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, MA 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: | January 31, 2024 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0000722574-24-000161/img95572_1.jpg)
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Contents
Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 4.3 | |
Microsoft Corp. | 3.6 | |
NVIDIA Corp. | 3.0 | |
Arthur J. Gallagher & Co. | 2.8 | |
JBS SA | 2.4 | |
UnitedHealth Group, Inc. | 2.4 | |
Cheniere Energy, Inc. | 2.3 | |
PG&E Corp. | 2.2 | |
Boyd Gaming Corp. | 2.1 | |
Visa, Inc. Class A | 2.1 | |
27.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 24.5 | |
Consumer Discretionary | 16.4 | |
Industrials | 14.0 | |
Financials | 12.7 | |
Communication Services | 9.2 | |
Utilities | 5.4 | |
Health Care | 4.8 | |
Energy | 4.4 | |
Materials | 4.2 | |
Consumer Staples | 3.7 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 99.2% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 9.2% | |||
Entertainment - 2.3% | |||
Netflix, Inc. (a) | 28,100 | 15,851 | |
The Walt Disney Co. | 55,500 | 5,331 | |
Warner Bros Discovery, Inc. (a) | 214,900 | 2,153 | |
23,335 | |||
Interactive Media & Services - 6.2% | |||
Alphabet, Inc. Class C (a) | 111,700 | 15,839 | |
Cars.com, Inc. (a) | 238,300 | 4,154 | |
Meta Platforms, Inc. Class A | 111,800 | 43,615 | |
63,608 | |||
Media - 0.7% | |||
Nexstar Media Group, Inc. Class A | 38,138 | 6,778 | |
TOTAL COMMUNICATION SERVICES | 93,721 | ||
CONSUMER DISCRETIONARY - 16.3% | |||
Automobiles - 1.7% | |||
BYD Co. Ltd. (H Shares) | 505,500 | 11,318 | |
Tesla, Inc. (a) | 30,700 | 5,750 | |
17,068 | |||
Broadline Retail - 1.0% | |||
Amazon.com, Inc. (a) | 65,600 | 10,181 | |
Hotels, Restaurants & Leisure - 6.6% | |||
Airbnb, Inc. Class A (a) | 52,100 | 7,510 | |
Booking Holdings, Inc. (a) | 1,900 | 6,664 | |
Boyd Gaming Corp. | 337,144 | 21,405 | |
Domino's Pizza, Inc. | 11,900 | 5,072 | |
Flutter Entertainment PLC (a) | 30,800 | 6,356 | |
New Cotai LLC/New Cotai Capital Corp. (a)(b)(c) | 411,029 | 284 | |
Red Rock Resorts, Inc. | 161,000 | 8,803 | |
Studio City International Holdings Ltd.: | |||
ADR (a)(d) | 361,261 | 2,417 | |
(NYSE) ADR (a)(e) | 397,700 | 2,661 | |
Yum! Brands, Inc. | 49,400 | 6,397 | |
67,569 | |||
Household Durables - 2.0% | |||
D.R. Horton, Inc. | 21,600 | 3,087 | |
PulteGroup, Inc. | 35,600 | 3,722 | |
TopBuild Corp. (a) | 36,600 | 13,510 | |
20,319 | |||
Specialty Retail - 3.1% | |||
Dick's Sporting Goods, Inc. | 82,000 | 12,224 | |
Lowe's Companies, Inc. | 49,200 | 10,472 | |
Valvoline, Inc. (a) | 69,100 | 2,521 | |
Williams-Sonoma, Inc. | 33,354 | 6,450 | |
31,667 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Crocs, Inc. (a) | 76,800 | 7,794 | |
LVMH Moet Hennessy Louis Vuitton SE | 4,800 | 3,994 | |
Tapestry, Inc. | 207,800 | 8,061 | |
19,849 | |||
TOTAL CONSUMER DISCRETIONARY | 166,653 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 0.5% | |||
Celsius Holdings, Inc. (a)(e) | 96,300 | 4,805 | |
Consumer Staples Distribution & Retail - 0.8% | |||
Performance Food Group Co. (a) | 39,400 | 2,864 | |
U.S. Foods Holding Corp. (a) | 111,200 | 5,116 | |
7,980 | |||
Food Products - 2.4% | |||
JBS SA | 5,290,000 | 25,017 | |
TOTAL CONSUMER STAPLES | 37,802 | ||
ENERGY - 4.4% | |||
Oil, Gas & Consumable Fuels - 4.4% | |||
Antero Resources Corp. (a) | 290,300 | 6,485 | |
Canadian Natural Resources Ltd. | 77,200 | 4,941 | |
Cheniere Energy, Inc. | 145,900 | 23,926 | |
Diamondback Energy, Inc. | 37,500 | 5,765 | |
Permian Resource Corp. Class A | 308,700 | 4,161 | |
45,278 | |||
FINANCIALS - 12.7% | |||
Capital Markets - 1.0% | |||
Houlihan Lokey | 48,300 | 5,785 | |
Moody's Corp. | 12,400 | 4,861 | |
10,646 | |||
Consumer Finance - 1.7% | |||
OneMain Holdings, Inc. | 364,100 | 17,331 | |
Financial Services - 7.2% | |||
Apollo Global Management, Inc. | 171,400 | 17,209 | |
Fiserv, Inc. (a) | 140,100 | 19,876 | |
Global Payments, Inc. | 40,800 | 5,436 | |
MasterCard, Inc. Class A | 20,800 | 9,344 | |
Visa, Inc. Class A | 78,100 | 21,342 | |
73,207 | |||
Insurance - 2.8% | |||
Arthur J. Gallagher & Co. | 122,300 | 28,393 | |
TOTAL FINANCIALS | 129,577 | ||
HEALTH CARE - 4.8% | |||
Health Care Equipment & Supplies - 0.8% | |||
Boston Scientific Corp. (a) | 133,400 | 8,439 | |
Health Care Providers & Services - 2.8% | |||
Tenet Healthcare Corp. (a) | 51,300 | 4,245 | |
UnitedHealth Group, Inc. | 47,600 | 24,359 | |
28,604 | |||
Life Sciences Tools & Services - 1.2% | |||
IQVIA Holdings, Inc. (a) | 57,500 | 11,973 | |
TOTAL HEALTH CARE | 49,016 | ||
INDUSTRIALS - 14.0% | |||
Aerospace & Defense - 0.6% | |||
TransDigm Group, Inc. | 6,100 | 6,665 | |
Building Products - 3.3% | |||
Builders FirstSource, Inc. (a) | 48,603 | 8,444 | |
Carlisle Companies, Inc. | 24,900 | 7,825 | |
Fortune Brands Innovations, Inc. | 130,400 | 10,118 | |
Trane Technologies PLC | 31,400 | 7,914 | |
34,301 | |||
Construction & Engineering - 1.9% | |||
EMCOR Group, Inc. | 11,700 | 2,669 | |
Willscot Mobile Mini Holdings (a) | 347,400 | 16,432 | |
19,101 | |||
Electrical Equipment - 4.6% | |||
AMETEK, Inc. | 32,300 | 5,234 | |
Eaton Corp. PLC | 42,500 | 10,458 | |
Generac Holdings, Inc. (a) | 25,000 | 2,842 | |
nVent Electric PLC | 140,400 | 8,430 | |
Regal Rexnord Corp. | 55,800 | 7,447 | |
Vertiv Holdings Co. | 220,700 | 12,432 | |
46,843 | |||
Ground Transportation - 0.8% | |||
Uber Technologies, Inc. (a) | 121,000 | 7,898 | |
Machinery - 1.0% | |||
Parker Hannifin Corp. | 21,200 | 9,847 | |
Marine Transportation - 0.0% | |||
Genco Shipping & Trading Ltd. | 662 | 12 | |
Passenger Airlines - 0.5% | |||
Air Canada (a) | 173,400 | 2,350 | |
Delta Air Lines, Inc. | 64,400 | 2,521 | |
4,871 | |||
Trading Companies & Distributors - 1.3% | |||
GMS, Inc. (a) | 31,800 | 2,676 | |
United Rentals, Inc. | 9,000 | 5,629 | |
WESCO International, Inc. | 31,600 | 5,483 | |
13,788 | |||
TOTAL INDUSTRIALS | 143,326 | ||
INFORMATION TECHNOLOGY - 24.5% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 38,900 | 10,063 | |
Electronic Equipment, Instruments & Components - 1.0% | |||
CDW Corp. | 45,200 | 10,248 | |
IT Services - 0.4% | |||
Accenture PLC Class A | 11,800 | 4,294 | |
Semiconductors & Semiconductor Equipment - 11.2% | |||
ASML Holding NV (depository receipt) | 10,000 | 8,698 | |
Broadcom, Inc. | 11,500 | 13,570 | |
KLA Corp. | 7,000 | 4,158 | |
Lam Research Corp. | 9,000 | 7,427 | |
Marvell Technology, Inc. | 136,100 | 9,214 | |
Microchip Technology, Inc. | 94,110 | 8,016 | |
NVIDIA Corp. | 50,100 | 30,825 | |
NXP Semiconductors NV | 49,400 | 10,402 | |
ON Semiconductor Corp. (a) | 289,537 | 20,595 | |
SolarEdge Technologies, Inc. (a) | 15,800 | 1,051 | |
113,956 | |||
Software - 10.9% | |||
Adobe, Inc. (a) | 24,200 | 14,950 | |
Dynatrace, Inc. (a) | 98,400 | 5,609 | |
Gen Digital, Inc. | 134,500 | 3,158 | |
Microsoft Corp. | 92,400 | 36,736 | |
Oracle Corp. | 97,500 | 10,891 | |
Palo Alto Networks, Inc. (a) | 45,300 | 15,335 | |
Salesforce, Inc. (a) | 33,600 | 9,445 | |
Synopsys, Inc. (a) | 13,400 | 7,147 | |
UiPath, Inc. Class A (a) | 344,500 | 7,917 | |
111,188 | |||
TOTAL INFORMATION TECHNOLOGY | 249,749 | ||
MATERIALS - 4.2% | |||
Chemicals - 2.0% | |||
Olin Corp. | 175,200 | 9,123 | |
The Chemours Co. LLC | 274,500 | 8,282 | |
Westlake Corp. | 23,400 | 3,237 | |
20,642 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 35,000 | 7,920 | |
Containers & Packaging - 0.8% | |||
Graphic Packaging Holding Co. | 337,600 | 8,612 | |
Metals & Mining - 0.6% | |||
ATI, Inc. (a) | 138,200 | 5,648 | |
TOTAL MATERIALS | 42,822 | ||
UTILITIES - 5.4% | |||
Electric Utilities - 3.6% | |||
Constellation Energy Corp. | 112,300 | 13,701 | |
PG&E Corp. | 1,344,756 | 22,686 | |
36,387 | |||
Independent Power and Renewable Electricity Producers - 1.8% | |||
Vistra Corp. | 458,600 | 18,816 | |
TOTAL UTILITIES | 55,203 | ||
TOTAL COMMON STOCKS (Cost $701,112) | 1,013,147 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (f) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
New Cotai LLC 5% 2/24/27 (c) (Cost $503) | 517 | 1,065 | |
Money Market Funds - 1.6% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (g) | 11,510,059 | 11,512 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 4,313,269 | 4,314 | |
TOTAL MONEY MARKET FUNDS (Cost $15,826) | 15,826 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $717,441) | 1,030,038 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (8,869) |
NET ASSETS - 100.0% | 1,021,169 |
(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 $284,000 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 $2,417,000 or 0.2% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 13,975 | 117,646 | 120,109 | 400 | - | - | 11,512 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 1,952 | 86,245 | 83,883 | 6 | - | - | 4,314 | 0.0% |
Total | 15,927 | 203,891 | 203,992 | 406 | - | - | 15,826 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 93,721 | 93,721 | - | - |
Consumer Discretionary | 166,653 | 151,057 | 15,312 | 284 |
Consumer Staples | 37,802 | 37,802 | - | - |
Energy | 45,278 | 45,278 | - | - |
Financials | 129,577 | 129,577 | - | - |
Health Care | 49,016 | 49,016 | - | - |
Industrials | 143,326 | 143,326 | - | - |
Information Technology | 249,749 | 249,749 | - | - |
Materials | 42,822 | 42,822 | - | - |
Utilities | 55,203 | 55,203 | - | - |
Corporate Bonds | 1,065 | - | - | 1,065 |
Money Market Funds | 15,826 | 15,826 | - | - |
Total Investments in Securities: | 1,030,038 | 1,013,377 | 15,312 | 1,349 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $4,139) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $701,615) | $ | 1,014,212 | ||
Fidelity Central Funds (cost $15,826) | 15,826 | |||
Total Investment in Securities (cost $717,441) | $ | 1,030,038 | ||
Receivable for investments sold | 11,994 | |||
Receivable for fund shares sold | 98 | |||
Dividends receivable | 190 | |||
Interest receivable | 2 | |||
Distributions receivable from Fidelity Central Funds | 45 | |||
Prepaid expenses | 1 | |||
Total assets | 1,042,368 | |||
Liabilities | ||||
Payable for investments purchased | $ | 15,330 | ||
Payable for fund shares redeemed | 665 | |||
Accrued management fee | 483 | |||
Distribution and service plan fees payable | 204 | |||
Other affiliated payables | 166 | |||
Other payables and accrued expenses | 37 | |||
Collateral on securities loaned | 4,314 | |||
Total Liabilities | 21,199 | |||
Net Assets | $ | 1,021,169 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 656,422 | ||
Total accumulated earnings (loss) | 364,747 | |||
Net Assets | $ | 1,021,169 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($510,246 ÷ 11,873 shares)(a) | $ | 42.98 | ||
Maximum offering price per share (100/94.25 of $42.98) | $ | 45.60 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($199,833 ÷ 4,998 shares)(a) | $ | 39.98 | ||
Maximum offering price per share (100/96.50 of $39.98) | $ | 41.43 | ||
Class C : | ||||
Net Asset Value and offering price per share ($18,572 ÷ 559 shares)(a)(b) | $ | 33.24 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($258,154 ÷ 5,701 shares)(b) | $ | 45.29 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($34,364 ÷ 754 shares)(b) | $ | 45.57 | ||
(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 | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 5,278 | ||
Interest | 14 | |||
Income from Fidelity Central Funds (including $6 from security lending) | 406 | |||
Total Income | 5,698 | |||
Expenses | ||||
Management fee | $ | 2,813 | ||
Transfer agent fees | 830 | |||
Distribution and service plan fees | 1,191 | |||
Accounting fees | 146 | |||
Custodian fees and expenses | 17 | |||
Independent trustees' fees and expenses | 3 | |||
Registration fees | 62 | |||
Audit | 35 | |||
Legal | 1 | |||
Miscellaneous | 2 | |||
Total expenses before reductions | 5,100 | |||
Expense reductions | (43) | |||
Total expenses after reductions | 5,057 | |||
Net Investment income (loss) | 641 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 95,932 | |||
Foreign currency transactions | (1) | |||
Total net realized gain (loss) | 95,931 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (47,812) | |||
Total change in net unrealized appreciation (depreciation) | (47,812) | |||
Net gain (loss) | 48,119 | |||
Net increase (decrease) in net assets resulting from operations | $ | 48,760 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 641 | $ | 5,800 |
Net realized gain (loss) | 95,931 | 119,167 | ||
Change in net unrealized appreciation (depreciation) | (47,812) | (21,268) | ||
Net increase (decrease) in net assets resulting from operations | 48,760 | 103,699 | ||
Distributions to shareholders | (125,480) | (119,906) | ||
Share transactions - net increase (decrease) | 49,746 | (23,976) | ||
Total increase (decrease) in net assets | (26,974) | (40,183) | ||
Net Assets | ||||
Beginning of period | 1,048,143 | 1,088,326 | ||
End of period | $ | 1,021,169 | $ | 1,048,143 |
Fidelity Advisor® Leveraged Company Stock Fund Class A |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.44 | $ | 46.87 | $ | 57.91 | $ | 37.71 | $ | 38.39 | $ | 45.16 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | .24 | .08 | (.09) C | (.04) | (.04) | ||||||
Net realized and unrealized gain (loss) | 2.04 | 4.48 D | (5.80) | 21.71 | 1.35 | (1.61) | ||||||
Total from investment operations | 2.06 | 4.72 | (5.72) | 21.62 | 1.31 | (1.65) | ||||||
Distributions from net investment income | (.12) | (.17) | (.07) | - | - | - | ||||||
Distributions from net realized gain | (5.40) | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | ||||||
Total distributions | (5.52) | (5.15) E | (5.32) | (1.42) | (1.99) | (5.12) | ||||||
Net asset value, end of period | $ | 42.98 | $ | 46.44 | $ | 46.87 | $ | 57.91 | $ | 37.71 | $ | 38.39 |
Total Return F,G,H | 5.18% | 11.46% D | (11.11)% | 58.43% | 3.56% | (3.83)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.05% K | 1.05% | 1.04% | 1.05% | 1.08% | 1.07% | ||||||
Expenses net of fee waivers, if any | 1.04% K | 1.05% | 1.04% | 1.05% | 1.08% | 1.07% | ||||||
Expenses net of all reductions | 1.04% K | 1.05% | 1.04% | 1.05% | 1.07% | 1.07% | ||||||
Net investment income (loss) | .12% K | .58% | .15% | (.19)% C | (.12)% | (.10)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 510 | $ | 520 | $ | 523 | $ | 656 | $ | 452 | $ | 537 |
Portfolio turnover rate L | 51% K | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class M |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 43.55 | $ | 44.33 | $ | 55.13 | $ | 36.04 | $ | 36.87 | $ | 43.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.03) | .13 | (.05) | (.21) C | (.13) | (.13) | ||||||
Net realized and unrealized gain (loss) | 1.89 | 4.21 D | (5.48) | 20.72 | 1.29 | (1.55) | ||||||
Total from investment operations | 1.86 | 4.34 | (5.53) | 20.51 | 1.16 | (1.68) | ||||||
Distributions from net investment income | (.03) | (.13) | (.02) | - | - | - | ||||||
Distributions from net realized gain | (5.40) | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | ||||||
Total distributions | (5.43) | (5.12) | (5.27) | (1.42) | (1.99) | (5.12) | ||||||
Net asset value, end of period | $ | 39.98 | $ | 43.55 | $ | 44.33 | $ | 55.13 | $ | 36.04 | $ | 36.87 |
Total Return E,F,G | 5.04% | 11.20% D | (11.34)% | 58.05% | 3.28% | (4.06)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.30% J | 1.30% | 1.29% | 1.30% | 1.32% | 1.32% | ||||||
Expenses net of fee waivers, if any | 1.29% J | 1.29% | 1.28% | 1.30% | 1.32% | 1.32% | ||||||
Expenses net of all reductions | 1.29% J | 1.29% | 1.28% | 1.30% | 1.31% | 1.31% | ||||||
Net investment income (loss) | (.13)% J | .33% | (.10)% | (.44)% C | (.37)% | (.35)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 200 | $ | 206 | $ | 212 | $ | 284 | $ | 217 | $ | 288 |
Portfolio turnover rate K | 51% J | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class C |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 37.19 | $ | 38.72 | $ | 48.98 | $ | 32.31 | $ | 33.42 | $ | 40.27 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.11) | (.07) | (.27) | (.41) C | (.28) | (.29) | ||||||
Net realized and unrealized gain (loss) | 1.56 | 3.59 D | (4.79) | 18.50 | 1.16 | (1.44) | ||||||
Total from investment operations | 1.45 | 3.52 | (5.06) | 18.09 | .88 | (1.73) | ||||||
Distributions from net investment income | - | (.06) | - | - | - | - | ||||||
Distributions from net realized gain | (5.40) | (4.99) | (5.20) | (1.42) | (1.99) | (5.12) | ||||||
Total distributions | (5.40) | (5.05) | (5.20) | (1.42) | (1.99) | (5.12) | ||||||
Net asset value, end of period | $ | 33.24 | $ | 37.19 | $ | 38.72 | $ | 48.98 | $ | 32.31 | $ | 33.42 |
Total Return E,F,G | 4.79% | 10.59% D | (11.81)% | 57.23% | 2.76% | (4.58)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.84% J | 1.83% | 1.81% | 1.83% | 1.85% | 1.83% | ||||||
Expenses net of fee waivers, if any | 1.83% J | 1.83% | 1.81% | 1.83% | 1.85% | 1.83% | ||||||
Expenses net of all reductions | 1.83% J | 1.83% | 1.81% | 1.83% | 1.84% | 1.83% | ||||||
Net investment income (loss) | (.67)% J | (.21)% | (.62)% | (.96)% C | (.90)% | (.86)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 19 | $ | 22 | $ | 29 | $ | 51 | $ | 56 | $ | 90 |
Portfolio turnover rate K | 51% J | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class I |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 48.68 | $ | 48.81 | $ | 60.01 | $ | 38.93 | $ | 39.47 | $ | 46.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .08 | .37 | .22 | .04 C | .05 | .06 | ||||||
Net realized and unrealized gain (loss) | 2.15 | 4.70 D | (6.04) | 22.46 | 1.40 | (1.65) | ||||||
Total from investment operations | 2.23 | 5.07 | (5.82) | 22.50 | 1.45 | (1.59) | ||||||
Distributions from net investment income | (.23) | (.21) | (.13) | - | - | (.02) | ||||||
Distributions from net realized gain | (5.40) | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | ||||||
Total distributions | (5.62) E | (5.20) | (5.38) | (1.42) | (1.99) | (5.14) | ||||||
Net asset value, end of period | $ | 45.29 | $ | 48.68 | $ | 48.81 | $ | 60.01 | $ | 38.93 | $ | 39.47 |
Total Return F,G | 5.33% | 11.75% D | (10.88)% | 58.87% | 3.82% | (3.59)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .79% J | .79% | .78% | .79% | .81% | .81% | ||||||
Expenses net of fee waivers, if any | .78% J | .78% | .78% | .79% | .81% | .81% | ||||||
Expenses net of all reductions | .78% J | .78% | .78% | .79% | .80% | .80% | ||||||
Net investment income (loss) | .38% J | .84% | .41% | .07% C | .14% | .16% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 258 | $ | 266 | $ | 290 | $ | 378 | $ | 261 | $ | 354 |
Portfolio turnover rate K | 51% J | 57% | 27% | 14% | 59% | 25% |
Fidelity Advisor® Leveraged Company Stock Fund Class Z |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 48.98 | $ | 49.05 | $ | 60.24 | $ | 39.03 | $ | 39.52 | $ | 46.22 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .11 | .42 | .29 | .10 C | .10 | .11 | ||||||
Net realized and unrealized gain (loss) | 2.16 | 4.73 D | (6.07) | 22.53 | 1.40 | (1.64) | ||||||
Total from investment operations | 2.27 | 5.15 | (5.78) | 22.63 | 1.50 | (1.53) | ||||||
Distributions from net investment income | (.28) | (.23) | (.16) | - | - | (.05) | ||||||
Distributions from net realized gain | (5.40) | (4.99) | (5.25) | (1.42) | (1.99) | (5.12) | ||||||
Total distributions | (5.68) | (5.22) | (5.41) | (1.42) | (1.99) | (5.17) | ||||||
Net asset value, end of period | $ | 45.57 | $ | 48.98 | $ | 49.05 | $ | 60.24 | $ | 39.03 | $ | 39.52 |
Total Return E,F | 5.38% | 11.88% D | (10.78)% | 59.05% | 3.95% | (3.45)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .67% I | .67% | .66% | .67% | .68% | .68% | ||||||
Expenses net of fee waivers, if any | .66% I | .66% | .66% | .67% | .68% | .68% | ||||||
Expenses net of all reductions | .66% I | .66% | .66% | .67% | .67% | .68% | ||||||
Net investment income (loss) | .50% I | .96% | .53% | .20% C | .27% | .29% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 34 | $ | 33 | $ | 34 | $ | 43 | $ | 25 | $ | 32 |
Portfolio turnover rate J | 51% I | 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 | $326,260 |
Gross unrealized depreciation | (14,649) |
Net unrealized appreciation (depreciation) | $311,611 |
Tax cost | $718,427 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Leveraged Company Stock Fund | 248,795 | 314,735 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $612 | $- |
Class M | .25% | .25% | 483 | - |
Class C | .75% | .25% | 96 | 3 |
$1,191 | $3 |
Retained by FDC | |
Class A | $7 |
Class M | 1 |
Class CA | -B |
$8 |
% of Class-Level Average Net Assets | |
Class A | .1738% |
Class M | .1707% |
Class C | .2000% |
Class I | .1633% |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $431 | .18 |
Class M | 167 | .17 |
Class C | 20 | .21 |
Class I | 205 | .17 |
Class Z | 7 | .04 |
$830 |
% of Average Net Assets | |
Fidelity Advisor Leveraged Company Stock Fund | .0295% |
% of Average Net Assets | |
Fidelity Advisor Leveraged Company Stock Fund | .03 |
Maximum Management Fee Rate % | |
Class A | .75 |
Class M | .74 |
Class C | .77 |
Class I | .74 |
Class Z | .61 |
Amount | |
Fidelity Advisor Leveraged Company Stock Fund | $2 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Leveraged Company Stock Fund | 8,860 | 13,707 | 1,578 |
Amount | |
Fidelity Advisor Leveraged Company Stock Fund | $1 |
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 | $- | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Advisor Leveraged Company Stock Fund | ||
Distributions to shareholders | ||
Class A | $62,105 | $57,445 |
Class M | 25,711 | 24,642 |
Class C | 3,058 | 3,790 |
Class I | 30,647 | 30,416 |
Class Z | 3,959 | 3,613 |
Total | $125,480 | $119,906 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Advisor Leveraged Company Stock Fund | ||||
Class A | ||||
Shares sold | 270 | 516 | $11,284 | $21,413 |
Reinvestment of distributions | 1,419 | 1,305 | 59,035 | 54,610 |
Shares redeemed | (1,013) | (1,778) | (42,372) | (73,466) |
Net increase (decrease) | 676 | 43 | $27,947 | $2,557 |
Class M | ||||
Shares sold | 197 | 326 | $7,671 | $12,901 |
Reinvestment of distributions | 647 | 613 | 25,092 | 24,126 |
Shares redeemed | (584) | (979) | (22,936) | (38,171) |
Net increase (decrease) | 260 | (40) | $9,827 | $(1,144) |
Class C | ||||
Shares sold | 16 | 50 | $528 | $1,765 |
Reinvestment of distributions | 94 | 112 | 3,045 | 3,776 |
Shares redeemed | (149) | (318) | (4,889) | (10,531) |
Net increase (decrease) | (39) | (156) | $(1,316) | $(4,990) |
Class I | ||||
Shares sold | 310 | 570 | $13,566 | $24,800 |
Reinvestment of distributions | 647 | 642 | 28,316 | 28,104 |
Shares redeemed | (728) | (1,691) | (31,973) | (72,792) |
Net increase (decrease) | 229 | (479) | $9,909 | $(19,888) |
Class Z | ||||
Shares sold | 78 | 123 | $3,440 | $5,345 |
Reinvestment of distributions | 72 | 67 | 3,179 | 2,970 |
Shares redeemed | (74) | (206) | (3,240) | (8,826) |
Net increase (decrease) | 76 | (16) | $3,379 | $(511) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity Advisor® Leveraged Company Stock Fund | ||||||||||
Class A | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,051.80 | $ 5.36 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.91 | $ 5.28 | |||||||
Class M | 1.29% | |||||||||
Actual | $ 1,000 | $ 1,050.40 | $ 6.65 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.65 | $ 6.55 | |||||||
Class C | 1.83% | |||||||||
Actual | $ 1,000 | $ 1,047.90 | $ 9.42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.94 | $ 9.27 | |||||||
Class I | .78% | |||||||||
Actual | $ 1,000 | $ 1,053.30 | $ 4.03 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.22 | $ 3.96 | |||||||
Class Z ** | .66% | |||||||||
Actual | $ 1,000 | $ 1,053.80 | $ 3.41 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.82 | $ 3.35 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity Advisor® Leveraged Company Stock Fund | ||||||
Class Z | .62% | |||||
Actual | $ 3.20 | |||||
Hypothetical- B | $ 3.15 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Advisor Series I’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) 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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Not applicable. |
(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: | March 21, 2024 |
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: | March 21, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 21, 2024 |