growth potential can be determined under any of these factors. Income-producing securities are securities that pay, or are expected to pay within the next three months, dividends or interest. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Reorganization . The Board of Trustees of Fidelity Advisor Series I has unanimously approved an Agreement and Plan of Reorganization ("Agreement") between Fidelity Advisor Growth & Income Fund and Fidelity Growth & Income Portfolio pursuant to which Fidelity Advisor Growth & Income Fund would be reorganized on a tax-free basis with and into Fidelity Growth & Income Portfolio. Each fund seeks high total return through a combination of current income and capital appreciation. As a result of the Reorganization, shareholders of each class of Fidelity Advisor Growth & Income Fund will receive shares of the corresponding class of Fidelity Growth & Income Portfolio. The Agreement provides for the transfer of all of the assets and the assumption of all of the liabilities of Fidelity Advisor Growth & Income Fund in exchange for corresponding shares of Fidelity Growth & Income Portfolio equal in total value to the total value of shares of Fidelity Advisor Growth & Income Fund. After the exchange, Fidelity Advisor Growth & Income Fund will distribute the Fidelity Growth & Income Portfolio shares to its shareholders pro rata, in liquidation of Fidelity Advisor Growth & Income Fund. As a result, shareholders of Fidelity Advisor Growth & Income Fund will become shareholders of Fidelity Growth & Income Portfolio (these transactions are referred to as the "Reorganization"). The Reorganization, which does not require shareholder approval, is expected to take place on or about March 28, 2025. The Reorganization is expected to be a tax-free transaction. This means that neither Fidelity Advisor Growth & Income 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 March 27, 2025, 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. Show less