Fidelity Advisor Series I

10/31/2024 | Press release | Distributed by Public on 10/31/2024 09:14

Prospectus by Investment Company - Form 497

Supplement to the
Fidelity Advisor® Growth & Income Fund
Class A, Class M, Class C, Class I, and Class Z
January 29, 2024
Prospectus
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.
Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee.
The following information replaces similar information found in the "Fund Summary" section under the "Fee Table" heading.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
Class A
Class M
Class C
Class I
Class Z
Management fee
0.60%A,B
0.59%A,B
0.61%A,B
0.61%A,B
0.46%A,B
Distribution and/or Service (12b-1) fees
0.25%
0.50%
1.00%
None
None
Other expenses
0.03%B
0.03%B
0.03%B
0.03%B
0.03%B
Total annual operating expenses
0.88%
1.12%
1.64%
0.64%
0.49%
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.20% for Class A, 0.20% for Class M, 0.22% for Class C, 0.22% for Class I, and 0.07% for Class Z, was previously charged under the services agreements.
BAdjusted to reflect current fees.
Class A
Class M
Class C
Class I
Class Z
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
Sell All
Shares
Hold
Shares
1 year
$660
$660
$460
$460
$267
$167
$65
$65
$50
$50
3 years
$840
$840
$694
$694
$517
$517
$205
$205
$157
$157
5 years
$1,035
$1,035
$945
$945
$892
$892
$357
$357
$274
$274
10 years
$1,597
$1,597
$1,665
$1,665
$1,741
$1,741
$798
$798
$616
$616
The following information replaces similar information found in the "Fund Management" section under the "Advisory Fee(s)" heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the Adviser every month.
When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual management fee rate for each class of shares of the fund offered through this prospectus is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) 0.60% for Class A, 0.59% for Class M, 0.61% for Class C, 0.61% for Class I, and 0.46% for Class Z. One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.
A different management fee rate may be applicable to each class of the fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
AGAI-PSTK-1024-142
October 31, 2024
1.737468.142