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)
Margaret Carey, 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: | July 31 |
Date of reporting period: | July 31, 2023 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0000722574-23-000342/img91926_1.jpg)
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Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.5.75% sales charge) | 5.05% | 8.06% | 7.95% |
Class M (incl.3.50% sales charge) | 7.30% | 8.30% | 7.94% |
Class C (incl. contingent deferred sales charge) | 9.63% | 8.50% | 7.94% |
Class I | 11.75% | 9.63% | 8.88% |
Class Z | 11.88% | 9.77% | 9.02% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Leveraged Company Stock Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 3.2 | |
Meta Platforms, Inc. Class A | 2.9 | |
Boyd Gaming Corp. | 2.9 | |
UnitedHealth Group, Inc. | 2.8 | |
ON Semiconductor Corp. | 2.8 | |
IQVIA Holdings, Inc. | 2.7 | |
Caesars Entertainment, Inc. | 2.5 | |
PG&E Corp. | 2.5 | |
Cheniere Energy, Inc. | 2.3 | |
The Chemours Co. LLC | 2.3 | |
26.9 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.3 | |
Consumer Discretionary | 17.2 | |
Financials | 10.8 | |
Industrials | 10.3 | |
Health Care | 8.9 | |
Communication Services | 8.1 | |
Materials | 6.9 | |
Energy | 5.5 | |
Utilities | 3.8 | |
Consumer Staples | 3.7 | |
Asset Allocation (% of Fund's net assets) |
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Common Stocks - 98.4% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 8.1% | |||
Entertainment - 1.5% | |||
Netflix, Inc. (a) | 29,600 | 12,994 | |
Warner Bros Discovery, Inc. (a) | 214,900 | 2,809 | |
15,803 | |||
Interactive Media & Services - 5.3% | |||
Alphabet, Inc. Class C (a) | 144,000 | 19,168 | |
Cars.com, Inc. (a) | 240,100 | 5,477 | |
Meta Platforms, Inc. Class A (a) | 94,900 | 30,235 | |
54,880 | |||
Media - 0.9% | |||
Nexstar Broadcasting Group, Inc. Class A | 50,138 | 9,362 | |
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 31,400 | 4,326 | |
TOTAL COMMUNICATION SERVICES | 84,371 | ||
CONSUMER DISCRETIONARY - 17.1% | |||
Automobiles - 1.6% | |||
Tesla, Inc. (a) | 64,500 | 17,249 | |
Hotels, Restaurants & Leisure - 8.2% | |||
Airbnb, Inc. Class A (a) | 23,300 | 3,546 | |
Booking Holdings, Inc. (a) | 2,000 | 5,942 | |
Boyd Gaming Corp. | 440,944 | 30,125 | |
Caesars Entertainment, Inc. (a) | 446,500 | 26,352 | |
Domino's Pizza, Inc. | 6,700 | 2,658 | |
Draftkings Holdings, Inc. (a) | 99,800 | 3,172 | |
Flutter Entertainment PLC (a) | 14,800 | 2,946 | |
New Cotai LLC/New Cotai Capital Corp. (a)(b)(c) | 411,029 | 316 | |
Red Rock Resorts, Inc. | 109,600 | 5,316 | |
Studio City International Holdings Ltd.: | |||
ADR (a)(d) | 361,261 | 2,565 | |
(NYSE) ADR (a) | 397,700 | 2,824 | |
85,762 | |||
Household Durables - 1.9% | |||
D.R. Horton, Inc. | 21,600 | 2,744 | |
PulteGroup, Inc. | 35,600 | 3,004 | |
Tempur Sealy International, Inc. | 247,799 | 11,059 | |
TopBuild Corp. (a) | 9,500 | 2,602 | |
19,409 | |||
Specialty Retail - 4.1% | |||
Bath & Body Works, Inc. | 64,200 | 2,379 | |
Dick's Sporting Goods, Inc. | 86,500 | 12,197 | |
Lowe's Companies, Inc. | 76,400 | 17,898 | |
Ulta Beauty, Inc. (a) | 13,800 | 6,138 | |
Williams-Sonoma, Inc. (e) | 34,454 | 4,777 | |
43,389 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 4,800 | 4,458 | |
Tapestry, Inc. | 213,200 | 9,200 | |
13,658 | |||
TOTAL CONSUMER DISCRETIONARY | 179,467 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 0.5% | |||
Celsius Holdings, Inc. (a) | 40,000 | 5,788 | |
Consumer Staples Distribution & Retail - 1.1% | |||
Albertsons Companies, Inc. | 140,300 | 3,049 | |
BJ's Wholesale Club Holdings, Inc. (a) | 95,078 | 6,305 | |
Performance Food Group Co. (a) | 39,400 | 2,355 | |
11,709 | |||
Food Products - 2.1% | |||
JBS SA | 5,416,700 | 21,512 | |
TOTAL CONSUMER STAPLES | 39,009 | ||
ENERGY - 5.5% | |||
Energy Equipment & Services - 0.3% | |||
Halliburton Co. | 73,091 | 2,856 | |
Oil, Gas & Consumable Fuels - 5.2% | |||
Antero Resources Corp. (a) | 297,900 | 7,969 | |
Canadian Natural Resources Ltd. | 48,000 | 2,919 | |
Cheniere Energy, Inc. | 149,000 | 24,117 | |
Chesapeake Energy Corp. | 113,985 | 9,613 | |
Denbury, Inc. (a) | 52,200 | 4,589 | |
Diamondback Energy, Inc. | 37,500 | 5,525 | |
54,732 | |||
TOTAL ENERGY | 57,588 | ||
FINANCIALS - 10.8% | |||
Banks - 1.2% | |||
JPMorgan Chase & Co. | 53,800 | 8,498 | |
Wells Fargo & Co. | 93,400 | 4,311 | |
12,809 | |||
Capital Markets - 0.2% | |||
Moody's Corp. | 7,200 | 2,540 | |
Consumer Finance - 1.6% | |||
OneMain Holdings, Inc. | 371,700 | 16,905 | |
Financial Services - 6.1% | |||
Apollo Global Management, Inc. | 143,800 | 11,750 | |
Block, Inc. Class A (a) | 43,600 | 3,511 | |
Fiserv, Inc. (a) | 143,200 | 18,073 | |
Global Payments, Inc. | 44,700 | 4,928 | |
MasterCard, Inc. Class A | 22,000 | 8,674 | |
Visa, Inc. Class A | 69,600 | 16,546 | |
63,482 | |||
Insurance - 1.7% | |||
Arthur J. Gallagher & Co. | 81,900 | 17,592 | |
TOTAL FINANCIALS | 113,328 | ||
HEALTH CARE - 8.9% | |||
Health Care Providers & Services - 4.6% | |||
Humana, Inc. | 30,100 | 13,751 | |
Tenet Healthcare Corp. (a) | 71,700 | 5,358 | |
UnitedHealth Group, Inc. | 57,000 | 28,863 | |
47,972 | |||
Life Sciences Tools & Services - 3.9% | |||
Charles River Laboratories International, Inc. (a) | 12,599 | 2,640 | |
IQVIA Holdings, Inc. (a) | 127,400 | 28,507 | |
Thermo Fisher Scientific, Inc. | 18,000 | 9,876 | |
41,023 | |||
Pharmaceuticals - 0.4% | |||
AstraZeneca PLC sponsored ADR | 63,300 | 4,539 | |
TOTAL HEALTH CARE | 93,534 | ||
INDUSTRIALS - 10.3% | |||
Aerospace & Defense - 1.0% | |||
Lockheed Martin Corp. | 9,300 | 4,151 | |
TransDigm Group, Inc. | 6,600 | 5,938 | |
10,089 | |||
Building Products - 1.8% | |||
Builders FirstSource, Inc. (a) | 50,603 | 7,309 | |
Carrier Global Corp. | 197,000 | 11,731 | |
19,040 | |||
Construction & Engineering - 0.8% | |||
Willscot Mobile Mini Holdings (a) | 162,000 | 7,768 | |
Electrical Equipment - 2.7% | |||
AMETEK, Inc. | 32,300 | 5,123 | |
Eaton Corp. PLC | 15,100 | 3,100 | |
Generac Holdings, Inc. (a) | 25,000 | 3,843 | |
Regal Rexnord Corp. | 104,200 | 16,274 | |
28,340 | |||
Ground Transportation - 0.6% | |||
Uber Technologies, Inc. (a) | 121,000 | 5,985 | |
Machinery - 0.8% | |||
Parker Hannifin Corp. | 21,200 | 8,692 | |
Marine Transportation - 0.0% | |||
Genco Shipping & Trading Ltd. | 662 | 10 | |
Passenger Airlines - 0.6% | |||
Air Canada (a) | 165,800 | 3,055 | |
Delta Air Lines, Inc. | 64,400 | 2,979 | |
6,034 | |||
Professional Services - 0.4% | |||
ASGN, Inc. (a) | 59,500 | 4,541 | |
Trading Companies & Distributors - 1.6% | |||
United Rentals, Inc. | 25,000 | 11,617 | |
WESCO International, Inc. | 31,600 | 5,548 | |
17,165 | |||
TOTAL INDUSTRIALS | 107,664 | ||
INFORMATION TECHNOLOGY - 23.3% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 67,800 | 10,515 | |
Electronic Equipment, Instruments & Components - 1.1% | |||
CDW Corp. | 60,700 | 11,355 | |
Semiconductors & Semiconductor Equipment - 11.2% | |||
Advanced Micro Devices, Inc. (a) | 37,000 | 4,233 | |
ASML Holding NV (depository receipt) | 10,000 | 7,164 | |
Broadcom, Inc. | 11,100 | 9,975 | |
Enphase Energy, Inc. (a) | 13,900 | 2,110 | |
Marvell Technology, Inc. | 184,300 | 12,003 | |
Microchip Technology, Inc. | 165,010 | 15,501 | |
NVIDIA Corp. | 45,900 | 21,449 | |
NXP Semiconductors NV | 71,600 | 15,965 | |
ON Semiconductor Corp. (a) | 267,537 | 28,827 | |
117,227 | |||
Software - 10.0% | |||
Adobe, Inc. (a) | 25,600 | 13,982 | |
Dynatrace, Inc. (a) | 98,400 | 5,381 | |
Gen Digital, Inc. | 134,500 | 2,616 | |
Microsoft Corp. | 100,500 | 33,758 | |
Oracle Corp. | 97,500 | 11,430 | |
Palo Alto Networks, Inc. (a) | 84,900 | 21,222 | |
Salesforce, Inc. (a) | 23,000 | 5,175 | |
Splunk, Inc. (a) | 50,000 | 5,417 | |
Synopsys, Inc. (a) | 13,900 | 6,280 | |
105,261 | |||
TOTAL INFORMATION TECHNOLOGY | 244,358 | ||
MATERIALS - 6.9% | |||
Chemicals - 4.2% | |||
Celanese Corp. Class A | 34,900 | 4,376 | |
CF Industries Holdings, Inc. | 53,800 | 4,416 | |
Olin Corp. | 85,100 | 4,909 | |
The Chemours Co. LLC | 646,823 | 23,920 | |
Westlake Corp. | 49,700 | 6,834 | |
44,455 | |||
Containers & Packaging - 0.8% | |||
Graphic Packaging Holding Co. | 337,600 | 8,170 | |
Metals & Mining - 1.9% | |||
ATI, Inc. (a) | 138,200 | 6,589 | |
First Quantum Minerals Ltd. | 285,500 | 8,468 | |
Freeport-McMoRan, Inc. | 111,700 | 4,987 | |
20,044 | |||
TOTAL MATERIALS | 72,669 | ||
UTILITIES - 3.8% | |||
Electric Utilities - 2.5% | |||
PG&E Corp. (a) | 1,478,556 | 26,037 | |
Independent Power and Renewable Electricity Producers - 1.3% | |||
Vistra Corp. | 477,800 | 13,407 | |
TOTAL UTILITIES | 39,444 | ||
TOTAL COMMON STOCKS (Cost $671,580) | 1,031,432 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (f) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
New Cotai LLC 5% 2/24/27 (c) (Cost $489) | 504 | 1,046 | |
Money Market Funds - 1.5% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (g) | 13,971,716 | 13,975 | |
Fidelity Securities Lending Cash Central Fund 5.32% (g)(h) | 1,951,405 | 1,952 | |
TOTAL MONEY MARKET FUNDS (Cost $15,927) | 15,927 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $687,996) | 1,048,405 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (262) |
NET ASSETS - 100.0% | 1,048,143 |
(a) | Non-income producing |
(b) | 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 $316,000 or 0.0% of net assets. |
(c) | Level 3 security |
(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 $2,565,000 or 0.2% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 2,036 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 48,881 | 302,199 | 337,105 | 1,009 | - | - | 13,975 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | 13,402 | 189,537 | 200,987 | 12 | - | - | 1,952 | 0.0% |
Total | 62,283 | 491,736 | 538,092 | 1,021 | - | - | 15,927 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 84,371 | 84,371 | - | - |
Consumer Discretionary | 179,467 | 174,693 | 4,458 | 316 |
Consumer Staples | 39,009 | 39,009 | - | - |
Energy | 57,588 | 57,588 | - | - |
Financials | 113,328 | 113,328 | - | - |
Health Care | 93,534 | 93,534 | - | - |
Industrials | 107,664 | 107,664 | - | - |
Information Technology | 244,358 | 244,358 | - | - |
Materials | 72,669 | 72,669 | - | - |
Utilities | 39,444 | 39,444 | - | - |
Corporate Bonds | 1,046 | - | - | 1,046 |
Money Market Funds | 15,927 | 15,927 | - | - |
Total Investments in Securities: | 1,048,405 | 1,042,585 | 4,458 | 1,362 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,886) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $672,069) | $ | 1,032,478 | ||
Fidelity Central Funds (cost $15,927) | 15,927 | |||
Total Investment in Securities (cost $687,996) | $ | 1,048,405 | ||
Receivable for investments sold | 14,318 | |||
Receivable for fund shares sold | 230 | |||
Dividends receivable | 232 | |||
Interest receivable | 3 | |||
Distributions receivable from Fidelity Central Funds | 69 | |||
Prepaid expenses | 2 | |||
Total assets | 1,063,259 | |||
Liabilities | ||||
Payable for investments purchased | $ | 10,597 | ||
Payable for fund shares redeemed | 1,647 | |||
Accrued management fee | 493 | |||
Distribution and service plan fees payable | 210 | |||
Other affiliated payables | 163 | |||
Other payables and accrued expenses | 54 | |||
Collateral on securities loaned | 1,952 | |||
Total Liabilities | 15,116 | |||
Net Assets | $ | 1,048,143 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 606,676 | ||
Total accumulated earnings (loss) | 441,467 | |||
Net Assets | $ | 1,048,143 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($519,953 ÷ 11,197 shares)(a) | $ | 46.44 | ||
Maximum offering price per share (100/94.25 of $46.44) | $ | 49.27 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($206,343 ÷ 4,738 shares)(a) | $ | 43.55 | ||
Maximum offering price per share (100/96.50 of $43.55) | $ | 45.13 | ||
Class C : | ||||
Net Asset Value and offering price per share ($22,235 ÷ 598 shares)(a)(b) | $ | 37.19 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($266,379 ÷ 5,472 shares) | $ | 48.68 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($33,233 ÷ 678 shares)(b) | $ | 48.98 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 14,942 | ||
Interest | 28 | |||
Income from Fidelity Central Funds (including $12 from security lending) | 1,021 | |||
Total Income | 15,991 | |||
Expenses | ||||
Management fee | $ | 5,680 | ||
Transfer agent fees | 1,664 | |||
Distribution and service plan fees | 2,422 | |||
Accounting fees | 294 | |||
Custodian fees and expenses | 23 | |||
Independent trustees' fees and expenses | 5 | |||
Registration fees | 79 | |||
Audit | 64 | |||
Legal | 3 | |||
Miscellaneous | 7 | |||
Total expenses before reductions | 10,241 | |||
Expense reductions | (50) | |||
Total expenses after reductions | 10,191 | |||
Net Investment income (loss) | 5,800 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 119,165 | |||
Foreign currency transactions | 2 | |||
Total net realized gain (loss) | 119,167 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (21,268) | |||
Net gain (loss) | 97,899 | |||
Net increase (decrease) in net assets resulting from operations | $ | 103,699 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,800 | $ | 2,019 |
Net realized gain (loss) | 119,167 | 138,467 | ||
Change in net unrealized appreciation (depreciation) | (21,268) | (282,589) | ||
Net increase (decrease) in net assets resulting from operations | 103,699 | (142,103) | ||
Distributions to shareholders | (119,906) | (130,097) | ||
Share transactions - net increase (decrease) | (23,976) | (51,782) | ||
Total increase (decrease) in net assets | (40,183) | (323,982) | ||
Net Assets | ||||
Beginning of period | 1,088,326 | 1,412,308 | ||
End of period | $ | 1,048,143 | $ | 1,088,326 |
Fidelity Advisor® Leveraged Company Stock Fund Class A |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.87 | $ | 57.91 | $ | 37.71 | $ | 38.39 | $ | 45.16 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .24 | .08 | (.09) C | (.04) | (.04) | |||||
Net realized and unrealized gain (loss) | 4.48 D | (5.80) | 21.71 | 1.35 | (1.61) | |||||
Total from investment operations | 4.72 | (5.72) | 21.62 | 1.31 | (1.65) | |||||
Distributions from net investment income | (.17) | (.07) | - | - | - | |||||
Distributions from net realized gain | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | |||||
Total distributions | (5.15) E | (5.32) | (1.42) | (1.99) | (5.12) | |||||
Net asset value, end of period | $ | 46.44 | $ | 46.87 | $ | 57.91 | $ | 37.71 | $ | 38.39 |
Total Return F,G | 11.46% D | (11.11)% | 58.43% | 3.56% | (3.83)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.05% | 1.04% | 1.05% | 1.08% | 1.07% | |||||
Expenses net of fee waivers, if any | 1.05% | 1.04% | 1.05% | 1.08% | 1.07% | |||||
Expenses net of all reductions | 1.05% | 1.04% | 1.05% | 1.07% | 1.07% | |||||
Net investment income (loss) | .58% | .15% | (.19)% C | (.12)% | (.10)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 520 | $ | 523 | $ | 656 | $ | 452 | $ | 537 |
Portfolio turnover rate J | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class M |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 44.33 | $ | 55.13 | $ | 36.04 | $ | 36.87 | $ | 43.67 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .13 | (.05) | (.21) C | (.13) | (.13) | |||||
Net realized and unrealized gain (loss) | 4.21 D | (5.48) | 20.72 | 1.29 | (1.55) | |||||
Total from investment operations | 4.34 | (5.53) | 20.51 | 1.16 | (1.68) | |||||
Distributions from net investment income | (.13) | (.02) | - | - | - | |||||
Distributions from net realized gain | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | |||||
Total distributions | (5.12) | (5.27) | (1.42) | (1.99) | (5.12) | |||||
Net asset value, end of period | $ | 43.55 | $ | 44.33 | $ | 55.13 | $ | 36.04 | $ | 36.87 |
Total Return E,F | 11.20% D | (11.34)% | 58.05% | 3.28% | (4.06)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.30% | 1.29% | 1.30% | 1.32% | 1.32% | |||||
Expenses net of fee waivers, if any | 1.29% | 1.28% | 1.30% | 1.32% | 1.32% | |||||
Expenses net of all reductions | 1.29% | 1.28% | 1.30% | 1.31% | 1.31% | |||||
Net investment income (loss) | .33% | (.10)% | (.44)% C | (.37)% | (.35)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 206 | $ | 212 | $ | 284 | $ | 217 | $ | 288 |
Portfolio turnover rate I | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class C |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 38.72 | $ | 48.98 | $ | 32.31 | $ | 33.42 | $ | 40.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.07) | (.27) | (.41) C | (.28) | (.29) | |||||
Net realized and unrealized gain (loss) | 3.59 D | (4.79) | 18.50 | 1.16 | (1.44) | |||||
Total from investment operations | 3.52 | (5.06) | 18.09 | .88 | (1.73) | |||||
Distributions from net investment income | (.06) | - | - | - | - | |||||
Distributions from net realized gain | (4.99) | (5.20) | (1.42) | (1.99) | (5.12) | |||||
Total distributions | (5.05) | (5.20) | (1.42) | (1.99) | (5.12) | |||||
Net asset value, end of period | $ | 37.19 | $ | 38.72 | $ | 48.98 | $ | 32.31 | $ | 33.42 |
Total Return E,F | 10.59% D | (11.81)% | 57.23% | 2.76% | (4.58)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.83% | 1.81% | 1.83% | 1.85% | 1.83% | |||||
Expenses net of fee waivers, if any | 1.83% | 1.81% | 1.83% | 1.85% | 1.83% | |||||
Expenses net of all reductions | 1.83% | 1.81% | 1.83% | 1.84% | 1.83% | |||||
Net investment income (loss) | (.21)% | (.62)% | (.96)% C | (.90)% | (.86)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 22 | $ | 29 | $ | 51 | $ | 56 | $ | 90 |
Portfolio turnover rate I | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class I |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 48.81 | $ | 60.01 | $ | 38.93 | $ | 39.47 | $ | 46.20 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .37 | .22 | .04 C | .05 | .06 | |||||
Net realized and unrealized gain (loss) | 4.70 D | (6.04) | 22.46 | 1.40 | (1.65) | |||||
Total from investment operations | 5.07 | (5.82) | 22.50 | 1.45 | (1.59) | |||||
Distributions from net investment income | (.21) | (.13) | - | - | (.02) | |||||
Distributions from net realized gain | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | |||||
Total distributions | (5.20) | (5.38) | (1.42) | (1.99) | (5.14) | |||||
Net asset value, end of period | $ | 48.68 | $ | 48.81 | $ | 60.01 | $ | 38.93 | $ | 39.47 |
Total Return E | 11.75% D | (10.88)% | 58.87% | 3.82% | (3.59)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .79% | .78% | .79% | .81% | .81% | |||||
Expenses net of fee waivers, if any | .78% | .78% | .79% | .81% | .81% | |||||
Expenses net of all reductions | .78% | .78% | .79% | .80% | .80% | |||||
Net investment income (loss) | .84% | .41% | .07% C | .14% | .16% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 266 | $ | 290 | $ | 378 | $ | 261 | $ | 354 |
Portfolio turnover rate H | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class Z |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 49.05 | $ | 60.24 | $ | 39.03 | $ | 39.52 | $ | 46.22 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .42 | .29 | .10 C | .10 | .11 | |||||
Net realized and unrealized gain (loss) | 4.73 D | (6.07) | 22.53 | 1.40 | (1.64) | |||||
Total from investment operations | 5.15 | (5.78) | 22.63 | 1.50 | (1.53) | |||||
Distributions from net investment income | (.23) | (.16) | - | - | (.05) | |||||
Distributions from net realized gain | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | |||||
Total distributions | (5.22) | (5.41) | (1.42) | (1.99) | (5.17) | |||||
Net asset value, end of period | $ | 48.98 | $ | 49.05 | $ | 60.24 | $ | 39.03 | $ | 39.52 |
Total Return E | 11.88% D | (10.78)% | 59.05% | 3.95% | (3.45)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .67% | .66% | .67% | .68% | .68% | |||||
Expenses net of fee waivers, if any | .66% | .66% | .67% | .68% | .68% | |||||
Expenses net of all reductions | .66% | .66% | .67% | .67% | .68% | |||||
Net investment income (loss) | .96% | .53% | .20% C | .27% | .29% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 33 | $ | 34 | $ | 43 | $ | 25 | $ | 32 |
Portfolio turnover rate H | 57% | 27% | 14% | 59% | 25% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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% |
Gross unrealized appreciation | 371,081 |
Gross unrealized depreciation | (12,684) |
Net unrealized appreciation (depreciation) | 358,397 |
Tax Cost | $690,008 |
Undistributed ordinary income | $1,602 |
Undistributed long-term capital gain | $81,468 |
Net unrealized appreciation (depreciation) on securities and other investments | $358,397 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $4,020 | $2,986 |
Long-term Capital Gains | 115,886 | 127,111 |
Total | $119,906 | $130,097 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Leveraged Company Stock Fund | 552,616 | 658,527 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $1,205 | 5 |
Class M | .25% | .25% | 977 | 4 |
Class C | .75% | .25% | 240 | 9 |
$2,422 | 18 |
Retained by FDC | |
Class A | $ 31 |
Class M | 3 |
Class CA | 1 |
$35 |
Amount | % of Class-Level Average Net Assets | |
Class A | $850 | .18 |
Class M | 336 | .17 |
Class C | 51 | .21 |
Class I | 414 | .16 |
Class Z | 13 | .04 |
$1,664 |
% of Average Net Assets | |
Fidelity Advisor Leveraged Company Stock Fund | .03 |
Amount | |
Fidelity Advisor Leveraged Company Stock Fund | $8 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Leveraged Company Stock Fund | 21,541 | 27,542 | (1,230) |
Amount ($) | |
Fidelity Advisor Leveraged Company Stock Fund | 10 |
Amount | |
Fidelity Advisor Leveraged Company Stock Fund | $2 |
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 Leveraged Company Stock Fund | $1 | $- | $- |
Expense reduction | |
Class M | $1 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Advisor Leveraged Company Stock Fund | ||
Distributions to shareholders | ||
Class A | $57,445 | $60,408 |
Class M | 24,642 | 26,805 |
Class C | 3,790 | 5,122 |
Class I | 30,416 | 33,788 |
Class Z | 3,613 | 3,974 |
Total | $119,906 | $130,097 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Advisor Leveraged Company Stock Fund | ||||
Class A | ||||
Shares sold | 516 | 708 | $21,413 | $37,700 |
Reinvestment of distributions | 1,305 | 1,036 | 54,610 | 57,346 |
Shares redeemed | (1,778) | (1,923) | (73,466) | (100,806) |
Net increase (decrease) | 43 | (179) | $2,557 | $(5,760) |
Class M | ||||
Shares sold | 326 | 322 | $12,901 | $16,030 |
Reinvestment of distributions | 613 | 499 | 24,126 | 26,202 |
Shares redeemed | (979) | (1,187) | (38,171) | (58,630) |
Net increase (decrease) | (40) | (366) | $(1,144) | $(16,398) |
Class C | ||||
Shares sold | 50 | 43 | $1,765 | $1,887 |
Reinvestment of distributions | 112 | 110 | 3,776 | 5,095 |
Shares redeemed | (318) | (448) | (10,531) | (19,487) |
Net increase (decrease) | (156) | (295) | $(4,990) | $(12,505) |
Class I | ||||
Shares sold | 570 | 827 | $24,800 | $45,916 |
Reinvestment of distributions | 642 | 542 | 28,104 | 31,141 |
Shares redeemed | (1,691) | (1,721) | (72,792) | (93,429) |
Net increase (decrease) | (479) | (352) | $(19,888) | $(16,372) |
Class Z | ||||
Shares sold | 123 | 216 | $5,345 | $12,179 |
Reinvestment of distributions | 67 | 58 | 2,970 | 3,359 |
Shares redeemed | (206) | (291) | (8,826) | (16,285) |
Net increase (decrease) | (16) | (17) | $(511) | $(747) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity Advisor® Leveraged Company Stock Fund | ||||||||||
Class A | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,112.30 | $ 5.45 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class M | 1.29% | |||||||||
Actual | $ 1,000 | $ 1,111.00 | $ 6.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.40 | $ 6.46 | |||||||
Class C | 1.83% | |||||||||
Actual | $ 1,000 | $ 1,107.80 | $ 9.56 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.72 | $ 9.15 | |||||||
Class I | .78% | |||||||||
Actual | $ 1,000 | $ 1,113.70 | $ 4.09 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.93 | $ 3.91 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 1,114.40 | $ 3.46 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
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Item 2.
Code of Ethics
As of the end of the period, July 31, 2023, 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 PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor Leveraged Company Stock Fund (the “Fund”):
Services Billed by PwC
July 31, 2023 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Leveraged Company Stock Fund | $45,800 | $4,200 | $11,100 | $1,400 |
July 31, 2022 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Leveraged Company Stock Fund | $43,700 | $4,200 | $11,200 | $1,400 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC 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 PwC
| July 31, 2023A | July 31, 2022A |
|
|
Audit-Related Fees | $8,284,200 | $7,914,600 |
|
|
Tax Fees | $1,000 | $353,200 |
|
|
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 PwC 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 | July 31, 2023A | July 31, 2022A |
PwC | $13,604,500 | $13,252,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, 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).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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) | |
(a) | (3) | Not applicable. |
(b) |
|
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: | September 21, 2023 |
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: | September 21, 2023 |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | September 21, 2023 |