0000722574fmr:C000014010_ClassMember_AsOf_2023Member2023-11-300000722574fmr:C000013970Memberfmr:TH2Member2024-11-300000722574fmr:C000013993Memberfmr:TH4Member2024-11-30
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)
Nicole Macarchuk, 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: | November 30 |
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Date of reporting period: | November 30, 2024 |
Item 1.
Reports to Stockholders
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class Z : FSLZX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 62 | 0.53% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
February 1, 2017 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $11,615 | $12,050 | $13,568 | $14,842 | $18,358 | $17,569 | $18,030 |
S&P MidCap 400® Index | $10,000 | $11,433 | $11,488 | $12,505 | $13,718 | $17,350 | $16,780 | $16,975 |
S&P 500® Index | $10,000 | $11,819 | $12,560 | $14,584 | $17,129 | $21,912 | $19,894 | $22,647 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Class Z | 32.59% | 11.99% | 11.77% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.99% |
| S&P 500® Index | 33.89% | 15.77% | 15.21% |
A From February 1, 2017
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914092.100 2888-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class A : FSOAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 125 | 1.10% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,526 | $9,939 | $11,910 | $11,177 | $13,003 | $13,463 | $17,759 | $18,678 | $19,571 | $25,124 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 20.99% | 12.74% | 9.65% |
| Class A (without 5.75% sales charge) | 28.37% | 14.08% | 10.30% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914038.100 266-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class I : EQPGX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 81 | 0.68% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially within health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The stock was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was one of the fund's biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result was security selection in consumer discretionary.
•The largest individual relative detractor was an overweight in MongoDB (-22%). This period we increased our stake in MongoDB. A second notable relative detractor was an underweight in Meta Platforms (+76%). This was an investment we established this period. A non-benchmark stake in Universal Music returned -7% and notably hurt.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $10,564 | $10,551 | $14,358 | $15,599 | $18,513 | $26,533 | $33,606 | $27,348 | $33,200 | $45,975 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 38.48% | 19.95% | 16.48% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $11,835,191,099 | |
| Number of Holdings | 141 | |
| Total Advisory Fee | $60,634,175 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 40.1 | |
| Health Care | 16.2 | |
| Consumer Discretionary | 10.5 | |
| Industrials | 10.4 | |
| Financials | 7.8 | |
| Communication Services | 7.2 | |
| Materials | 1.6 | |
| Consumer Staples | 1.6 | |
| Energy | 1.5 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 97.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.0 |
| Taiwan | 4.9 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.7 | |
| Apple Inc | 10.7 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Microsoft Corp | 4.8 | |
| Alphabet Inc Class A | 4.7 | |
| Boston Scientific Corp | 2.7 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.8 | |
| | 51.6 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914053.100 86-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class C : FAVCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 188 | 1.71% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result were stock picking and overweights in health care, primarily within the health care equipment & services industry, and energy.
•The biggest individual relative detractor was an overweight in Centene (-19%). The stock was one of the fund's biggest holdings this period. The second-largest relative detractor was our stake in Lamb Weston Holdings (-42%). The stock was not held at period end. A non-benchmark stake in Parex Resources returned roughly -45% and notably hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. An underweight in materials also boosted relative performance. Also lifting the fund's relative result was stock selection in consumer discretionary, primarily within the consumer services industry.
•Not owning Intel, a benchmark component that returned roughly -45%, was the top individual relative contributor. A second notable relative contributor was an overweight in Travelers Companies (+50%). The company was among the fund's biggest holdings. Another notable relative contributor was our stake in Constellation Energy (+54%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,832 | $10,515 | $12,034 | $11,999 | $13,073 | $13,698 | $16,392 | $17,345 | $16,933 | $20,394 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 18.51% | 8.97% | 7.39% |
| Class C | 19.51% | 8.97% | 7.39% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $228,822,280 | |
| Number of Holdings | 98 | |
| Total Advisory Fee | $1,174,766 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 25.8 | |
| Health Care | 16.0 | |
| Industrials | 11.6 | |
| Consumer Staples | 10.2 | |
| Energy | 7.8 | |
| Utilities | 6.6 | |
| Information Technology | 6.2 | |
| Consumer Discretionary | 4.7 | |
| Communication Services | 4.2 | |
| Materials | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 96.7 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| United Kingdom | 3.9 |
| Canada | 3.2 |
| Germany | 2.3 |
| Korea (South) | 0.9 |
| France | 0.2 |
| Sweden | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.0 | |
| JPMorgan Chase & Co | 3.6 | |
| The Travelers Companies, Inc. | 3.0 | |
| Chubb Ltd | 2.8 | |
| UnitedHealth Group Inc | 2.8 | |
| Comcast Corp Class A | 2.6 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.4 | |
| Bank of America Corp | 2.4 | |
| Cigna Group/The | 2.2 | |
| | 28.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
- Operating expenses
- Expense reductions
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914056.100 884-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class A : FEIAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 97 | 0.86% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by consumer staples. Stock picking in information technology, primarily within the software & services industry, also hampered the fund's result. Also detracting from our result was an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.
•The fund's non-benchmark stake in Capgemini returned -20% and was the largest individual relative detractor. Not owning JPMorgan Chase, a benchmark component that gained 64%, was a second notable relative detractor. A non-benchmark stake in Shell gained about 2% and notably hurt. The stock was among our largest holdings.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in financials and industrials, in the latter case primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in M&T Bank (+77%). The stock was among the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+93%). Another notable relative contributor this period was avoiding Intel, a benchmark component that returned approximately -45%.
•Notable changes in positioning include increased exposure to the communication services and materials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,084 | $10,313 | $11,607 | $11,697 | $13,069 | $13,072 | $15,484 | $16,931 | $17,327 | $21,818 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 18.68% | 9.49% | 8.11% |
| Class A (without 5.75% sales charge) | 25.92% | 10.79% | 8.76% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,086,195,423 | |
| Number of Holdings | 112 | |
| Total Advisory Fee | $9,914,487 | |
| Portfolio Turnover | 50% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 19.9 | |
| Health Care | 16.8 | |
| Consumer Staples | 9.2 | |
| Energy | 8.6 | |
| Information Technology | 8.4 | |
| Industrials | 8.3 | |
| Communication Services | 7.7 | |
| Utilities | 7.3 | |
| Materials | 4.2 | |
| Consumer Discretionary | 3.6 | |
| Real Estate | 3.3 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.6 |
| United Kingdom | 3.6 |
| France | 2.0 |
| Taiwan | 1.1 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| Canada | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Comcast Corp Class A | 3.1 | |
| Shell PLC ADR | 2.8 | |
| Johnson & Johnson | 2.7 | |
| US Bancorp | 2.6 | |
| M&T Bank Corp | 2.5 | |
| Cisco Systems Inc | 2.5 | |
| UnitedHealth Group Inc | 2.5 | |
| Wells Fargo & Co | 2.3 | |
| Exxon Mobil Corp | 2.1 | |
| Merck & Co Inc | 2.1 | |
| | 25.2 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914044.100 246-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class A : FAVAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 103 | 0.94% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result were stock picking and overweights in health care, primarily within the health care equipment & services industry, and energy.
•The biggest individual relative detractor was an overweight in Centene (-19%). The stock was one of the fund's biggest holdings this period. The second-largest relative detractor was our stake in Lamb Weston Holdings (-42%). The stock was not held at period end. A non-benchmark stake in Parex Resources returned roughly -45% and notably hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. An underweight in materials also boosted relative performance. Also lifting the fund's relative result was stock selection in consumer discretionary, primarily within the consumer services industry.
•Not owning Intel, a benchmark component that returned roughly -45%, was the top individual relative contributor. A second notable relative contributor was an overweight in Travelers Companies (+50%). The company was among the fund's biggest holdings. Another notable relative contributor was our stake in Constellation Energy (+54%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,340 | $10,063 | $11,608 | $11,669 | $12,807 | $13,535 | $16,320 | $17,403 | $16,989 | $20,462 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 13.52% | 8.53% | 7.42% |
| Class A (without 5.75% sales charge) | 20.44% | 9.82% | 8.06% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $228,822,280 | |
| Number of Holdings | 98 | |
| Total Advisory Fee | $1,174,766 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 25.8 | |
| Health Care | 16.0 | |
| Industrials | 11.6 | |
| Consumer Staples | 10.2 | |
| Energy | 7.8 | |
| Utilities | 6.6 | |
| Information Technology | 6.2 | |
| Consumer Discretionary | 4.7 | |
| Communication Services | 4.2 | |
| Materials | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 96.7 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| United Kingdom | 3.9 |
| Canada | 3.2 |
| Germany | 2.3 |
| Korea (South) | 0.9 |
| France | 0.2 |
| Sweden | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.0 | |
| JPMorgan Chase & Co | 3.6 | |
| The Travelers Companies, Inc. | 3.0 | |
| Chubb Ltd | 2.8 | |
| UnitedHealth Group Inc | 2.8 | |
| Comcast Corp Class A | 2.6 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.4 | |
| Bank of America Corp | 2.4 | |
| Cigna Group/The | 2.2 | |
| | 28.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914055.100 879-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class M : FALGX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 157 | 1.33% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials, primarily within the banks industry, also boosted relative performance. Also lifting the fund's relative result were picks in health care.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was among our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+75%). The stock was the fund's biggest holding at period end. Another notable relative contributor was an overweight in GE Vernova (+135%). This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The company was one of our biggest holdings.
•Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to information technology.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,472 | $10,496 | $12,337 | $12,769 | $14,547 | $15,365 | $19,291 | $19,528 | $21,747 | $29,629 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 31.48% | 14.47% | 11.47% |
| Class M (without 3.50% sales charge) | 36.25% | 15.29% | 11.87% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,587,562,615 | |
| Number of Holdings | 182 | |
| Total Advisory Fee | $10,511,818 | |
| Portfolio Turnover | 18% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.7 | |
| Financials | 18.1 | |
| Industrials | 16.5 | |
| Health Care | 11.1 | |
| Communication Services | 9.2 | |
| Energy | 8.2 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.2 | |
| Materials | 1.6 | |
| Utilities | 1.1 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.2 |
| Canada | 1.9 |
| Germany | 1.1 |
| Zambia | 1.0 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| France | 0.5 |
| Taiwan | 0.5 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Wells Fargo & Co | 6.6 | |
| Microsoft Corp | 6.5 | |
| NVIDIA Corp | 5.1 | |
| GE Aerospace | 5.0 | |
| Exxon Mobil Corp | 4.6 | |
| Boeing Co | 2.8 | |
| Meta Platforms Inc Class A | 2.7 | |
| Bank of America Corp | 2.7 | |
| Apple Inc | 2.7 | |
| GE Vernova Inc | 2.7 | |
| | 41.4 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914099.100 534-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class A : FALAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 128 | 1.09% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials, primarily within the banks industry, also boosted relative performance. Also lifting the fund's relative result were picks in health care.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was among our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+75%). The stock was the fund's biggest holding at period end. Another notable relative contributor was an overweight in GE Vernova (+135%). This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The company was one of our biggest holdings.
•Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to information technology.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,277 | $10,306 | $12,145 | $12,603 | $14,392 | $15,243 | $19,187 | $19,472 | $21,736 | $29,691 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 28.74% | 14.22% | 11.50% |
| Class A (without 5.75% sales charge) | 36.60% | 15.58% | 12.16% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,587,562,615 | |
| Number of Holdings | 182 | |
| Total Advisory Fee | $10,511,818 | |
| Portfolio Turnover | 18% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.7 | |
| Financials | 18.1 | |
| Industrials | 16.5 | |
| Health Care | 11.1 | |
| Communication Services | 9.2 | |
| Energy | 8.2 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.2 | |
| Materials | 1.6 | |
| Utilities | 1.1 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.2 |
| Canada | 1.9 |
| Germany | 1.1 |
| Zambia | 1.0 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| France | 0.5 |
| Taiwan | 0.5 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Wells Fargo & Co | 6.6 | |
| Microsoft Corp | 6.5 | |
| NVIDIA Corp | 5.1 | |
| GE Aerospace | 5.0 | |
| Exxon Mobil Corp | 4.6 | |
| Boeing Co | 2.8 | |
| Meta Platforms Inc Class A | 2.7 | |
| Bank of America Corp | 2.7 | |
| Apple Inc | 2.7 | |
| GE Vernova Inc | 2.7 | |
| | 41.4 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914096.100 250-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class I : FMCCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 77 | 0.66% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $10,080 | $10,659 | $12,889 | $13,356 | $15,013 | $16,398 | $20,251 | $19,350 | $19,833 | $26,256 |
S&P MidCap 400® Index | $10,000 | $10,292 | $11,654 | $13,813 | $13,879 | $15,109 | $16,574 | $20,962 | $20,273 | $20,510 | $27,352 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 32.39% | 11.83% | 10.13% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.59% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914095.100 533-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class I : EQPIX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 69 | 0.61% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by consumer staples. Stock picking in information technology, primarily within the software & services industry, also hampered the fund's result. Also detracting from our result was an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.
•The fund's non-benchmark stake in Capgemini returned -20% and was the largest individual relative detractor. Not owning JPMorgan Chase, a benchmark component that gained 64%, was a second notable relative detractor. A non-benchmark stake in Shell gained about 2% and notably hurt. The stock was among our largest holdings.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in financials and industrials, in the latter case primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in M&T Bank (+77%). The stock was among the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+93%). Another notable relative contributor this period was avoiding Intel, a benchmark component that returned approximately -45%.
•Notable changes in positioning include increased exposure to the communication services and materials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $9,663 | $10,999 | $12,413 | $12,543 | $14,048 | $14,085 | $16,726 | $18,335 | $18,812 | $23,738 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 26.19% | 11.06% | 9.03% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,086,195,423 | |
| Number of Holdings | 112 | |
| Total Advisory Fee | $9,914,487 | |
| Portfolio Turnover | 50% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 19.9 | |
| Health Care | 16.8 | |
| Consumer Staples | 9.2 | |
| Energy | 8.6 | |
| Information Technology | 8.4 | |
| Industrials | 8.3 | |
| Communication Services | 7.7 | |
| Utilities | 7.3 | |
| Materials | 4.2 | |
| Consumer Discretionary | 3.6 | |
| Real Estate | 3.3 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.6 |
| United Kingdom | 3.6 |
| France | 2.0 |
| Taiwan | 1.1 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| Canada | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Comcast Corp Class A | 3.1 | |
| Shell PLC ADR | 2.8 | |
| Johnson & Johnson | 2.7 | |
| US Bancorp | 2.6 | |
| M&T Bank Corp | 2.5 | |
| Cisco Systems Inc | 2.5 | |
| UnitedHealth Group Inc | 2.5 | |
| Wells Fargo & Co | 2.3 | |
| Exxon Mobil Corp | 2.1 | |
| Merck & Co Inc | 2.1 | |
| | 25.2 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914048.100 80-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class A : FAGAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 92 | 0.74% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Security selection and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+195%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Carvana (+730%). A non-benchmark stake in Sea gained 213% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. Security selection in utilities also hampered the fund's result. Further detracting from our result were stock selection and an underweight in financials, primarily within the financial services industry.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was one of the fund's biggest holdings. A non-benchmark stake in ON Semiconductor gained roughly 1% and was a second notable relative detractor. A non-benchmark stake in Marqeta returned about -45% and notably hurt. The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,922 | $9,687 | $13,042 | $15,697 | $20,608 | $33,616 | $40,204 | $26,811 | $33,417 | $49,270 |
Russell 1000® Growth Index | $10,000 | $10,612 | $11,060 | $14,467 | $15,709 | $19,010 | $25,930 | $33,890 | $26,557 | $33,506 | $46,253 |
Russell 1000® Index | $10,000 | $10,253 | $11,074 | $13,577 | $14,382 | $16,698 | $19,938 | $25,256 | $22,565 | $25,626 | $34,442 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 38.96% | 17.64% | 17.29% |
| Class A (without 5.75% sales charge) | 47.44% | 19.04% | 17.99% |
| Russell 1000® Growth Index | 38.04% | 19.46% | 16.55% |
| Russell 1000® Index | 34.40% | 15.58% | 13.16% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $24,935,269,352 | |
| Number of Holdings | 200 | |
| Total Advisory Fee | $91,847,109 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.4 | |
| Communication Services | 19.7 | |
| Consumer Discretionary | 12.7 | |
| Financials | 7.0 | |
| Health Care | 6.1 | |
| Industrials | 5.2 | |
| Consumer Staples | 1.3 | |
| Utilities | 1.1 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.1 |
| Taiwan | 1.5 |
| Singapore | 1.2 |
| China | 1.1 |
| Germany | 0.4 |
| Canada | 0.4 |
| India | 0.3 |
| Netherlands | 0.2 |
| Estonia | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 8.3 | |
| Meta Platforms Inc Class A | 6.1 | |
| Amazon.com Inc | 5.3 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 3.9 | |
| Broadcom Inc | 3.1 | |
| Roku Inc Class A | 3.0 | |
| Visa Inc Class A | 2.2 | |
| Eli Lilly & Co | 2.1 | |
| | 52.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914060.100 248-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class Z : FGIZX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 54 | 0.47% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500 index for the fiscal year, especially an overweight in energy. Stock picks and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks in consumer staples.
•The biggest individual relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. A second notable relative detractor was an overweight in Boeing (-34%). The company was one of the fund's biggest holdings this period. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The stock was among the fund's biggest holdings.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. Security selection in health care and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+72%). The company was one of our biggest holdings. An overweight in GE Vernova (+131%) also contributed. This was a position we established this period. The stock was among the fund's biggest holdings at period end.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
February 1, 2017 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $11,313 | $11,747 | $13,404 | $14,109 | $17,719 | $18,610 | $20,199 |
S&P 500® Index | $10,000 | $11,819 | $12,560 | $14,584 | $17,129 | $21,912 | $19,894 | $22,647 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Class Z | 32.42% | 14.82% | 13.38% |
| S&P 500® Index | 33.89% | 15.77% | 15.21% |
A From February 1, 2017
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,299,111,337 | |
| Number of Holdings | 180 | |
| Total Advisory Fee | $6,388,285 | |
| Portfolio Turnover | 15% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 22.1 | |
| Financials | 20.3 | |
| Industrials | 16.2 | |
| Health Care | 11.3 | |
| Energy | 9.2 | |
| Consumer Staples | 5.7 | |
| Communication Services | 3.9 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.3 | |
| Materials | 1.2 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.7 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| Canada | 1.7 |
| Germany | 1.3 |
| United Kingdom | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.9 |
| Zambia | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Wells Fargo & Co | 6.7 | |
| Exxon Mobil Corp | 6.1 | |
| GE Aerospace | 4.7 | |
| NVIDIA Corp | 4.2 | |
| Bank of America Corp | 3.0 | |
| Apple Inc | 2.9 | |
| UnitedHealth Group Inc | 2.1 | |
| GE Vernova Inc | 2.1 | |
| Visa Inc Class A | 2.0 | |
| | 41.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914067.100 2885-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class A : FGIRX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 102 | 0.88% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500 index for the fiscal year, especially an overweight in energy. Stock picks and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks in consumer staples.
•The biggest individual relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. A second notable relative detractor was an overweight in Boeing (-34%). The company was one of the fund's biggest holdings this period. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The stock was among the fund's biggest holdings.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. Security selection in health care and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+72%). The company was one of our biggest holdings. An overweight in GE Vernova (+131%) also contributed. This was a position we established this period. The stock was among the fund's biggest holdings at period end.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,335 | $10,324 | $11,991 | $12,401 | $14,094 | $14,778 | $18,484 | $19,341 | $20,910 | $27,586 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 24.34% | 13.03% | 10.68% |
| Class A (without 5.75% sales charge) | 31.93% | 14.38% | 11.34% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,299,111,337 | |
| Number of Holdings | 180 | |
| Total Advisory Fee | $6,388,285 | |
| Portfolio Turnover | 15% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 22.1 | |
| Financials | 20.3 | |
| Industrials | 16.2 | |
| Health Care | 11.3 | |
| Energy | 9.2 | |
| Consumer Staples | 5.7 | |
| Communication Services | 3.9 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.3 | |
| Materials | 1.2 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.7 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| Canada | 1.7 |
| Germany | 1.3 |
| United Kingdom | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.9 |
| Zambia | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Wells Fargo & Co | 6.7 | |
| Exxon Mobil Corp | 6.1 | |
| GE Aerospace | 4.7 | |
| NVIDIA Corp | 4.2 | |
| Bank of America Corp | 3.0 | |
| Apple Inc | 2.9 | |
| UnitedHealth Group Inc | 2.1 | |
| GE Vernova Inc | 2.1 | |
| Visa Inc Class A | 2.0 | |
| | 41.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914064.100 272-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | |
| | Fidelity Advisor® Series Growth Opportunities Fund Fidelity Advisor® Series Growth Opportunities Fund : FAOFX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Series Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Growth Opportunities Fund | $ 1 | 0.01% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by information technology. Picks and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also contributing to our result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+194%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Carvana (+719%). This period we decreased our investment in Carvana. A non-benchmark stake in Sea gained about 211% and notably helped. This period we decreased our investment in Sea.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were stock picks and underweights in financials, primarily within the financial services industry, and energy.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was among our biggest holdings. A second notable relative detractor was our non-benchmark stake in ON Semiconductor (+0%). Another notable relative detractor was our stake in agilon health (-62%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Fidelity Advisor® Series Growth Opportunities Fund | $10,000 | $10,571 | $10,349 | $14,013 | $17,254 | $22,789 | $37,154 | $44,999 | $30,409 | $38,401 | $56,777 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity Advisor® Series Growth Opportunities Fund | 47.85% | 20.03% | 18.96% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $950,678,824 | |
| Number of Holdings | 181 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 67% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.7 | |
| Communication Services | 22.1 | |
| Consumer Discretionary | 12.6 | |
| Financials | 5.8 | |
| Health Care | 5.4 | |
| Industrials | 4.8 | |
| Consumer Staples | 1.1 | |
| Utilities | 0.9 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.0 |
| Taiwan | 1.3 |
| China | 1.2 |
| Singapore | 1.1 |
| Germany | 0.4 |
| Canada | 0.3 |
| Denmark | 0.3 |
| Netherlands | 0.2 |
| Ireland | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.7 | |
| Microsoft Corp | 10.3 | |
| Meta Platforms Inc Class A | 7.5 | |
| Amazon.com Inc | 6.4 | |
| Alphabet Inc Class C | 4.5 | |
| Apple Inc | 4.5 | |
| Roku Inc Class A | 3.3 | |
| Broadcom Inc | 2.6 | |
| Flex Ltd | 2.1 | |
| T-Mobile US Inc | 2.0 | |
| | 56.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914118.100 2614-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® Real Estate High Income Fund Fidelity® Real Estate High Income Fund true |
| | | |
This annual shareholder report contains information about Fidelity® Real Estate High Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-617-563-7644.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Real Estate High Income Fund | $ 82 | 0.76% | |
What affected the Fund's performance this period?
•Real estate high-income securities achieved a strong gain for the 12 months ending November 30, 2024, despite considerable volatility in interest rates. In September, the Federal Reserve made its long-anticipated pivot to cutting its policy rate. Commercial mortgage-backed securities were strong performers within the broader fixed-income space.
•Against this backdrop, the fund was aided by security selection and strong returns from seasoned conduit holdings - that is, deals originated in 2013 or earlier - and higher coupons on floating-rate bonds.
•Increased exposure to conduit CMBS originated in 2014 and later, as well as the portfolio's tilt towards high-growth property types, also contributed for the period.
•The top individual contributor was JPMCC 2012-CBX F (+130%), a seasoned conduit security. A second notable contributor was BX 2019-OC11 E (+15%), a fixed-rate, single-asset/single-borrower bond.
•The largest detractor the past 12 months was Veritas P A Mezz (-100%), a commercial real estate mezzanine loan. Also weighing on performance was MSBAM 2012-C6 F (-74%), a seasoned conduit holding.
•At period end, the fund's yield was 8.93%, with a credit spread of 462 basis points and a weighted average credit-quality rating of triple-B minus.
•Notable changes in positioning include increased exposure to BB-rated securities backed by our favored property types, including warehouses and data centers, as well as a reduction in CMBS priced near or greater than par.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $1,000,000.
Fidelity® Real Estate High Income Fund | $1,000,000 | $1,039,641 | $1,052,777 | $1,115,313 | $1,151,306 | $1,256,686 | $1,167,960 | $1,285,542 | $1,171,961 | $1,143,328 | $1,324,281 |
Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index | $1,000,000 | $1,009,493 | $1,043,156 | $1,103,310 | $1,120,239 | $1,249,590 | $1,262,189 | $1,333,741 | $1,157,039 | $1,161,157 | $1,330,980 |
Bloomberg U.S. CMBS ex AAA Index | $1,000,000 | $1,009,493 | $1,043,139 | $1,102,986 | $1,119,385 | $1,248,677 | $1,262,705 | $1,333,356 | $1,157,656 | $1,157,347 | $1,274,571 |
Bloomberg U.S. Universal Bond Index | $1,000,000 | $1,007,515 | $1,038,597 | $1,079,534 | $1,064,870 | $1,180,260 | $1,267,185 | $1,258,384 | $1,097,880 | $1,119,228 | $1,203,557 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Effective June 1, 2024, the fund began comparing its performance to Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index rather than Bloomberg U.S. CMBS ex AAA Index because the Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index conforms more closely to the fund's investment policies.
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Real Estate High Income Fund | 15.83% | 1.05% | 2.85% |
| Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index | 14.63% | 1.27% | 2.90% |
| Bloomberg U.S. CMBS ex AAA Index | 10.13% | 0.41% | 2.46% |
| Bloomberg U.S. Universal Bond Index | 7.53% | 0.39% | 1.87% |
Effective June 1, 2024, the fund began comparing its performance to Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index rather than Bloomberg U.S. CMBS ex AAA Index because the Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index conforms more closely to the fund's investment policies.
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $688,276,015 | |
| Number of Holdings | 372 | |
| Total Advisory Fee | $4,088,384 | |
| Portfolio Turnover | 23% | |
What did the Fund invest in?
(as of November 30, 2024)
| AAA | 8.2 |
| AA | 1.4 |
| A | 3.2 |
| BBB | 8.4 |
| BB | 12.5 |
| B | 8.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 50.0 |
| Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |
QUALITY DIVERSIFICATION (% of Fund's net assets) |
|
| |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
| CMOs and Other Mortgage Related Securities | 86.4 |
| Asset-Backed Securities | 4.8 |
| Corporate Bonds | 4.2 |
| Bank Loan Obligations | 0.8 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 100.0 |
| Grand Cayman (UK Overseas Ter) | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| BX Commercial Mortgage Trust 2020-VIVA | 2.3 | |
| BX Trust 2019-OC11 | 1.9 | |
| Hilton USA Trust | 1.6 | |
| BX Trust | 1.5 | |
| MHC Commercial Mortgage Trust | 1.4 | |
| BX Trust 2024 VLT4 | 1.2 | |
| JPMorgan Chase Commercial Mortgage Securities Trust | 1.2 | |
| BX Commercial Mortgage Trust | 1.0 | |
| BX Commercial Mortgage Trust 2024-KING | 1.0 | |
| CAMB Commercial Mortgage Trust | 1.0 | |
| | 14.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-617-563-7644 .
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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 fund added a contractual expense cap during the reporting period. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914102.100 671-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class I : FGIOX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 73 | 0.63% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500 index for the fiscal year, especially an overweight in energy. Stock picks and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks in consumer staples.
•The biggest individual relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. A second notable relative detractor was an overweight in Boeing (-34%). The company was one of the fund's biggest holdings this period. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The stock was among the fund's biggest holdings.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. Security selection in health care and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+72%). The company was one of our biggest holdings. An overweight in GE Vernova (+131%) also contributed. This was a position we established this period. The stock was among the fund's biggest holdings at period end.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $9,930 | $11,014 | $12,826 | $13,301 | $15,149 | $15,931 | $19,978 | $20,950 | $22,707 | $30,025 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 32.23% | 14.66% | 11.62% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,299,111,337 | |
| Number of Holdings | 180 | |
| Total Advisory Fee | $6,388,285 | |
| Portfolio Turnover | 15% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 22.1 | |
| Financials | 20.3 | |
| Industrials | 16.2 | |
| Health Care | 11.3 | |
| Energy | 9.2 | |
| Consumer Staples | 5.7 | |
| Communication Services | 3.9 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.3 | |
| Materials | 1.2 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.7 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| Canada | 1.7 |
| Germany | 1.3 |
| United Kingdom | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.9 |
| Zambia | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Wells Fargo & Co | 6.7 | |
| Exxon Mobil Corp | 6.1 | |
| GE Aerospace | 4.7 | |
| NVIDIA Corp | 4.2 | |
| Bank of America Corp | 3.0 | |
| Apple Inc | 2.9 | |
| UnitedHealth Group Inc | 2.1 | |
| GE Vernova Inc | 2.1 | |
| Visa Inc Class A | 2.0 | |
| | 41.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914066.100 276-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class A : EPGAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 110 | 0.92% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially within health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The stock was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was one of the fund's biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result was security selection in consumer discretionary.
•The largest individual relative detractor was an overweight in MongoDB (-22%). This period we increased our stake in MongoDB. A second notable relative detractor was an underweight in Meta Platforms (+76%). This was an investment we established this period. A non-benchmark stake in Universal Music returned -7% and notably hurt.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,929 | $9,890 | $13,422 | $14,547 | $17,216 | $24,605 | $31,090 | $25,248 | $30,557 | $42,222 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 30.23% | 18.24% | 15.49% |
| Class A (without 5.75% sales charge) | 38.17% | 19.65% | 16.18% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $11,835,191,099 | |
| Number of Holdings | 141 | |
| Total Advisory Fee | $60,634,175 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 40.1 | |
| Health Care | 16.2 | |
| Consumer Discretionary | 10.5 | |
| Industrials | 10.4 | |
| Financials | 7.8 | |
| Communication Services | 7.2 | |
| Materials | 1.6 | |
| Consumer Staples | 1.6 | |
| Energy | 1.5 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 97.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.0 |
| Taiwan | 4.9 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.7 | |
| Apple Inc | 10.7 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Microsoft Corp | 4.8 | |
| Alphabet Inc Class A | 4.7 | |
| Boston Scientific Corp | 2.7 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.8 | |
| | 51.6 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914049.100 245-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class C : FSCEX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 238 | 2.03% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, led by information technology. Also hurting our result were stock picks in health care, primarily within the health care equipment & services industry, and communication services.
•The biggest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). The second-largest relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained approximately 200%. Another notable relative detractor was an overweight in Constellium (-30%).
•In contrast, the biggest contributor to performance versus the benchmark was stock selection in energy. Stock selection in industrials, primarily within the capital goods industry, and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+309%). This period we decreased our investment in FTAI Aviation. The second-largest relative contributor was an overweight in Brinker International (+261%). This period we decreased our investment in Brinker International. Another notable relative contributor was an overweight in Sterling Infrastructure (+207%).
•Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $10,338 | $10,390 | $12,032 | $11,325 | $12,803 | $14,195 | $19,038 | $16,275 | $16,455 | $22,248 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 33.16% | 11.34% | 8.33% |
| Class C | 34.16% | 11.34% | 8.33% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,243,912,430 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $19,060,282 | |
| Portfolio Turnover | 40% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.5 | |
| Financials | 15.8 | |
| Information Technology | 13.4 | |
| Health Care | 13.1 | |
| Consumer Discretionary | 11.2 | |
| Materials | 7.2 | |
| Energy | 5.4 | |
| Real Estate | 5.1 | |
| Consumer Staples | 3.4 | |
| Communication Services | 2.7 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 97.0 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.8 |
| Canada | 4.7 |
| United Kingdom | 2.1 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Japan | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Netherlands | 0.1 |
| Puerto Rico | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Patrick Industries Inc | 1.5 | |
| Eagle Materials Inc | 1.5 | |
| ExlService Holdings Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| Independent Bank Group Inc | 1.4 | |
| Liberty Energy Inc Class A | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914071.100 297-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class M : FASPX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 153 | 1.34% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,733 | $10,133 | $12,115 | $11,342 | $13,165 | $13,602 | $17,899 | $18,785 | $19,631 | $25,142 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 23.59% | 13.01% | 9.66% |
| Class M (without 3.50% sales charge) | 28.07% | 13.81% | 10.05% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914036.100 174-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class C : FLCCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 217 | 1.84% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials, primarily within the banks industry, also boosted relative performance. Also lifting the fund's relative result were picks in health care.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was among our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+75%). The stock was the fund's biggest holding at period end. Another notable relative contributor was an overweight in GE Vernova (+135%). This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The company was one of our biggest holdings.
•Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to information technology.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,767 | $10,764 | $12,591 | $12,969 | $14,698 | $15,447 | $19,294 | $19,430 | $21,688 | $29,625 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 34.56% | 14.70% | 11.47% |
| Class C | 35.56% | 14.70% | 11.47% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,587,562,615 | |
| Number of Holdings | 182 | |
| Total Advisory Fee | $10,511,818 | |
| Portfolio Turnover | 18% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.7 | |
| Financials | 18.1 | |
| Industrials | 16.5 | |
| Health Care | 11.1 | |
| Communication Services | 9.2 | |
| Energy | 8.2 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.2 | |
| Materials | 1.6 | |
| Utilities | 1.1 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.2 |
| Canada | 1.9 |
| Germany | 1.1 |
| Zambia | 1.0 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| France | 0.5 |
| Taiwan | 0.5 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Wells Fargo & Co | 6.6 | |
| Microsoft Corp | 6.5 | |
| NVIDIA Corp | 5.1 | |
| GE Aerospace | 5.0 | |
| Exxon Mobil Corp | 4.6 | |
| Boeing Co | 2.8 | |
| Meta Platforms Inc Class A | 2.7 | |
| Bank of America Corp | 2.7 | |
| Apple Inc | 2.7 | |
| GE Vernova Inc | 2.7 | |
| | 41.4 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914098.100 483-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class M : FMCAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 134 | 1.16% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,692 | $10,198 | $12,275 | $12,656 | $14,159 | $15,392 | $18,918 | $17,990 | $18,349 | $24,179 |
S&P MidCap 400® Index | $10,000 | $10,292 | $11,654 | $13,813 | $13,879 | $15,109 | $16,574 | $20,962 | $20,273 | $20,510 | $27,352 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 27.16% | 10.51% | 9.23% |
| Class M (without 3.50% sales charge) | 31.78% | 11.30% | 9.62% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.59% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914094.100 531-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class Z : FZAFX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 67 | 0.56% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially within health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The stock was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was one of the fund's biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result was security selection in consumer discretionary.
•The largest individual relative detractor was an overweight in MongoDB (-22%). This period we increased our stake in MongoDB. A second notable relative detractor was an underweight in Meta Platforms (+76%). This was an investment we established this period. A non-benchmark stake in Universal Music returned -7% and notably hurt.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $10,577 | $10,579 | $14,416 | $15,684 | $18,644 | $26,741 | $33,900 | $27,642 | $33,580 | $46,557 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class Z | 38.65% | 20.09% | 16.63% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $11,835,191,099 | |
| Number of Holdings | 141 | |
| Total Advisory Fee | $60,634,175 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 40.1 | |
| Health Care | 16.2 | |
| Consumer Discretionary | 10.5 | |
| Industrials | 10.4 | |
| Financials | 7.8 | |
| Communication Services | 7.2 | |
| Materials | 1.6 | |
| Consumer Staples | 1.6 | |
| Energy | 1.5 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 97.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.0 |
| Taiwan | 4.9 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.7 | |
| Apple Inc | 10.7 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Microsoft Corp | 4.8 | |
| Alphabet Inc Class A | 4.7 | |
| Boston Scientific Corp | 2.7 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.8 | |
| | 51.6 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: - Management fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914050.100 2531-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class A : FSCDX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 151 | 1.29% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, led by information technology. Also hurting our result were stock picks in health care, primarily within the health care equipment & services industry, and communication services.
•The biggest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). The second-largest relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained approximately 200%. Another notable relative detractor was an overweight in Constellium (-30%).
•In contrast, the biggest contributor to performance versus the benchmark was stock selection in energy. Stock selection in industrials, primarily within the capital goods industry, and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+309%). This period we decreased our investment in FTAI Aviation. The second-largest relative contributor was an overweight in Brinker International (+261%). This period we decreased our investment in Brinker International. Another notable relative contributor was an overweight in Sterling Infrastructure (+207%).
•Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,818 | $9,946 | $11,605 | $11,004 | $12,542 | $14,020 | $18,955 | $16,336 | $16,517 | $22,332 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 27.43% | 10.91% | 8.37% |
| Class A (without 5.75% sales charge) | 35.21% | 12.23% | 9.01% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,243,912,430 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $19,060,282 | |
| Portfolio Turnover | 40% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.5 | |
| Financials | 15.8 | |
| Information Technology | 13.4 | |
| Health Care | 13.1 | |
| Consumer Discretionary | 11.2 | |
| Materials | 7.2 | |
| Energy | 5.4 | |
| Real Estate | 5.1 | |
| Consumer Staples | 3.4 | |
| Communication Services | 2.7 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 97.0 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.8 |
| Canada | 4.7 |
| United Kingdom | 2.1 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Japan | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Netherlands | 0.1 |
| Puerto Rico | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Patrick Industries Inc | 1.5 | |
| Eagle Materials Inc | 1.5 | |
| ExlService Holdings Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| Independent Bank Group Inc | 1.4 | |
| Liberty Energy Inc Class A | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914070.100 294-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class M : FSCTX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 179 | 1.53% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, led by information technology. Also hurting our result were stock picks in health care, primarily within the health care equipment & services industry, and communication services.
•The biggest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). The second-largest relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained approximately 200%. Another notable relative detractor was an overweight in Constellium (-30%).
•In contrast, the biggest contributor to performance versus the benchmark was stock selection in energy. Stock selection in industrials, primarily within the capital goods industry, and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+309%). This period we decreased our investment in FTAI Aviation. The second-largest relative contributor was an overweight in Brinker International (+261%). This period we decreased our investment in Brinker International. Another notable relative contributor was an overweight in Sterling Infrastructure (+207%).
•Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $10,029 | $10,140 | $11,803 | $11,163 | $12,696 | $14,155 | $19,098 | $16,418 | $16,564 | $22,337 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 30.13% | 11.17% | 8.37% |
| Class M (without 3.50% sales charge) | 34.85% | 11.96% | 8.76% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,243,912,430 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $19,060,282 | |
| Portfolio Turnover | 40% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.5 | |
| Financials | 15.8 | |
| Information Technology | 13.4 | |
| Health Care | 13.1 | |
| Consumer Discretionary | 11.2 | |
| Materials | 7.2 | |
| Energy | 5.4 | |
| Real Estate | 5.1 | |
| Consumer Staples | 3.4 | |
| Communication Services | 2.7 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 97.0 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.8 |
| Canada | 4.7 |
| United Kingdom | 2.1 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Japan | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Netherlands | 0.1 |
| Puerto Rico | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Patrick Industries Inc | 1.5 | |
| Eagle Materials Inc | 1.5 | |
| ExlService Holdings Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| Independent Bank Group Inc | 1.4 | |
| Liberty Energy Inc Class A | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914073.100 299-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class M : FGITX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 130 | 1.12% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500 index for the fiscal year, especially an overweight in energy. Stock picks and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks in consumer staples.
•The biggest individual relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. A second notable relative detractor was an overweight in Boeing (-34%). The company was one of the fund's biggest holdings this period. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The stock was among the fund's biggest holdings.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. Security selection in health care and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+72%). The company was one of our biggest holdings. An overweight in GE Vernova (+131%) also contributed. This was a position we established this period. The stock was among the fund's biggest holdings at period end.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,532 | $10,519 | $12,186 | $12,574 | $14,250 | $14,907 | $18,599 | $19,413 | $20,937 | $27,553 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 26.99% | 13.29% | 10.67% |
| Class M (without 3.50% sales charge) | 31.60% | 14.10% | 11.06% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,299,111,337 | |
| Number of Holdings | 180 | |
| Total Advisory Fee | $6,388,285 | |
| Portfolio Turnover | 15% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 22.1 | |
| Financials | 20.3 | |
| Industrials | 16.2 | |
| Health Care | 11.3 | |
| Energy | 9.2 | |
| Consumer Staples | 5.7 | |
| Communication Services | 3.9 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.3 | |
| Materials | 1.2 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.7 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| Canada | 1.7 |
| Germany | 1.3 |
| United Kingdom | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.9 |
| Zambia | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Wells Fargo & Co | 6.7 | |
| Exxon Mobil Corp | 6.1 | |
| GE Aerospace | 4.7 | |
| NVIDIA Corp | 4.2 | |
| Bank of America Corp | 3.0 | |
| Apple Inc | 2.9 | |
| UnitedHealth Group Inc | 2.1 | |
| GE Vernova Inc | 2.1 | |
| Visa Inc Class A | 2.0 | |
| | 41.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914065.100 274-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | |
| | Fidelity Advisor® Series Equity Growth Fund Fidelity Advisor® Series Equity Growth Fund : FMFMX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Series Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Equity Growth Fund | $ 1 | 0.01% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The company was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was among our biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was an investment we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result were picks in consumer discretionary.
•The biggest individual relative detractor was an overweight in MongoDB (-23%). A second notable relative detractor was an underweight in Meta Platforms (+76%). This was a position we established this period. Another notable relative detractor was our non-benchmark stake in Universal Music (-7%).
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Fidelity Advisor® Series Equity Growth Fund | $10,000 | $10,570 | $10,558 | $14,518 | $15,819 | $18,941 | $27,357 | $34,862 | $28,744 | $35,193 | $49,192 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity Advisor® Series Equity Growth Fund | 39.78% | 21.03% | 17.27% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,345,233,046 | |
| Number of Holdings | 140 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 67% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 41.0 | |
| Health Care | 16.4 | |
| Industrials | 10.6 | |
| Consumer Discretionary | 10.5 | |
| Financials | 7.9 | |
| Communication Services | 7.3 | |
| Materials | 1.7 | |
| Consumer Staples | 1.6 | |
| Energy | 1.6 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 99.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.8 |
| Taiwan | 5.0 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Netherlands | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.8 | |
| Apple Inc | 11.0 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Microsoft Corp | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Alphabet Inc Class A | 4.8 | |
| Boston Scientific Corp | 2.8 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.9 | |
| | 52.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914119.100 2645-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class M : FAEGX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 138 | 1.16% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially within health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The stock was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was one of the fund's biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result was security selection in consumer discretionary.
•The largest individual relative detractor was an overweight in MongoDB (-22%). This period we increased our stake in MongoDB. A second notable relative detractor was an underweight in Meta Platforms (+76%). This was an investment we established this period. A non-benchmark stake in Universal Music returned -7% and notably hurt.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $10,142 | $10,080 | $13,649 | $14,750 | $17,432 | $24,847 | $31,305 | $25,373 | $30,629 | $42,209 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 32.99% | 18.50% | 15.49% |
| Class M (without 3.50% sales charge) | 37.81% | 19.35% | 15.90% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $11,835,191,099 | |
| Number of Holdings | 141 | |
| Total Advisory Fee | $60,634,175 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 40.1 | |
| Health Care | 16.2 | |
| Consumer Discretionary | 10.5 | |
| Industrials | 10.4 | |
| Financials | 7.8 | |
| Communication Services | 7.2 | |
| Materials | 1.6 | |
| Consumer Staples | 1.6 | |
| Energy | 1.5 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 97.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.0 |
| Taiwan | 4.9 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.7 | |
| Apple Inc | 10.7 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Microsoft Corp | 4.8 | |
| Alphabet Inc Class A | 4.7 | |
| Boston Scientific Corp | 2.7 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.8 | |
| | 51.6 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914051.100 286-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class M : FAGOX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 122 | 0.99% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Security selection and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+195%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Carvana (+730%). A non-benchmark stake in Sea gained 213% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. Security selection in utilities also hampered the fund's result. Further detracting from our result were stock selection and an underweight in financials, primarily within the financial services industry.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was one of the fund's biggest holdings. A non-benchmark stake in ON Semiconductor gained roughly 1% and was a second notable relative detractor. A non-benchmark stake in Marqeta returned about -45% and notably hurt. The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $10,136 | $9,873 | $13,264 | $15,925 | $20,863 | $33,947 | $40,502 | $26,946 | $33,502 | $49,279 |
Russell 1000® Growth Index | $10,000 | $10,612 | $11,060 | $14,467 | $15,709 | $19,010 | $25,930 | $33,890 | $26,557 | $33,506 | $46,253 |
Russell 1000® Index | $10,000 | $10,253 | $11,074 | $13,577 | $14,382 | $16,698 | $19,938 | $25,256 | $22,565 | $25,626 | $34,442 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 41.94% | 17.91% | 17.29% |
| Class M (without 3.50% sales charge) | 47.09% | 18.76% | 17.71% |
| Russell 1000® Growth Index | 38.04% | 19.46% | 16.55% |
| Russell 1000® Index | 34.40% | 15.58% | 13.16% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $24,935,269,352 | |
| Number of Holdings | 200 | |
| Total Advisory Fee | $91,847,109 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.4 | |
| Communication Services | 19.7 | |
| Consumer Discretionary | 12.7 | |
| Financials | 7.0 | |
| Health Care | 6.1 | |
| Industrials | 5.2 | |
| Consumer Staples | 1.3 | |
| Utilities | 1.1 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.1 |
| Taiwan | 1.5 |
| Singapore | 1.2 |
| China | 1.1 |
| Germany | 0.4 |
| Canada | 0.4 |
| India | 0.3 |
| Netherlands | 0.2 |
| Estonia | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 8.3 | |
| Meta Platforms Inc Class A | 6.1 | |
| Amazon.com Inc | 5.3 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 3.9 | |
| Broadcom Inc | 3.1 | |
| Roku Inc Class A | 3.0 | |
| Visa Inc Class A | 2.2 | |
| Eli Lilly & Co | 2.1 | |
| | 52.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914059.100 223-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity® Value Strategies Fund : FSLSX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Value Strategies Fund | $ 93 | 0.81% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Fidelity® Value Strategies Fund | $10,000 | $10,135 | $10,605 | $12,745 | $11,994 | $13,988 | $14,526 | $19,209 | $20,262 | $21,278 | $27,398 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Value Strategies Fund | 28.76% | 14.39% | 10.60% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914035.100 14-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class I : FASOX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 97 | 0.85% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $10,136 | $10,599 | $12,732 | $11,975 | $13,968 | $14,498 | $19,171 | $20,214 | $21,231 | $27,329 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 28.72% | 14.37% | 10.58% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914040.100 694-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class Z : FZAOX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 105 | 0.89% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, led by information technology. Also hurting our result were stock picks in health care, primarily within the health care equipment & services industry, and communication services.
•The biggest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). The second-largest relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained approximately 200%. Another notable relative detractor was an overweight in Constellium (-30%).
•In contrast, the biggest contributor to performance versus the benchmark was stock selection in energy. Stock selection in industrials, primarily within the capital goods industry, and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+309%). This period we decreased our investment in FTAI Aviation. The second-largest relative contributor was an overweight in Brinker International (+261%). This period we decreased our investment in Brinker International. Another notable relative contributor was an overweight in Sterling Infrastructure (+207%).
•Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $10,459 | $10,640 | $12,467 | $11,869 | $13,585 | $15,247 | $20,698 | $17,910 | $18,184 | $24,676 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class Z | 35.71% | 12.68% | 9.45% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,243,912,430 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $19,060,282 | |
| Portfolio Turnover | 40% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.5 | |
| Financials | 15.8 | |
| Information Technology | 13.4 | |
| Health Care | 13.1 | |
| Consumer Discretionary | 11.2 | |
| Materials | 7.2 | |
| Energy | 5.4 | |
| Real Estate | 5.1 | |
| Consumer Staples | 3.4 | |
| Communication Services | 2.7 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 97.0 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.8 |
| Canada | 4.7 |
| United Kingdom | 2.1 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Japan | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Netherlands | 0.1 |
| Puerto Rico | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Patrick Industries Inc | 1.5 | |
| Eagle Materials Inc | 1.5 | |
| ExlService Holdings Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| Independent Bank Group Inc | 1.4 | |
| Liberty Energy Inc Class A | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914069.100 2540-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class M : FEIRX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 124 | 1.10% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by consumer staples. Stock picking in information technology, primarily within the software & services industry, also hampered the fund's result. Also detracting from our result was an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.
•The fund's non-benchmark stake in Capgemini returned -20% and was the largest individual relative detractor. Not owning JPMorgan Chase, a benchmark component that gained 64%, was a second notable relative detractor. A non-benchmark stake in Shell gained about 2% and notably hurt. The stock was among our largest holdings.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in financials and industrials, in the latter case primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in M&T Bank (+77%). The stock was among the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+93%). Another notable relative contributor this period was avoiding Intel, a benchmark component that returned approximately -45%.
•Notable changes in positioning include increased exposure to the communication services and materials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,281 | $10,509 | $11,800 | $11,866 | $13,225 | $13,196 | $15,593 | $17,008 | $17,368 | $21,814 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 21.20% | 9.74% | 8.11% |
| Class M (without 3.50% sales charge) | 25.60% | 10.53% | 8.50% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,086,195,423 | |
| Number of Holdings | 112 | |
| Total Advisory Fee | $9,914,487 | |
| Portfolio Turnover | 50% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 19.9 | |
| Health Care | 16.8 | |
| Consumer Staples | 9.2 | |
| Energy | 8.6 | |
| Information Technology | 8.4 | |
| Industrials | 8.3 | |
| Communication Services | 7.7 | |
| Utilities | 7.3 | |
| Materials | 4.2 | |
| Consumer Discretionary | 3.6 | |
| Real Estate | 3.3 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.6 |
| United Kingdom | 3.6 |
| France | 2.0 |
| Taiwan | 1.1 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| Canada | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Comcast Corp Class A | 3.1 | |
| Shell PLC ADR | 2.8 | |
| Johnson & Johnson | 2.7 | |
| US Bancorp | 2.6 | |
| M&T Bank Corp | 2.5 | |
| Cisco Systems Inc | 2.5 | |
| UnitedHealth Group Inc | 2.5 | |
| Wells Fargo & Co | 2.3 | |
| Exxon Mobil Corp | 2.1 | |
| Merck & Co Inc | 2.1 | |
| | 25.2 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914046.100 280-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class Z : FZAHX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 47 | 0.38% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Security selection and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+195%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Carvana (+730%). A non-benchmark stake in Sea gained 213% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. Security selection in utilities also hampered the fund's result. Further detracting from our result were stock selection and an underweight in financials, primarily within the financial services industry.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was one of the fund's biggest holdings. A non-benchmark stake in ON Semiconductor gained roughly 1% and was a second notable relative detractor. A non-benchmark stake in Marqeta returned about -45% and notably hurt. The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $10,570 | $10,363 | $14,009 | $16,927 | $22,312 | $36,528 | $43,849 | $29,351 | $36,723 | $54,346 |
Russell 1000® Growth Index | $10,000 | $10,612 | $11,060 | $14,467 | $15,709 | $19,010 | $25,930 | $33,890 | $26,557 | $33,506 | $46,253 |
Russell 1000® Index | $10,000 | $10,253 | $11,074 | $13,577 | $14,382 | $16,698 | $19,938 | $25,256 | $22,565 | $25,626 | $34,442 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class Z | 47.99% | 19.49% | 18.44% |
| Russell 1000® Growth Index | 38.04% | 19.46% | 16.55% |
| Russell 1000® Index | 34.40% | 15.58% | 13.16% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $24,935,269,352 | |
| Number of Holdings | 200 | |
| Total Advisory Fee | $91,847,109 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.4 | |
| Communication Services | 19.7 | |
| Consumer Discretionary | 12.7 | |
| Financials | 7.0 | |
| Health Care | 6.1 | |
| Industrials | 5.2 | |
| Consumer Staples | 1.3 | |
| Utilities | 1.1 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.1 |
| Taiwan | 1.5 |
| Singapore | 1.2 |
| China | 1.1 |
| Germany | 0.4 |
| Canada | 0.4 |
| India | 0.3 |
| Netherlands | 0.2 |
| Estonia | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 8.3 | |
| Meta Platforms Inc Class A | 6.1 | |
| Amazon.com Inc | 5.3 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 3.9 | |
| Broadcom Inc | 3.1 | |
| Roku Inc Class A | 3.0 | |
| Visa Inc Class A | 2.2 | |
| Eli Lilly & Co | 2.1 | |
| | 52.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914061.100 2533-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class Z : FAEVX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 62 | 0.56% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result were stock picking and overweights in health care, primarily within the health care equipment & services industry, and energy.
•The biggest individual relative detractor was an overweight in Centene (-19%). The stock was one of the fund's biggest holdings this period. The second-largest relative detractor was our stake in Lamb Weston Holdings (-42%). The stock was not held at period end. A non-benchmark stake in Parex Resources returned roughly -45% and notably hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. An underweight in materials also boosted relative performance. Also lifting the fund's relative result was stock selection in consumer discretionary, primarily within the consumer services industry.
•Not owning Intel, a benchmark component that returned roughly -45%, was the top individual relative contributor. A second notable relative contributor was an overweight in Travelers Companies (+50%). The company was among the fund's biggest holdings. Another notable relative contributor was our stake in Constellation Energy (+54%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
February 1, 2017 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $10,997 | $11,096 | $12,236 | $12,981 | $15,716 | $16,819 | $16,489 |
Russell 3000® Value Index | $10,000 | $11,131 | $11,423 | $12,658 | $12,861 | $15,809 | $16,117 | $16,278 |
Russell 3000® Index | $10,000 | $11,769 | $12,419 | $14,343 | $17,072 | $21,568 | $19,238 | $21,664 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Class Z | 20.90% | 10.25% | 9.21% |
| Russell 3000® Value Index | 29.70% | 10.77% | 10.01% |
| Russell 3000® Index | 34.49% | 15.23% | 14.63% |
A From February 1, 2017
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $228,822,280 | |
| Number of Holdings | 98 | |
| Total Advisory Fee | $1,174,766 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 25.8 | |
| Health Care | 16.0 | |
| Industrials | 11.6 | |
| Consumer Staples | 10.2 | |
| Energy | 7.8 | |
| Utilities | 6.6 | |
| Information Technology | 6.2 | |
| Consumer Discretionary | 4.7 | |
| Communication Services | 4.2 | |
| Materials | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 96.7 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| United Kingdom | 3.9 |
| Canada | 3.2 |
| Germany | 2.3 |
| Korea (South) | 0.9 |
| France | 0.2 |
| Sweden | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.0 | |
| JPMorgan Chase & Co | 3.6 | |
| The Travelers Companies, Inc. | 3.0 | |
| Chubb Ltd | 2.8 | |
| UnitedHealth Group Inc | 2.8 | |
| Comcast Corp Class A | 2.6 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.4 | |
| Bank of America Corp | 2.4 | |
| Cigna Group/The | 2.2 | |
| | 28.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914054.100 2883-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity® Stock Selector Mid Cap Fund : FSSMX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Stock Selector Mid Cap Fund | $ 73 | 0.63% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Fidelity® Stock Selector Mid Cap Fund | $10,000 | $10,090 | $10,669 | $12,895 | $13,350 | $15,003 | $16,389 | $20,243 | $19,347 | $19,834 | $26,266 |
S&P MidCap 400® Index | $10,000 | $10,292 | $11,654 | $13,813 | $13,879 | $15,109 | $16,574 | $20,962 | $20,273 | $20,510 | $27,352 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Stock Selector Mid Cap Fund | 32.43% | 11.85% | 10.14% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.59% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914090.100 2412-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth & Income Fund Fidelity Advisor® Growth & Income Fund Class C : FGIUX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth & Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 189 | 1.64% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500 index for the fiscal year, especially an overweight in energy. Stock picks and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks in consumer staples.
•The biggest individual relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. A second notable relative detractor was an overweight in Boeing (-34%). The company was one of the fund's biggest holdings this period. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The stock was among the fund's biggest holdings.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. Security selection in health care and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+72%). The company was one of our biggest holdings. An overweight in GE Vernova (+131%) also contributed. This was a position we established this period. The stock was among the fund's biggest holdings at period end.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,826 | $10,791 | $12,439 | $12,768 | $14,395 | $14,980 | $18,596 | $19,304 | $20,869 | $27,533 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 29.89% | 13.50% | 10.66% |
| Class C | 30.89% | 13.50% | 10.66% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,299,111,337 | |
| Number of Holdings | 180 | |
| Total Advisory Fee | $6,388,285 | |
| Portfolio Turnover | 15% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 22.1 | |
| Financials | 20.3 | |
| Industrials | 16.2 | |
| Health Care | 11.3 | |
| Energy | 9.2 | |
| Consumer Staples | 5.7 | |
| Communication Services | 3.9 | |
| Utilities | 2.4 | |
| Consumer Discretionary | 2.0 | |
| Real Estate | 1.3 | |
| Materials | 1.2 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.7 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| Canada | 1.7 |
| Germany | 1.3 |
| United Kingdom | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.9 |
| Zambia | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.3 | |
| Wells Fargo & Co | 6.7 | |
| Exxon Mobil Corp | 6.1 | |
| GE Aerospace | 4.7 | |
| NVIDIA Corp | 4.2 | |
| Bank of America Corp | 3.0 | |
| Apple Inc | 2.9 | |
| UnitedHealth Group Inc | 2.1 | |
| GE Vernova Inc | 2.1 | |
| Visa Inc Class A | 2.0 | |
| | 41.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914068.100 481-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class Z : FZADX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 72 | 0.61% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in information technology and utilities also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Vistra (+355%). A non-benchmark stake in Vertiv Holdings gained 192% and was the second-largest relative contributor. This period we decreased our position in Vistra and Vertiv Holdings. Another notable relative contributor was our non-benchmark stake in Allison Transmission (+124%). The company was one of our biggest holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock picking in consumer discretionary also hampered the fund's result. Also hurting our result was an underweight in information technology.
•The largest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in Qualcomm (+9%). This was a stake we established this period. Another notable relative detractor was an overweight in Meta Platforms (+76%). This period we increased our position in Meta Platforms. The stock was one of our largest holdings.
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $9,999 | $10,480 | $12,598 | $13,241 | $14,996 | $14,963 | $19,095 | $18,503 | $19,879 | $27,348 |
Morningstar® US Dividend Growth Index℠ | $10,000 | $10,111 | $11,299 | $14,003 | $15,110 | $17,551 | $19,096 | $23,421 | $23,972 | $24,279 | $31,257 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class Z | 37.57% | 12.77% | 10.58% |
| Morningstar® US Dividend Growth Index℠ | 28.74% | 12.23% | 12.07% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,775,565,328 | |
| Number of Holdings | 132 | |
| Total Advisory Fee | $9,897,276 | |
| Portfolio Turnover | 69% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.4 | |
| Industrials | 15.7 | |
| Financials | 14.8 | |
| Communication Services | 12.2 | |
| Energy | 9.8 | |
| Utilities | 6.5 | |
| Health Care | 6.2 | |
| Consumer Staples | 3.3 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.7 |
| Canada | 3.4 |
| United Kingdom | 1.6 |
| Taiwan | 1.2 |
| India | 0.7 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Brazil | 0.5 |
| Norway | 0.4 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 6.8 | |
| Microsoft Corp | 6.3 | |
| Alphabet Inc Class A | 4.9 | |
| Meta Platforms Inc Class A | 4.4 | |
| Allison Transmission Holdings Inc | 2.9 | |
| Broadcom Inc | 2.4 | |
| Exxon Mobil Corp | 2.1 | |
| Boeing Co | 2.1 | |
| Energy Transfer LP | 2.0 | |
| Brookfield Corp Class A (United States) | 1.9 | |
| | 35.8 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914103.100 2529-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity® Value Strategies Fund Class K : FVSKX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class K | $ 83 | 0.73% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class K | $10,000 | $10,151 | $10,635 | $12,800 | $12,058 | $14,083 | $14,644 | $19,390 | $20,475 | $21,532 | $27,753 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class K | 28.89% | 14.53% | 10.75% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914037.100 2104-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Value Strategies Fund Fidelity Advisor® Value Strategies Fund Class C : FVCSX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 211 | 1.85% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within consumer discretionary. Also hurting our result were stock picks in communication services and energy.
•The biggest individual relative detractor was an overweight in Centene (-18%). The company was one of our biggest holdings this period. A second notable relative detractor was our non-benchmark stake in CVS Health (-8%). The stock was one of our largest holdings this period. Another notable relative detractor was an overweight in AES (-21%).
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. Stock selection in information technology, primarily within the technology hardware & equipment industry, also boosted relative performance. Also helping our relative result was an overweight in financials, primarily within the financial services industry.
•The top individual relative contributor was an overweight in Constellation Energy (+108%). This period we decreased our position in Constellation Energy. The second-largest relative contributor was an overweight in Lumentum Holdings (+103%). The stock was one of the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Vistra (+122%). This was a stake we established this period. The company was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to utilities.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $10,033 | $10,384 | $12,353 | $11,503 | $13,276 | $13,637 | $17,843 | $18,623 | $19,514 | $25,051 |
Russell Midcap® Value Index | $10,000 | $9,900 | $11,311 | $12,888 | $12,786 | $14,112 | $14,588 | $18,431 | $18,154 | $18,018 | $23,694 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 26.41% | 13.20% | 9.62% |
| Class C | 27.41% | 13.20% | 9.62% |
| Russell Midcap® Value Index | 31.50% | 10.92% | 9.01% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,343,625,957 | |
| Number of Holdings | 117 | |
| Total Advisory Fee | $17,007,522 | |
| Portfolio Turnover | 61% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.3 | |
| Industrials | 19.3 | |
| Consumer Discretionary | 9.8 | |
| Materials | 8.0 | |
| Utilities | 7.4 | |
| Energy | 7.1 | |
| Information Technology | 6.7 | |
| Real Estate | 6.2 | |
| Health Care | 5.9 | |
| Consumer Staples | 5.5 | |
| Communication Services | 2.7 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.3 |
| Canada | 4.2 |
| Spain | 1.0 |
| India | 0.7 |
| Puerto Rico | 0.7 |
| Portugal | 0.6 |
| United Kingdom | 0.5 |
| Switzerland | 0.5 |
| Sweden | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| East West Bancorp Inc | 2.0 | |
| Lumentum Holdings Inc | 1.8 | |
| First Citizens BancShares Inc/NC Class A | 1.8 | |
| Global Payments Inc | 1.8 | |
| Apollo Global Management Inc | 1.8 | |
| Vistra Corp | 1.7 | |
| Canadian Natural Resources Ltd | 1.6 | |
| Ventas Inc | 1.5 | |
| PG&E Corp | 1.5 | |
| Ameriprise Financial Inc | 1.5 | |
| | 17.0 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914039.100 5636-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class M : FDGTX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 146 | 1.23% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in information technology and utilities also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Vistra (+355%). A non-benchmark stake in Vertiv Holdings gained 192% and was the second-largest relative contributor. This period we decreased our position in Vistra and Vertiv Holdings. Another notable relative contributor was our non-benchmark stake in Allison Transmission (+124%). The company was one of our biggest holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock picking in consumer discretionary also hampered the fund's result. Also hurting our result was an underweight in information technology.
•The largest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in Qualcomm (+9%). This was a stake we established this period. Another notable relative detractor was an overweight in Meta Platforms (+76%). This period we increased our position in Meta Platforms. The stock was one of our largest holdings.
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,586 | $9,983 | $11,930 | $12,453 | $14,020 | $13,902 | $17,623 | $16,971 | $18,111 | $24,765 |
Morningstar® US Dividend Growth Index℠ | $10,000 | $10,111 | $11,299 | $14,003 | $15,110 | $17,551 | $19,096 | $23,421 | $23,972 | $24,279 | $31,257 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 31.95% | 11.26% | 9.49% |
| Class M (without 3.50% sales charge) | 36.74% | 12.05% | 9.88% |
| Morningstar® US Dividend Growth Index℠ | 28.74% | 12.23% | 12.07% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,775,565,328 | |
| Number of Holdings | 132 | |
| Total Advisory Fee | $9,897,276 | |
| Portfolio Turnover | 69% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.4 | |
| Industrials | 15.7 | |
| Financials | 14.8 | |
| Communication Services | 12.2 | |
| Energy | 9.8 | |
| Utilities | 6.5 | |
| Health Care | 6.2 | |
| Consumer Staples | 3.3 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.7 |
| Canada | 3.4 |
| United Kingdom | 1.6 |
| Taiwan | 1.2 |
| India | 0.7 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Brazil | 0.5 |
| Norway | 0.4 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 6.8 | |
| Microsoft Corp | 6.3 | |
| Alphabet Inc Class A | 4.9 | |
| Meta Platforms Inc Class A | 4.4 | |
| Allison Transmission Holdings Inc | 2.9 | |
| Broadcom Inc | 2.4 | |
| Exxon Mobil Corp | 2.1 | |
| Boeing Co | 2.1 | |
| Energy Transfer LP | 2.0 | |
| Brookfield Corp Class A (United States) | 1.9 | |
| | 35.8 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914107.100 720-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class Z : FIDLX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 85 | 0.72% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials, primarily within the banks industry, also boosted relative performance. Also lifting the fund's relative result were picks in health care.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was among our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+75%). The stock was the fund's biggest holding at period end. Another notable relative contributor was an overweight in GE Vernova (+135%). This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The company was one of our biggest holdings.
•Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to information technology.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
February 1, 2017 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $11,414 | $11,892 | $13,637 | $14,496 | $18,318 | $18,663 | $20,914 |
S&P 500® Index | $10,000 | $11,819 | $12,560 | $14,584 | $17,129 | $21,912 | $19,894 | $22,647 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Class Z | 37.10% | 16.03% | 14.39% |
| S&P 500® Index | 33.89% | 15.77% | 15.21% |
A From February 1, 2017
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,587,562,615 | |
| Number of Holdings | 182 | |
| Total Advisory Fee | $10,511,818 | |
| Portfolio Turnover | 18% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.7 | |
| Financials | 18.1 | |
| Industrials | 16.5 | |
| Health Care | 11.1 | |
| Communication Services | 9.2 | |
| Energy | 8.2 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.2 | |
| Materials | 1.6 | |
| Utilities | 1.1 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.2 |
| Canada | 1.9 |
| Germany | 1.1 |
| Zambia | 1.0 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| France | 0.5 |
| Taiwan | 0.5 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Wells Fargo & Co | 6.6 | |
| Microsoft Corp | 6.5 | |
| NVIDIA Corp | 5.1 | |
| GE Aerospace | 5.0 | |
| Exxon Mobil Corp | 4.6 | |
| Boeing Co | 2.8 | |
| Meta Platforms Inc Class A | 2.7 | |
| Bank of America Corp | 2.7 | |
| Apple Inc | 2.7 | |
| GE Vernova Inc | 2.7 | |
| | 41.4 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914097.100 2889-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class A : FADAX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 117 | 0.99% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in information technology and utilities also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Vistra (+355%). A non-benchmark stake in Vertiv Holdings gained 192% and was the second-largest relative contributor. This period we decreased our position in Vistra and Vertiv Holdings. Another notable relative contributor was our non-benchmark stake in Allison Transmission (+124%). The company was one of our biggest holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock picking in consumer discretionary also hampered the fund's result. Also hurting our result was an underweight in information technology.
•The largest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in Qualcomm (+9%). This was a stake we established this period. Another notable relative detractor was an overweight in Meta Platforms (+76%). This period we increased our position in Meta Platforms. The stock was one of our largest holdings.
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,386 | $9,795 | $11,736 | $12,286 | $13,864 | $13,781 | $17,510 | $16,903 | $18,087 | $24,780 |
Morningstar® US Dividend Growth Index℠ | $10,000 | $10,111 | $11,299 | $14,003 | $15,110 | $17,551 | $19,096 | $23,421 | $23,972 | $24,279 | $31,257 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 29.13% | 10.99% | 9.50% |
| Class A (without 5.75% sales charge) | 37.01% | 12.32% | 10.15% |
| Morningstar® US Dividend Growth Index℠ | 28.74% | 12.23% | 12.07% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,775,565,328 | |
| Number of Holdings | 132 | |
| Total Advisory Fee | $9,897,276 | |
| Portfolio Turnover | 69% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.4 | |
| Industrials | 15.7 | |
| Financials | 14.8 | |
| Communication Services | 12.2 | |
| Energy | 9.8 | |
| Utilities | 6.5 | |
| Health Care | 6.2 | |
| Consumer Staples | 3.3 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.7 |
| Canada | 3.4 |
| United Kingdom | 1.6 |
| Taiwan | 1.2 |
| India | 0.7 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Brazil | 0.5 |
| Norway | 0.4 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 6.8 | |
| Microsoft Corp | 6.3 | |
| Alphabet Inc Class A | 4.9 | |
| Meta Platforms Inc Class A | 4.4 | |
| Allison Transmission Holdings Inc | 2.9 | |
| Broadcom Inc | 2.4 | |
| Exxon Mobil Corp | 2.1 | |
| Boeing Co | 2.1 | |
| Energy Transfer LP | 2.0 | |
| Brookfield Corp Class A (United States) | 1.9 | |
| | 35.8 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914104.100 714-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class I : FDGIX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 88 | 0.74% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in information technology and utilities also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Vistra (+355%). A non-benchmark stake in Vertiv Holdings gained 192% and was the second-largest relative contributor. This period we decreased our position in Vistra and Vertiv Holdings. Another notable relative contributor was our non-benchmark stake in Allison Transmission (+124%). The company was one of our biggest holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock picking in consumer discretionary also hampered the fund's result. Also hurting our result was an underweight in information technology.
•The largest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in Qualcomm (+9%). This was a stake we established this period. Another notable relative detractor was an overweight in Meta Platforms (+76%). This period we increased our position in Meta Platforms. The stock was one of our largest holdings.
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $9,986 | $10,445 | $12,541 | $13,159 | $14,887 | $14,833 | $18,893 | $18,283 | $19,609 | $26,928 |
Morningstar® US Dividend Growth Index℠ | $10,000 | $10,111 | $11,299 | $14,003 | $15,110 | $17,551 | $19,096 | $23,421 | $23,972 | $24,279 | $31,257 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 37.33% | 12.58% | 10.41% |
| Morningstar® US Dividend Growth Index℠ | 28.74% | 12.23% | 12.07% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,775,565,328 | |
| Number of Holdings | 132 | |
| Total Advisory Fee | $9,897,276 | |
| Portfolio Turnover | 69% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.4 | |
| Industrials | 15.7 | |
| Financials | 14.8 | |
| Communication Services | 12.2 | |
| Energy | 9.8 | |
| Utilities | 6.5 | |
| Health Care | 6.2 | |
| Consumer Staples | 3.3 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.7 |
| Canada | 3.4 |
| United Kingdom | 1.6 |
| Taiwan | 1.2 |
| India | 0.7 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Brazil | 0.5 |
| Norway | 0.4 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 6.8 | |
| Microsoft Corp | 6.3 | |
| Alphabet Inc Class A | 4.9 | |
| Meta Platforms Inc Class A | 4.4 | |
| Allison Transmission Holdings Inc | 2.9 | |
| Broadcom Inc | 2.4 | |
| Exxon Mobil Corp | 2.1 | |
| Boeing Co | 2.1 | |
| Energy Transfer LP | 2.0 | |
| Brookfield Corp Class A (United States) | 1.9 | |
| | 35.8 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914106.100 717-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Dividend Growth Fund Fidelity Advisor® Dividend Growth Fund Class C : FDGCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 206 | 1.74% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in information technology and utilities also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Vistra (+355%). A non-benchmark stake in Vertiv Holdings gained 192% and was the second-largest relative contributor. This period we decreased our position in Vistra and Vertiv Holdings. Another notable relative contributor was our non-benchmark stake in Allison Transmission (+124%). The company was one of our biggest holdings.
•In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock picking in consumer discretionary also hampered the fund's result. Also hurting our result was an underweight in information technology.
•The largest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in Qualcomm (+9%). This was a stake we established this period. Another notable relative detractor was an overweight in Meta Platforms (+76%). This period we increased our position in Meta Platforms. The stock was one of our largest holdings.
•Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,884 | $10,238 | $12,171 | $12,640 | $14,155 | $13,955 | $17,588 | $16,853 | $18,032 | $24,705 |
Morningstar® US Dividend Growth Index℠ | $10,000 | $10,111 | $11,299 | $14,003 | $15,110 | $17,551 | $19,096 | $23,421 | $23,972 | $24,279 | $31,257 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 34.99% | 11.44% | 9.47% |
| Class C | 35.99% | 11.44% | 9.47% |
| Morningstar® US Dividend Growth Index℠ | 28.74% | 12.23% | 12.07% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,775,565,328 | |
| Number of Holdings | 132 | |
| Total Advisory Fee | $9,897,276 | |
| Portfolio Turnover | 69% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.4 | |
| Industrials | 15.7 | |
| Financials | 14.8 | |
| Communication Services | 12.2 | |
| Energy | 9.8 | |
| Utilities | 6.5 | |
| Health Care | 6.2 | |
| Consumer Staples | 3.3 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.4 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.7 |
| Canada | 3.4 |
| United Kingdom | 1.6 |
| Taiwan | 1.2 |
| India | 0.7 |
| Netherlands | 0.6 |
| Zambia | 0.6 |
| Brazil | 0.5 |
| Norway | 0.4 |
| Others | 1.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 6.8 | |
| Microsoft Corp | 6.3 | |
| Alphabet Inc Class A | 4.9 | |
| Meta Platforms Inc Class A | 4.4 | |
| Allison Transmission Holdings Inc | 2.9 | |
| Broadcom Inc | 2.4 | |
| Exxon Mobil Corp | 2.1 | |
| Boeing Co | 2.1 | |
| Energy Transfer LP | 2.0 | |
| Brookfield Corp Class A (United States) | 1.9 | |
| | 35.8 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914105.100 716-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class C : FEICX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 181 | 1.61% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by consumer staples. Stock picking in information technology, primarily within the software & services industry, also hampered the fund's result. Also detracting from our result was an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.
•The fund's non-benchmark stake in Capgemini returned -20% and was the largest individual relative detractor. Not owning JPMorgan Chase, a benchmark component that gained 64%, was a second notable relative detractor. A non-benchmark stake in Shell gained about 2% and notably hurt. The stock was among our largest holdings.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in financials and industrials, in the latter case primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in M&T Bank (+77%). The stock was among the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+93%). Another notable relative contributor this period was avoiding Intel, a benchmark component that returned approximately -45%.
•Notable changes in positioning include increased exposure to the communication services and materials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,566 | $10,775 | $12,037 | $12,036 | $13,343 | $13,241 | $15,559 | $16,876 | $17,271 | $21,747 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 23.93% | 9.92% | 8.08% |
| Class C | 24.93% | 9.92% | 8.08% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,086,195,423 | |
| Number of Holdings | 112 | |
| Total Advisory Fee | $9,914,487 | |
| Portfolio Turnover | 50% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 19.9 | |
| Health Care | 16.8 | |
| Consumer Staples | 9.2 | |
| Energy | 8.6 | |
| Information Technology | 8.4 | |
| Industrials | 8.3 | |
| Communication Services | 7.7 | |
| Utilities | 7.3 | |
| Materials | 4.2 | |
| Consumer Discretionary | 3.6 | |
| Real Estate | 3.3 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.6 |
| United Kingdom | 3.6 |
| France | 2.0 |
| Taiwan | 1.1 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| Canada | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Comcast Corp Class A | 3.1 | |
| Shell PLC ADR | 2.8 | |
| Johnson & Johnson | 2.7 | |
| US Bancorp | 2.6 | |
| M&T Bank Corp | 2.5 | |
| Cisco Systems Inc | 2.5 | |
| UnitedHealth Group Inc | 2.5 | |
| Wells Fargo & Co | 2.3 | |
| Exxon Mobil Corp | 2.1 | |
| Merck & Co Inc | 2.1 | |
| | 25.2 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: - Management fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914047.100 480-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | |
| | Fidelity Advisor® Series Small Cap Fund Fidelity Advisor® Series Small Cap Fund : FSSFX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Series Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Advisor® Series Small Cap Fund | $ 1 | 0.01% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 2000 Index for the fiscal year, led by an underweight in utilities. Picks in energy and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+313%). This period we decreased our position in FTAI Aviation. A second notable relative contributor was an overweight in Brinker International (+260%). This period we decreased our position in Brinker International. An overweight in Sterling Infrastructure (+208%) also helped.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in information technology. Also hurting our result was stock picking in communication services and health care, primarily within the health care equipment & services industry.
•The largest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). Not owning Super Micro Computer, a benchmark component that gained roughly 200%, was a second notable relative detractor. An overweight in Constellium (-30%) also hurt.
•Notable changes in positioning include increased exposure to real estate.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Fidelity Advisor® Series Small Cap Fund | $10,000 | $10,381 | $10,584 | $12,422 | $11,923 | $13,744 | $15,559 | $21,268 | $18,500 | $18,891 | $25,736 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity Advisor® Series Small Cap Fund | 36.24% | 13.37% | 9.91% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $413,191,898 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 44% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.0 | |
| Financials | 16.2 | |
| Information Technology | 13.1 | |
| Health Care | 12.8 | |
| Consumer Discretionary | 11.3 | |
| Materials | 7.2 | |
| Energy | 5.2 | |
| Real Estate | 5.0 | |
| Consumer Staples | 3.3 | |
| Communication Services | 2.8 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 96.1 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.9 |
| Canada | 4.6 |
| United Kingdom | 2.0 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Japan | 0.5 |
| Puerto Rico | 0.2 |
| Netherlands | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Independent Bank Group Inc | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Primerica Inc | 1.5 | |
| Patrick Industries Inc | 1.4 | |
| Eagle Materials Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| ExlService Holdings Inc | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914117.100 2613-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class C : FACGX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 184 | 1.49% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Security selection and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+195%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Carvana (+730%). A non-benchmark stake in Sea gained 213% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. Security selection in utilities also hampered the fund's result. Further detracting from our result were stock selection and an underweight in financials, primarily within the financial services industry.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was one of the fund's biggest holdings. A non-benchmark stake in ON Semiconductor gained roughly 1% and was a second notable relative detractor. A non-benchmark stake in Marqeta returned about -45% and notably hurt. The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $10,449 | $10,125 | $13,531 | $16,161 | $21,060 | $34,093 | $40,468 | $26,784 | $33,384 | $49,221 |
Russell 1000® Growth Index | $10,000 | $10,612 | $11,060 | $14,467 | $15,709 | $19,010 | $25,930 | $33,890 | $26,557 | $33,506 | $46,253 |
Russell 1000® Index | $10,000 | $10,253 | $11,074 | $13,577 | $14,382 | $16,698 | $19,938 | $25,256 | $22,565 | $25,626 | $34,442 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 45.35% | 18.15% | 17.28% |
| Class C | 46.35% | 18.15% | 17.28% |
| Russell 1000® Growth Index | 38.04% | 19.46% | 16.55% |
| Russell 1000® Index | 34.40% | 15.58% | 13.16% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $24,935,269,352 | |
| Number of Holdings | 200 | |
| Total Advisory Fee | $91,847,109 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.4 | |
| Communication Services | 19.7 | |
| Consumer Discretionary | 12.7 | |
| Financials | 7.0 | |
| Health Care | 6.1 | |
| Industrials | 5.2 | |
| Consumer Staples | 1.3 | |
| Utilities | 1.1 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.1 |
| Taiwan | 1.5 |
| Singapore | 1.2 |
| China | 1.1 |
| Germany | 0.4 |
| Canada | 0.4 |
| India | 0.3 |
| Netherlands | 0.2 |
| Estonia | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 8.3 | |
| Meta Platforms Inc Class A | 6.1 | |
| Amazon.com Inc | 5.3 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 3.9 | |
| Broadcom Inc | 3.1 | |
| Roku Inc Class A | 3.0 | |
| Visa Inc Class A | 2.2 | |
| Eli Lilly & Co | 2.1 | |
| | 52.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914062.100 482-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Large Cap Fund Fidelity Advisor® Large Cap Fund Class I : FALIX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 98 | 0.83% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials, primarily within the banks industry, also boosted relative performance. Also lifting the fund's relative result were picks in health care.
•The top individual relative contributor was an overweight in GE Aerospace (+89%). The company was among our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+75%). The stock was the fund's biggest holding at period end. Another notable relative contributor was an overweight in GE Vernova (+135%). This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash detracted.
•The biggest individual relative detractor was an overweight in Boeing (-32%). This period we increased our position in Boeing. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Nvidia (+196%). The stock was among our largest holdings. Another notable relative detractor was an overweight in Exxon Mobil (+19%). The company was one of our biggest holdings.
•Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to information technology.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $9,867 | $10,986 | $12,981 | $13,506 | $15,471 | $16,425 | $20,731 | $21,098 | $23,608 | $32,335 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 36.97% | 15.89% | 12.45% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $1,587,562,615 | |
| Number of Holdings | 182 | |
| Total Advisory Fee | $10,511,818 | |
| Portfolio Turnover | 18% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 21.7 | |
| Financials | 18.1 | |
| Industrials | 16.5 | |
| Health Care | 11.1 | |
| Communication Services | 9.2 | |
| Energy | 8.2 | |
| Consumer Staples | 4.9 | |
| Consumer Discretionary | 3.2 | |
| Materials | 1.6 | |
| Utilities | 1.1 | |
| Real Estate | 0.8 | |
| |
| Common Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.2 |
| Canada | 1.9 |
| Germany | 1.1 |
| Zambia | 1.0 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| France | 0.5 |
| Taiwan | 0.5 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Wells Fargo & Co | 6.6 | |
| Microsoft Corp | 6.5 | |
| NVIDIA Corp | 5.1 | |
| GE Aerospace | 5.0 | |
| Exxon Mobil Corp | 4.6 | |
| Boeing Co | 2.8 | |
| Meta Platforms Inc Class A | 2.7 | |
| Bank of America Corp | 2.7 | |
| Apple Inc | 2.7 | |
| GE Vernova Inc | 2.7 | |
| | 41.4 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914100.100 536-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Growth Fund Fidelity Advisor® Equity Growth Fund Class C : EPGCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 199 | 1.68% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially within health care. Stock selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was our stake in Nvidia (+206%). The stock was the fund's largest holding at period end. The second-largest relative contributor was an underweight in Apple (+26%). This period we increased our stake in Apple. The company was one of the fund's biggest holdings. A non-benchmark stake in GE Vernova gained 140% and notably helped. This was a position we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. An overweight in health care also hampered the fund's result. Also hurting our result was security selection in consumer discretionary.
•The largest individual relative detractor was an overweight in MongoDB (-22%). This period we increased our stake in MongoDB. A second notable relative detractor was an underweight in Meta Platforms (+76%). This was an investment we established this period. A non-benchmark stake in Universal Music returned -7% and notably hurt.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to communication services.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $10,455 | $10,335 | $13,921 | $14,964 | $17,588 | $24,927 | $31,248 | $25,193 | $30,491 | $42,130 |
Russell 3000® Growth Index | $10,000 | $10,614 | $11,064 | $14,412 | $15,585 | $18,746 | $25,444 | $32,923 | $25,814 | $32,155 | $44,425 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 36.18% | 18.72% | 15.47% |
| Class C | 37.18% | 18.72% | 15.47% |
| Russell 3000® Growth Index | 38.16% | 18.84% | 16.08% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $11,835,191,099 | |
| Number of Holdings | 141 | |
| Total Advisory Fee | $60,634,175 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 40.1 | |
| Health Care | 16.2 | |
| Consumer Discretionary | 10.5 | |
| Industrials | 10.4 | |
| Financials | 7.8 | |
| Communication Services | 7.2 | |
| Materials | 1.6 | |
| Consumer Staples | 1.6 | |
| Energy | 1.5 | |
| Real Estate | 0.7 | |
| |
| Common Stocks | 97.4 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.0 |
| Taiwan | 4.9 |
| China | 1.2 |
| Brazil | 0.9 |
| Belgium | 0.6 |
| Israel | 0.5 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| Germany | 0.4 |
| Others | 0.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 12.7 | |
| Apple Inc | 10.7 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9 | |
| Amazon.com Inc | 4.9 | |
| Microsoft Corp | 4.8 | |
| Alphabet Inc Class A | 4.7 | |
| Boston Scientific Corp | 2.7 | |
| Eli Lilly & Co | 2.3 | |
| Uber Technologies Inc | 2.1 | |
| Mastercard Inc Class A | 1.8 | |
| | 51.6 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: - Management fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914052.100 479-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Income Fund Fidelity Advisor® Equity Income Fund Class Z : FZAGX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 53 | 0.46% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by consumer staples. Stock picking in information technology, primarily within the software & services industry, also hampered the fund's result. Also detracting from our result was an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.
•The fund's non-benchmark stake in Capgemini returned -20% and was the largest individual relative detractor. Not owning JPMorgan Chase, a benchmark component that gained 64%, was a second notable relative detractor. A non-benchmark stake in Shell gained about 2% and notably hurt. The stock was among our largest holdings.
•In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in financials and industrials, in the latter case primarily within the capital goods industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in M&T Bank (+77%). The stock was among the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+93%). Another notable relative contributor this period was avoiding Intel, a benchmark component that returned approximately -45%.
•Notable changes in positioning include increased exposure to the communication services and materials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class Z | $10,000 | $9,680 | $11,031 | $12,467 | $12,612 | $14,149 | $14,209 | $16,893 | $18,543 | $19,053 | $24,077 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class Z | 26.37% | 11.22% | 9.18% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,086,195,423 | |
| Number of Holdings | 112 | |
| Total Advisory Fee | $9,914,487 | |
| Portfolio Turnover | 50% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 19.9 | |
| Health Care | 16.8 | |
| Consumer Staples | 9.2 | |
| Energy | 8.6 | |
| Information Technology | 8.4 | |
| Industrials | 8.3 | |
| Communication Services | 7.7 | |
| Utilities | 7.3 | |
| Materials | 4.2 | |
| Consumer Discretionary | 3.6 | |
| Real Estate | 3.3 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.6 |
| United Kingdom | 3.6 |
| France | 2.0 |
| Taiwan | 1.1 |
| Korea (South) | 0.5 |
| Japan | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| Canada | 0.2 |
| Others | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Comcast Corp Class A | 3.1 | |
| Shell PLC ADR | 2.8 | |
| Johnson & Johnson | 2.7 | |
| US Bancorp | 2.6 | |
| M&T Bank Corp | 2.5 | |
| Cisco Systems Inc | 2.5 | |
| UnitedHealth Group Inc | 2.5 | |
| Wells Fargo & Co | 2.3 | |
| Exxon Mobil Corp | 2.1 | |
| Merck & Co Inc | 2.1 | |
| | 25.2 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: - Management fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). 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. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914045.100 2532-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class A : FMCDX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 106 | 0.91% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class A | $9,425 | $9,487 | $10,008 | $12,074 | $12,480 | $13,993 | $15,251 | $18,788 | $17,913 | $18,312 | $24,189 |
S&P MidCap 400® Index | $10,000 | $10,292 | $11,654 | $13,813 | $13,879 | $15,109 | $16,574 | $20,962 | $20,273 | $20,510 | $27,352 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class A (incl. 5.75% sales charge) | 24.49% | 10.25% | 9.23% |
| Class A (without 5.75% sales charge) | 32.09% | 11.57% | 9.88% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.59% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914091.100 251-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Small Cap Fund Fidelity Advisor® Small Cap Fund Class I : FSCIX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 122 | 1.04% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, led by information technology. Also hurting our result were stock picks in health care, primarily within the health care equipment & services industry, and communication services.
•The biggest individual relative detractor was our non-benchmark stake in Acadia Healthcare (-44%). The second-largest relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained approximately 200%. Another notable relative detractor was an overweight in Constellium (-30%).
•In contrast, the biggest contributor to performance versus the benchmark was stock selection in energy. Stock selection in industrials, primarily within the capital goods industry, and consumer discretionary, primarily within the consumer services industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in FTAI Aviation (+309%). This period we decreased our investment in FTAI Aviation. The second-largest relative contributor was an overweight in Brinker International (+261%). This period we decreased our investment in Brinker International. Another notable relative contributor was an overweight in Sterling Infrastructure (+207%).
•Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer staples.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $10,446 | $10,611 | $12,416 | $11,803 | $13,486 | $15,114 | $20,490 | $17,702 | $17,944 | $24,328 |
Russell 2000® Index | $10,000 | $10,351 | $11,601 | $13,728 | $13,807 | $14,844 | $16,862 | $20,576 | $17,898 | $17,439 | $23,793 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 35.58% | 12.52% | 9.30% |
| Russell 2000® Index | 36.43% | 9.90% | 9.05% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,243,912,430 | |
| Number of Holdings | 143 | |
| Total Advisory Fee | $19,060,282 | |
| Portfolio Turnover | 40% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 17.5 | |
| Financials | 15.8 | |
| Information Technology | 13.4 | |
| Health Care | 13.1 | |
| Consumer Discretionary | 11.2 | |
| Materials | 7.2 | |
| Energy | 5.4 | |
| Real Estate | 5.1 | |
| Consumer Staples | 3.4 | |
| Communication Services | 2.7 | |
| Utilities | 2.2 | |
| |
| Common Stocks | 97.0 |
| Domestic Equity Funds | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.8 |
| Canada | 4.7 |
| United Kingdom | 2.1 |
| Israel | 1.7 |
| Thailand | 1.5 |
| Japan | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Netherlands | 0.1 |
| Puerto Rico | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Commercial Metals Co | 1.6 | |
| Ensign Group Inc/The | 1.5 | |
| Fabrinet | 1.5 | |
| Patrick Industries Inc | 1.5 | |
| Eagle Materials Inc | 1.5 | |
| ExlService Holdings Inc | 1.4 | |
| Murphy USA Inc | 1.4 | |
| Independent Bank Group Inc | 1.4 | |
| Liberty Energy Inc Class A | 1.4 | |
| Essential Properties Realty Trust Inc | 1.3 | |
| | 14.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914072.100 298-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Stock Selector Mid Cap Fund Fidelity Advisor® Stock Selector Mid Cap Fund Class C : FMCEX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 193 | 1.67% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by information technology. Also hurting our result were picks in energy and health care, in the latter case primarily within the pharmaceuticals, biotechnology & life sciences industry.
•The biggest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 291%. A non-benchmark stake in SolarEdge Technologies returned approximately -78% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was our stake in Texas Pacific Land (+30%). This was a position we established this period.
•In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Picks in materials and utilities also boosted the fund's relative performance.
•The fund's stake in Baldwin Insurance Group gained 181% and was the top individual relative contributor. The stock was one of the fund's biggest holdings at period end. A stake in Howmet Aerospace gained 125% and was the second-largest relative contributor. A stake in Brinker International gained 267% and notably helped. All of these contributors were non-benchmark positions.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class C | $10,000 | $9,990 | $10,460 | $12,522 | $12,846 | $14,294 | $15,452 | $18,890 | $17,868 | $18,266 | $24,128 |
S&P MidCap 400® Index | $10,000 | $10,292 | $11,654 | $13,813 | $13,879 | $15,109 | $16,574 | $20,962 | $20,273 | $20,510 | $27,352 |
S&P 500® Index | $10,000 | $10,275 | $11,103 | $13,642 | $14,498 | $16,834 | $19,773 | $25,294 | $22,964 | $26,142 | $35,002 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class C (incl. contingent deferred sales charge) | 30.07% | 10.69% | 9.21% |
| Class C | 31.07% | 10.69% | 9.21% |
| S&P MidCap 400® Index | 33.36% | 12.60% | 10.59% |
| S&P 500® Index | 33.89% | 15.77% | 13.35% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $2,747,475,085 | |
| Number of Holdings | 210 | |
| Total Advisory Fee | $13,186,850 | |
| Portfolio Turnover | 52% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Industrials | 22.2 | |
| Financials | 17.3 | |
| Consumer Discretionary | 13.6 | |
| Information Technology | 9.6 | |
| Health Care | 8.9 | |
| Real Estate | 6.8 | |
| Materials | 6.3 | |
| Energy | 5.0 | |
| Consumer Staples | 4.7 | |
| Utilities | 2.6 | |
| Communication Services | 1.3 | |
| |
| Common Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| Puerto Rico | 0.8 |
| Sweden | 0.5 |
| Chile | 0.4 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Canada | 0.4 |
| Japan | 0.2 |
| United Kingdom | 0.2 |
| Greece | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Bancorp Inc/The | 1.9 | |
| XPO Inc | 1.6 | |
| Carlisle Cos Inc | 1.4 | |
| Baldwin Insurance Group Inc/The Class A | 1.4 | |
| HEICO Corp Class A | 1.2 | |
| Wesco International Inc | 1.2 | |
| Esab Corp | 1.2 | |
| ITT Inc | 1.2 | |
| Masimo Corp | 1.1 | |
| Expand Energy Corp | 1.1 | |
| | 13.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Operating expenses
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914093.100 484-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Growth Opportunities Fund Fidelity Advisor® Growth Opportunities Fund Class I : FAGCX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 61 | 0.49% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Security selection and an underweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweight in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in Nvidia (+195%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Carvana (+730%). A non-benchmark stake in Sea gained 213% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was security selection in communication services, primarily within the media & entertainment industry. Security selection in utilities also hampered the fund's result. Further detracting from our result were stock selection and an underweight in financials, primarily within the financial services industry.
•The biggest individual relative detractor was an overweight in Roku (-34%). The company was one of the fund's biggest holdings. A non-benchmark stake in ON Semiconductor gained roughly 1% and was a second notable relative detractor. A non-benchmark stake in Marqeta returned about -45% and notably hurt. The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $10,558 | $10,337 | $13,956 | $16,840 | $22,172 | $36,254 | $43,470 | $29,061 | $36,315 | $53,680 |
Russell 1000® Growth Index | $10,000 | $10,612 | $11,060 | $14,467 | $15,709 | $19,010 | $25,930 | $33,890 | $26,557 | $33,506 | $46,253 |
Russell 1000® Index | $10,000 | $10,253 | $11,074 | $13,577 | $14,382 | $16,698 | $19,938 | $25,256 | $22,565 | $25,626 | $34,442 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 47.82% | 19.34% | 18.30% |
| Russell 1000® Growth Index | 38.04% | 19.46% | 16.55% |
| Russell 1000® Index | 34.40% | 15.58% | 13.16% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $24,935,269,352 | |
| Number of Holdings | 200 | |
| Total Advisory Fee | $91,847,109 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 46.4 | |
| Communication Services | 19.7 | |
| Consumer Discretionary | 12.7 | |
| Financials | 7.0 | |
| Health Care | 6.1 | |
| Industrials | 5.2 | |
| Consumer Staples | 1.3 | |
| Utilities | 1.1 | |
| Materials | 0.3 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Domestic Equity Funds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.1 |
| Taiwan | 1.5 |
| Singapore | 1.2 |
| China | 1.1 |
| Germany | 0.4 |
| Canada | 0.4 |
| India | 0.3 |
| Netherlands | 0.2 |
| Estonia | 0.2 |
| Others | 0.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 13.3 | |
| Microsoft Corp | 8.3 | |
| Meta Platforms Inc Class A | 6.1 | |
| Amazon.com Inc | 5.3 | |
| Apple Inc | 5.2 | |
| Alphabet Inc Class C | 3.9 | |
| Broadcom Inc | 3.1 | |
| Roku Inc Class A | 3.0 | |
| Visa Inc Class A | 2.2 | |
| Eli Lilly & Co | 2.1 | |
| | 52.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914063.100 688-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class I : FAIVX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 74 | 0.67% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result were stock picking and overweights in health care, primarily within the health care equipment & services industry, and energy.
•The biggest individual relative detractor was an overweight in Centene (-19%). The stock was one of the fund's biggest holdings this period. The second-largest relative detractor was our stake in Lamb Weston Holdings (-42%). The stock was not held at period end. A non-benchmark stake in Parex Resources returned roughly -45% and notably hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. An underweight in materials also boosted relative performance. Also lifting the fund's relative result was stock selection in consumer discretionary, primarily within the consumer services industry.
•Not owning Intel, a benchmark component that returned roughly -45%, was the top individual relative contributor. A second notable relative contributor was an overweight in Travelers Companies (+50%). The company was among the fund's biggest holdings. Another notable relative contributor was our stake in Constellation Energy (+54%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000.
Class I | $10,000 | $9,940 | $10,738 | $12,426 | $12,520 | $13,787 | $14,607 | $17,663 | $18,875 | $18,481 | $22,318 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class I | 20.76% | 10.11% | 8.36% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $228,822,280 | |
| Number of Holdings | 98 | |
| Total Advisory Fee | $1,174,766 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 25.8 | |
| Health Care | 16.0 | |
| Industrials | 11.6 | |
| Consumer Staples | 10.2 | |
| Energy | 7.8 | |
| Utilities | 6.6 | |
| Information Technology | 6.2 | |
| Consumer Discretionary | 4.7 | |
| Communication Services | 4.2 | |
| Materials | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 96.7 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| United Kingdom | 3.9 |
| Canada | 3.2 |
| Germany | 2.3 |
| Korea (South) | 0.9 |
| France | 0.2 |
| Sweden | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.0 | |
| JPMorgan Chase & Co | 3.6 | |
| The Travelers Companies, Inc. | 3.0 | |
| Chubb Ltd | 2.8 | |
| UnitedHealth Group Inc | 2.8 | |
| Comcast Corp Class A | 2.6 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.4 | |
| Bank of America Corp | 2.4 | |
| Cigna Group/The | 2.2 | |
| | 28.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
- Operating expenses
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914058.100 893-TSRA-0125 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF NOVEMBER 30, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Advisor® Equity Value Fund Fidelity Advisor® Equity Value Fund Class M : FAVTX |
| | | |
This annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2023 to November 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 131 | 1.19% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending November 30, 2024, driven by a resilient economy, the potential for artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result were stock picking and overweights in health care, primarily within the health care equipment & services industry, and energy.
•The biggest individual relative detractor was an overweight in Centene (-19%). The stock was one of the fund's biggest holdings this period. The second-largest relative detractor was our stake in Lamb Weston Holdings (-42%). The stock was not held at period end. A non-benchmark stake in Parex Resources returned roughly -45% and notably hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an overweight in financials, primarily within the banks industry. An underweight in materials also boosted relative performance. Also lifting the fund's relative result was stock selection in consumer discretionary, primarily within the consumer services industry.
•Not owning Intel, a benchmark component that returned roughly -45%, was the top individual relative contributor. A second notable relative contributor was an overweight in Travelers Companies (+50%). The company was among the fund's biggest holdings. Another notable relative contributor was our stake in Constellation Energy (+54%). The stock was not held at period end.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
November 30, 2014 through November 30, 2024.
Initial investment of $10,000 and the current sales charge was paid.
Class M | $9,650 | $9,535 | $10,249 | $11,789 | $11,818 | $12,942 | $13,637 | $16,407 | $17,444 | $16,990 | $20,419 |
Russell 3000® Value Index | $10,000 | $9,899 | $11,146 | $12,785 | $13,120 | $14,539 | $14,772 | $18,157 | $18,512 | $18,697 | $24,251 |
Russell 3000® Index | $10,000 | $10,258 | $11,111 | $13,585 | $14,336 | $16,557 | $19,706 | $24,897 | $22,207 | $25,007 | $33,631 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Class M (incl. 3.50% sales charge) | 15.97% | 8.77% | 7.40% |
| Class M (without 3.50% sales charge) | 20.18% | 9.55% | 7.78% |
| Russell 3000® Value Index | 29.70% | 10.77% | 9.26% |
| Russell 3000® Index | 34.49% | 15.23% | 12.89% |
Visit institutional.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of November 30, 2024)
KEY FACTS | | |
| Fund Size | $228,822,280 | |
| Number of Holdings | 98 | |
| Total Advisory Fee | $1,174,766 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of November 30, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 25.8 | |
| Health Care | 16.0 | |
| Industrials | 11.6 | |
| Consumer Staples | 10.2 | |
| Energy | 7.8 | |
| Utilities | 6.6 | |
| Information Technology | 6.2 | |
| Consumer Discretionary | 4.7 | |
| Communication Services | 4.2 | |
| Materials | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 96.7 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.3 |
| United Kingdom | 3.9 |
| Canada | 3.2 |
| Germany | 2.3 |
| Korea (South) | 0.9 |
| France | 0.2 |
| Sweden | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.0 | |
| JPMorgan Chase & Co | 3.6 | |
| The Travelers Companies, Inc. | 3.0 | |
| Chubb Ltd | 2.8 | |
| UnitedHealth Group Inc | 2.8 | |
| Comcast Corp Class A | 2.6 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.4 | |
| Bank of America Corp | 2.4 | |
| Cigna Group/The | 2.2 | |
| | 28.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:- Management fee
- Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914057.100 885-TSRA-0125 |
Item 2.
Code of Ethics
As of the end of the period, November 30, 2024, 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 Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Equity Growth Fund, Fidelity Advisor Equity Income Fund, Fidelity Advisor Equity Value Fund, Fidelity Advisor Growth & Income Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Large Cap Fund, Fidelity Advisor Series Growth Opportunities Fund, Fidelity Advisor Stock Selector Mid Cap Fund, and Fidelity Advisor Value Strategies Fund (the “Funds”):
Services Billed by Deloitte Entities
November 30, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Equity Growth Fund | $46,700 | $- | $9,400 | $1,100 |
Fidelity Advisor Equity Income Fund | $43,200 | $- | $9,600 | $1,000 |
Fidelity Advisor Equity Value Fund | $41,000 | $- | $10,700 | $1,000 |
Fidelity Advisor Growth & Income Fund | $42,600 | $- | $8,100 | $1,000 |
Fidelity Advisor Growth Opportunities Fund | $54,000 | $- | $9,700 | $1,100 |
Fidelity Advisor Large Cap Fund | $43,800 | $- | $7,900 | $1,000 |
Fidelity Advisor Series Growth Opportunities Fund | $47,000 | $- | $9,700 | $1,100 |
Fidelity Advisor Stock Selector Mid Cap Fund | $42,600 | $- | $7,900 | $1,000 |
Fidelity Advisor Value Strategies Fund | $42,100 | $- | $11,200 | $1,000 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Equity Growth Fund | $46,800 | $- | $8,900 | $1,200 |
Fidelity Advisor Equity Income Fund | $43,400 | $- | $9,200 | $1,100 |
Fidelity Advisor Equity Value Fund | $41,200 | $- | $10,500 | $1,100 |
Fidelity Advisor Growth & Income Fund | $42,800 | $- | $7,400 | $1,100 |
Fidelity Advisor Growth Opportunities Fund | $51,000 | $- | $9,200 | $1,300 |
Fidelity Advisor Large Cap Fund | $44,000 | $- | $7,600 | $1,100 |
Fidelity Advisor Series Growth Opportunities Fund | $47,200 | $- | $9,200 | $1,200 |
Fidelity Advisor Stock Selector Mid Cap Fund | $42,800 | $- | $7,400 | $1,100 |
Fidelity Advisor Value Strategies Fund | $42,300 | $- | $11,000 | $1,200 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor Dividend Growth Fund, Fidelity Advisor Series Equity Growth Fund, Fidelity Advisor Series Small Cap Fund, Fidelity Advisor Small Cap Fund, and Fidelity Real Estate High Income Fund (the “Funds”):
Services Billed by PwC
November 30, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Dividend Growth Fund | $47,600 | $4,200 | $8,400 | $1,400 |
Fidelity Advisor Series Equity Growth Fund | $26,800 | $2,500 | $7,400 | $800 |
Fidelity Advisor Series Small Cap Fund | $36,800 | $3,300 | $9,100 | $1,200 |
Fidelity Advisor Small Cap Fund | $38,100 | $3,400 | $8,400 | $1,200 |
Fidelity Real Estate High Income Fund | $158,700 | $13,200 | $13,900 | $4,500 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Dividend Growth Fund | $47,800 | $4,300 | $8,600 | $1,400 |
Fidelity Advisor Series Equity Growth Fund | $26,900 | $2,600 | $7,400 | $900 |
Fidelity Advisor Series Small Cap Fund | $36,900 | $3,500 | $9,700 | $1,200 |
Fidelity Advisor Small Cap Fund | $38,300 | $3,500 | $9,000 | $1,200 |
Fidelity Real Estate High Income Fund | $159,200 | $13,200 | $14,900 | $4,400 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and 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 Deloitte Entities
| | |
| November 30, 2024A | November 30, 2023A |
Audit-Related Fees | $125,000 | $75,000 |
Tax Fees | $- | $- |
All Other Fees | $2,929,500 | $- |
A Amounts may reflect rounding.
Services Billed by PwC
| | |
| November 30, 2024A | November 30, 2023A |
Audit-Related Fees | $9,701,800 | $8,881,200 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $35,000 | $- |
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 Deloitte Entities and 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 | November 30, 2024A | November 30, 2023A |
Deloitte Entities | $3,442,500 | $5,897,900 |
PwC | $15,374,000 | $14,472,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and 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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity Advisor® Value Strategies Fund
Annual Report
November 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Value Strategies Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 2.8% | | | |
| Diversified Telecommunication Services - 1.0% | | | |
| Cellnex Telecom SA (a) | | 649,600 | 23,326 |
| Interactive Media & Services - 0.9% | | | |
| Zoominfo Technologies, Inc. (b) | | 1,914,000 | 20,939 |
| Media - 0.9% | | | |
| Nexstar Media Group, Inc. | | 54,200 | 9,246 |
| WPP PLC | | 1,162,000 | 12,710 |
| | | | 21,956 |
TOTAL COMMUNICATION SERVICES | | | 66,221 |
| CONSUMER DISCRETIONARY - 9.7% | | | |
| Automobile Components - 1.2% | | | |
| Aptiv PLC (b) | | 313,900 | 17,431 |
| Autoliv, Inc. | | 108,300 | 10,735 |
| | | | 28,166 |
| Automobiles - 0.6% | | | |
| Harley-Davidson, Inc. | | 426,700 | 14,350 |
| Distributors - 0.5% | | | |
| LKQ Corp. | | 274,700 | 10,793 |
| Hotels, Restaurants & Leisure - 0.7% | | | |
| Hilton Grand Vacations, Inc. (b) | | 399,500 | 16,935 |
| Household Durables - 0.9% | | | |
| Tempur Sealy International, Inc. | | 374,600 | 20,970 |
| Leisure Products - 1.2% | | | |
| BRP, Inc. Subordinate Voting Shares | | 212,500 | 10,370 |
| Brunswick Corp. | | 144,000 | 11,593 |
| Topgolf Callaway Brands Corp. (b)(c) | | 652,800 | 5,497 |
| | | | 27,460 |
| Specialty Retail - 2.4% | | | |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 72,000 | 27,857 |
| Signet Jewelers Ltd. | | 138,800 | 13,908 |
| Upbound Group, Inc. | | 434,700 | 14,949 |
| | | | 56,714 |
| Textiles, Apparel & Luxury Goods - 2.2% | | | |
| Gildan Activewear, Inc. (c) | | 567,500 | 28,188 |
| PVH Corp. | | 228,400 | 24,752 |
| | | | 52,940 |
TOTAL CONSUMER DISCRETIONARY | | | 228,328 |
| CONSUMER STAPLES - 5.5% | | | |
| Beverages - 0.4% | | | |
| Keurig Dr. Pepper, Inc. | | 263,300 | 8,597 |
| Consumer Staples Distribution & Retail - 1.6% | | | |
| Dollar Tree, Inc. (b) | | 166,000 | 11,831 |
| U.S. Foods Holding Corp. (b) | | 354,700 | 24,747 |
| | | | 36,578 |
| Food Products - 3.0% | | | |
| Bunge Global SA | | 208,000 | 18,666 |
| Darling Ingredients, Inc. (b) | | 606,722 | 24,590 |
| Lamb Weston Holdings, Inc. | | 349,200 | 26,972 |
| | | | 70,228 |
| Personal Care Products - 0.5% | | | |
| Kenvue, Inc. | | 531,200 | 12,791 |
TOTAL CONSUMER STAPLES | | | 128,194 |
| ENERGY - 7.1% | | | |
| Energy Equipment & Services - 1.7% | | | |
| Expro Group Holdings NV (b) | | 1,530,300 | 21,256 |
| Tidewater, Inc. (b) | | 135,900 | 7,029 |
| Valaris Ltd. (b) | | 234,800 | 10,845 |
| | | | 39,130 |
| Oil, Gas & Consumable Fuels - 5.4% | | | |
| Antero Resources Corp. (b) | | 558,400 | 18,254 |
| Canadian Natural Resources Ltd. | | 1,081,100 | 36,578 |
| Cheniere Energy, Inc. | | 95,100 | 21,303 |
| CONSOL Energy, Inc. | | 77,132 | 10,081 |
| Galp Energia SGPS SA | | 840,700 | 13,822 |
| Targa Resources Corp. | | 136,100 | 27,805 |
| | | | 127,843 |
TOTAL ENERGY | | | 166,973 |
| FINANCIALS - 21.2% | | | |
| Banks - 4.4% | | | |
| East West Bancorp, Inc. | | 413,673 | 45,371 |
| First Citizens Bancshares, Inc. | | 18,600 | 42,687 |
| Popular, Inc. | | 161,200 | 16,017 |
| | | | 104,075 |
| Capital Markets - 4.2% | | | |
| Ameriprise Financial, Inc. | | 58,300 | 33,462 |
| LPL Financial | | 81,400 | 26,467 |
| Raymond James Financial, Inc. | | 165,400 | 27,999 |
| UBS Group AG | | 347,260 | 11,226 |
| | | | 99,154 |
| Consumer Finance - 2.5% | | | |
| OneMain Holdings, Inc. | | 451,000 | 25,865 |
| PROG Holdings, Inc. | | 296,552 | 14,430 |
| SLM Corp. | | 690,884 | 18,916 |
| | | | 59,211 |
| Financial Services - 6.3% | | | |
| Apollo Global Management, Inc. | | 239,900 | 41,990 |
| Global Payments, Inc. | | 355,200 | 42,255 |
| NCR Atleos Corp. (b) | | 607,700 | 19,939 |
| PennyMac Financial Services, Inc. | | 126,400 | 13,541 |
| WEX, Inc. (b) | | 153,600 | 28,978 |
| | | | 146,703 |
| Insurance - 3.8% | | | |
| American Financial Group, Inc. | | 166,900 | 24,511 |
| Assurant, Inc. | | 97,500 | 22,142 |
| Reinsurance Group of America, Inc. | | 92,433 | 21,112 |
| The Travelers Companies, Inc. | | 76,600 | 20,379 |
| | | | 88,144 |
TOTAL FINANCIALS | | | 497,287 |
| HEALTH CARE - 5.9% | | | |
| Health Care Equipment & Supplies - 1.1% | | | |
| Zimmer Biomet Holdings, Inc. | | 229,800 | 25,761 |
| Health Care Providers & Services - 3.7% | | | |
| AdaptHealth Corp. (b) | | 1,068,700 | 10,719 |
| Centene Corp. (b) | | 434,300 | 26,058 |
| CVS Health Corp. | | 556,800 | 33,324 |
| Molina Healthcare, Inc. (b) | | 55,200 | 16,444 |
| | | | 86,545 |
| Life Sciences Tools & Services - 0.5% | | | |
| Fortrea Holdings, Inc. (b)(c) | | 576,300 | 12,131 |
| Pharmaceuticals - 0.6% | | | |
| Jazz Pharmaceuticals PLC (b) | | 106,500 | 12,949 |
TOTAL HEALTH CARE | | | 137,386 |
| INDUSTRIALS - 19.3% | | | |
| Air Freight & Logistics - 0.8% | | | |
| FedEx Corp. | | 59,000 | 17,858 |
| Building Products - 1.7% | | | |
| AZZ, Inc. | | 139,400 | 12,984 |
| Builders FirstSource, Inc. (b) | | 150,600 | 28,082 |
| | | | 41,066 |
| Commercial Services & Supplies - 1.4% | | | |
| The Brink's Co. | | 160,100 | 15,483 |
| Vestis Corp. | | 1,096,500 | 17,632 |
| | | | 33,115 |
| Construction & Engineering - 0.5% | | | |
| Fluor Corp. (b) | | 219,900 | 12,343 |
| Electrical Equipment - 1.9% | | | |
| Regal Rexnord Corp. | | 144,400 | 24,939 |
| Sensata Technologies PLC | | 589,700 | 18,953 |
| | | | 43,892 |
| Ground Transportation - 2.8% | | | |
| Ryder System, Inc. | | 78,800 | 13,305 |
| TFI International, Inc. (Canada) | | 108,600 | 16,493 |
| U-Haul Holding Co. Class N | | 298,600 | 18,645 |
| XPO, Inc. (b) | | 108,600 | 16,552 |
| | | | 64,995 |
| Machinery - 6.0% | | | |
| Allison Transmission Holdings, Inc. | | 228,900 | 27,125 |
| Atmus Filtration Technologies, Inc. | | 339,900 | 14,714 |
| Chart Industries, Inc. (b)(c) | | 85,500 | 16,523 |
| CNH Industrial NV Class A (c) | | 1,504,900 | 18,902 |
| Gates Industrial Corp. PLC (b) | | 1,303,200 | 28,879 |
| Oshkosh Corp. | | 138,200 | 15,701 |
| Timken Co. | | 245,600 | 19,022 |
| | | | 140,866 |
| Professional Services - 1.1% | | | |
| ManpowerGroup, Inc. | | 149,400 | 9,617 |
| WNS Holdings Ltd. | | 304,557 | 16,516 |
| | | | 26,133 |
| Trading Companies & Distributors - 3.1% | | | |
| GMS, Inc. (b) | | 205,200 | 20,592 |
| Herc Holdings, Inc. | | 108,400 | 25,149 |
| WESCO International, Inc. | | 129,200 | 27,335 |
| | | | 73,076 |
TOTAL INDUSTRIALS | | | 453,344 |
| INFORMATION TECHNOLOGY - 6.7% | | | |
| Communications Equipment - 1.8% | | | |
| Lumentum Holdings, Inc. (b) | | 496,600 | 43,189 |
| Electronic Equipment, Instruments & Components - 3.2% | | | |
| Arrow Electronics, Inc. (b) | | 252,200 | 30,304 |
| Flex Ltd. (b) | | 395,500 | 15,413 |
| Jabil, Inc. | | 208,800 | 28,361 |
| | | | 74,078 |
| Semiconductors & Semiconductor Equipment - 0.9% | | | |
| ON Semiconductor Corp. (b) | | 292,800 | 20,824 |
| Software - 0.8% | | | |
| NCR Voyix Corp. (b) | | 1,243,700 | 18,046 |
TOTAL INFORMATION TECHNOLOGY | | | 156,137 |
| MATERIALS - 8.0% | | | |
| Chemicals - 2.7% | | | |
| Methanex Corp. | | 342,800 | 16,070 |
| Olin Corp. | | 377,283 | 16,068 |
| The Chemours Co. LLC | | 841,300 | 18,290 |
| Westlake Corp. | | 103,700 | 13,315 |
| | | | 63,743 |
| Containers & Packaging - 3.3% | | | |
| Berry Global Group, Inc. | | 253,500 | 18,331 |
| International Paper Co. | | 378,300 | 22,255 |
| O-I Glass, Inc. (b) | | 1,117,800 | 14,084 |
| Smurfit Westrock PLC | | 387,000 | 21,293 |
| | | | 75,963 |
| Metals & Mining - 1.3% | | | |
| Arch Resources, Inc. Class A, | | 118,240 | 20,328 |
| Constellium NV (b) | | 827,000 | 10,139 |
| | | | 30,467 |
| Paper & Forest Products - 0.7% | | | |
| Louisiana-Pacific Corp. | | 124,900 | 14,763 |
| Magnera Corp. (b) | | 70,043 | 1,434 |
| | | | 16,197 |
TOTAL MATERIALS | | | 186,370 |
| REAL ESTATE - 6.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 6.2% | | | |
| Camden Property Trust (SBI) | | 121,100 | 15,234 |
| EastGroup Properties, Inc. | | 134,376 | 23,141 |
| Prologis, Inc. | | 191,537 | 22,368 |
| Sun Communities, Inc. | | 188,600 | 23,826 |
| Ventas, Inc. | | 542,500 | 34,758 |
| Welltower, Inc. | | 190,700 | 26,351 |
| | | | 145,678 |
| UTILITIES - 7.4% | | | |
| Electric Utilities - 4.3% | | | |
| Constellation Energy Corp. | | 82,800 | 21,243 |
| Edison International | | 335,200 | 29,414 |
| Entergy Corp. | | 106,800 | 16,679 |
| PG&E Corp. | | 1,595,000 | 34,500 |
| | | | 101,836 |
| Independent Power and Renewable Electricity Producers - 2.4% | | | |
| The AES Corp. | | 1,396,700 | 18,213 |
| Vistra Corp. | | 244,600 | 39,097 |
| | | | 57,310 |
| Multi-Utilities - 0.7% | | | |
| Sempra | | 161,600 | 15,137 |
TOTAL UTILITIES | | | 174,283 |
| TOTAL COMMON STOCKS (Cost $1,769,343) | | | 2,340,201 |
| | | | |
| Money Market Funds - 2.1% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (d) | | 4,673,994 | 4,675 |
| Fidelity Securities Lending Cash Central Fund 4.64% (d)(e) | | 44,433,137 | 44,438 |
| TOTAL MONEY MARKET FUNDS (Cost $49,113) | | | 49,113 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,818,456) | 2,389,314 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (45,688) |
| NET ASSETS - 100.0% | 2,343,626 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | 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 $23,326,000 or 1.0% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.64% | 23,457 | 479,904 | 498,686 | 1,020 | - | - | 4,675 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 36,475 | 699,778 | 691,815 | 618 | - | - | 44,438 | 0.2% |
| Total | 59,932 | 1,179,682 | 1,190,501 | 1,638 | - | - | 49,113 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 66,221 | 53,511 | 12,710 | - |
Consumer Discretionary | 228,328 | 228,328 | - | - |
Consumer Staples | 128,194 | 128,194 | - | - |
Energy | 166,973 | 153,151 | 13,822 | - |
Financials | 497,287 | 497,287 | - | - |
Health Care | 137,386 | 137,386 | - | - |
Industrials | 453,344 | 453,344 | - | - |
Information Technology | 156,137 | 156,137 | - | - |
Materials | 186,370 | 186,370 | - | - |
Real Estate | 145,678 | 145,678 | - | - |
Utilities | 174,283 | 174,283 | - | - |
|
| Money Market Funds | 49,113 | 49,113 | - | - |
| Total Investments in Securities: | 2,389,314 | 2,362,782 | 26,532 | - |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $42,866) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,769,343) | $ | 2,340,201 | | |
Fidelity Central Funds (cost $49,113) | | 49,113 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,818,456) | | | $ | 2,389,314 |
| Receivable for fund shares sold | | | | 418 |
| Dividends receivable | | | | 1,368 |
| Distributions receivable from Fidelity Central Funds | | | | 51 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 17 |
Total assets | | | | 2,391,170 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,299 | | |
| Accrued management fee | | 1,537 | | |
| Distribution and service plan fees payable | | 221 | | |
| Other payables and accrued expenses | | 49 | | |
| Collateral on securities loaned | | 44,438 | | |
| Total liabilities | | | | 47,544 |
| Net Assets | | | $ | 2,343,626 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,556,184 |
| Total accumulated earnings (loss) | | | | 787,442 |
| Net Assets | | | $ | 2,343,626 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($460,135 ÷ 8,743 shares)(a) | | | $ | 52.63 |
| Maximum offering price per share (100/94.25 of $52.63) | | | $ | 55.84 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($264,424 ÷ 4,668 shares)(a)(b) | | | $ | 56.64 |
| Maximum offering price per share (100/96.50 of $56.64) | | | $ | 58.69 |
| Class C : | | | | |
Net Asset Value and offering price per share ($25,534 ÷ 599 shares)(a)(b) | | | $ | 42.64 |
| Fidelity Value Strategies Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($815,177 ÷ 12,457 shares) | | | $ | 65.44 |
| Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($103,334 ÷ 1,581 shares)(b) | | | $ | 65.37 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($675,022 ÷ 11,273 shares) | | | $ | 59.88 |
(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 |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 36,268 |
| Income from Fidelity Central Funds (including $618 from security lending) | | | | 1,638 |
| Total income | | | | 37,906 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 13,892 | | |
| Performance adjustment | | 3,209 | | |
| Transfer agent fees | | 824 | | |
| Distribution and service plan fees | | 2,484 | | |
| Accounting fees | | 144 | | |
| Custodian fees and expenses | | 29 | | |
| Independent trustees' fees and expenses | | 10 | | |
| Registration fees | | 190 | | |
| Audit fees | | 63 | | |
| Legal | | 7 | | |
| Interest | | 11 | | |
| Miscellaneous | | 47 | | |
| Total expenses before reductions | | 20,910 | | |
| Expense reductions | | (95) | | |
| Total expenses after reductions | | | | 20,815 |
| Net Investment income (loss) | | | | 17,091 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 238,383 | | |
| Foreign currency transactions | | (36) | | |
| Total net realized gain (loss) | | | | 238,347 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 287,148 | | |
| Assets and liabilities in foreign currencies | | (1) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 287,147 |
| Net gain (loss) | | | | 525,494 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 542,585 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 17,091 | $ | 11,335 |
| Net realized gain (loss) | | 238,347 | | 44,482 |
| Change in net unrealized appreciation (depreciation) | | 287,147 | | 15,374 |
| Net increase (decrease) in net assets resulting from operations | | 542,585 | | 71,191 |
| Distributions to shareholders | | (54,203) | | (32,384) |
| | | | | |
| Share transactions - net increase (decrease) | | (47,669) | | 317,548 |
| Total increase (decrease) in net assets | | 440,713 | | 356,355 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,902,913 | | 1,546,558 |
| End of period | $ | 2,343,626 | $ | 1,902,913 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Value Strategies Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.18 | $ | 41.23 | $ | 42.62 | $ | 32.58 | $ | 33.23 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .28 | | .23 | | .24 | | .37 C | | .29 |
| Net realized and unrealized gain (loss) | | 11.46 | | 1.65 | | 2.05 | | 9.96 | | .87 |
| Total from investment operations | | 11.74 | | 1.88 | | 2.29 | | 10.33 | | 1.16 |
| Distributions from net investment income | | (.27) | | (.27) | | (.39) | | (.29) | | (.46) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.29) E | | (.93) E | | (3.68) | | (.29) | | (1.81) E |
| Net asset value, end of period | $ | 52.63 | $ | 42.18 | $ | 41.23 | $ | 42.62 | $ | 32.58 |
Total Return F,G | | | | 4.78% | | 5.18% | | 31.91% | | 3.53% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | |
| Expenses before reductions | | 1.10% | | 1.15% | | 1.14% | | 1.13% | | 1.03% |
| Expenses net of fee waivers, if any | | | | 1.15% | | 1.13% | | 1.13% | | 1.02% |
| Expenses net of all reductions | | 1.10% | | 1.15% | | 1.13% | | 1.13% | | 1.01% |
| Net investment income (loss) | | .61% | | .58% | | .61% | | .90% C | | 1.03% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 460 | $ | 355 | $ | 318 | $ | 254 | $ | 191 |
Portfolio turnover rate J | | | | 59% | | 46% | | 53% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Strategies Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 45.28 | $ | 44.16 | $ | 45.37 | $ | 34.67 | $ | 35.23 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .15 | | .16 | | .29 C | | .24 |
| Net realized and unrealized gain (loss) | | 12.33 | | 1.76 | | 2.17 | | 10.61 | | .92 |
| Total from investment operations | | 12.51 | | 1.91 | | 2.33 | | 10.90 | | 1.16 |
| Distributions from net investment income | | (.13) | | (.14) | | (.25) | | (.20) | | (.37) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.15) E | | (.79) | | (3.54) | | (.20) | | (1.72) E |
| Net asset value, end of period | $ | 56.64 | $ | 45.28 | $ | 44.16 | $ | 45.37 | $ | 34.67 |
Total Return F,G | | | | 4.51% | | 4.95% | | 31.59% | | 3.32% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | |
| Expenses before reductions | | 1.35% | | 1.39% | | 1.37% | | 1.37% | | 1.25% |
| Expenses net of fee waivers, if any | | | | 1.39% | | 1.37% | | 1.37% | | 1.25% |
| Expenses net of all reductions | | 1.34% | | 1.39% | | 1.37% | | 1.37% | | 1.24% |
| Net investment income (loss) | | .36% | | .34% | | .37% | | .66% C | | .81% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 264 | $ | 223 | $ | 231 | $ | 237 | $ | 204 |
Portfolio turnover rate J | | | | 59% | | 46% | | 53% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Strategies Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.45 | $ | 33.87 | $ | 35.64 | $ | 27.33 | $ | 28.07 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.06) | | (.06) | | (.06) | | .04 C | | .05 |
| Net realized and unrealized gain (loss) | | 9.33 | | 1.34 | | 1.72 | | 8.37 | | .71 |
| Total from investment operations | | 9.27 | | 1.28 | | 1.66 | | 8.41 | | .76 |
| Distributions from net investment income | | (.05) | | (.05) | | (.14) | | (.10) | | (.16) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.08) | | (.70) | | (3.43) | | (.10) | | (1.50) |
| Net asset value, end of period | $ | 42.64 | $ | 34.45 | $ | 33.87 | $ | 35.64 | $ | 27.33 |
Total Return E,F | | | | 3.97% | | 4.37% | | 30.84% | | 2.73% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.86% | | 1.93% | | 1.92% | | 1.92% | | 1.83% |
| Expenses net of fee waivers, if any | | | | 1.93% | | 1.91% | | 1.91% | | 1.83% |
| Expenses net of all reductions | | 1.85% | | 1.93% | | 1.91% | | 1.91% | | 1.82% |
| Net investment income (loss) | | (.15)% | | (.19)% | | (.17)% | | .11% C | | .23% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 26 | $ | 19 | $ | 18 | $ | 14 | $ | 11 |
Portfolio turnover rate I | | | | 59% | | 46% | | 53% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Value Strategies Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 52.08 | $ | 50.65 | $ | 51.53 | $ | 39.30 | $ | 39.68 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .52 | | .41 | | .43 | | .58 C | | .43 |
| Net realized and unrealized gain (loss) | | 14.22 | | 2.02 | | 2.47 | | 12.00 | | 1.07 |
| Total from investment operations | | 14.74 | | 2.43 | | 2.90 | | 12.58 | | 1.50 |
| Distributions from net investment income | | (.35) | | (.35) | | (.49) | | (.35) | | (.54) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.38) | | (1.00) | | (3.78) | | (.35) | | (1.88) |
| Net asset value, end of period | $ | 65.44 | $ | 52.08 | $ | 50.65 | $ | 51.53 | $ | 39.30 |
Total Return E | | | | 5.01% | | 5.48% | | 32.24% | | 3.85% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .82% | | .90% | | .88% | | .86% | | .76% |
| Expenses net of fee waivers, if any | | | | .90% | | .87% | | .86% | | .76% |
| Expenses net of all reductions | | .81% | | .90% | | .87% | | .86% | | .75% |
| Net investment income (loss) | | .89% | | .84% | | .87% | | 1.17% C | | 1.30% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 815 | $ | 629 | $ | 565 | $ | 513 | $ | 285 |
Portfolio turnover rate H | | | | 59% | | 46% | | 53% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .79%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Value Strategies Fund Class K |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 52.04 | $ | 50.61 | $ | 51.49 | $ | 39.27 | $ | 39.65 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .56 | | .48 | | .49 | | .64 C | | .48 |
| Net realized and unrealized gain (loss) | | 14.22 | | 2.02 | | 2.46 | | 11.98 | | 1.07 |
| Total from investment operations | | 14.78 | | 2.50 | | 2.95 | | 12.62 | | 1.55 |
| Distributions from net investment income | | (.42) | | (.42) | | (.54) | | (.40) | | (.59) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.45) | | (1.07) | | (3.83) | | (.40) | | (1.93) |
| Net asset value, end of period | $ | 65.37 | $ | 52.04 | $ | 50.61 | $ | 51.49 | $ | 39.27 |
Total Return E | | | | 5.16% | | 5.59% | | 32.41% | | 3.99% |
Ratios to Average Net Assets A,F,G | | | | | | | | | | |
| Expenses before reductions | | .73% | | .77% | | .75% | | .75% | | .62% |
| Expenses net of fee waivers, if any | | | | .77% | | .75% | | .75% | | .61% |
| Expenses net of all reductions | | .73% | | .77% | | .75% | | .75% | | .60% |
| Net investment income (loss) | | .98% | | .97% | | .99% | | 1.28% C | | 1.44% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 103 | $ | 219 | $ | 62 | $ | 54 | $ | 37 |
Portfolio turnover rate H | | | | 59% | | 46% | | 53% | | 72% |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Strategies Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 47.79 | $ | 46.56 | $ | 47.69 | $ | 36.40 | $ | 36.90 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .46 | | .38 | | .39 | | .54 C | | .40 |
| Net realized and unrealized gain (loss) | | 13.02 | | 1.86 | | 2.28 | | 11.10 | | .98 |
| Total from investment operations | | 13.48 | | 2.24 | | 2.67 | | 11.64 | | 1.38 |
| Distributions from net investment income | | (.36) | | (.36) | | (.51) | | (.35) | | (.53) D |
| Distributions from net realized gain | | (1.03) | | (.65) | | (3.29) | | - | | (1.34) D |
| Total distributions | | (1.39) | | (1.01) | | (3.80) | | (.35) | | (1.88) E |
| Net asset value, end of period | $ | 59.88 | $ | 47.79 | $ | 46.56 | $ | 47.69 | $ | 36.40 |
Total Return F | | | | 5.03% | | 5.44% | | 32.23% | | 3.80% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | .85% | | .90% | | .89% | | .88% | | .78% |
| Expenses net of fee waivers, if any | | | | .90% | | .88% | | .88% | | .78% |
| Expenses net of all reductions | | .85% | | .90% | | .88% | | .88% | | .77% |
| Net investment income (loss) | | .86% | | .83% | | .86% | | 1.15% C | | 1.27% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 675 | $ | 457 | $ | 352 | $ | 256 | $ | 61 |
Portfolio turnover rate I | | | | 59% | | 46% | | 53% | | 72% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .77%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Value Strategies Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $660,850 |
| Gross unrealized depreciation | (95,043) |
| Net unrealized appreciation (depreciation) | $565,807 |
| Tax Cost | $1,823,507 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $35,650 |
| Undistributed long-term capital gain | $185,984 |
| Net unrealized appreciation (depreciation) on securities and other investments | $565,806 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $12,625 | $ 10,213 |
| Long-term Capital Gains | 41,578 | 22,171 |
| Total | $54,203 | $ 32,384 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Value Strategies Fund | 1,345,659 | 1,411,839 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .72 |
| Fidelity Value Strategies Fund | .69 |
| Class K | .56 |
| Class I | .69 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .68 |
| Class M | .68 |
| Class C | .68 |
| Fidelity Value Strategies Fund | .64 |
| Class K | .56 |
| Class I | .68 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Value Strategies Fund | Russell Midcap Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Value Strategies Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .14%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,034 | 41 |
| Class M | .25% | .25% | 1,224 | 4 |
| Class C | .75% | .25% | 226 | 61 |
| | | | 2,484 | 106 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 75 |
| Class M | 4 |
Class CA | 1 |
| | 80 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets | |
| Class A | 167 | .1726 | |
| Class M | 96 | .1616 | |
| Class C | 11 | .1991 | |
| Fidelity Value Strategies Fund | 298 | .1690 | |
| Class K | 25 | .0420 | |
| Class I | 227 | .1733 | |
| | 824 | |
| | | | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Value Strategies Fund | .0275 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Value Strategies Fund | 27 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Value Strategies Fund | Borrower | 13,635 | 5.57% | 11 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Value Strategies Fund | 132,863 | 127,005 | 14,358 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Value Strategies Fund | 3 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Value Strategies Fund | 65 | -A | - |
A Amount represents less than five hundred dollars.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $93.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Value Strategies Fund | | |
| Distributions to shareholders | | |
| Class A | $10,920 | $7,159 |
| Class M | 5,651 | 4,122 |
| Class C | 616 | 374 |
| Fidelity Value Strategies Fund | 16,996 | 11,158 |
| Class K | 6,225 | 1,988 |
| Class I | 13,795 | 7,583 |
Total | $54,203 | $32,384 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Value Strategies Fund | | | | |
| Class A | | | | |
| Shares sold | 1,607 | 1,747 | $74,140 | $70,562 |
| Reinvestment of distributions | 207 | 158 | 9,286 | 6,023 |
| Shares redeemed | (1,497) | (1,186) | (69,929) | (47,456) |
| Net increase (decrease) | 317 | 719 | $13,497 | $29,129 |
| Class M | | | | |
| Shares sold | 256 | 212 | $12,671 | $9,079 |
| Reinvestment of distributions | 108 | 93 | 5,214 | 3,805 |
| Shares redeemed | (629) | (614) | (31,577) | (26,529) |
| Net increase (decrease) | (265) | (309) | $(13,692) | $(13,645) |
| Class C | | | | |
| Shares sold | 158 | 157 | $5,923 | $5,213 |
| Reinvestment of distributions | 16 | 11 | 583 | 360 |
| Shares redeemed | (130) | (147) | (4,902) | (4,832) |
| Net increase (decrease) | 44 | 21 | $1,604 | $741 |
| Fidelity Value Strategies Fund | | | | |
| Shares sold | 3,126 | 4,397 | $178,317 | $222,550 |
| Reinvestment of distributions | 278 | 219 | 15,459 | 10,304 |
| Shares redeemed | (3,028) | (3,692) | (174,325) | (180,063) |
| Net increase (decrease) | 376 | 924 | $19,451 | $52,791 |
| Class K | | | | |
| Shares sold | 1,458 | 4,192 | $83,697 | $211,390 |
| Reinvestment of distributions | 112 | 42 | 6,225 | 1,988 |
| Shares redeemed | (4,196) | (1,246) | (243,960) | (59,323) |
| Net increase (decrease) | (2,626) | 2,988 | $(154,038) | $154,055 |
| Class I | | | | |
| Shares sold | 4,567 | 4,655 | $237,710 | $215,597 |
| Reinvestment of distributions | 259 | 166 | 13,189 | 7,191 |
| Shares redeemed | (3,114) | (2,829) | (165,390) | (128,311) |
| Net increase (decrease) | 1,712 | 1,992 | $85,509 | $94,477 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Value Strategies Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Strategies Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $186,007,168, or, if subsequently determined to be different, the net capital gain of such year.
Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Value Strategies Fund designates 100%; Class K designates 83%; and Class I designates 96%; of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K and Class I designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539180.127
SO-ANN-0125
Fidelity Advisor® Small Cap Fund
Annual Report
November 30, 2024
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Small Cap Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.0% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 2.7% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Liberty Latin America Ltd. Class C (a) | | 348,726 | 2,410 |
| Entertainment - 0.1% | | | |
| Vivid Seats, Inc. Class A (a)(b) | | 467,980 | 1,675 |
| Interactive Media & Services - 1.1% | | | |
| Cars.com, Inc. (a) | | 825,098 | 16,395 |
| Ziff Davis, Inc. (a) | | 144,600 | 8,510 |
| | | | 24,905 |
| Media - 1.1% | | | |
| 4Imprint Group PLC | | 197,800 | 12,710 |
| TechTarget, Inc. (a) | | 390,571 | 12,541 |
| | | | 25,251 |
| Wireless Telecommunication Services - 0.3% | | | |
| Gogo, Inc. (a)(b) | | 720,900 | 5,789 |
TOTAL COMMUNICATION SERVICES | | | 60,030 |
| CONSUMER DISCRETIONARY - 11.2% | | | |
| Automobile Components - 1.5% | | | |
| Patrick Industries, Inc. | | 246,864 | 33,176 |
| Diversified Consumer Services - 0.2% | | | |
| Laureate Education, Inc. | | 237,386 | 4,510 |
| Hotels, Restaurants & Leisure - 0.8% | | | |
| Brinker International, Inc. (a) | | 141,000 | 18,650 |
| Household Durables - 2.9% | | | |
| Champion Homes, Inc. (a) | | 159,486 | 16,543 |
| Installed Building Products, Inc. (b) | | 108,800 | 24,887 |
| Lovesac (a) | | 195,639 | 7,380 |
| SharkNinja, Inc. (b) | | 170,066 | 17,100 |
| | | | 65,910 |
| Leisure Products - 0.6% | | | |
| Brunswick Corp. (b) | | 161,600 | 13,010 |
| Specialty Retail - 4.2% | | | |
| Academy Sports & Outdoors, Inc. | | 324,705 | 15,992 |
| Boot Barn Holdings, Inc. (a) | | 150,900 | 20,694 |
| Group 1 Automotive, Inc. | | 15,754 | 6,708 |
| Murphy U.S.A., Inc. | | 56,700 | 31,060 |
| Valvoline, Inc. (a) | | 497,500 | 19,756 |
| | | | 94,210 |
| Textiles, Apparel & Luxury Goods - 1.0% | | | |
| Crocs, Inc. (a) | | 203,821 | 21,523 |
TOTAL CONSUMER DISCRETIONARY | | | 250,989 |
| CONSUMER STAPLES - 3.3% | | | |
| Beverages - 0.7% | | | |
| The Vita Coco Co., Inc. (a)(b) | | 424,596 | 15,090 |
| Consumer Staples Distribution & Retail - 1.9% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 150,730 | 14,515 |
| Performance Food Group Co. (a) | | 139,700 | 12,327 |
| Sprouts Farmers Market LLC (a) | | 104,900 | 16,205 |
| | | | 43,047 |
| Food Products - 0.7% | | | |
| Nomad Foods Ltd. | | 691,716 | 12,665 |
| The Simply Good Foods Co. (a) | | 101,569 | 4,041 |
| | | | 16,706 |
TOTAL CONSUMER STAPLES | | | 74,843 |
| ENERGY - 5.4% | | | |
| Energy Equipment & Services - 3.9% | | | |
| Cactus, Inc. Class A (b) | | 406,600 | 27,917 |
| CES Energy Solutions Corp. | | 2,038,300 | 14,078 |
| Liberty Energy, Inc. Class A | | 1,621,800 | 29,841 |
| TechnipFMC PLC | | 468,200 | 14,687 |
| | | | 86,523 |
| Oil, Gas & Consumable Fuels - 1.5% | | | |
| Antero Resources Corp. (a) | | 559,400 | 18,287 |
| CONSOL Energy, Inc. | | 47,031 | 6,147 |
| Hess Midstream LP | | 246,048 | 9,325 |
| | | | 33,759 |
TOTAL ENERGY | | | 120,282 |
| FINANCIALS - 15.8% | | | |
| Banks - 5.8% | | | |
| ConnectOne Bancorp, Inc. (b) | | 788,355 | 21,680 |
| First Interstate Bancsystem, Inc. Class A | | 596,500 | 20,860 |
| Independent Bank Group, Inc. | | 452,900 | 30,308 |
| Metropolitan Bank Holding Corp. (a) | | 245,082 | 15,916 |
| Pinnacle Financial Partners, Inc. | | 211,600 | 26,896 |
| Trico Bancshares | | 289,600 | 13,999 |
| | | | 129,659 |
| Capital Markets - 4.3% | | | |
| Houlihan Lokey Class A | | 74,500 | 14,087 |
| Lazard, Inc. Class A | | 228,100 | 13,246 |
| Patria Investments Ltd. | | 792,660 | 9,480 |
| Piper Sandler Cos. | | 56,400 | 19,345 |
| Stifel Financial Corp. | | 173,600 | 20,103 |
| TMX Group Ltd. | | 626,700 | 19,893 |
| | | | 96,154 |
| Consumer Finance - 1.9% | | | |
| FirstCash Holdings, Inc. | | 255,600 | 27,825 |
| PROG Holdings, Inc. | | 323,314 | 15,732 |
| | | | 43,557 |
| Financial Services - 1.0% | | | |
| Essent Group Ltd. (b) | | 402,623 | 23,264 |
| Insurance - 2.8% | | | |
| Old Republic International Corp. | | 395,600 | 15,417 |
| Primerica, Inc. | | 95,600 | 28,943 |
| Selective Insurance Group, Inc. | | 179,800 | 18,356 |
| | | | 62,716 |
TOTAL FINANCIALS | | | 355,350 |
| HEALTH CARE - 13.2% | | | |
| Biotechnology - 5.0% | | | |
| AnaptysBio, Inc. (a) | | 110,340 | 2,754 |
| Arcellx, Inc. (a) | | 111,700 | 9,837 |
| Astria Therapeutics, Inc. (a) | | 226,800 | 2,356 |
| Blueprint Medicines Corp. (a) | | 48,900 | 4,713 |
| Celldex Therapeutics, Inc. (a) | | 121,000 | 3,320 |
| Cogent Biosciences, Inc. (a) | | 452,072 | 4,299 |
| Crinetics Pharmaceuticals, Inc. (a) | | 179,400 | 10,262 |
| Cytokinetics, Inc. (a) | | 195,700 | 10,149 |
| Insmed, Inc. (a) | | 92,900 | 6,982 |
| Keros Therapeutics, Inc. (a) | | 116,800 | 6,744 |
| Legend Biotech Corp. ADR (a) | | 100,200 | 4,215 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 25,100 | 8,238 |
| Merus BV (a) | | 60,900 | 2,731 |
| Perspective Therapeutics, Inc. (a) | | 214,800 | 934 |
| Vaxcyte, Inc. (a) | | 170,500 | 16,085 |
| Viking Therapeutics, Inc. (a)(b) | | 164,700 | 8,719 |
| Viridian Therapeutics, Inc. (a) | | 159,200 | 3,431 |
| Xenon Pharmaceuticals, Inc. (a) | | 152,500 | 6,501 |
| | | | 112,270 |
| Health Care Equipment & Supplies - 4.0% | | | |
| Haemonetics Corp. (a) | | 153,200 | 13,400 |
| Lantheus Holdings, Inc. (a)(b) | | 167,300 | 14,935 |
| Masimo Corp. (a) | | 123,800 | 21,360 |
| Merit Medical Systems, Inc. (a) | | 167,500 | 17,403 |
| Pulmonx Corp. (a) | | 832,400 | 5,369 |
| RxSight, Inc. (a) | | 143,500 | 6,727 |
| TransMedics Group, Inc. (a)(b) | | 119,900 | 10,397 |
| | | | 89,591 |
| Health Care Providers & Services - 3.7% | | | |
| Acadia Healthcare Co., Inc. (a) | | 434,000 | 17,633 |
| Chemed Corp. | | 36,100 | 20,663 |
| Option Care Health, Inc. (a) | | 263,937 | 6,282 |
| Pennant Group, Inc. (a) | | 142,314 | 4,437 |
| The Ensign Group, Inc. | | 237,800 | 34,769 |
| | | | 83,784 |
| Life Sciences Tools & Services - 0.2% | | | |
| Maravai LifeSciences Holdings, Inc. Class A (a) | | 670,200 | 3,800 |
| Pharmaceuticals - 0.3% | | | |
| Enliven Therapeutics, Inc. (a) | | 137,900 | 3,362 |
| Structure Therapeutics, Inc. ADR (a) | | 72,150 | 2,392 |
| | | | 5,754 |
TOTAL HEALTH CARE | | | 295,199 |
| INDUSTRIALS - 17.4% | | | |
| Building Products - 2.3% | | | |
| AAON, Inc. (b) | | 119,200 | 16,252 |
| CSW Industrials, Inc. | | 30,734 | 12,982 |
| Simpson Manufacturing Co. Ltd. | | 117,700 | 22,175 |
| | | | 51,409 |
| Commercial Services & Supplies - 0.7% | | | |
| The Brink's Co. | | 173,760 | 16,804 |
| Construction & Engineering - 1.5% | | | |
| EMCOR Group, Inc. | | 22,500 | 11,478 |
| Sterling Construction Co., Inc. (a) | | 116,600 | 22,673 |
| | | | 34,151 |
| Electrical Equipment - 1.3% | | | |
| Array Technologies, Inc. (a)(b) | | 756,032 | 5,073 |
| Nextracker, Inc. Class A (a) | | 365,800 | 13,959 |
| Thermon Group Holdings, Inc. (a) | | 339,100 | 10,702 |
| | | | 29,734 |
| Ground Transportation - 1.1% | | | |
| ArcBest Corp. | | 62,846 | 7,245 |
| TFI International, Inc. | | 113,800 | 17,261 |
| | | | 24,506 |
| Machinery - 3.0% | | | |
| Astec Industries, Inc. | | 246,200 | 9,506 |
| Federal Signal Corp. | | 170,400 | 16,599 |
| REV Group, Inc. | | 514,600 | 15,963 |
| Terex Corp. | | 440,900 | 24,157 |
| | | | 66,225 |
| Professional Services - 2.5% | | | |
| ExlService Holdings, Inc. (a) | | 672,500 | 31,177 |
| KBR, Inc. | | 416,300 | 25,324 |
| | | | 56,501 |
| Trading Companies & Distributors - 5.0% | | | |
| Applied Industrial Technologies, Inc. | | 83,100 | 22,829 |
| Beacon Roofing Supply, Inc. (a) | | 142,700 | 16,128 |
| FTAI Aviation Ltd. | | 122,500 | 20,680 |
| GMS, Inc. (a) | | 274,418 | 27,538 |
| Rush Enterprises, Inc. Class A | | 399,891 | 24,773 |
| | | | 111,948 |
TOTAL INDUSTRIALS | | | 391,278 |
| INFORMATION TECHNOLOGY - 13.4% | | | |
| Electronic Equipment, Instruments & Components - 6.3% | | | |
| Advanced Energy Industries, Inc. | | 200,200 | 23,031 |
| Belden, Inc. | | 149,500 | 18,299 |
| Fabrinet (a) | | 144,000 | 33,780 |
| Insight Enterprises, Inc. (a) | | 178,572 | 27,938 |
| Kraken Robotics, Inc. (a) | | 3,093,500 | 5,237 |
| Napco Security Technologies, Inc. | | 227,202 | 8,913 |
| TD SYNNEX Corp. | | 212,241 | 25,255 |
| | | | 142,453 |
| IT Services - 2.3% | | | |
| ASGN, Inc. (a) | | 186,900 | 17,111 |
| Endava PLC ADR (a) | | 212,408 | 6,013 |
| Wix.com Ltd. (a) | | 124,200 | 27,789 |
| | | | 50,913 |
| Semiconductors & Semiconductor Equipment - 2.5% | | | |
| Allegro MicroSystems LLC (a) | | 577,100 | 12,540 |
| Diodes, Inc. (a) | | 213,000 | 13,845 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 150,300 | 19,963 |
| Nova Ltd. (a) | | 58,589 | 10,766 |
| | | | 57,114 |
| Software - 2.3% | | | |
| Agilysys, Inc. (a) | | 69,700 | 9,361 |
| Five9, Inc. (a) | | 129,600 | 5,350 |
| SPS Commerce, Inc. (a) | | 92,000 | 17,762 |
| Tenable Holdings, Inc. (a) | | 444,800 | 18,673 |
| | | | 51,146 |
TOTAL INFORMATION TECHNOLOGY | | | 301,626 |
| MATERIALS - 7.2% | | | |
| Chemicals - 1.9% | | | |
| Element Solutions, Inc. | | 875,700 | 25,115 |
| Hawkins, Inc. | | 77,700 | 10,451 |
| Tronox Holdings PLC | | 657,000 | 7,950 |
| | | | 43,516 |
| Construction Materials - 1.5% | | | |
| Eagle Materials, Inc. | | 106,600 | 32,931 |
| Metals & Mining - 3.8% | | | |
| Carpenter Technology Corp. | | 147,300 | 28,582 |
| Commercial Metals Co. | | 595,700 | 36,750 |
| Constellium NV (a) | | 1,637,500 | 20,076 |
| | | | 85,408 |
TOTAL MATERIALS | | | 161,855 |
| REAL ESTATE - 5.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.5% | | | |
| Acadia Realty Trust (SBI) | | 755,100 | 19,519 |
| CareTrust (REIT), Inc. | | 378,200 | 11,267 |
| Essential Properties Realty Trust, Inc. (b) | | 882,501 | 30,093 |
| Lamar Advertising Co. Class A | | 179,400 | 24,043 |
| Urban Edge Properties | | 698,000 | 16,061 |
| | | | 100,983 |
| Real Estate Management & Development - 0.7% | | | |
| Colliers International Group, Inc. | | 94,400 | 14,530 |
TOTAL REAL ESTATE | | | 115,513 |
| UTILITIES - 2.2% | | | |
| Gas Utilities - 2.2% | | | |
| Brookfield Infrastructure Corp. A Shares | | 626,167 | 28,109 |
| Southwest Gas Holdings, Inc. | | 278,800 | 21,791 |
| | | | 49,900 |
| TOTAL COMMON STOCKS (Cost $1,525,008) | | | 2,176,865 |
| | | | |
| Money Market Funds - 7.7% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (c) | | 53,434,570 | 53,445 |
| Fidelity Securities Lending Cash Central Fund 4.64% (c)(d) | | 119,484,015 | 119,496 |
| TOTAL MONEY MARKET FUNDS (Cost $172,941) | | | 172,941 |
| | | | |
| Equity Funds - 1.0% |
| | | Shares | Value ($) (000s) |
| Small Blend Funds - 1.0% | | | |
iShares Russell 2000 ETF (b) (Cost $20,592) | | 95,100 | 23,002 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 105.7% (Cost $1,718,541) | 2,372,808 |
NET OTHER ASSETS (LIABILITIES) - (5.7)% | (128,896) |
| NET ASSETS - 100.0% | 2,243,912 |
| | |
Security Type Abbreviations
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.64% | 1,022 | 558,760 | 506,337 | 1,253 | - | - | 53,445 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 45,249 | 952,592 | 878,345 | 78 | - | - | 119,496 | 0.5% |
| Total | 46,271 | 1,511,352 | 1,384,682 | 1,331 | - | - | 172,941 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 60,030 | 60,030 | - | - |
Consumer Discretionary | 250,989 | 250,989 | - | - |
Consumer Staples | 74,843 | 74,843 | - | - |
Energy | 120,282 | 120,282 | - | - |
Financials | 355,350 | 355,350 | - | - |
Health Care | 295,199 | 295,199 | - | - |
Industrials | 391,278 | 391,278 | - | - |
Information Technology | 301,626 | 301,626 | - | - |
Materials | 161,855 | 161,855 | - | - |
Real Estate | 115,513 | 115,513 | - | - |
Utilities | 49,900 | 49,900 | - | - |
|
| Money Market Funds | 172,941 | 172,941 | - | - |
|
| Equity Funds | 23,002 | 23,002 | - | - |
| Total Investments in Securities: | 2,372,808 | 2,372,808 | - | - |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $116,308) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,545,600) | $ | 2,199,867 | | |
Fidelity Central Funds (cost $172,941) | | 172,941 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,718,541) | | | $ | 2,372,808 |
| Cash | | | | 385 |
| Foreign currency held at value (cost $860) | | | | 859 |
| Receivable for fund shares sold | | | | 391 |
| Dividends receivable | | | | 1,282 |
| Distributions receivable from Fidelity Central Funds | | | | 215 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 8 |
Total assets | | | | 2,375,950 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 9,985 | | |
| Payable for fund shares redeemed | | 519 | | |
| Accrued management fee | | 1,576 | | |
| Distribution and service plan fees payable | | 415 | | |
| Other payables and accrued expenses | | 50 | | |
| Collateral on securities loaned | | 119,493 | | |
| Total liabilities | | | | 132,038 |
| Net Assets | | | $ | 2,243,912 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,361,028 |
| Total accumulated earnings (loss) | | | | 882,884 |
| Net Assets | | | $ | 2,243,912 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($839,815 ÷ 24,597 shares)(a) | | | $ | 34.14 |
| Maximum offering price per share (100/94.25 of $34.14) | | | $ | 36.22 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($515,939 ÷ 17,248 shares)(a) | | | $ | 29.91 |
| Maximum offering price per share (100/96.50 of $29.91) | | | $ | 30.99 |
| Class C : | | | | |
Net Asset Value and offering price per share ($43,204 ÷ 2,095 shares)(a) | | | $ | 20.62 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($631,515 ÷ 15,921 shares) | | | $ | 39.67 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($213,439 ÷ 5,333 shares) | | | $ | 40.02 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 17,588 |
| Income from Fidelity Central Funds (including $78 from security lending) | | | | 1,331 |
| Total income | | | | 18,919 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 15,572 | | |
| Performance adjustment | | 3,572 | | |
| Transfer agent fees | | 799 | | |
| Distribution and service plan fees | | 4,698 | | |
| Accounting fees | | 127 | | |
| Custodian fees and expenses | | 64 | | |
| Independent trustees' fees and expenses | | 9 | | |
| Registration fees | | 101 | | |
| Audit fees | | 58 | | |
| Legal | | 16 | | |
| Interest | | 5 | | |
| Miscellaneous | | 59 | | |
| Total expenses before reductions | | 25,080 | | |
| Expense reductions | | (84) | | |
| Total expenses after reductions | | | | 24,996 |
| Net Investment income (loss) | | | | (6,077) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 268,039 | | |
| Foreign currency transactions | | (21) | | |
| Total net realized gain (loss) | | | | 268,018 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 330,537 | | |
| Assets and liabilities in foreign currencies | | (2) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 330,535 |
| Net gain (loss) | | | | 598,553 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 592,476 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (6,077) | $ | (6,524) |
| Net realized gain (loss) | | 268,018 | | 35,517 |
| Change in net unrealized appreciation (depreciation) | | 330,535 | | (11,386) |
| Net increase (decrease) in net assets resulting from operations | | 592,476 | | 17,607 |
| Distributions to shareholders | | (25,662) | | (89,410) |
| | | | | |
| Share transactions - net increase (decrease) | | (46,674) | | (117,828) |
| Total increase (decrease) in net assets | | 520,140 | | (189,631) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,723,772 | | 1,913,403 |
| End of period | $ | 2,243,912 | $ | 1,723,772 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Small Cap Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 25.59 | $ | 26.67 | $ | 34.34 | $ | 26.09 | $ | 24.25 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.10) | | (.10) | | (.11) | | (.17) | | (.08) |
| Net realized and unrealized gain (loss) | | 9.03 | | .31 | | (4.04) | | 9.15 | | 2.85 |
| Total from investment operations | | 8.93 | | .21 | | (4.15) | | 8.98 | | 2.77 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.52) | | (.73) | | (.93) |
| Total distributions | | (.38) | | (1.29) | | (3.52) | | (.73) | | (.93) |
| Net asset value, end of period | $ | 34.14 | $ | 25.59 | $ | 26.67 | $ | 34.34 | $ | 26.09 |
Total Return C,D | | | | 1.11% | | (13.82)% | | 35.20% | | 11.78% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | 1.29% | | 1.36% | | 1.33% | | 1.22% | | 1.22% |
| Expenses net of fee waivers, if any | | | | 1.35% | | 1.32% | | 1.22% | | 1.22% |
| Expenses net of all reductions | | 1.29% | | 1.35% | | 1.32% | | 1.22% | | 1.22% |
| Net investment income (loss) | | (.33)% | | (.39)% | | (.40)% | | (.53)% | | (.36)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 840 | $ | 643 | $ | 676 | $ | 837 | $ | 638 |
Portfolio turnover rate G | | | | 29% | | 47% | | 41% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the sales charges.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.52 | $ | 23.68 | $ | 30.88 | $ | 23.58 | $ | 22.06 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.15) | | (.14) | | (.15) | | (.22) | | (.12) |
| Net realized and unrealized gain (loss) | | 7.92 | | .27 | | (3.59) | | 8.25 | | 2.57 |
| Total from investment operations | | 7.77 | | .13 | | (3.74) | | 8.03 | | 2.45 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.46) | | (.73) | | (.93) |
| Total distributions | | (.38) | | (1.29) | | (3.46) | | (.73) | | (.93) |
| Net asset value, end of period | $ | 29.91 | $ | 22.52 | $ | 23.68 | $ | 30.88 | $ | 23.58 |
Total Return C,D | | | | .89% | | (14.03)% | | 34.91% | | 11.49% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | 1.53% | | 1.60% | | 1.57% | | 1.46% | | 1.45% |
| Expenses net of fee waivers, if any | | | | 1.59% | | 1.56% | | 1.46% | | 1.45% |
| Expenses net of all reductions | | 1.53% | | 1.59% | | 1.56% | | 1.46% | | 1.45% |
| Net investment income (loss) | | (.58)% | | (.63)% | | (.64)% | | (.77)% | | (.59)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 516 | $ | 428 | $ | 477 | $ | 619 | $ | 503 |
Portfolio turnover rate G | | | | 29% | | 47% | | 41% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the sales charges.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.71 | $ | 17.02 | $ | 23.16 | $ | 17.96 | $ | 17.11 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.20) | | (.19) | | (.21) | | (.29) | | (.18) |
| Net realized and unrealized gain (loss) | | 5.49 | | .17 | | (2.56) | | 6.22 | | 1.96 |
| Total from investment operations | | 5.29 | | (.02) | | (2.77) | | 5.93 | | 1.78 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.37) | | (.73) | | (.93) |
| Total distributions | | (.38) | | (1.29) | | (3.37) | | (.73) | | (.93) |
| Net asset value, end of period | $ | 20.62 | $ | 15.71 | $ | 17.02 | $ | 23.16 | $ | 17.96 |
Total Return C,D | | | | .32% | | (14.51)% | | 34.12% | | 10.87% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | 2.03% | | 2.18% | | 2.15% | | 2.03% | | 2.04% |
| Expenses net of fee waivers, if any | | | | 2.17% | | 2.14% | | 2.03% | | 2.04% |
| Expenses net of all reductions | | 2.03% | | 2.17% | | 2.14% | | 2.03% | | 2.03% |
| Net investment income (loss) | | (1.08)% | | (1.21)% | | (1.22)% | | (1.34)% | | (1.18)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 43 | $ | 39 | $ | 50 | $ | 73 | $ | 81 |
Portfolio turnover rate G | | | | 29% | | 47% | | 41% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.60 | $ | 30.56 | $ | 38.84 | $ | 29.34 | $ | 27.09 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.03) | | (.04) | | (.05) | | (.10) | | (.02) |
| Net realized and unrealized gain (loss) | | 10.48 | | .37 | | (4.63) | | 10.33 | | 3.20 |
| Total from investment operations | | 10.45 | | .33 | | (4.68) | | 10.23 | | 3.18 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.60) | | (.73) | | (.93) |
| Total distributions | | (.38) | | (1.29) | | (3.60) | | (.73) | | (.93) |
| Net asset value, end of period | $ | 39.67 | $ | 29.60 | $ | 30.56 | $ | 38.84 | $ | 29.34 |
Total Return C | | | | 1.37% | | (13.61)% | | 35.57% | | 12.07% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | 1.04% | | 1.10% | | 1.08% | | .97% | | .96% |
| Expenses net of fee waivers, if any | | | | 1.10% | | 1.07% | | .96% | | .95% |
| Expenses net of all reductions | | 1.04% | | 1.10% | | 1.07% | | .96% | | .95% |
| Net investment income (loss) | | (.09)% | | (.14)% | | (.15)% | | (.27)% | | (.09)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 632 | $ | 434 | $ | 456 | $ | 519 | $ | 378 |
Portfolio turnover rate F | | | | 29% | | 47% | | 41% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.83 | $ | 30.74 | $ | 39.04 | $ | 29.45 | $ | 27.15 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | - C | | - C | | (.05) | | .01 |
| Net realized and unrealized gain (loss) | | 10.55 | | .38 | | (4.65) | | 10.37 | | 3.22 |
| Total from investment operations | | 10.57 | | .38 | | (4.65) | | 10.32 | | 3.23 |
| Distributions from net realized gain | | (.38) | | (1.29) | | (3.65) | | (.73) | | (.93) |
| Total distributions | | (.38) | | (1.29) | | (3.65) | | (.73) | | (.93) |
| Net asset value, end of period | $ | 40.02 | $ | 29.83 | $ | 30.74 | $ | 39.04 | $ | 29.45 |
Total Return D | | | | 1.53% | | (13.47)% | | 35.75% | | 12.23% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .89% | | .96% | | .93% | | .83% | | .81% |
| Expenses net of fee waivers, if any | | | | .95% | | .93% | | .83% | | .81% |
| Expenses net of all reductions | | .89% | | .95% | | .93% | | .83% | | .80% |
| Net investment income (loss) | | .06% | | .01% | | -% G | | (.14)% | | .05% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 213 | $ | 179 | $ | 254 | $ | 117 | $ | 79 |
Portfolio turnover rate H | | | | 29% | | 47% | | 41% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), foreign currency transactions and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $724,809 |
| Gross unrealized depreciation | (93,019) |
| Net unrealized appreciation (depreciation) | $631,790 |
| Tax Cost | $1,741,018 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $31,548 |
| Undistributed long-term capital gain | $224,047 |
| Net unrealized appreciation (depreciation) on securities and other investments | $627,799 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Long-term Capital Gains | $25,662 | $89,410 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Small Cap Fund | 790,134 | 913,248 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .86 |
| Class M | .85 |
| Class C | .87 |
| Class I | .85 |
| Class Z | .71 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .83 |
| Class M | .83 |
| Class C | .83 |
| Class I | .83 |
| Class Z | .71 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Small Cap Fund | Russell 2000 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .18%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,884 | 34 |
| Class M | .25% | .25% | 2,399 | 10 |
| Class C | .75% | .25% | 415 | 45 |
| | | | 4,698 | 89 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 75 |
| Class M | 8 |
Class CA | 1 |
| | 84 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets | |
| Class A | 332 | .1871 | |
| Class M | 204 | .1754 | |
| Class C | 21 | .2000 | |
| Class I | 221 | .1834 | |
| Class Z | 21 | .0420 | |
| | 799 | |
| | | | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Small Cap Fund | .0269 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Small Cap Fund | 19 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Small Cap Fund | Borrower | 16,112 | 5.57% | 5 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Small Cap Fund | 56,672 | 77,526 | 21,217 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Small Cap Fund | 3 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Small Cap Fund | 9 | - A | - |
A Amount represents less than five hundred dollars.
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $84.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Small Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $9,571 | $32,548 |
| Class M | 7,225 | 25,778 |
| Class C | 929 | 3,770 |
| Class I | 5,633 | 19,157 |
| Class Z | 2,304 | 8,157 |
Total | $25,662 | $89,410 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Small Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 2,856 | 2,285 | $85,373 | $58,230 |
| Reinvestment of distributions | 323 | 1,301 | 9,180 | 31,291 |
| Shares redeemed | (3,724) | (3,794) | (111,524) | (96,500) |
| Net increase (decrease) | (545) | (208) | $(16,971) | $(6,979) |
| Class M | | | | |
| Shares sold | 1,848 | 1,617 | $49,024 | $36,375 |
| Reinvestment of distributions | 286 | 1,201 | 7,126 | 25,473 |
| Shares redeemed | (3,895) | (3,955) | (102,576) | (89,092) |
| Net increase (decrease) | (1,761) | (1,137) | $(46,426) | $(27,244) |
| Class C | | | | |
| Shares sold | 306 | 361 | $5,569 | $5,713 |
| Reinvestment of distributions | 53 | 251 | 921 | 3,733 |
| Shares redeemed | (742) | (1,099) | (13,399) | (17,167) |
| Net increase (decrease) | (383) | (487) | $(6,909) | $(7,721) |
| Class I | | | | |
| Shares sold | 5,212 | 3,104 | $183,627 | $91,158 |
| Reinvestment of distributions | 157 | 656 | 5,157 | 18,199 |
| Shares redeemed | (4,126) | (3,992) | (142,964) | (117,654) |
| Net increase (decrease) | 1,243 | (232) | $45,820 | $(8,297) |
| Class Z | | | | |
| Shares sold | 2,830 | 4,902 | $99,399 | $142,121 |
| Reinvestment of distributions | 65 | 273 | 2,148 | 7,632 |
| Shares redeemed | (3,562) | (7,441) | (123,735) | (217,340) |
| Net increase (decrease) | (667) | (2,266) | $(22,188) | $(67,587) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Small Cap Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $224,802,768, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.713164.127
ASCF-ANN-0125
Fidelity Advisor® Large Cap Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Large Cap Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 96.4% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 9.2% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Cellnex Telecom SA (a) | | 61,000 | 2,190,410 |
| Entertainment - 0.8% | | | |
| The Walt Disney Co. | | 72,675 | 8,537,132 |
| Universal Music Group NV | | 206,334 | 4,968,429 |
| | | | 13,505,561 |
| Interactive Media & Services - 6.8% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 180,480 | 30,492,096 |
| Class C | | 152,860 | 26,061,101 |
| Match Group, Inc. (b) | | 87,300 | 2,858,202 |
| Meta Platforms, Inc. Class A | | 75,900 | 43,590,888 |
| Snap, Inc. Class A (b) | | 353,600 | 4,176,016 |
| | | | 107,178,303 |
| Media - 1.5% | | | |
| Charter Communications, Inc. Class A (b) | | 2,100 | 833,627 |
| Comcast Corp. Class A | | 529,423 | 22,865,779 |
| | | | 23,699,406 |
TOTAL COMMUNICATION SERVICES | | | 146,573,680 |
| CONSUMER DISCRETIONARY - 3.2% | | | |
| Automobiles - 0.0% | | | |
| Rivian Automotive, Inc. Class A (b) | | 65,800 | 804,734 |
| Broadline Retail - 0.1% | | | |
| Amazon.com, Inc. (b) | | 5,100 | 1,060,239 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| Booking Holdings, Inc. | | 3,564 | 18,539,857 |
| Expedia Group, Inc. Class A (b) | | 14,400 | 2,658,528 |
| Marriott International, Inc. Class A | | 18,200 | 5,261,438 |
| Starbucks Corp. | | 30,900 | 3,166,014 |
| | | | 29,625,837 |
| Household Durables - 0.2% | | | |
| Mohawk Industries, Inc. (b) | | 16,506 | 2,291,528 |
| Whirlpool Corp. | | 9,934 | 1,106,846 |
| | | | 3,398,374 |
| Specialty Retail - 0.9% | | | |
| JD Sports Fashion PLC | | 193,000 | 250,003 |
| Lowe's Companies, Inc. | | 47,630 | 12,975,841 |
| RH (b) | | 4,800 | 1,848,672 |
| | | | 15,074,516 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| NIKE, Inc. Class B | | 14,200 | 1,118,534 |
TOTAL CONSUMER DISCRETIONARY | | | 51,082,234 |
| CONSUMER STAPLES - 4.8% | | | |
| Beverages - 1.7% | | | |
| Davide Campari Milano NV | | 82,500 | 495,115 |
| Diageo PLC sponsored ADR (c) | | 34,700 | 4,141,792 |
| Keurig Dr. Pepper, Inc. | | 282,600 | 9,226,890 |
| Monster Beverage Corp. (b) | | 18,000 | 992,340 |
| Pernod Ricard SA | | 17,200 | 1,924,849 |
| The Coca-Cola Co. | | 169,681 | 10,873,158 |
| | | | 27,654,144 |
| Consumer Staples Distribution & Retail - 1.3% | | | |
| Performance Food Group Co. (b) | | 30,500 | 2,691,320 |
| Sysco Corp. | | 83,300 | 6,423,263 |
| Target Corp. | | 24,600 | 3,254,826 |
| U.S. Foods Holding Corp. (b) | | 40,000 | 2,790,800 |
| Walmart, Inc. (d) | | 68,400 | 6,327,000 |
| | | | 21,487,209 |
| Food Products - 0.1% | | | |
| Lamb Weston Holdings, Inc. | | 14,000 | 1,081,360 |
| Personal Care Products - 1.5% | | | |
| Estee Lauder Companies, Inc. Class A | | 40,300 | 2,906,436 |
| Haleon PLC ADR | | 1,046,338 | 10,107,625 |
| Kenvue, Inc. | | 456,807 | 10,999,913 |
| | | | 24,013,974 |
| Tobacco - 0.2% | | | |
| British American Tobacco PLC sponsored ADR | | 24,300 | 921,942 |
| Philip Morris International, Inc. | | 12,100 | 1,610,026 |
| | | | 2,531,968 |
TOTAL CONSUMER STAPLES | | | 76,768,655 |
| ENERGY - 8.2% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Tidewater, Inc. (b) | | 17,700 | 915,444 |
| Oil, Gas & Consumable Fuels - 8.1% | | | |
| Athabasca Oil Corp. (b) | | 622,900 | 2,280,177 |
| Exxon Mobil Corp. | | 615,089 | 72,555,898 |
| Galp Energia SGPS SA | | 162,500 | 2,671,646 |
| Hess Corp. | | 1,000 | 147,180 |
| Imperial Oil Ltd. | | 242,800 | 17,907,595 |
| MEG Energy Corp. | | 209,300 | 3,771,750 |
| Shell PLC ADR | | 460,786 | 29,831,286 |
| | | | 129,165,532 |
TOTAL ENERGY | | | 130,080,976 |
| FINANCIALS - 18.2% | | | |
| Banks - 12.9% | | | |
| Bank of America Corp. (d) | | 911,814 | 43,320,283 |
| Citigroup, Inc. | | 18,300 | 1,296,921 |
| JPMorgan Chase & Co. (d) | | 67,318 | 16,810,651 |
| M&T Bank Corp. | | 34,528 | 7,595,815 |
| PNC Financial Services Group, Inc. | | 83,641 | 17,959,396 |
| U.S. Bancorp | | 235,990 | 12,575,907 |
| Wells Fargo & Co. | | 1,366,554 | 104,090,421 |
| | | | 203,649,394 |
| Capital Markets - 2.4% | | | |
| 3i Group PLC | | 16,500 | 778,720 |
| Charles Schwab Corp. | | 12,200 | 1,009,672 |
| CME Group, Inc. | | 1,500 | 357,000 |
| KKR & Co., Inc. Class A | | 106,391 | 17,327,902 |
| Moody's Corp. | | 2,100 | 1,049,958 |
| Morgan Stanley | | 19,225 | 2,530,202 |
| MSCI, Inc. | | 800 | 487,704 |
| Northern Trust Corp. | | 121,391 | 13,493,824 |
| Raymond James Financial, Inc. | | 8,393 | 1,420,767 |
| | | | 38,455,749 |
| Financial Services - 2.5% | | | |
| Acacia Research Corp. (b)(e) | | 36,900 | 167,895 |
| Apollo Global Management, Inc. | | 1,100 | 192,533 |
| Corpay, Inc. (b) | | 5,300 | 2,020,254 |
| Fidelity National Information Services, Inc. | | 8,500 | 725,050 |
| Global Payments, Inc. | | 11,800 | 1,403,728 |
| MasterCard, Inc. Class A | | 11,215 | 5,976,922 |
| PayPal Holdings, Inc. (b) | | 25,700 | 2,229,989 |
| Visa, Inc. Class A | | 86,827 | 27,357,451 |
| | | | 40,073,822 |
| Insurance - 0.4% | | | |
| Arthur J. Gallagher & Co. | | 10,000 | 3,122,400 |
| Chubb Ltd. | | 10,495 | 3,030,221 |
| | | | 6,152,621 |
TOTAL FINANCIALS | | | 288,331,586 |
| HEALTH CARE - 11.1% | | | |
| Biotechnology - 0.6% | | | |
| Alnylam Pharmaceuticals, Inc. (b) | | 12,119 | 3,066,955 |
| Argenx SE ADR (b) | | 1,900 | 1,171,445 |
| Gilead Sciences, Inc. | | 10,700 | 990,606 |
| Merus BV (b) | | 15,500 | 695,020 |
| Vaxcyte, Inc. (b) | | 32,800 | 3,094,352 |
| | | | 9,018,378 |
| Health Care Equipment & Supplies - 2.1% | | | |
| Abbott Laboratories | | 14,300 | 1,698,411 |
| Becton, Dickinson & Co. | | 10,797 | 2,395,854 |
| Boston Scientific Corp. (b) | | 279,926 | 25,378,091 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | | 52,186 | 1,421,547 |
| Masimo Corp. (b) | | 6,100 | 1,052,494 |
| Solventum Corp. | | 16,312 | 1,166,471 |
| | | | 33,112,868 |
| Health Care Providers & Services - 4.6% | | | |
| Cardinal Health, Inc. | | 62,282 | 7,613,352 |
| Cigna Group | | 47,003 | 15,877,613 |
| CVS Health Corp. | | 35,768 | 2,140,715 |
| Guardant Health, Inc. (b) | | 22,800 | 811,908 |
| Humana, Inc. | | 22,800 | 6,757,464 |
| McKesson Corp. | | 20,206 | 12,699,471 |
| UnitedHealth Group, Inc. | | 45,199 | 27,580,430 |
| | | | 73,480,953 |
| Life Sciences Tools & Services - 0.4% | | | |
| Danaher Corp. | | 22,200 | 5,321,118 |
| Thermo Fisher Scientific, Inc. | | 1,100 | 582,593 |
| | | | 5,903,711 |
| Pharmaceuticals - 3.4% | | | |
| Bristol-Myers Squibb Co. | | 221,117 | 13,094,549 |
| Eli Lilly & Co. | | 12,600 | 10,021,410 |
| Galderma Group AG (b) | | 19,300 | 1,977,212 |
| GSK PLC sponsored ADR | | 254,230 | 8,676,870 |
| Johnson & Johnson | | 53,287 | 8,260,018 |
| UCB SA | | 61,100 | 11,967,572 |
| | | | 53,997,631 |
TOTAL HEALTH CARE | | | 175,513,541 |
| INDUSTRIALS - 16.5% | | | |
| Aerospace & Defense - 9.4% | | | |
| Airbus Group NV | | 35,600 | 5,564,487 |
| Bombardier, Inc. Class B (sub. vtg.) (b) | | 38,300 | 2,646,983 |
| Embraer SA sponsored ADR (b)(d) | | 21,000 | 802,830 |
| GE Aerospace | | 436,713 | 79,551,640 |
| General Dynamics Corp. | | 15,129 | 4,296,787 |
| Huntington Ingalls Industries, Inc. | | 13,519 | 2,675,680 |
| Rolls-Royce Holdings PLC (b) | | 366,600 | 2,607,791 |
| Spirit AeroSystems Holdings, Inc. Class A (b) | | 178,030 | 5,761,051 |
| Textron, Inc. | | 8,800 | 753,544 |
| The Boeing Co. (b) | | 285,527 | 44,382,317 |
| | | | 149,043,110 |
| Air Freight & Logistics - 1.2% | | | |
| FedEx Corp. | | 11,492 | 3,478,284 |
| United Parcel Service, Inc. Class B | | 117,763 | 15,982,794 |
| | | | 19,461,078 |
| Commercial Services & Supplies - 0.2% | | | |
| ACV Auctions, Inc. Class A (b) | | 19,900 | 450,138 |
| GFL Environmental, Inc. | | 36,800 | 1,732,955 |
| Veralto Corp. | | 7,633 | 825,814 |
| | | | 3,008,907 |
| Construction & Engineering - 0.0% | | | |
| Centuri Holdings, Inc. | | 36,800 | 729,008 |
| Electrical Equipment - 4.0% | | | |
| GE Vernova LLC | | 126,953 | 42,417,536 |
| Hubbell, Inc. | | 10,185 | 4,686,017 |
| Regal Rexnord Corp. | | 23,300 | 4,024,143 |
| Vertiv Holdings Co. | | 96,900 | 12,364,440 |
| | | | 63,492,136 |
| Ground Transportation - 0.3% | | | |
| Knight-Swift Transportation Holdings, Inc. | | 83,058 | 4,930,323 |
| Machinery - 1.1% | | | |
| Allison Transmission Holdings, Inc. | | 19,500 | 2,310,750 |
| Chart Industries, Inc. (b)(c) | | 12,000 | 2,319,000 |
| Cummins, Inc. | | 7,000 | 2,625,280 |
| Deere & Co. | | 7,100 | 3,307,890 |
| Fortive Corp. | | 26,400 | 2,094,312 |
| Nordson Corp. | | 1,500 | 391,485 |
| Otis Worldwide Corp. | | 19,696 | 2,028,294 |
| Stanley Black & Decker, Inc. (c) | | 10,800 | 966,060 |
| Westinghouse Air Brake Tech Co. | | 8,145 | 1,634,050 |
| | | | 17,677,121 |
| Passenger Airlines - 0.1% | | | |
| Ryanair Holdings PLC sponsored ADR | | 23,500 | 1,034,940 |
| Professional Services - 0.1% | | | |
| Equifax, Inc. | | 4,200 | 1,098,552 |
| Trading Companies & Distributors - 0.1% | | | |
| Watsco, Inc. | | 2,200 | 1,213,520 |
TOTAL INDUSTRIALS | | | 261,688,695 |
| INFORMATION TECHNOLOGY - 21.6% | | | |
| IT Services - 0.2% | | | |
| EPAM Systems, Inc. (b) | | 3,000 | 731,760 |
| IBM Corp. | | 12,200 | 2,774,402 |
| | | | 3,506,162 |
| Semiconductors & Semiconductor Equipment - 8.4% | | | |
| Analog Devices, Inc. | | 12,318 | 2,685,940 |
| Applied Materials, Inc. | | 22,016 | 3,846,415 |
| ASML Holding NV (depository receipt) | | 2,600 | 1,785,186 |
| BE Semiconductor Industries NV | | 10,520 | 1,256,222 |
| Broadcom, Inc. | | 67,900 | 11,005,232 |
| Lam Research Corp. | | 44,000 | 3,250,720 |
| Marvell Technology, Inc. | | 149,501 | 13,857,248 |
| Micron Technology, Inc. | | 7,700 | 754,215 |
| NVIDIA Corp. | | 580,100 | 80,198,825 |
| Qualcomm, Inc. | | 39,301 | 6,230,388 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 40,400 | 7,460,264 |
| Teradyne, Inc. | | 17,000 | 1,870,000 |
| | | | 134,200,655 |
| Software - 10.0% | | | |
| Adobe, Inc. (b) | | 22,200 | 11,453,646 |
| Autodesk, Inc. (b) | | 16,441 | 4,799,128 |
| Dassault Systemes SA | | 16,900 | 583,334 |
| Elastic NV (b) | | 16,200 | 1,773,252 |
| Intuit, Inc. | | 5,700 | 3,657,861 |
| Microsoft Corp. | | 239,653 | 101,483,459 |
| Oracle Corp. | | 76,500 | 14,140,260 |
| Sage Group PLC | | 105,100 | 1,754,597 |
| Salesforce, Inc. | | 4,800 | 1,583,952 |
| SAP SE sponsored ADR (c) | | 71,317 | 16,944,919 |
| | | | 158,174,408 |
| Technology Hardware, Storage & Peripherals - 3.0% | | | |
| Apple, Inc. | | 179,968 | 42,711,805 |
| Dell Technologies, Inc. Class C | | 26,800 | 3,419,412 |
| Samsung Electronics Co. Ltd. | | 41,670 | 1,638,910 |
| | | | 47,770,127 |
TOTAL INFORMATION TECHNOLOGY | | | 343,651,352 |
| MATERIALS - 1.7% | | | |
| Chemicals - 0.2% | | | |
| Air Products & Chemicals, Inc. | | 8,900 | 2,975,537 |
| Sherwin-Williams Co. | | 2,100 | 834,540 |
| | | | 3,810,077 |
| Metals & Mining - 1.5% | | | |
| First Quantum Minerals Ltd. (b) | | 1,179,700 | 16,144,461 |
| Freeport-McMoRan, Inc. | | 72,004 | 3,182,577 |
| Ivanhoe Mines Ltd. (b) | | 298,800 | 4,052,864 |
| | | | 23,379,902 |
TOTAL MATERIALS | | | 27,189,979 |
| REAL ESTATE - 0.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.8% | | | |
| American Tower Corp. | | 19,209 | 4,014,681 |
| Crown Castle, Inc. | | 49,900 | 5,301,875 |
| Equinix, Inc. | | 442 | 433,814 |
| Sun Communities, Inc. | | 8,500 | 1,073,805 |
| Terreno Realty Corp. | | 19,300 | 1,170,159 |
| | | | 11,994,334 |
| UTILITIES - 1.1% | | | |
| Electric Utilities - 1.0% | | | |
| Duke Energy Corp. | | 5,400 | 632,070 |
| Edison International | | 11,400 | 1,000,350 |
| Entergy Corp. | | 8,900 | 1,389,913 |
| Southern Co. (d) | | 145,400 | 12,959,502 |
| | | | 15,981,835 |
| Independent Power and Renewable Electricity Producers - 0.1% | | | |
| Vistra Corp. | | 11,000 | 1,758,240 |
TOTAL UTILITIES | | | 17,740,075 |
| TOTAL COMMON STOCKS (Cost $790,204,876) | | | 1,530,615,107 |
| | | | |
| Money Market Funds - 4.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.64% (f) | | 54,510,629 | 54,521,531 |
| Fidelity Securities Lending Cash Central Fund 4.64% (f)(g) | | 18,920,808 | 18,922,700 |
| TOTAL MONEY MARKET FUNDS (Cost $73,444,231) | | | 73,444,231 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $863,649,107) | 1,604,059,338 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (16,496,723) |
| NET ASSETS - 100.0% | 1,587,562,615 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) | Exercise Price ($) | Expiration Date | Value ($) |
| Call Options | | | | | | |
| Bank of America Corp. | Chicago Board Options Exchange | 456 | 2,166,456 | 45.00 | 12/20/24 | (122,436) |
| Embraer SA sponsored ADR | Chicago Board Options Exchange | 210 | 802,830 | 40.00 | 12/20/24 | (14,700) |
| JPMorgan Chase & Co. | Chicago Board Options Exchange | 35 | 874,020 | 240.00 | 12/20/24 | (40,775) |
| JPMorgan Chase & Co. | Chicago Board Options Exchange | 31 | 774,132 | 265.00 | 01/17/25 | (8,727) |
| Southern Co. | Chicago Board Options Exchange | 289 | 2,575,857 | 95.00 | 01/17/25 | (9,393) |
| Walmart, Inc. | Chicago Board Options Exchange | 170 | 1,572,500 | 100.00 | 02/21/25 | (26,435) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (222,466) |
Legend
| (a) | 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 $2,190,410 or 0.1% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $8,765,795. |
| (e) | 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 $167,895 or 0.0% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Acacia Research Corp. | 2/16/12 | 1,356,075 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 39,337,835 | 142,531,085 | 127,347,413 | 1,854,208 | 24 | - | 54,521,531 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 6,522,831 | 130,286,649 | 117,886,780 | 18,327 | - | - | 18,922,700 | 0.1% |
| Total | 45,860,666 | 272,817,734 | 245,234,193 | 1,872,535 | 24 | - | 73,444,231 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 146,573,680 | 141,605,251 | 4,968,429 | - |
Consumer Discretionary | 51,082,234 | 51,082,234 | - | - |
Consumer Staples | 76,768,655 | 76,273,540 | 495,115 | - |
Energy | 130,080,976 | 127,409,330 | 2,671,646 | - |
Financials | 288,331,586 | 288,331,586 | - | - |
Health Care | 175,513,541 | 175,513,541 | - | - |
Industrials | 261,688,695 | 253,516,417 | 8,172,278 | - |
Information Technology | 343,651,352 | 341,429,108 | 2,222,244 | - |
Materials | 27,189,979 | 27,189,979 | - | - |
Real Estate | 11,994,334 | 11,994,334 | - | - |
Utilities | 17,740,075 | 17,740,075 | - | - |
|
| Money Market Funds | 73,444,231 | 73,444,231 | - | - |
| Total Investments in Securities: | 1,604,059,338 | 1,585,529,626 | 18,529,712 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (222,466) | (222,466) | - | - |
| Total Liabilities | (222,466) | (222,466) | - | - |
| Total Derivative Instruments: | (222,466) | (222,466) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Written Options (a) | 0 | (222,466) |
| Total Equity Risk | 0 | (222,466) |
| Total Value of Derivatives | 0 | (222,466) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $18,890,015) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $790,204,876) | $ | 1,530,615,107 | | |
Fidelity Central Funds (cost $73,444,231) | | 73,444,231 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $863,649,107) | | | $ | 1,604,059,338 |
| Foreign currency held at value (cost $4) | | | | 4 |
| Receivable for fund shares sold | | | | 1,371,173 |
| Dividends receivable | | | | 2,784,585 |
| Distributions receivable from Fidelity Central Funds | | | | 178,689 |
| Prepaid expenses | | | | 1,480 |
| Other receivables | | | | 7,823 |
Total assets | | | | 1,608,403,092 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 239,852 | | |
| Accrued management fee | | 1,074,120 | | |
| Distribution and service plan fees payable | | 333,145 | | |
| Written options, at value (premium received $123,989) | | 222,466 | | |
| Other payables and accrued expenses | | 48,194 | | |
| Collateral on securities loaned | | 18,922,700 | | |
| Total liabilities | | | | 20,840,477 |
| Net Assets | | | $ | 1,587,562,615 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 758,479,411 |
| Total accumulated earnings (loss) | | | | 829,083,204 |
| Net Assets | | | $ | 1,587,562,615 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($829,359,865 ÷ 15,848,875 shares)(a) | | | $ | 52.33 |
| Maximum offering price per share (100/94.25 of $52.33) | | | $ | 55.52 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($215,453,160 ÷ 4,131,944 shares)(a) | | | $ | 52.14 |
| Maximum offering price per share (100/96.50 of $52.14) | | | $ | 54.03 |
| Class C : | | | | |
Net Asset Value and offering price per share ($90,873,298 ÷ 2,029,165 shares)(a) | | | $ | 44.78 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($355,760,751 ÷ 6,323,946 shares) | | | $ | 56.26 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($96,115,541 ÷ 1,709,731 shares) | | | $ | 56.22 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 20,243,606 |
| Income from Fidelity Central Funds (including $18,327 from security lending) | | | | 1,872,535 |
| Total income | | | | 22,116,141 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 8,844,925 | | |
| Performance adjustment | | 1,721,470 | | |
| Transfer agent fees | | 504,410 | | |
| Distribution and service plan fees | | 3,614,872 | | |
| Accounting fees | | 88,233 | | |
| Custodian fees and expenses | | 55,103 | | |
| Independent trustees' fees and expenses | | 5,915 | | |
| Registration fees | | 92,389 | | |
| Audit fees | | 58,797 | | |
| Legal | | 4,323 | | |
| Miscellaneous | | 30,790 | | |
| Total expenses before reductions | | 15,021,227 | | |
| Expense reductions | | (55,177) | | |
| Total expenses after reductions | | | | 14,966,050 |
| Net Investment income (loss) | | | | 7,150,091 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 90,748,838 | | |
| Fidelity Central Funds | | 24 | | |
| Foreign currency transactions | | (8,423) | | |
| Written options | | 1,352,752 | | |
| Total net realized gain (loss) | | | | 92,093,191 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 323,306,309 | | |
| Assets and liabilities in foreign currencies | | (6,092) | | |
| Written options | | (98,477) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 323,201,740 |
| Net gain (loss) | | | | 415,294,931 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 422,445,022 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 7,150,091 | $ | 8,777,990 |
| Net realized gain (loss) | | 92,093,191 | | 34,462,467 |
| Change in net unrealized appreciation (depreciation) | | 323,201,740 | | 78,344,609 |
| Net increase (decrease) in net assets resulting from operations | | 422,445,022 | | 121,585,066 |
| Distributions to shareholders | | (39,993,050) | | (21,109,328) |
| | | | | |
| Share transactions - net increase (decrease) | | 27,115,047 | | 27,953,133 |
| Total increase (decrease) in net assets | | 409,567,019 | | 128,428,871 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,177,995,596 | | 1,049,566,725 |
| End of period | $ | 1,587,562,615 | $ | 1,177,995,596 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Large Cap Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.63 | $ | 36.29 | $ | 38.14 | $ | 31.98 | $ | 32.80 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .24 | | .30 | | .38 | | .62 C | | .50 |
| Net realized and unrealized gain (loss) | | 13.85 | | 3.79 | | .28 | | 7.29 | | 1.36 |
| Total from investment operations | | 14.09 | | 4.09 | | .66 | | 7.91 | | 1.86 |
| Distributions from net investment income | | (.30) | | (.38) | | (.61) | | (.57) | | (.60) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) |
| Total distributions | | (1.39) | | (.75) | | (2.51) | | (1.75) | | (2.68) |
| Net asset value, end of period | $ | 52.33 | $ | 39.63 | $ | 36.29 | $ | 38.14 | $ | 31.98 |
Total Return D,E | | | | 11.62% | | 1.49% | | 25.87% | | 5.91% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.09% | | 1.16% | | .92% | | .80% | | .75% |
| Expenses net of fee waivers, if any | | | | 1.15% | | .91% | | .80% | | .75% |
| Expenses net of all reductions | | 1.09% | | 1.15% | | .91% | | .80% | | .75% |
| Net investment income (loss) | | .53% | | .82% | | 1.07% | | 1.67% C | | 1.76% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 829,360 | $ | 608,811 | $ | 532,911 | $ | 468,894 | $ | 389,143 |
Portfolio turnover rate H | | | | 13% | | 11% | | 17% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Large Cap Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.49 | $ | 36.14 | $ | 37.99 | $ | 31.86 | $ | 32.69 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .21 | | .29 | | .52 C | | .42 |
| Net realized and unrealized gain (loss) | | 13.80 | | 3.78 | | .27 | | 7.28 | | 1.35 |
| Total from investment operations | | 13.93 | | 3.99 | | .56 | | 7.80 | | 1.77 |
| Distributions from net investment income | | (.19) | | (.27) | | (.52) | | (.49) | | (.52) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) |
| Total distributions | | (1.28) | | (.64) | | (2.41) D | | (1.67) | | (2.60) |
| Net asset value, end of period | $ | 52.14 | $ | 39.49 | $ | 36.14 | $ | 37.99 | $ | 31.86 |
Total Return E,F | | | | 11.36% | | 1.23% | | 25.55% | | 5.62% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.34% | | 1.41% | | 1.17% | | 1.05% | | 1.01% |
| Expenses net of fee waivers, if any | | | | 1.40% | | 1.16% | | 1.05% | | 1.01% |
| Expenses net of all reductions | | 1.33% | | 1.40% | | 1.16% | | 1.05% | | 1.00% |
| Net investment income (loss) | | .28% | | .58% | | .83% | | 1.42% C | | 1.50% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 215,453 | $ | 169,910 | $ | 166,368 | $ | 176,983 | $ | 153,918 |
Portfolio turnover rate I | | | | 13% | | 11% | | 17% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Large Cap Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.11 | $ | 31.34 | $ | 33.25 | $ | 28.08 | $ | 29.09 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.09) | | .02 | | .09 | | .29 C | | .25 |
| Net realized and unrealized gain (loss) | | 11.89 | | 3.27 | | .24 | | 6.40 | | 1.18 |
| Total from investment operations | | 11.80 | | 3.29 | | .33 | | 6.69 | | 1.43 |
| Distributions from net investment income | | (.04) | | (.15) | | (.34) | | (.34) | | (.36) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) |
| Total distributions | | (1.13) | | (.52) | | (2.24) | | (1.52) | | (2.44) |
| Net asset value, end of period | $ | 44.78 | $ | 34.11 | $ | 31.34 | $ | 33.25 | $ | 28.08 |
Total Return D,E | | | | 10.77% | | .70% | | 24.90% | | 5.10% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.84% | | 1.93% | | 1.69% | | 1.57% | | 1.53% |
| Expenses net of fee waivers, if any | | | | 1.93% | | 1.68% | | 1.57% | | 1.52% |
| Expenses net of all reductions | | 1.84% | | 1.93% | | 1.68% | | 1.57% | | 1.52% |
| Net investment income (loss) | | (.23)% | | .05% | | .30% | | .90% C | | .98% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 90,873 | $ | 78,499 | $ | 81,509 | $ | 89,886 | $ | 88,926 |
Portfolio turnover rate H | | | | 13% | | 11% | | 17% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Large Cap Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.48 | $ | 38.83 | $ | 40.63 | $ | 33.94 | $ | 34.63 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .38 | | .43 | | .51 | | .76 C | | .61 |
| Net realized and unrealized gain (loss) | | 14.88 | | 4.04 | | .30 | | 7.76 | | 1.44 |
| Total from investment operations | | 15.26 | | 4.47 | | .81 | | 8.52 | | 2.05 |
| Distributions from net investment income | | (.39) | | (.45) | | (.71) | | (.64) | | (.66) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) |
| Total distributions | | (1.48) | | (.82) | | (2.61) | | (1.83) D | | (2.74) |
| Net asset value, end of period | $ | 56.26 | $ | 42.48 | $ | 38.83 | $ | 40.63 | $ | 33.94 |
Total Return E | | | | 11.90% | | 1.77% | | 26.22% | | 6.17% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .83% | | .90% | | .65% | | .54% | | .48% |
| Expenses net of fee waivers, if any | | | | .89% | | .65% | | .54% | | .48% |
| Expenses net of all reductions | | .83% | | .89% | | .65% | | .54% | | .48% |
| Net investment income (loss) | | .78% | | 1.08% | | 1.34% | | 1.93% C | | 2.03% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 355,761 | $ | 263,769 | $ | 224,889 | $ | 257,331 | $ | 206,090 |
Portfolio turnover rate H | | | | 13% | | 11% | | 17% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Large Cap Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 42.46 | $ | 38.81 | $ | 40.61 | $ | 33.93 | $ | 34.64 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .44 | | .48 | | .55 | | .81 C | | .64 |
| Net realized and unrealized gain (loss) | | 14.85 | | 4.04 | | .30 | | 7.74 | | 1.45 |
| Total from investment operations | | 15.29 | | 4.52 | | .85 | | 8.55 | | 2.09 |
| Distributions from net investment income | | (.44) | | (.50) | | (.76) | | (.69) | | (.72) |
| Distributions from net realized gain | | (1.09) | | (.37) | | (1.90) | | (1.18) | | (2.08) |
| Total distributions | | (1.53) | | (.87) | | (2.65) D | | (1.87) | | (2.80) |
| Net asset value, end of period | $ | 56.22 | $ | 42.46 | $ | 38.81 | $ | 40.61 | $ | 33.93 |
Total Return E | | | | 12.06% | | 1.88% | | 26.36% | | 6.30% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .72% | | .78% | | .53% | | .42% | | .36% |
| Expenses net of fee waivers, if any | | | | .77% | | .53% | | .42% | | .36% |
| Expenses net of all reductions | | .72% | | .77% | | .53% | | .42% | | .36% |
| Net investment income (loss) | | .89% | | 1.20% | | 1.46% | | 2.05% C | | 2.15% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 96,116 | $ | 57,007 | $ | 43,889 | $ | 39,055 | $ | 30,308 |
Portfolio turnover rate H | | | | 13% | | 11% | | 17% | | 22% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.45%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1. Organization.
Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $776,529,506 |
| Gross unrealized depreciation | (37,961,839) |
| Net unrealized appreciation (depreciation) | $738,567,667 |
| Tax Cost | $865,269,205 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $7,304,209 |
| Undistributed long-term capital gain | $83,224,865 |
| Net unrealized appreciation (depreciation) on securities and other investments | $738,554,131 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $8,276,027 | $ 10,390,829 |
| Long-term Capital Gains | 31,717,023 | 10,718,499 |
| Total | $39,993,050 | $ 21,109,328 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Large Cap Fund | 238,035,283 | 256,951,442 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .69 |
| Class C | .71 |
| Class I | .68 |
| Class Z | .56 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .69 |
| Class M | .69 |
| Class C | .70 |
| Class I | .68 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Large Cap Fund | S&P 500 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .13%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,796,976 | 39,567 |
| Class M | .25% | .25% | 965,636 | 1,454 |
| Class C | .75% | .25% | 852,260 | 117,351 |
| | | | 3,614,872 | 158,372 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 280,607 |
| Class M | 10,597 |
Class CA | 1,686 |
| | 292,890 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets | |
| Class A | 276,783 | .1712 | |
| Class M | 75,037 | .1691 | |
| Class C | 39,175 | .1911 | |
| Class I | 107,077 | .1622 | |
| Class Z | 6,338 | .0420 | |
| | 504,410 | |
| | | | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Large Cap Fund | .0289 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Large Cap Fund | 3,135 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Large Cap Fund | 17,519,650 | 13,083,784 | 4,280,192 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Large Cap Fund | 2,077 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Large Cap Fund | 1,975 | - | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $572. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction ($) |
| | |
| Class M | 28 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $54,577.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Large Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $21,321,620 | $10,995,838 |
| Class M | 5,472,128 | 2,923,336 |
| Class C | 2,581,326 | 1,372,106 |
| Class I | 8,557,886 | 4,801,903 |
| Class Z | 2,060,090 | 1,016,145 |
Total | $39,993,050 | $21,109,328 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Large Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 2,385,473 | 2,807,564 | $108,446,288 | $103,049,397 |
| Reinvestment of distributions | 499,997 | 303,648 | 20,119,875 | 10,211,667 |
| Shares redeemed | (2,398,081) | (2,434,322) | (108,215,951) | (88,871,917) |
| Net increase (decrease) | 487,389 | 676,890 | $20,350,212 | $24,389,147 |
| Class M | | | | |
| Shares sold | 321,165 | 342,729 | $14,475,504 | $12,674,254 |
| Reinvestment of distributions | 134,296 | 85,769 | 5,397,348 | 2,880,972 |
| Shares redeemed | (625,939) | (728,972) | (28,029,370) | (26,964,973) |
| Net increase (decrease) | (170,478) | (300,474) | $(8,156,518) | $(11,409,747) |
| Class C | | | | |
| Shares sold | 397,282 | 556,640 | $15,479,378 | $17,464,429 |
| Reinvestment of distributions | 70,788 | 44,771 | 2,454,927 | 1,305,531 |
| Shares redeemed | (739,944) | (900,797) | (28,741,979) | (28,576,810) |
| Net increase (decrease) | (271,874) | (299,386) | $(10,807,674) | $(9,806,850) |
| Class I | | | | |
| Shares sold | 2,003,847 | 1,808,651 | $98,737,296 | $71,353,892 |
| Reinvestment of distributions | 160,194 | 111,978 | 6,912,377 | 4,027,848 |
| Shares redeemed | (2,048,628) | (1,504,177) | (97,867,294) | (59,011,039) |
| Net increase (decrease) | 115,413 | 416,452 | $7,782,379 | $16,370,701 |
| Class Z | | | | |
| Shares sold | 897,965 | 456,929 | $44,546,175 | $18,091,935 |
| Reinvestment of distributions | 44,052 | 25,887 | 1,897,330 | 929,329 |
| Shares redeemed | (575,005) | (271,001) | (28,496,857) | (10,611,382) |
| Net increase (decrease) | 367,012 | 211,815 | $17,946,648 | $8,409,882 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Large Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Large Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $86,003,195, or, if subsequently determined to be different, the net capital gain of such year.
Class A, Class M, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539156.127
LC-ANN-0125
Fidelity Advisor® Stock Selector Mid Cap Fund
Annual Report
November 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Stock Selector Mid Cap Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.3% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 1.3% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Frontier Communications Parent, Inc. (a) | | 139,400 | 4,853 |
| GCI Liberty, Inc. Class A (Escrow) (a)(b) | | 24,724 | 0 |
| Iridium Communications, Inc. | | 132,400 | 3,935 |
| | | | 8,788 |
| Entertainment - 0.5% | | | |
| Liberty Media Corp. Liberty Formula One Class C (a) | | 12,700 | 1,122 |
| TKO Group Holdings, Inc. (a) | | 62,900 | 8,678 |
| Warner Music Group Corp. Class A (c) | | 136,400 | 4,436 |
| | | | 14,236 |
| Interactive Media & Services - 0.1% | | | |
| IAC, Inc. Class A (a)(c) | | 21,900 | 1,037 |
| Zoominfo Technologies, Inc. (a) | | 151,000 | 1,652 |
| | | | 2,689 |
| Media - 0.4% | | | |
| Nexstar Media Group, Inc. | | 23,400 | 3,992 |
| The New York Times Co. Class A | | 128,200 | 6,956 |
| | | | 10,948 |
TOTAL COMMUNICATION SERVICES | | | 36,661 |
| CONSUMER DISCRETIONARY - 13.5% | | | |
| Automobile Components - 0.5% | | | |
| Autoliv, Inc. | | 129,500 | 12,836 |
| Automobiles - 0.3% | | | |
| Harley-Davidson, Inc. | | 284,072 | 9,553 |
| Broadline Retail - 0.6% | | | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 158,900 | 15,723 |
| Diversified Consumer Services - 0.9% | | | |
| Service Corp. International (c) | | 298,000 | 26,400 |
| Hotels, Restaurants & Leisure - 3.6% | | | |
| Aramark | | 586,300 | 23,857 |
| Brinker International, Inc. (a) | | 108,800 | 14,391 |
| Caesars Entertainment, Inc. (a) | | 124,902 | 4,807 |
| Churchill Downs, Inc. | | 124,794 | 17,734 |
| Domino's Pizza, Inc. | | 23,400 | 11,143 |
| Dutch Bros, Inc. Class A (a) | | 293,600 | 15,775 |
| Hilton Grand Vacations, Inc. (a) | | 281,500 | 11,933 |
| | | | 99,640 |
| Household Durables - 1.9% | | | |
| Taylor Morrison Home Corp. (a) | | 164,064 | 12,119 |
| Tempur Sealy International, Inc. | | 341,500 | 19,117 |
| Toll Brothers, Inc. | | 120,900 | 19,969 |
| | | | 51,205 |
| Specialty Retail - 4.2% | | | |
| Aritzia, Inc. (a) | | 287,800 | 9,647 |
| Burlington Stores, Inc. (a) | | 79,048 | 22,282 |
| Dick's Sporting Goods, Inc. | | 85,200 | 17,657 |
| Floor & Decor Holdings, Inc. Class A (a) | | 122,400 | 13,735 |
| JD Sports Fashion PLC | | 4,130,600 | 5,351 |
| Murphy U.S.A., Inc. | | 17,400 | 9,532 |
| Valvoline, Inc. (a) | | 289,804 | 11,508 |
| Williams-Sonoma, Inc. | | 153,100 | 26,336 |
| | | | 116,048 |
| Textiles, Apparel & Luxury Goods - 1.5% | | | |
| Crocs, Inc. (a) | | 102,800 | 10,856 |
| PVH Corp. | | 165,154 | 17,898 |
| Tapestry, Inc. | | 190,849 | 11,886 |
| | | | 40,640 |
TOTAL CONSUMER DISCRETIONARY | | | 372,045 |
| CONSUMER STAPLES - 4.7% | | | |
| Beverages - 0.6% | | | |
| Boston Beer Co., Inc. Class A (a) | | 9,400 | 2,973 |
| Celsius Holdings, Inc. (a)(c) | | 133,800 | 3,807 |
| Coca-Cola Consolidated, Inc. | | 8,200 | 10,695 |
| | | | 17,475 |
| Consumer Staples Distribution & Retail - 2.9% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 152,400 | 14,676 |
| Casey's General Stores, Inc. (c) | | 33,200 | 13,974 |
| Performance Food Group Co. (a) | | 279,800 | 24,690 |
| Sprouts Farmers Market LLC (a) | | 67,600 | 10,443 |
| U.S. Foods Holding Corp. (a) | | 230,000 | 16,047 |
| | | | 79,830 |
| Food Products - 0.8% | | | |
| Darling Ingredients, Inc. (a) | | 146,800 | 5,950 |
| Ingredion, Inc. | | 14,200 | 2,092 |
| Lancaster Colony Corp. | | 19,429 | 3,611 |
| Post Holdings, Inc. (a) | | 49,400 | 5,952 |
| The Simply Good Foods Co. (a) | | 43,700 | 1,739 |
| TreeHouse Foods, Inc. (a) | | 36,800 | 1,264 |
| | | | 20,608 |
| Personal Care Products - 0.4% | | | |
| BellRing Brands, Inc. (a) | | 73,946 | 5,802 |
| elf Beauty, Inc. (a)(c) | | 42,598 | 5,517 |
| | | | 11,319 |
TOTAL CONSUMER STAPLES | | | 129,232 |
| ENERGY - 5.0% | | | |
| Energy Equipment & Services - 0.9% | | | |
| Liberty Energy, Inc. Class A | | 494,260 | 9,094 |
| Weatherford International PLC | | 192,100 | 15,810 |
| | | | 24,904 |
| Oil, Gas & Consumable Fuels - 4.1% | | | |
| Chord Energy Corp. | | 48,400 | 6,172 |
| Expand Energy Corp. | | 290,300 | 28,728 |
| HF Sinclair Corp. | | 300,706 | 12,308 |
| Northern Oil & Gas, Inc. | | 283,800 | 12,342 |
| Permian Resource Corp. Class A | | 1,093,400 | 17,123 |
| Plains All American Pipeline LP | | 479,400 | 8,950 |
| Targa Resources Corp. | | 92,700 | 18,939 |
| Texas Pacific Land Corp. (c) | | 4,500 | 7,200 |
| | | | 111,762 |
TOTAL ENERGY | | | 136,666 |
| FINANCIALS - 17.3% | | | |
| Banks - 5.7% | | | |
| Associated Banc-Corp. | | 420,253 | 11,217 |
| Axos Financial, Inc. (a) | | 160,417 | 13,291 |
| Bancorp, Inc., Delaware (a) | | 897,889 | 52,459 |
| East West Bancorp, Inc. | | 117,072 | 12,840 |
| Eastern Bankshares, Inc. | | 1,176,883 | 21,937 |
| First Horizon National Corp. | | 227,800 | 4,813 |
| Pathward Financial, Inc. | | 192,353 | 16,135 |
| Piraeus Financial Holdings SA | | 1,238,446 | 4,554 |
| Popular, Inc. | | 209,900 | 20,856 |
| | | | 158,102 |
| Capital Markets - 3.2% | | | |
| AllianceBernstein Holding LP | | 405,202 | 14,697 |
| Blue Owl Capital, Inc. Class A (c) | | 1,032,089 | 24,491 |
| Bridge Investment Group Holdings, Inc. | | 726,927 | 7,189 |
| Interactive Brokers Group, Inc. | | 143,437 | 27,409 |
| Palmer Square Capital Advisors (c) | | 351,196 | 5,619 |
| Patria Investments Ltd. | | 829,500 | 9,921 |
| | | | 89,326 |
| Consumer Finance - 0.9% | | | |
| NerdWallet, Inc. (a)(c) | | 725,554 | 10,158 |
| OneMain Holdings, Inc. | | 240,121 | 13,771 |
| | | | 23,929 |
| Financial Services - 3.2% | | | |
| AvidXchange Holdings, Inc. (a) | | 1,199,135 | 13,718 |
| Cannae Holdings, Inc. (c) | | 180,539 | 3,918 |
| Essent Group Ltd. | | 209,637 | 12,113 |
| Flywire Corp. (a) | | 492,331 | 11,181 |
| Repay Holdings Corp. (a)(c) | | 1,410,022 | 11,393 |
| UWM Holdings Corp. Class A | | 1,006,788 | 6,554 |
| Voya Financial, Inc. | | 160,531 | 13,324 |
| WEX, Inc. (a) | | 77,636 | 14,647 |
| | | | 86,848 |
| Insurance - 4.3% | | | |
| American Financial Group, Inc. | | 143,765 | 21,113 |
| Primerica, Inc. | | 54,600 | 16,530 |
| Reinsurance Group of America, Inc. | | 94,827 | 21,658 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 790,101 | 38,683 |
| Unum Group | | 247,163 | 19,007 |
| | | | 116,991 |
TOTAL FINANCIALS | | | 475,196 |
| HEALTH CARE - 8.9% | | | |
| Biotechnology - 1.0% | | | |
| Exact Sciences Corp. (a) | | 193,200 | 11,994 |
| United Therapeutics Corp. (a) | | 40,100 | 14,857 |
| | | | 26,851 |
| Health Care Equipment & Supplies - 3.5% | | | |
| Glaukos Corp. (a) | | 72,400 | 10,400 |
| ICU Medical, Inc. (a) | | 34,800 | 5,706 |
| Inspire Medical Systems, Inc. (a) | | 53,100 | 10,236 |
| Insulet Corp. (a) | | 56,500 | 15,073 |
| Masimo Corp. (a) | | 170,000 | 29,332 |
| Penumbra, Inc. (a) | | 105,000 | 25,633 |
| | | | 96,380 |
| Health Care Providers & Services - 2.8% | | | |
| Alignment Healthcare, Inc. (a) | | 900,000 | 11,349 |
| BrightSpring Health Services, Inc. (a) | | 772,800 | 14,915 |
| Chemed Corp. | | 35,600 | 20,377 |
| Privia Health Group, Inc. (a) | | 556,541 | 11,955 |
| Surgery Partners, Inc. (a) | | 398,394 | 9,498 |
| Tenet Healthcare Corp. (a) | | 66,000 | 9,417 |
| | | | 77,511 |
| Health Care Technology - 0.5% | | | |
| Waystar Holding Corp. (a) | | 424,000 | 13,093 |
| Life Sciences Tools & Services - 1.1% | | | |
| 10X Genomics, Inc. Class A (a) | | 345,000 | 5,486 |
| Avantor, Inc. (a) | | 324,600 | 6,836 |
| Bruker Corp. | | 268,000 | 15,531 |
| Illumina, Inc. (a) | | 19,300 | 2,782 |
| | | | 30,635 |
TOTAL HEALTH CARE | | | 244,470 |
| INDUSTRIALS - 22.1% | | | |
| Aerospace & Defense - 2.7% | | | |
| HEICO Corp. Class A | | 150,313 | 31,736 |
| Howmet Aerospace, Inc. | | 229,400 | 27,156 |
| StandardAero, Inc. (c) | | 13,000 | 373 |
| Woodward, Inc. | | 82,100 | 14,804 |
| | | | 74,069 |
| Building Products - 2.7% | | | |
| Carlisle Companies, Inc. | | 86,640 | 39,568 |
| Fortune Brands Innovations, Inc. | | 122,900 | 9,623 |
| Owens Corning | | 60,600 | 12,461 |
| Simpson Manufacturing Co. Ltd. | | 26,600 | 5,011 |
| Trex Co., Inc. (a) | | 106,900 | 8,021 |
| | | | 74,684 |
| Commercial Services & Supplies - 0.8% | | | |
| The Brink's Co. | | 231,392 | 22,378 |
| Construction & Engineering - 1.5% | | | |
| EMCOR Group, Inc. | | 43,500 | 22,190 |
| Willscot Holdings Corp. (a) | | 500,998 | 19,158 |
| | | | 41,348 |
| Electrical Equipment - 1.4% | | | |
| Acuity Brands, Inc. | | 20,800 | 6,670 |
| nVent Electric PLC | | 191,800 | 15,020 |
| Regal Rexnord Corp. | | 97,233 | 16,793 |
| | | | 38,483 |
| Ground Transportation - 2.4% | | | |
| Landstar System, Inc. | | 130,311 | 24,227 |
| XPO, Inc. (a) | | 283,600 | 43,223 |
| | | | 67,450 |
| Machinery - 5.7% | | | |
| Allison Transmission Holdings, Inc. | | 117,063 | 13,872 |
| Chart Industries, Inc. (a)(c) | | 61,600 | 11,904 |
| Crane Co. | | 141,800 | 25,819 |
| Dover Corp. | | 73,000 | 15,031 |
| ESAB Corp. | | 243,100 | 31,379 |
| Flowserve Corp. | | 468,194 | 28,569 |
| ITT, Inc. | | 187,787 | 29,317 |
| | | | 155,891 |
| Marine Transportation - 1.0% | | | |
| Kirby Corp. (a) | | 212,094 | 26,832 |
| Professional Services - 1.5% | | | |
| CACI International, Inc. (a) | | 51,800 | 23,822 |
| KBR, Inc. | | 266,660 | 16,221 |
| | | | 40,043 |
| Trading Companies & Distributors - 2.4% | | | |
| Core & Main, Inc. Class A (a) | | 234,200 | 11,370 |
| Watsco, Inc. | | 41,400 | 22,836 |
| WESCO International, Inc. | | 148,513 | 31,421 |
| | | | 65,627 |
TOTAL INDUSTRIALS | | | 606,805 |
| INFORMATION TECHNOLOGY - 9.6% | | | |
| Communications Equipment - 0.9% | | | |
| Ciena Corp. (a) | | 164,046 | 11,437 |
| Lumentum Holdings, Inc. (a) | | 155,300 | 13,506 |
| | | | 24,943 |
| Electronic Equipment, Instruments & Components - 1.6% | | | |
| Avnet, Inc. | | 212,200 | 11,609 |
| Coherent Corp. (a) | | 67,300 | 6,741 |
| Jabil, Inc. | | 80,200 | 10,894 |
| TD SYNNEX Corp. | | 113,830 | 13,545 |
| | | | 42,789 |
| IT Services - 1.4% | | | |
| Akamai Technologies, Inc. (a) | | 113,500 | 10,671 |
| EPAM Systems, Inc. (a) | | 50,900 | 12,416 |
| Okta, Inc. Class A (a) | | 115,900 | 8,989 |
| Twilio, Inc. Class A (a) | | 74,117 | 7,748 |
| | | | 39,824 |
| Semiconductors & Semiconductor Equipment - 2.0% | | | |
| Allegro MicroSystems LLC (a) | | 285,600 | 6,206 |
| Cirrus Logic, Inc. (a) | | 139,400 | 14,560 |
| Entegris, Inc. | | 99,800 | 10,542 |
| Lattice Semiconductor Corp. (a)(c) | | 239,400 | 13,586 |
| MKS Instruments, Inc. | | 80,100 | 9,103 |
| | | | 53,997 |
| Software - 3.7% | | | |
| Bill Holdings, Inc. (a) | | 88,900 | 8,021 |
| Blackbaud, Inc. (a)(c) | | 66,700 | 5,599 |
| BlackLine, Inc. (a) | | 189,400 | 11,745 |
| Dynatrace, Inc. (a) | | 246,900 | 13,873 |
| Elastic NV (a) | | 125,869 | 13,778 |
| Five9, Inc. (a) | | 331,110 | 13,668 |
| Gen Digital, Inc. | | 136,200 | 4,202 |
| Pagaya Technologies Ltd. Class A (a)(c) | | 452,979 | 4,951 |
| PTC, Inc. (a) | | 12,800 | 2,561 |
| Tenable Holdings, Inc. (a) | | 270,341 | 11,349 |
| Workiva, Inc. Class A (a) | | 130,246 | 12,666 |
| | | | 102,413 |
| Technology Hardware, Storage & Peripherals - 0.0% | | | |
| Pure Storage, Inc. Class A (a) | | 10,406 | 551 |
TOTAL INFORMATION TECHNOLOGY | | | 264,517 |
| MATERIALS - 6.4% | | | |
| Chemicals - 2.4% | | | |
| Avient Corp. | | 244,300 | 12,520 |
| Cabot Corp. | | 110,900 | 12,157 |
| Celanese Corp. | | 41,400 | 3,031 |
| RPM International, Inc. | | 190,300 | 26,410 |
| Westlake Corp. | | 92,100 | 11,826 |
| | | | 65,944 |
| Construction Materials - 0.8% | | | |
| Eagle Materials, Inc. | | 74,700 | 23,076 |
| Containers & Packaging - 0.8% | | | |
| Aptargroup, Inc. | | 129,700 | 22,433 |
| Metals & Mining - 1.6% | | | |
| Alcoa Corp. | | 89,300 | 4,146 |
| Lundin Mining Corp. | | 1,243,600 | 12,169 |
| Reliance, Inc. | | 84,000 | 26,984 |
| | | | 43,299 |
| Paper & Forest Products - 0.8% | | | |
| Louisiana-Pacific Corp. | | 174,400 | 20,614 |
TOTAL MATERIALS | | | 175,366 |
| REAL ESTATE - 6.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.9% | | | |
| American Homes 4 Rent Class A | | 260,900 | 9,990 |
| Camden Property Trust (SBI) | | 44,600 | 5,611 |
| CubeSmart | | 276,752 | 13,716 |
| Curbline Properties Corp. | | 378,650 | 9,186 |
| Douglas Emmett, Inc. | | 215,800 | 4,178 |
| EastGroup Properties, Inc. | | 93,500 | 16,102 |
| Four Corners Property Trust, Inc. | | 671,600 | 19,953 |
| Lamar Advertising Co. Class A | | 80,800 | 10,829 |
| Postal Realty Trust, Inc. Class A | | 869,180 | 12,316 |
| SITE Centers Corp. | | 58,425 | 907 |
| Sun Communities, Inc. | | 96,800 | 12,229 |
| Tanger, Inc. | | 70,300 | 2,599 |
| Terreno Realty Corp. | | 197,300 | 11,962 |
| The Macerich Co. | | 696,500 | 14,773 |
| Ventas, Inc. | | 284,700 | 18,241 |
| | | | 162,592 |
| Real Estate Management & Development - 0.9% | | | |
| Compass, Inc. Class A (a) | | 987,800 | 7,004 |
| Jones Lang LaSalle, Inc. (a) | | 60,900 | 17,089 |
| | | | 24,093 |
TOTAL REAL ESTATE | | | 186,685 |
| UTILITIES - 2.7% | | | |
| Electric Utilities - 1.1% | | | |
| IDACORP, Inc. | | 24,100 | 2,855 |
| OGE Energy Corp. | | 236,600 | 10,401 |
| Pinnacle West Capital Corp. (c) | | 69,500 | 6,512 |
| TXNM Energy, Inc. (c) | | 218,600 | 10,722 |
| | | | 30,490 |
| Gas Utilities - 1.0% | | | |
| National Fuel Gas Co. | | 122,094 | 7,810 |
| Southwest Gas Holdings, Inc. | | 120,600 | 9,426 |
| UGI Corp. | | 319,000 | 9,688 |
| | | | 26,924 |
| Independent Power and Renewable Electricity Producers - 0.4% | | | |
| Ormat Technologies, Inc. (c) | | 63,000 | 5,142 |
| Talen Energy Corp. (a) | | 28,100 | 6,025 |
| | | | 11,167 |
| Multi-Utilities - 0.2% | | | |
| NorthWestern Energy Corp. | | 76,100 | 4,204 |
TOTAL UTILITIES | | | 72,785 |
| TOTAL COMMON STOCKS (Cost $1,948,286) | | | 2,700,428 |
| | | | |
| U.S. Treasury Obligations - 0.1% |
| | | Principal Amount (d) (000s) | Value ($) (000s) |
U.S. Treasury Bills, yield at date of purchase 4.77% to 4.93% 12/12/24 to 12/19/24 (e) (Cost $3,542) | | 3,550 | 3,543 |
| | | | |
| Money Market Funds - 4.3% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (f) | | 43,879,651 | 43,888 |
| Fidelity Securities Lending Cash Central Fund 4.64% (f)(g) | | 73,496,504 | 73,504 |
| TOTAL MONEY MARKET FUNDS (Cost $117,391) | | | 117,392 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $2,069,219) | 2,821,363 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (73,888) |
| NET ASSETS - 100.0% | 2,747,475 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) (000s) | Value ($) (000s) | Unrealized Appreciation/ (Depreciation) ($) (000s) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P MidCap 400 Index Contracts (United States) | 50 | Dec 2024 | 16,889 | (50) | (50) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,252,000. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 26,896 | 1,136,901 | 1,119,908 | 2,751 | (1) | - | 43,888 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 38,819 | 863,930 | 829,244 | 110 | - | (1) | 73,504 | 0.3% |
| Total | 65,715 | 2,000,831 | 1,949,152 | 2,861 | (1) | (1) | 117,392 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 36,661 | 36,661 | - | - |
Consumer Discretionary | 372,045 | 372,045 | - | - |
Consumer Staples | 129,232 | 129,232 | - | - |
Energy | 136,666 | 136,666 | - | - |
Financials | 475,196 | 470,642 | 4,554 | - |
Health Care | 244,470 | 244,470 | - | - |
Industrials | 606,805 | 606,805 | - | - |
Information Technology | 264,517 | 264,517 | - | - |
Materials | 175,366 | 175,366 | - | - |
Real Estate | 186,685 | 186,685 | - | - |
Utilities | 72,785 | 72,785 | - | - |
|
| U.S. Government and Government Agency Obligations | 3,543 | - | 3,543 | - |
|
| Money Market Funds | 117,392 | 117,392 | - | - |
| Total Investments in Securities: | 2,821,363 | 2,813,266 | 8,097 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (50) | (50) | - | - |
| Total Liabilities | (50) | (50) | - | - |
| Total Derivative Instruments: | (50) | (50) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 0 | (50) |
| Total Equity Risk | 0 | (50) |
| Total Value of Derivatives | 0 | (50) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $71,790) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,951,828) | $ | 2,703,971 | | |
Fidelity Central Funds (cost $117,391) | | 117,392 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,069,219) | | | $ | 2,821,363 |
| Receivable for investments sold | | | | 1,408 |
| Receivable for fund shares sold | | | | 433 |
| Dividends receivable | | | | 1,826 |
| Distributions receivable from Fidelity Central Funds | | | | 141 |
| Receivable for daily variation margin on futures contracts | | | | 37 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 39 |
Total assets | | | | 2,825,249 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 773 | | |
| Payable for investments purchased | | 32 | | |
| Payable for fund shares redeemed | | 1,641 | | |
| Accrued management fee | | 1,402 | | |
| Distribution and service plan fees payable | | 369 | | |
| Other payables and accrued expenses | | 53 | | |
| Collateral on securities loaned | | 73,504 | | |
| Total liabilities | | | | 77,774 |
| Net Assets | | | $ | 2,747,475 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,925,720 |
| Total accumulated earnings (loss) | | | | 821,755 |
| Net Assets | | | $ | 2,747,475 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($726,403 ÷ 15,612 shares)(a) | | | $ | 46.53 |
| Maximum offering price per share (100/94.25 of $46.53) | | | $ | 49.37 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($503,885 ÷ 10,727 shares)(a)(b) | | | $ | 46.98 |
| Maximum offering price per share (100/96.50 of $46.98) | | | $ | 48.68 |
| Class C : | | | | |
Net Asset Value and offering price per share ($21,576 ÷ 541 shares)(a)(b) | | | $ | 39.87 |
| Fidelity Stock Selector Mid Cap Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($396,121 ÷ 7,917 shares) | | | $ | 50.03 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($472,163 ÷ 9,409 shares) | | | $ | 50.18 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($627,327 ÷ 12,515 shares) | | | $ | 50.13 |
(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 |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 27,915 |
| Interest | | | | 143 |
| Income from Fidelity Central Funds (including $110 from security lending) | | | | 2,861 |
| Total income | | | | 30,919 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 14,217 | | |
| Performance adjustment | | (937) | | |
| Transfer agent fees | | 824 | | |
| Distribution and service plan fees | | 4,201 | | |
| Accounting fees | | 139 | | |
| Custodian fees and expenses | | 51 | | |
| Independent trustees' fees and expenses | | 10 | | |
| Registration fees | | 189 | | |
| Audit fees | | 57 | | |
| Legal | | 6 | | |
| Interest | | 8 | | |
| Miscellaneous | | 46 | | |
| Total expenses before reductions | | 18,811 | | |
| Expense reductions | | (93) | | |
| Total expenses after reductions | | | | 18,718 |
| Net Investment income (loss) | | | | 12,201 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 73,111 | | |
| Redemptions in-kind | | 20,721 | | |
| Fidelity Central Funds | | (1) | | |
| Foreign currency transactions | | 15 | | |
| Futures contracts | | 8,658 | | |
| Total net realized gain (loss) | | | | 102,504 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 534,741 | | |
| Fidelity Central Funds | | (1) | | |
| Assets and liabilities in foreign currencies | | (2) | | |
| Futures contracts | | (36) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 534,702 |
| Net gain (loss) | | | | 637,206 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 649,407 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 12,201 | $ | 15,131 |
| Net realized gain (loss) | | 102,504 | | (420) |
| Change in net unrealized appreciation (depreciation) | | 534,702 | | 23,136 |
| Net increase (decrease) in net assets resulting from operations | | 649,407 | | 37,847 |
| Distributions to shareholders | | (13,139) | | (176,342) |
| | | | | |
| Share transactions - net increase (decrease) | | 201,669 | | (44,418) |
| Total increase (decrease) in net assets | | 837,937 | | (182,913) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,909,538 | | 2,092,451 |
| End of period | $ | 2,747,475 | $ | 1,909,538 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Stock Selector Mid Cap Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.44 | $ | 38.19 | $ | 45.46 | $ | 37.74 | $ | 36.07 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .26 | | .20 | | .20 | | .30 C |
| Net realized and unrealized gain (loss) | | 11.15 | | .35 | | (1.76) | | 8.40 | | 2.85 |
| Total from investment operations | | 11.33 | | .61 | | (1.56) | | 8.60 | | 3.15 |
| Distributions from net investment income | | (.24) | | (.18) | | (.21) | | (.35) | | (.21) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) |
| Total distributions | | (.24) | | (3.36) | | (5.71) | | (.88) D | | (1.48) |
| Net asset value, end of period | $ | 46.53 | $ | 35.44 | $ | 38.19 | $ | 45.46 | $ | 37.74 |
Total Return E,F | | | | 2.23% | | (4.66)% | | 23.19% | | 8.99% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | .92% | | .96% | | .97% | | 1.05% | | 1.14% |
| Expenses net of fee waivers, if any | | | | .96% | | .97% | | 1.05% | | 1.14% |
| Expenses net of all reductions | | .91% | | .96% | | .97% | | 1.05% | | 1.13% |
| Net investment income (loss) | | .44% | | .73% | | .52% | | .45% | | .94% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 726 | $ | 603 | $ | 654 | $ | 736 | $ | 626 |
Portfolio turnover rate I | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.78 | $ | 38.50 | $ | 45.77 | $ | 37.99 | $ | 36.30 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .17 | | .11 | | .09 | | .22 C |
| Net realized and unrealized gain (loss) | | 11.26 | | .37 | | (1.80) | | 8.48 | | 2.86 |
| Total from investment operations | | 11.34 | | .54 | | (1.69) | | 8.57 | | 3.08 |
| Distributions from net investment income | | (.14) | | (.08) | | (.09) | | (.25) | | (.12) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) |
| Total distributions | | (.14) | | (3.26) | | (5.58) D | | (.79) | | (1.39) |
| Net asset value, end of period | $ | 46.98 | $ | 35.78 | $ | 38.50 | $ | 45.77 | $ | 37.99 |
Total Return E,F | | | | 1.99% | | (4.90)% | | 22.91% | | 8.71% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.16% | | 1.21% | | 1.22% | | 1.29% | | 1.38% |
| Expenses net of fee waivers, if any | | | | 1.20% | | 1.21% | | 1.29% | | 1.38% |
| Expenses net of all reductions | | 1.16% | | 1.20% | | 1.21% | | 1.29% | | 1.37% |
| Net investment income (loss) | | .20% | | .49% | | .27% | | .20% | | .70% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 504 | $ | 429 | $ | 464 | $ | 552 | $ | 496 |
Portfolio turnover rate I | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 30.42 | $ | 33.33 | $ | 40.31 | $ | 33.58 | $ | 32.15 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.11) | | (.02) | | (.09) | | (.14) | | .04 C |
| Net realized and unrealized gain (loss) | | 9.56 | | .29 | | (1.53) | | 7.51 | | 2.50 |
| Total from investment operations | | 9.45 | | .27 | | (1.62) | | 7.37 | | 2.54 |
| Distributions from net investment income | | - | | - | | - | | (.10) | | - |
| Distributions from net realized gain | | - | | (3.18) | | (5.36) | | (.54) | | (1.11) |
| Total distributions | | - | | (3.18) | | (5.36) | | (.64) | | (1.11) |
| Net asset value, end of period | $ | 39.87 | $ | 30.42 | $ | 33.33 | $ | 40.31 | $ | 33.58 |
Total Return D,E | | | | 1.44% | | (5.41)% | | 22.25% | | 8.10% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.67% | | 1.76% | | 1.77% | | 1.84% | | 1.93% |
| Expenses net of fee waivers, if any | | | | 1.75% | | 1.76% | | 1.84% | | 1.93% |
| Expenses net of all reductions | | 1.67% | | 1.75% | | 1.76% | | 1.84% | | 1.92% |
| Net investment income (loss) | | (.31)% | | (.07)% | | (.28)% | | (.35)% | | .15% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 22 | $ | 19 | $ | 22 | $ | 27 | $ | 30 |
Portfolio turnover rate H | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Stock Selector Mid Cap Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.07 | $ | 40.76 | $ | 48.16 | $ | 39.90 | $ | 38.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .32 | | .37 | | .32 | | .34 | | .40 C |
| Net realized and unrealized gain (loss) | | 11.96 | | .40 | | (1.90) | | 8.88 | | 3.01 |
| Total from investment operations | | 12.28 | | .77 | | (1.58) | | 9.22 | | 3.41 |
| Distributions from net investment income | | (.32) | | (.27) | | (.33) | | (.42) | | (.24) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) |
| Total distributions | | (.32) | | (3.46) D | | (5.82) D | | (.96) | | (1.51) |
| Net asset value, end of period | $ | 50.03 | $ | 38.07 | $ | 40.76 | $ | 48.16 | $ | 39.90 |
Total Return E | | | | 2.52% | | (4.43)% | | 23.52% | | 9.24% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .63% | | .71% | | .72% | | .79% | | .89% |
| Expenses net of fee waivers, if any | | | | .71% | | .72% | | .79% | | .89% |
| Expenses net of all reductions | | .63% | | .71% | | .72% | | .79% | | .88% |
| Net investment income (loss) | | .73% | | .98% | | .77% | | .71% | | 1.19% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 396 | $ | 327 | $ | 349 | $ | 395 | $ | 342 |
Portfolio turnover rate H | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.19 | $ | 40.88 | $ | 48.29 | $ | 40.01 | $ | 38.15 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .30 | | .36 | | .31 | | .33 | | .40 C |
| Net realized and unrealized gain (loss) | | 12.01 | | .40 | | (1.90) | | 8.91 | | 3.02 |
| Total from investment operations | | 12.31 | | .76 | | (1.59) | | 9.24 | | 3.42 |
| Distributions from net investment income | | (.32) | | (.27) | | (.32) | | (.42) | | (.29) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) |
| Total distributions | | (.32) | | (3.45) | | (5.82) | | (.96) | | (1.56) |
| Net asset value, end of period | $ | 50.18 | $ | 38.19 | $ | 40.88 | $ | 48.29 | $ | 40.01 |
Total Return D | | | | 2.49% | | (4.45)% | | 23.50% | | 9.23% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .67% | | .73% | | .74% | | .82% | | .90% |
| Expenses net of fee waivers, if any | | | | .72% | | .74% | | .81% | | .90% |
| Expenses net of all reductions | | .66% | | .72% | | .74% | | .81% | | .89% |
| Net investment income (loss) | | .69% | | .96% | | .75% | | .68% | | 1.18% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 472 | $ | 341 | $ | 386 | $ | 413 | $ | 293 |
Portfolio turnover rate G | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Stock Selector Mid Cap Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 38.15 | $ | 40.86 | $ | 48.26 | $ | 39.97 | $ | 38.12 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | .42 | | .36 | | .38 | | .44 C |
| Net realized and unrealized gain (loss) | | 11.99 | | .38 | | (1.88) | | 8.92 | | 3.03 |
| Total from investment operations | | 12.36 | | .80 | | (1.52) | | 9.30 | | 3.47 |
| Distributions from net investment income | | (.38) | | (.33) | | (.38) | | (.47) | | (.35) |
| Distributions from net realized gain | | - | | (3.18) | | (5.50) | | (.54) | | (1.27) |
| Total distributions | | (.38) | | (3.51) | | (5.88) | | (1.01) | | (1.62) |
| Net asset value, end of period | $ | 50.13 | $ | 38.15 | $ | 40.86 | $ | 48.26 | $ | 39.97 |
Total Return D | | | | 2.63% | | (4.30)% | | 23.69% | | 9.39% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .54% | | .58% | | .59% | | .67% | | .75% |
| Expenses net of fee waivers, if any | | | | .57% | | .59% | | .67% | | .75% |
| Expenses net of all reductions | | .53% | | .57% | | .59% | | .67% | | .73% |
| Net investment income (loss) | | .82% | | 1.11% | | .90% | | .82% | | 1.33% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 627 | $ | 191 | $ | 217 | $ | 67 | $ | 150 |
Portfolio turnover rate G | | | | 44% | | 64% | | 43% | | 86% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Stock Selector Mid Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Stock Selector Mid Cap Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $818,036 |
| Gross unrealized depreciation | (68,996) |
| Net unrealized appreciation (depreciation) | $749,040 |
| Tax Cost | $2,072,323 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $11,120 |
| Undistributed long-term capital gain | $61,604 |
| Net unrealized appreciation (depreciation) on securities and other investments | $749,033 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $13,139 | $ 10,326 |
| Long-term Capital Gains | - | 166,016 |
| Total | $13,139 | $ 176,342 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 1,429,432 | 1,159,878 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 1,305 | 20,721 | 53,979 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .69 |
| Class M | .68 |
| Class C | .72 |
| Fidelity Stock Selector Mid Cap Fund | .68 |
| Class I | .71 |
| Class Z | .56 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .68 |
| Class M | .68 |
| Class C | .68 |
| Fidelity Stock Selector Mid Cap Fund | .64 |
| Class I | .68 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Stock Selector Mid Cap Fund | S&P MidCap 400 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was (.04) %.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,666 | 14 |
| Class M | .25% | .25% | 2,332 | 14 |
| Class C | .75% | .25% | 203 | 19 |
| | | | 4,201 | 47 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 51 |
| Class M | 5 |
| Class C | - B |
| | 56 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B In the amount of less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 278 | .1710 |
| Class M | 189 | .1648 |
| Class C | 10 | .2000 |
| Fidelity Stock Selector Mid Cap Fund | 143 | .1652 |
| Class I | 181 | .1868 |
| Class Z | 23 | .0420 |
| | 824 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Stock Selector Mid Cap Fund | .0268 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 27 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | Borrower | 51,709 | 5.57% | 8 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 141,436 | 54,806 | 2,218 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Stock Selector Mid Cap Fund | 3 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Stock Selector Mid Cap Fund | 12 | 1 | - |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $93.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Stock Selector Mid Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $3,990 | $56,107 |
| Class M | 1,689 | 39,007 |
| Class C | - | 2,087 |
| Fidelity Stock Selector Mid Cap Fund | 2,725 | 29,748 |
| Class I | 2,799 | 32,276 |
| Class Z | 1,936 | 17,117 |
Total | $13,139 | $176,342 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Stock Selector Mid Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 645 | 965 | $26,218 | $33,647 |
| Reinvestment of distributions | 96 | 1,583 | 3,714 | 52,298 |
| Shares redeemed | (2,143) | (2,666) | (87,279) | (93,885) |
| Net increase (decrease) | (1,402) | (118) | $(57,347) | $(7,940) |
| Class M | | | | |
| Shares sold | 522 | 696 | $21,284 | $24,702 |
| Reinvestment of distributions | 42 | 1,139 | 1,643 | 38,061 |
| Shares redeemed | (1,821) | (1,907) | (74,705) | (67,682) |
| Net increase (decrease) | (1,257) | (72) | $(51,778) | $(4,919) |
| Class C | | | | |
| Shares sold | 57 | 78 | $1,978 | $2,379 |
| Reinvestment of distributions | - | 73 | - | 2,083 |
| Shares redeemed | (136) | (192) | (4,732) | (5,778) |
| Net increase (decrease) | (79) | (41) | $(2,754) | $(1,316) |
| Fidelity Stock Selector Mid Cap Fund | | | | |
| Shares sold | 756 | 857 | $33,300 | $32,477 |
| Reinvestment of distributions | 62 | 800 | 2,573 | 28,328 |
| Shares redeemed | (1,478) | (1,654) | (64,118) | (61,906) |
| Net increase (decrease) | (660) | 3 | $(28,245) | $(1,101) |
| Class I | | | | |
| Shares sold | 3,899 | 1,283 | $163,636 | $48,524 |
| Reinvestment of distributions | 62 | 881 | 2,573 | 31,280 |
| Shares redeemed | (3,478) | (2,678) | (149,964) | (100,697) |
| Net increase (decrease) | 483 | (514) | $16,245 | $(20,893) |
| Class Z | | | | |
| Shares sold | 14,891 | 2,610 | $653,860 | $99,830 |
| Reinvestment of distributions | 40 | 461 | 1,665 | 16,346 |
| Shares redeemed | (7,433) | (3,356) | (329,977) | (124,425) |
| Net increase (decrease) | 7,498 | (285) | $325,548 | $(8,249) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Stock Selector Mid Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Stock Selector Mid Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $61,603,890, or, if subsequently determined to be different, the net capital gain of such year.
Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 98%; Class I designates 99%, and Class Z designates 83%; of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 100%; Class I designates 100%; and Class Z designates 94.99%; of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A designates 0%; Class M designates 0%; Fidelity Stock Selector Mid Cap Fund designates 0%; Class I designates 0%; and Class Z designates 5.02%; of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539186.127
MC-ANN-0125
Fidelity Advisor® Equity Income Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Equity Income Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 7.7% | | | |
| Diversified Telecommunication Services - 1.5% | | | |
| Quebecor, Inc. Class B (sub. vtg.) | | 150,700 | 3,549 |
| Verizon Communications, Inc. | | 605,590 | 26,852 |
| | | | 30,401 |
| Entertainment - 1.1% | | | |
| The Walt Disney Co. | | 190,900 | 22,425 |
| Interactive Media & Services - 0.5% | | | |
| Alphabet, Inc. Class A | | 61,600 | 10,407 |
| Media - 4.6% | | | |
| Comcast Corp. Class A | | 1,457,900 | 62,968 |
| Omnicom Group, Inc. | | 206,900 | 21,687 |
| WPP PLC | | 1,094,100 | 11,967 |
| | | | 96,622 |
TOTAL COMMUNICATION SERVICES | | | 159,855 |
| CONSUMER DISCRETIONARY - 3.6% | | | |
| Automobile Components - 0.1% | | | |
| Lear Corp. | | 29,447 | 2,881 |
| Automobiles - 0.3% | | | |
| Subaru Corp. | | 416,300 | 6,680 |
| Distributors - 0.5% | | | |
| LKQ Corp. | | 260,700 | 10,243 |
| Hotels, Restaurants & Leisure - 0.7% | | | |
| Starbucks Corp. | | 84,600 | 8,668 |
| Vail Resorts, Inc. | | 35,900 | 6,435 |
| | | | 15,103 |
| Household Durables - 0.3% | | | |
| Whirlpool Corp. | | 54,800 | 6,106 |
| Specialty Retail - 0.7% | | | |
| Bath & Body Works, Inc. | | 377,300 | 13,673 |
| Textiles, Apparel & Luxury Goods - 1.0% | | | |
| Compagnie Financiere Richemont SA Series A | | 13,360 | 1,869 |
| Tapestry, Inc. | | 298,500 | 18,591 |
| | | | 20,460 |
TOTAL CONSUMER DISCRETIONARY | | | 75,146 |
| CONSUMER STAPLES - 9.2% | | | |
| Beverages - 3.3% | | | |
| Carlsberg A/S Series B | | 46,800 | 4,829 |
| Coca-Cola Europacific Partners PLC | | 239,100 | 18,549 |
| Diageo PLC | | 309,000 | 9,231 |
| Keurig Dr. Pepper, Inc. | | 790,100 | 25,797 |
| The Coca-Cola Co. | | 176,700 | 11,323 |
| | | | 69,729 |
| Consumer Staples Distribution & Retail - 1.8% | | | |
| Albertsons Companies, Inc. | | 1,077,900 | 21,396 |
| Sysco Corp. | | 217,700 | 16,787 |
| | | | 38,183 |
| Food Products - 0.6% | | | |
| The J.M. Smucker Co. | | 97,100 | 11,437 |
| Household Products - 0.2% | | | |
| Reynolds Consumer Products, Inc. | | 185,800 | 5,145 |
| Personal Care Products - 3.3% | | | |
| Estee Lauder Companies, Inc. Class A | | 207,500 | 14,965 |
| Kenvue, Inc. | | 983,605 | 23,685 |
| Unilever PLC sponsored ADR | | 490,100 | 29,328 |
| | | | 67,978 |
TOTAL CONSUMER STAPLES | | | 192,472 |
| ENERGY - 8.6% | | | |
| Energy Equipment & Services - 1.0% | | | |
| Schlumberger Ltd. | | 493,100 | 21,667 |
| Oil, Gas & Consumable Fuels - 7.6% | | | |
| Enterprise Products Partners LP | | 1,019,400 | 35,098 |
| Exxon Mobil Corp. | | 379,500 | 44,766 |
| Plains All American Pipeline LP | | 349,400 | 6,523 |
| Shell PLC ADR | | 861,200 | 55,754 |
| TotalEnergies SE | | 268,400 | 15,599 |
| | | | 157,740 |
TOTAL ENERGY | | | 179,407 |
| FINANCIALS - 19.9% | | | |
| Banks - 11.4% | | | |
| Bank of America Corp. | | 575,300 | 27,333 |
| East West Bancorp, Inc. | | 107,000 | 11,736 |
| Huntington Bancshares, Inc. | | 1,017,200 | 18,320 |
| KBC Group NV | | 86,600 | 6,245 |
| KeyCorp | | 767,200 | 14,945 |
| M&T Bank Corp. | | 235,200 | 51,742 |
| PNC Financial Services Group, Inc. | | 27,000 | 5,797 |
| U.S. Bancorp | | 1,014,200 | 54,047 |
| Wells Fargo & Co. (a) | | 640,650 | 48,798 |
| | | | 238,963 |
| Capital Markets - 3.4% | | | |
| Bank of New York Mellon Corp. | | 429,200 | 35,139 |
| Northern Trust Corp. | | 213,300 | 23,710 |
| State Street Corp. | | 115,500 | 11,378 |
| | | | 70,227 |
| Financial Services - 1.6% | | | |
| Fidelity National Information Services, Inc. | | 56,200 | 4,794 |
| Global Payments, Inc. | | 176,600 | 21,008 |
| Visa, Inc. Class A | | 23,700 | 7,467 |
| | | | 33,269 |
| Insurance - 3.5% | | | |
| Chubb Ltd. | | 126,584 | 36,549 |
| First American Financial Corp. | | 157,700 | 11,063 |
| The Travelers Companies, Inc. | | 95,200 | 25,327 |
| | | | 72,939 |
TOTAL FINANCIALS | | | 415,398 |
| HEALTH CARE - 16.8% | | | |
| Biotechnology - 1.7% | | | |
| Gilead Sciences, Inc. | | 375,200 | 34,736 |
| Health Care Equipment & Supplies - 0.1% | | | |
| Solventum Corp. | | 31,775 | 2,272 |
| Health Care Providers & Services - 6.0% | | | |
| Cigna Group | | 123,300 | 41,651 |
| CVS Health Corp. | | 258,400 | 15,465 |
| Elevance Health, Inc. | | 43,200 | 17,581 |
| UnitedHealth Group, Inc. | | 82,400 | 50,280 |
| | | | 124,977 |
| Pharmaceuticals - 9.0% | | | |
| Bristol-Myers Squibb Co. | | 569,200 | 33,708 |
| GSK PLC sponsored ADR | | 792,600 | 27,051 |
| Johnson & Johnson | | 359,971 | 55,799 |
| Merck & Co., Inc. | | 421,600 | 42,851 |
| Organon & Co. | | 211,530 | 3,357 |
| Roche Holding AG (participation certificate) | | 26,520 | 7,705 |
| Royalty Pharma PLC Class A | | 322,000 | 8,585 |
| Sanofi SA sponsored ADR | | 181,400 | 8,796 |
| | | | 187,852 |
TOTAL HEALTH CARE | | | 349,837 |
| INDUSTRIALS - 8.3% | | | |
| Aerospace & Defense - 1.6% | | | |
| General Dynamics Corp. | | 59,500 | 16,899 |
| Lockheed Martin Corp. | | 32,400 | 17,153 |
| | | | 34,052 |
| Air Freight & Logistics - 1.4% | | | |
| FedEx Corp. | | 92,600 | 28,027 |
| Electrical Equipment - 1.2% | | | |
| Regal Rexnord Corp. | | 149,200 | 25,768 |
| Industrial Conglomerates - 0.5% | | | |
| 3M Co. | | 36,600 | 4,887 |
| DCC PLC (United Kingdom) | | 76,400 | 5,566 |
| | | | 10,453 |
| Machinery - 1.3% | | | |
| Allison Transmission Holdings, Inc. | | 139,100 | 16,483 |
| Parker Hannifin Corp. | | 13,700 | 9,630 |
| | | | 26,113 |
| Professional Services - 2.3% | | | |
| Genpact Ltd. | | 220,000 | 10,155 |
| ManpowerGroup, Inc. | | 142,100 | 9,147 |
| SS&C Technologies Holdings, Inc. | | 382,500 | 29,583 |
| | | | 48,885 |
TOTAL INDUSTRIALS | | | 173,298 |
| INFORMATION TECHNOLOGY - 8.4% | | | |
| Communications Equipment - 2.4% | | | |
| Cisco Systems, Inc. (a) | | 853,253 | 50,521 |
| Electronic Equipment, Instruments & Components - 0.5% | | | |
| TD SYNNEX Corp. | | 90,700 | 10,792 |
| IT Services - 2.7% | | | |
| Amdocs Ltd. | | 341,222 | 29,591 |
| Capgemini SA | | 159,900 | 25,704 |
| | | | 55,295 |
| Semiconductors & Semiconductor Equipment - 1.2% | | | |
| Renesas Electronics Corp. | | 51,100 | 670 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 129,000 | 23,821 |
| | | | 24,491 |
| Software - 1.1% | | | |
| Gen Digital, Inc. | | 178,400 | 5,504 |
| Microsoft Corp. (a) | | 19,500 | 8,257 |
| Salesforce, Inc. | | 29,000 | 9,570 |
| | | | 23,331 |
| Technology Hardware, Storage & Peripherals - 0.5% | | | |
| Samsung Electronics Co. Ltd. | | 283,920 | 11,167 |
TOTAL INFORMATION TECHNOLOGY | | | 175,597 |
| MATERIALS - 4.2% | | | |
| Chemicals - 1.2% | | | |
| CF Industries Holdings, Inc. | | 277,200 | 24,854 |
| Containers & Packaging - 2.9% | | | |
| Berry Global Group, Inc. | | 330,700 | 23,913 |
| Crown Holdings, Inc. | | 294,500 | 27,121 |
| Sonoco Products Co. | | 196,800 | 10,210 |
| | | | 61,244 |
| Paper & Forest Products - 0.1% | | | |
| Magnera Corp. (b) | | 91,374 | 1,871 |
TOTAL MATERIALS | | | 87,969 |
| REAL ESTATE - 3.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.3% | | | |
| Alexandria Real Estate Equities, Inc. | | 25,100 | 2,767 |
| American Tower Corp. (a) | | 68,100 | 14,233 |
| COPT Defense Properties (SBI) | | 423,700 | 13,961 |
| Crown Castle, Inc. | | 156,700 | 16,649 |
| Gaming & Leisure Properties | | 203,000 | 10,477 |
| Public Storage Operating Co. | | 15,000 | 5,221 |
| Realty Income Corp. | | 113,100 | 6,547 |
| | | | 69,855 |
| UTILITIES - 7.3% | | | |
| Electric Utilities - 5.8% | | | |
| American Electric Power Co., Inc. | | 99,600 | 9,946 |
| Duke Energy Corp. | | 175,800 | 20,577 |
| Edison International | | 96,864 | 8,500 |
| Exelon Corp. | | 658,400 | 26,046 |
| FirstEnergy Corp. | | 728,300 | 30,989 |
| PG&E Corp. | | 858,200 | 18,563 |
| Portland General Electric Co. | | 122,500 | 5,870 |
| | | | 120,491 |
| Multi-Utilities - 1.5% | | | |
| Sempra | | 332,200 | 31,117 |
TOTAL UTILITIES | | | 151,608 |
| TOTAL COMMON STOCKS (Cost $1,575,289) | | | 2,030,442 |
| | | | |
| Money Market Funds - 2.4% |
| | | Shares | Value ($) (000s) |
Fidelity Cash Central Fund 4.64% (c) (Cost $49,209) | | 49,199,160 | 49,209 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $1,624,498) | 2,079,651 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 6,544 |
| NET ASSETS - 100.0% | 2,086,195 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Call Options | | | | | | |
| American Tower Corp. | Chicago Board Options Exchange | 270 | 5,643 | 230.00 | 01/17/25 | (22) |
| Cisco Systems, Inc. | Chicago Board Options Exchange | 2,108 | 12,481 | 57.50 | 12/20/24 | (451) |
| Microsoft Corp. | Chicago Board Options Exchange | 45 | 1,906 | 450.00 | 01/17/25 | (15) |
| Wells Fargo & Co. | Chicago Board Options Exchange | 1,595 | 12,149 | 80.00 | 01/17/25 | (295) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (783) |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $32,179,000. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.64% | 32,020 | 403,532 | 386,343 | 1,808 | - | - | 49,209 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 7,825 | 67,951 | 75,776 | 4 | - | - | - | 0.0% |
| Total | 39,845 | 471,483 | 462,119 | 1,812 | - | - | 49,209 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 159,855 | 147,888 | 11,967 | - |
Consumer Discretionary | 75,146 | 66,597 | 8,549 | - |
Consumer Staples | 192,472 | 178,412 | 14,060 | - |
Energy | 179,407 | 163,808 | 15,599 | - |
Financials | 415,398 | 415,398 | - | - |
Health Care | 349,837 | 342,132 | 7,705 | - |
Industrials | 173,298 | 173,298 | - | - |
Information Technology | 175,597 | 138,056 | 37,541 | - |
Materials | 87,969 | 87,969 | - | - |
Real Estate | 69,855 | 69,855 | - | - |
Utilities | 151,608 | 151,608 | - | - |
|
| Money Market Funds | 49,209 | 49,209 | - | - |
| Total Investments in Securities: | 2,079,651 | 1,984,230 | 95,421 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (783) | (783) | - | - |
| Total Liabilities | (783) | (783) | - | - |
| Total Derivative Instruments: | (783) | (783) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Written Options (a) | 0 | (783) |
| Total Equity Risk | 0 | (783) |
| Total Value of Derivatives | 0 | (783) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,575,289) | $ | 2,030,442 | | |
Fidelity Central Funds (cost $49,209) | | 49,209 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,624,498) | | | $ | 2,079,651 |
| Receivable for investments sold | | | | 3,518 |
| Receivable for fund shares sold | | | | 618 |
| Dividends receivable | | | | 5,044 |
| Distributions receivable from Fidelity Central Funds | | | | 196 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 57 |
Total assets | | | | 2,089,086 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 589 | | |
| Accrued management fee | | 979 | | |
| Distribution and service plan fees payable | | 462 | | |
| Written options, at value (premium received $429) | | 783 | | |
| Other payables and accrued expenses | | 78 | | |
| Total liabilities | | | | 2,891 |
| Net Assets | | | $ | 2,086,195 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,523,182 |
| Total accumulated earnings (loss) | | | | 563,013 |
| Net Assets | | | $ | 2,086,195 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($857,689 ÷ 23,348 shares)(a) | | | $ | 36.74 |
| Maximum offering price per share (100/94.25 of $36.74) | | | $ | 38.98 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($596,279 ÷ 15,638 shares)(a) | | | $ | 38.13 |
| Maximum offering price per share (100/96.50 of $38.13) | | | $ | 39.51 |
| Class C : | | | | |
Net Asset Value and offering price per share ($53,412 ÷ 1,430 shares)(a)(b) | | | $ | 37.36 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($429,311 ÷ 10,868 shares) | | | $ | 39.50 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($149,504 ÷ 3,793 shares) | | | $ | 39.42 |
(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 |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 53,697 |
| Interest | | | | 3 |
| Income from Fidelity Central Funds (including $4 from security lending) | | | | 1,812 |
| Total income | | | | 55,512 |
| Expenses | | | | |
| Management fee | $ | 9,996 | | |
| Transfer agent fees | | 749 | | |
| Distribution and service plan fees | | 5,294 | | |
| Accounting fees | | 121 | | |
| Custodian fees and expenses | | 35 | | |
| Independent trustees' fees and expenses | | 8 | | |
| Registration fees | | 102 | | |
| Audit fees | | 67 | | |
| Legal | | 3 | | |
| Interest | | 18 | | |
| Miscellaneous | | 35 | | |
| Total expenses before reductions | | 16,428 | | |
| Expense reductions | | (86) | | |
| Total expenses after reductions | | | | 16,342 |
| Net Investment income (loss) | | | | 39,170 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 105,923 | | |
| Foreign currency transactions | | 21 | | |
| Written options | | 2,290 | | |
| Total net realized gain (loss) | | | | 108,234 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 279,698 | | |
| Assets and liabilities in foreign currencies | | (27) | | |
| Written options | | (332) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 279,339 |
| Net gain (loss) | | | | 387,573 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 426,743 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 39,170 | $ | 41,473 |
| Net realized gain (loss) | | 108,234 | | 47,960 |
| Change in net unrealized appreciation (depreciation) | | 279,339 | | (47,655) |
| Net increase (decrease) in net assets resulting from operations | | 426,743 | | 41,778 |
| Distributions to shareholders | | (86,239) | | (103,407) |
| | | | | |
| Share transactions - net increase (decrease) | | (61,312) | | 11,415 |
| Total increase (decrease) in net assets | | 279,192 | | (50,214) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,807,003 | | 1,857,217 |
| End of period | $ | 2,086,195 | $ | 1,807,003 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Income Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 30.62 | $ | 31.78 | $ | 32.34 | $ | 27.88 | $ | 30.22 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .72 | | .69 | | .61 | | .58 | | .65 |
| Net realized and unrealized gain (loss) | | 6.95 | | (.04) | | 2.32 | | 4.53 | | (.67) |
| Total from investment operations | | 7.67 | | .65 | | 2.93 | | 5.11 | | (.02) |
| Distributions from net investment income | | (.76) | | (.64) | | (.58) | | (.65) | | (.66) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) |
| Total distributions | | (1.55) D | | (1.81) | | (3.49) | | (.65) | | (2.32) D |
| Net asset value, end of period | $ | 36.74 | $ | 30.62 | $ | 31.78 | $ | 32.34 | $ | 27.88 |
Total Return E,F | | | | 2.34% | | 9.34% | | 18.46% | | .02% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | .86% | | .89% | | .89% | | .90% | | .92% |
| Expenses net of fee waivers, if any | | | | .89% | | .89% | | .89% | | .92% |
| Expenses net of all reductions | | .86% | | .89% | | .89% | | .89% | | .92% |
| Net investment income (loss) | | 2.15% | | 2.30% | | 1.98% | | 1.80% | | 2.51% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 858 | $ | 721 | $ | 741 | $ | 675 | $ | 591 |
Portfolio turnover rate I | | | | 47% | | 47% | | 48% | | 65% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Income Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 31.72 | $ | 32.84 | $ | 33.30 | $ | 28.69 | $ | 31.02 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .66 | | .64 | | .56 | | .52 | | .60 |
| Net realized and unrealized gain (loss) | | 7.21 | | (.03) | | 2.38 | | 4.66 | | (.68) |
| Total from investment operations | | 7.87 | | .61 | | 2.94 | | 5.18 | | (.08) |
| Distributions from net investment income | | (.67) | | (.56) | | (.49) | | (.57) | | (.59) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) |
| Total distributions | | (1.46) D | | (1.73) | | (3.40) | | (.57) | | (2.25) D |
| Net asset value, end of period | $ | 38.13 | $ | 31.72 | $ | 32.84 | $ | 33.30 | $ | 28.69 |
Total Return E,F | | | | 2.12% | | 9.08% | | 18.16% | | (.22)% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.10% | | 1.13% | | 1.13% | | 1.14% | | 1.16% |
| Expenses net of fee waivers, if any | | | | 1.13% | | 1.13% | | 1.13% | | 1.16% |
| Expenses net of all reductions | | 1.10% | | 1.13% | | 1.13% | | 1.13% | | 1.15% |
| Net investment income (loss) | | 1.91% | | 2.06% | | 1.74% | | 1.56% | | 2.28% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 596 | $ | 524 | $ | 571 | $ | 555 | $ | 534 |
Portfolio turnover rate I | | | | 47% | | 47% | | 48% | | 65% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Income Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 31.11 | $ | 32.23 | $ | 32.75 | $ | 28.21 | $ | 30.52 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .47 | | .46 | | .37 | | .32 | | .45 |
| Net realized and unrealized gain (loss) | | 7.06 | | (.02) | | 2.35 | | 4.60 | | (.66) |
| Total from investment operations | | 7.53 | | .44 | | 2.72 | | 4.92 | | (.21) |
| Distributions from net investment income | | (.49) | | (.39) | | (.32) | | (.37) | | (.43) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) |
| Total distributions | | (1.28) D | | (1.56) | | (3.24) D | | (.38) D | | (2.10) |
| Net asset value, end of period | $ | 37.36 | $ | 31.11 | $ | 32.23 | $ | 32.75 | $ | 28.21 |
Total Return E,F | | | | 1.57% | | 8.46% | | 17.51% | | (.77)% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.62% | | 1.68% | | 1.68% | | 1.70% | | 1.72% |
| Expenses net of fee waivers, if any | | | | 1.67% | | 1.68% | | 1.69% | | 1.72% |
| Expenses net of all reductions | | 1.61% | | 1.67% | | 1.68% | | 1.69% | | 1.72% |
| Net investment income (loss) | | 1.40% | | 1.52% | | 1.19% | | 1.00% | | 1.71% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 53 | $ | 51 | $ | 68 | $ | 52 | $ | 63 |
Portfolio turnover rate I | | | | 47% | | 47% | | 48% | | 65% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Income Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.81 | $ | 33.91 | $ | 34.28 | $ | 29.51 | $ | 31.85 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .86 | | .82 | | .73 | | .70 | | .75 |
| Net realized and unrealized gain (loss) | | 7.46 | | (.04) | | 2.47 | | 4.80 | | (.70) |
| Total from investment operations | | 8.32 | | .78 | | 3.20 | | 5.50 | | .05 |
| Distributions from net investment income | | (.83) | | (.71) | | (.65) | | (.73) | | (.72) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) |
| Total distributions | | (1.63) | | (1.88) | | (3.57) D | | (.73) | | (2.39) |
| Net asset value, end of period | $ | 39.50 | $ | 32.81 | $ | 33.91 | $ | 34.28 | $ | 29.51 |
Total Return E | | | | 2.60% | | 9.62% | | 18.75% | | .27% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .61% | | .65% | | .65% | | .65% | | .67% |
| Expenses net of fee waivers, if any | | | | .65% | | .65% | | .65% | | .67% |
| Expenses net of all reductions | | .61% | | .64% | | .65% | | .65% | | .66% |
| Net investment income (loss) | | 2.40% | | 2.54% | | 2.22% | | 2.05% | | 2.77% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 429 | $ | 368 | $ | 359 | $ | 244 | $ | 178 |
Portfolio turnover rate H | | | | 47% | | 47% | | 48% | | 65% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Income Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.76 | $ | 33.86 | $ | 34.24 | $ | 29.48 | $ | 31.82 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .91 | | .86 | | .77 | | .75 | | .79 |
| Net realized and unrealized gain (loss) | | 7.44 | | (.03) | | 2.46 | | 4.78 | | (.70) |
| Total from investment operations | | 8.35 | | .83 | | 3.23 | | 5.53 | | .09 |
| Distributions from net investment income | | (.90) | | (.76) | | (.70) | | (.77) | | (.76) |
| Distributions from net realized gain | | (.80) | | (1.17) | | (2.91) | | - C | | (1.67) |
| Total distributions | | (1.69) D | | (1.93) | | (3.61) | | (.77) | | (2.43) |
| Net asset value, end of period | $ | 39.42 | $ | 32.76 | $ | 33.86 | $ | 34.24 | $ | 29.48 |
Total Return E | | | | 2.75% | | 9.77% | | 18.89% | | .43% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .47% | | .51% | | .51% | | .51% | | .53% |
| Expenses net of fee waivers, if any | | | | .50% | | .51% | | .51% | | .52% |
| Expenses net of all reductions | | .46% | | .50% | | .51% | | .51% | | .52% |
| Net investment income (loss) | | 2.55% | | 2.69% | | 2.36% | | 2.18% | | 2.91% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 150 | $ | 143 | $ | 117 | $ | 35 | $ | 26 |
Portfolio turnover rate H | | | | 47% | | 47% | | 48% | | 65% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Equity Income Fund | $24 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $495,435 |
| Gross unrealized depreciation | (28,939) |
| Net unrealized appreciation (depreciation) | $466,496 |
| Tax Cost | $1,612,372 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $12,687 |
| Undistributed long-term capital gain | $93,140 |
| Net unrealized appreciation (depreciation) on securities and other investments | $457,187 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $53,524 | $36,549 |
| Long-term Capital Gains | 32,715 | 66,858 |
| Total | $86,239 | $103,407 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Equity Income Fund | 904,894 | 1,025,844 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .59 |
| Class M | .58 |
| Class C | .62 |
| Class I | .60 |
| Class Z | .46 |
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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .59 |
| Class M | .58 |
| Class C | .59 |
| Class I | .59 |
| Class Z | .46 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .42%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | -% | .25% | 1,978 | 35 |
| Class M | .25% | .25% | 2,798 | 4 |
| Class C | .75% | .25% | 518 | 51 |
| | | | 5,294 | 90 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 95 |
| Class M | 10 |
Class CA | 1 |
| | 106 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 327 | .1733 |
| Class M | 225 | .1645 |
| Class C | 26 | .2000 |
| Class I | 161 | .1823 |
| Class Z | 10 | .0420 |
| 749 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Income Fund | .0270 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Income Fund | 23 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Equity Income Fund | Borrower | 38,781 | 5.58% | 18 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Advisor Equity Income Fund | 99,205 | 107,581 | 14,711 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Equity Income Fund | 3 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Equity Income Fund | -A | -A | - |
A Amount represents less than five hundred dollars.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $5.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $81.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Income Fund | | |
| Distributions to shareholders | | |
| Class A | $36,474 | $42,683 |
| Class M | 23,792 | 29,792 |
| Class C | 2,016 | 3,243 |
| Class I | 17,546 | 20,598 |
| Class Z | 6,411 | 7,091 |
Total | $86,239 | $103,407 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Income Fund | | | | |
| Class A | | | | |
| Shares sold | 1,926 | 2,279 | $64,008 | $68,819 |
| Reinvestment of distributions | 1,099 | 1,379 | 34,888 | 40,735 |
| Shares redeemed | (3,229) | (3,435) | (107,448) | (103,441) |
| Net increase (decrease) | (204) | 223 | $(8,552) | $6,113 |
| Class M | | | | |
| Shares sold | 1,090 | 1,149 | $37,739 | $35,935 |
| Reinvestment of distributions | 708 | 955 | 23,260 | 29,202 |
| Shares redeemed | (2,691) | (2,966) | (92,669) | (92,623) |
| Net increase (decrease) | (893) | (862) | $(31,670) | $(27,486) |
| Class C | | | | |
| Shares sold | 234 | 318 | $7,982 | $9,791 |
| Reinvestment of distributions | 62 | 107 | 1,976 | 3,202 |
| Shares redeemed | (495) | (919) | (16,723) | (28,147) |
| Net increase (decrease) | (199) | (494) | $(6,765) | $(15,154) |
| Class I | | | | |
| Shares sold | 2,865 | 2,502 | $105,995 | $80,562 |
| Reinvestment of distributions | 487 | 615 | 16,617 | 19,428 |
| Shares redeemed | (3,691) | (2,500) | (127,715) | (80,714) |
| Net increase (decrease) | (339) | 617 | $(5,103) | $19,276 |
| Class Z | | | | |
| Shares sold | 2,760 | 2,114 | $103,896 | $67,614 |
| Reinvestment of distributions | 165 | 201 | 5,622 | 6,342 |
| Shares redeemed | (3,493) | (1,415) | (118,740) | (45,290) |
| Net increase (decrease) | (568) | 900 | $(9,222) | $28,666 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
14. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Equity Dividend Income Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Equity Dividend Income Fund equal in value to the net assets of the Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during March 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Equity Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $93,140,349, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.51% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 100% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates $ $114,397 of distribution ns paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
Class A designates 45%, 100%, 100% and 100%; Class M designates 47%, 100%, 100% and 100%; Class C designates 51%, 100%, 100%, and 100%; Class I designates 43%, 100%, 100% and 100%; and Class Z designates 42%, 100%, 100%, and 100% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A designates 74.24%, 100%, 100%, and 100%; Class M designates 77.43%, 100%, 100%, and 100%; Class C designates 85.24%, 100%, 100%, and 100%; Class I designates 71.70%, 100%, 100%, and 100%; and Class Z designate 70.05%, 100%, 100%, and 100% of the dividends distributed December, April, July, and October, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A designates 7.22%, Class M designates 7.53%, Class C designates 8.29%, Class I designates 6.98%, and Class Z designates 6.82% of the dividends distributed in December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539449.128
EPI-ANN-0125
Fidelity Advisor® Equity Growth Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Equity Growth Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 7.2% | | | |
| Entertainment - 0.9% | | | |
| Live Nation Entertainment, Inc. (a) | | 412,638 | 57,047 |
| Roblox Corp. Class A (a) | | 1,008,600 | 50,561 |
| Universal Music Group NV | | 76,205 | 1,835 |
| | | | 109,443 |
| Interactive Media & Services - 6.3% | | | |
| Alphabet, Inc. Class A | | 3,284,677 | 554,946 |
| Epic Games, Inc. (a)(b)(c) | | 3,289 | 2,222 |
| Meta Platforms, Inc. Class A | | 324,051 | 186,109 |
| | | | 743,277 |
TOTAL COMMUNICATION SERVICES | | | 852,720 |
| CONSUMER DISCRETIONARY - 10.5% | | | |
| Automobiles - 0.6% | | | |
| BYD Co. Ltd. (H Shares) | | 1,969,740 | 64,972 |
| Broadline Retail - 5.9% | | | |
| Amazon.com, Inc. (a) | | 2,756,681 | 573,086 |
| MercadoLibre, Inc. (a) | | 56,117 | 111,402 |
| Savers Value Village, Inc. (a)(d) | | 1,247,010 | 11,660 |
| | | | 696,148 |
| Diversified Consumer Services - 0.2% | | | |
| Duolingo, Inc. Class A (a) | | 55,288 | 19,255 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| Airbnb, Inc. Class A (a) | | 1,013,626 | 137,965 |
| Kura Sushi U.S.A., Inc. Class A (a) | | 219,351 | 23,453 |
| Trip.com Group Ltd. ADR (a) | | 1,150,563 | 74,384 |
| | | | 235,802 |
| Household Durables - 0.3% | | | |
| Blu Investments LLC (a)(b)(c) | | 12,123,162 | 4 |
| TopBuild Corp. (a) | | 103,297 | 40,352 |
| | | | 40,356 |
| Specialty Retail - 1.5% | | | |
| Floor & Decor Holdings, Inc. Class A (a) | | 252,400 | 28,322 |
| Lowe's Companies, Inc. | | 568,800 | 154,958 |
| | | | 183,280 |
TOTAL CONSUMER DISCRETIONARY | | | 1,239,813 |
| CONSUMER STAPLES - 1.6% | | | |
| Beverages - 0.6% | | | |
| Monster Beverage Corp. (a) | | 1,272,444 | 70,150 |
| Personal Care Products - 1.0% | | | |
| Estee Lauder Companies, Inc. Class A | | 1,658,300 | 119,597 |
TOTAL CONSUMER STAPLES | | | 189,747 |
| ENERGY - 1.6% | | | |
| Oil, Gas & Consumable Fuels - 1.6% | | | |
| Canadian Natural Resources Ltd. | | 513,600 | 17,370 |
| Cheniere Energy, Inc. | | 521,536 | 116,829 |
| Range Resources Corp. | | 1,492,313 | 53,335 |
| | | | 187,534 |
| FINANCIALS - 7.8% | | | |
| Banks - 0.4% | | | |
| Huntington Bancshares, Inc. | | 1,344,000 | 24,205 |
| M&T Bank Corp. | | 110,700 | 24,353 |
| | | | 48,558 |
| Capital Markets - 1.1% | | | |
| Intercontinental Exchange, Inc. | | 666,800 | 107,328 |
| Morgan Stanley | | 222,700 | 29,310 |
| | | | 136,638 |
| Consumer Finance - 0.9% | | | |
| Capital One Financial Corp. | | 528,735 | 101,522 |
| Financial Services - 4.4% | | | |
| MasterCard, Inc. Class A | | 405,789 | 216,261 |
| Rocket Companies, Inc. Class A (a)(d) | | 1,618,374 | 23,515 |
| Toast, Inc. (a) | | 2,167,300 | 94,364 |
| Visa, Inc. Class A | | 601,079 | 189,388 |
| | | | 523,528 |
| Insurance - 1.0% | | | |
| Arthur J. Gallagher & Co. | | 291,993 | 91,172 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 561,678 | 27,500 |
| | | | 118,672 |
TOTAL FINANCIALS | | | 928,918 |
| HEALTH CARE - 16.2% | | | |
| Biotechnology - 4.2% | | | |
| Adamas Pharmaceuticals, Inc.: | | | |
| rights (a)(c) | | 1,000,100 | 120 |
| rights (a)(c) | | 1,000,100 | 70 |
| Alnylam Pharmaceuticals, Inc. (a) | | 398,666 | 100,890 |
| Arcellx, Inc. (a) | | 61,700 | 5,434 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 247,887 | 6,452 |
| Beam Therapeutics, Inc. (a) | | 74,279 | 2,033 |
| Biogen, Inc. (a) | | 53,000 | 8,513 |
| BioNTech SE ADR (a) | | 367,567 | 43,516 |
| Blueprint Medicines Corp. (a) | | 41,532 | 4,003 |
| Cytokinetics, Inc. (a) | | 210,437 | 10,913 |
| Exact Sciences Corp. (a) | | 1,983,806 | 123,155 |
| Galapagos NV sponsored ADR (a) | | 431,371 | 11,923 |
| Gamida Cell Ltd. (c) | | 1,892,438 | 0 |
| Gamida Cell Ltd. warrants 4/21/28 (a)(c) | | 353,699 | 0 |
| Gilead Sciences, Inc. | | 870,000 | 80,545 |
| Hookipa Pharma, Inc. (a) | | 66,861 | 168 |
| Immunocore Holdings PLC ADR (a) | | 169,213 | 5,540 |
| Insmed, Inc. (a) | | 903,432 | 67,902 |
| Janux Therapeutics, Inc. (a) | | 21,495 | 972 |
| Krystal Biotech, Inc. (a) | | 33,264 | 6,567 |
| Moderna, Inc. (a) | | 103,078 | 4,439 |
| Seres Therapeutics, Inc. (a) | | 234,619 | 230 |
| Synlogic, Inc. (a) | | 43,116 | 60 |
| Vor Biopharma, Inc. (a) | | 474,168 | 395 |
| XOMA Corp. (a) | | 290,628 | 9,722 |
| | | | 493,562 |
| Health Care Equipment & Supplies - 4.6% | | | |
| Align Technology, Inc. (a) | | 289,874 | 67,474 |
| Boston Scientific Corp. (a) | | 3,487,530 | 316,179 |
| Ceribell, Inc. | | 110,500 | 3,181 |
| Glaukos Corp. (a) | | 238,558 | 34,269 |
| Hologic, Inc. (a) | | 1,211,248 | 96,294 |
| Penumbra, Inc. (a) | | 119,259 | 29,114 |
| Pulmonx Corp. (a) | | 196,759 | 1,269 |
| RxSight, Inc. (a) | | 53,789 | 2,522 |
| | | | 550,302 |
| Health Care Providers & Services - 2.2% | | | |
| HealthEquity, Inc. (a) | | 1,115,130 | 113,230 |
| Humana, Inc. | | 114,900 | 34,054 |
| UnitedHealth Group, Inc. | | 190,000 | 115,938 |
| | | | 263,222 |
| Life Sciences Tools & Services - 1.6% | | | |
| 10X Genomics, Inc. Class A (a) | | 279,653 | 4,446 |
| Bio-Techne Corp. | | 266,242 | 20,064 |
| Bruker Corp. | | 1,065,071 | 61,721 |
| Chemometec A/S | | 164,248 | 11,022 |
| Codexis, Inc. (a) | | 1,122,880 | 5,143 |
| Danaher Corp. | | 322,847 | 77,383 |
| MaxCyte, Inc. (a) | | 1,126,821 | 4,000 |
| | | | 183,779 |
| Pharmaceuticals - 3.6% | | | |
| Aclaris Therapeutics, Inc. (a) | | 156,646 | 638 |
| Chugai Pharmaceutical Co. Ltd. | | 747,910 | 32,914 |
| Eli Lilly & Co. | | 336,358 | 267,522 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 3,674,554 | 61,659 |
| UCB SA | | 312,300 | 61,170 |
| Zevra Therapeutics, Inc. (a)(d) | | 659,820 | 6,156 |
| | | | 430,059 |
TOTAL HEALTH CARE | | | 1,920,924 |
| INDUSTRIALS - 10.4% | | | |
| Aerospace & Defense - 1.5% | | | |
| GE Aerospace | | 943,010 | 171,779 |
| Loar Holdings, Inc. | | 9,398 | 865 |
| | | | 172,644 |
| Building Products - 0.0% | | | |
| Simpson Manufacturing Co. Ltd. | | 29,700 | 5,595 |
| Electrical Equipment - 1.2% | | | |
| GE Vernova LLC | | 408,817 | 136,594 |
| Ground Transportation - 2.1% | | | |
| Uber Technologies, Inc. (a) | | 3,396,065 | 244,381 |
| Machinery - 1.7% | | | |
| Deere & Co. | | 122,600 | 57,119 |
| Ingersoll Rand, Inc. | | 850,063 | 88,551 |
| Westinghouse Air Brake Tech Co. | | 295,257 | 59,234 |
| | | | 204,904 |
| Professional Services - 3.0% | | | |
| Equifax, Inc. | | 697,907 | 182,545 |
| KBR, Inc. | | 1,276,559 | 77,653 |
| RELX PLC sponsored ADR | | 1,136,597 | 53,511 |
| UL Solutions, Inc. Class A | | 671,765 | 36,094 |
| | | | 349,803 |
| Trading Companies & Distributors - 0.9% | | | |
| Ferguson Enterprises, Inc. | | 434,115 | 93,520 |
| United Rentals, Inc. | | 21,000 | 18,186 |
| | | | 111,706 |
TOTAL INDUSTRIALS | | | 1,225,627 |
| INFORMATION TECHNOLOGY - 39.7% | | | |
| Communications Equipment - 0.2% | | | |
| Ciena Corp. (a) | | 282,051 | 19,665 |
| Electronic Equipment, Instruments & Components - 1.1% | | | |
| Flex Ltd. (a) | | 2,005,341 | 78,148 |
| Jabil, Inc. | | 345,972 | 46,993 |
| | | | 125,141 |
| IT Services - 1.2% | | | |
| MongoDB, Inc. Class A (a) | | 460,901 | 148,636 |
| Semiconductors & Semiconductor Equipment - 18.8% | | | |
| Astera Labs, Inc. | | 17,396 | 1,796 |
| BE Semiconductor Industries NV | | 447,809 | 53,474 |
| eMemory Technology, Inc. | | 78,000 | 7,101 |
| Marvell Technology, Inc. | | 258,080 | 23,921 |
| NVIDIA Corp. | | 10,834,958 | 1,497,937 |
| SiTime Corp. (a) | | 341,309 | 72,487 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 3,113,324 | 574,906 |
| | | | 2,231,622 |
| Software - 7.7% | | | |
| AppFolio, Inc. Class A, (a) | | 1,200 | 305 |
| ASAPP, Inc. warrants 8/28/28 (a)(b)(c) | | 2,071,818 | 2,921 |
| DocuSign, Inc. (a) | | 388,600 | 30,968 |
| HubSpot, Inc. (a) | | 145,473 | 104,893 |
| Manhattan Associates, Inc. (a) | | 266,385 | 76,037 |
| Microsoft Corp. | | 1,354,652 | 573,641 |
| Nutanix, Inc. Class A (a) | | 261,814 | 17,091 |
| Open AI Global LLC rights (a)(b)(c) | | 6,393,400 | 6,393 |
| ServiceNow, Inc. (a) | | 75,334 | 79,059 |
| Zeta Global Holdings Corp. (a) | | 1,062,300 | 22,627 |
| | | | 913,935 |
| Technology Hardware, Storage & Peripherals - 10.7% | | | |
| Apple, Inc. | | 5,318,368 | 1,262,208 |
TOTAL INFORMATION TECHNOLOGY | | | 4,701,207 |
| MATERIALS - 1.6% | | | |
| Construction Materials - 0.5% | | | |
| Eagle Materials, Inc. | | 21,100 | 6,518 |
| Martin Marietta Materials, Inc. | | 86,800 | 52,080 |
| | | | 58,598 |
| Containers & Packaging - 0.6% | | | |
| International Paper Co. | | 1,305,000 | 76,773 |
| Metals & Mining - 0.5% | | | |
| Carpenter Technology Corp. | | 283,700 | 55,049 |
TOTAL MATERIALS | | | 190,420 |
| REAL ESTATE - 0.7% | | | |
| Real Estate Management & Development - 0.7% | | | |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 182,800 | 14,904 |
| Class C (a) | | 789,000 | 66,836 |
| | | | 81,740 |
| TOTAL COMMON STOCKS (Cost $7,681,102) | | | 11,518,650 |
| | | | |
| Convertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) (000s) |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Akeana Series C (b)(c) | | 57,400 | 727 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| ElevateBio LLC Series C (a)(b)(c) | | 111,100 | 322 |
| INDUSTRIALS - 0.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Anduril Industries, Inc. Series F (b)(c) | | 208,346 | 5,171 |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| ASAPP, Inc.: | | | |
| Series C (a)(b)(c) | | 367,427 | 757 |
| Series D (a)(b)(c) | | 3,611,038 | 6,319 |
| Canva, Inc.: | | | |
| Series A (a)(b)(c) | | 846 | 1,033 |
| Series A2 (a)(b)(c) | | 154 | 188 |
| xAI Corp. Series C (b)(c) | | 378,200 | 8,188 |
| | | | 16,485 |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
| Illuminated Holdings, Inc.: | | | |
| Series C2 (a)(b)(c) | | 76,285 | 1,137 |
| Series C3 (a)(b)(c) | | 95,356 | 1,422 |
| Series C4 (a)(b)(c) | | 27,230 | 406 |
| Series C5 (a)(b)(c) | | 53,844 | 803 |
| | | | 3,768 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $39,423) | | | 26,473 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (e) (000s) | Value ($) (000s) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (b)(c)(f) (Cost $1,619) | | 1,619 | 1,596 |
| TOTAL CONVERTIBLE BONDS (Cost $1,619) | | | 1,596 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (e) (000s) | Value ($) (000s) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (b)(c)(f) (Cost $2,252) | | 2,252 | 2,501 |
| TOTAL PREFERRED SECURITIES (Cost $2,252) | | | 2,501 |
| | | | |
| Money Market Funds - 2.5% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (g) | | 278,436,417 | 278,492 |
| Fidelity Securities Lending Cash Central Fund 4.64% (g)(h) | | 10,559,257 | 10,560 |
| TOTAL MONEY MARKET FUNDS (Cost $289,052) | | | 289,052 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $8,013,448) | 11,838,272 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (3,081) |
| NET ASSETS - 100.0% | 11,835,191 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $42,110,000 or 0.4% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security is perpetual in nature with no stated maturity date. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Akeana Series C | 1/23/24 | 732 |
| | | |
| Anduril Industries, Inc. Series F | 8/07/24 | 4,529 |
| | | |
| ASAPP, Inc. warrants 8/28/28 | 8/29/23 | 0 |
| | | |
| ASAPP, Inc. Series C | 4/30/21 | 2,424 |
| | | |
| ASAPP, Inc. Series D | 8/29/23 | 13,944 |
| | | |
| Blu Investments LLC | 5/21/20 | 21 |
| | | |
| Canva, Inc. Series A | 9/22/23 | 902 |
| | | |
| Canva, Inc. Series A2 | 9/22/23 | 164 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 466 |
| | | |
| Epic Games, Inc. | 3/29/21 | 2,911 |
| | | |
| Illuminated Holdings, Inc. Series C2 | 7/07/20 | 1,907 |
| | | |
| Illuminated Holdings, Inc. Series C3 | 7/07/20 | 2,861 |
| | | |
| Illuminated Holdings, Inc. Series C4 | 1/08/21 | 980 |
| | | |
| Illuminated Holdings, Inc. Series C5 | 6/16/21 | 2,326 |
| | | |
| Illuminated Holdings, Inc. 15% | 6/14/23 | 1,619 |
| | | |
| Illuminated Holdings, Inc. 15% | 9/27/23 | 2,252 |
| | | |
| Open AI Global LLC rights | 9/30/24 | 6,393 |
| | | |
| xAI Corp. Series C | 11/22/24 | 8,188 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 91,729 | 2,957,498 | 2,770,735 | 8,086 | - | - | 278,492 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 54,549 | 568,691 | 612,680 | 118 | - | - | 10,560 | 0.0% |
| Total | 146,278 | 3,526,189 | 3,383,415 | 8,204 | - | - | 289,052 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 852,720 | 848,663 | 1,835 | 2,222 |
Consumer Discretionary | 1,239,813 | 1,174,837 | 64,972 | 4 |
Consumer Staples | 189,747 | 189,747 | - | - |
Energy | 187,534 | 187,534 | - | - |
Financials | 929,645 | 928,918 | - | 727 |
Health Care | 1,921,246 | 1,887,820 | 32,914 | 512 |
Industrials | 1,230,798 | 1,225,627 | - | 5,171 |
Information Technology | 4,717,692 | 4,684,792 | 7,101 | 25,799 |
Materials | 194,188 | 190,420 | - | 3,768 |
Real Estate | 81,740 | 81,740 | - | - |
|
| Corporate Bonds | 1,596 | - | - | 1,596 |
|
| Preferred Securities | 2,501 | - | - | 2,501 |
|
| Money Market Funds | 289,052 | 289,052 | - | - |
| Total Investments in Securities: | 11,838,272 | 11,689,150 | 106,822 | 42,300 |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $10,369) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $7,724,396) | $ | 11,549,220 | | |
Fidelity Central Funds (cost $289,052) | | 289,052 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $8,013,448) | | | $ | 11,838,272 |
| Foreign currency held at value (cost $1,061) | | | | 1,049 |
| Receivable for investments sold | | | | 9,359 |
| Receivable for fund shares sold | | | | 5,342 |
| Dividends receivable | | | | 3,745 |
| Interest receivable | | | | 206 |
| Distributions receivable from Fidelity Central Funds | | | | 465 |
| Prepaid expenses | | | | 11 |
| Other receivables | | | | 259 |
Total assets | | | | 11,858,708 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 25 | | |
| Payable for fund shares redeemed | | 5,132 | | |
| Accrued management fee | | 6,092 | | |
| Distribution and service plan fees payable | | 1,570 | | |
| Other payables and accrued expenses | | 143 | | |
| Collateral on securities loaned | | 10,555 | | |
| Total liabilities | | | | 23,517 |
| Net Assets | | | $ | 11,835,191 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 6,804,994 |
| Total accumulated earnings (loss) | | | | 5,030,197 |
| Net Assets | | | $ | 11,835,191 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($2,674,749 ÷ 118,781 shares)(a) | | | $ | 22.52 |
| Maximum offering price per share (100/94.25 of $22.52) | | | $ | 23.89 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($2,060,799 ÷ 95,302 shares)(a) | | | $ | 21.62 |
| Maximum offering price per share (100/96.50 of $21.62) | | | $ | 22.40 |
| Class C : | | | | |
Net Asset Value and offering price per share ($212,853 ÷ 12,730 shares)(a) | | | $ | 16.72 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($3,832,108 ÷ 146,414 shares) | | | $ | 26.17 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($3,054,682 ÷ 114,870 shares) | | | $ | 26.59 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 49,118 |
| Interest | | | | 225 |
| Income from Fidelity Central Funds (including $118 from security lending) | | | | 8,204 |
| Total income | | | | 57,547 |
| Expenses | | | | |
| Management fee | $ | 61,013 | | |
| Transfer agent fees | | 2,874 | | |
| Distribution and service plan fees | | 16,968 | | |
| Accounting fees | | 312 | | |
| Custodian fees and expenses | | 201 | | |
| Independent trustees' fees and expenses | | 42 | | |
| Registration fees | | 390 | | |
| Audit fees | | 76 | | |
| Legal | | 7 | | |
| Interest | | 72 | | |
| Miscellaneous | | 224 | | |
| Total expenses before reductions | | 82,179 | | |
| Expense reductions | | (381) | | |
| Total expenses after reductions | | | | 81,798 |
| Net Investment income (loss) | | | | (24,251) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $5,128) | | 1,412,567 | | |
| Redemptions in-kind | | 466,967 | | |
| Foreign currency transactions | | (132) | | |
| Futures contracts | | 1,565 | | |
| Total net realized gain (loss) | | | | 1,880,967 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,147) | | 1,246,656 | | |
| Assets and liabilities in foreign currencies | | (15) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,246,641 |
| Net gain (loss) | | | | 3,127,608 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 3,103,357 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (24,251) | $ | (5,213) |
| Net realized gain (loss) | | 1,880,967 | | 58,197 |
| Change in net unrealized appreciation (depreciation) | | 1,246,641 | | 1,227,720 |
| Net increase (decrease) in net assets resulting from operations | | 3,103,357 | | 1,280,704 |
| Distributions to shareholders | | (42,611) | | (103,218) |
| | | | | |
| Share transactions - net increase (decrease) | | 1,063,830 | | 1,647,315 |
| Total increase (decrease) in net assets | | 4,124,576 | | 2,824,801 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,710,615 | | 4,885,814 |
| End of period | $ | 11,835,191 | $ | 7,710,615 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Growth Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.39 | $ | 13.85 | $ | 19.23 | $ | 17.06 | $ | 13.07 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.07) | | (.02) | | (.02) | | - C | | (.05) |
| Net realized and unrealized gain (loss) | | 6.30 | | 2.85 | | (3.14) | | 4.08 | | 5.22 |
| Total from investment operations | | 6.23 | | 2.83 | | (3.16) | | 4.08 | | 5.17 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.22) | | (1.91) | | (1.18) |
| Total distributions | | (.10) | | (.29) | | (2.22) | | (1.91) | | (1.18) |
| Net asset value, end of period | $ | 22.52 | $ | 16.39 | $ | 13.85 | $ | 19.23 | $ | 17.06 |
Total Return D,E | | | | 21.03% | | (18.79)% | | 26.35% | | 42.92% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .93% | | .96% | | .97% | | .97% | | .99% |
| Expenses net of fee waivers, if any | | | | .96% | | .97% | | .97% | | .99% |
| Expenses net of all reductions | | .92% | | .96% | | .97% | | .97% | | .99% |
| Net investment income (loss) | | (.35)% | | (.16)% | | (.11)% | | (.02)% C | | (.33)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 2,675 | $ | 1,821 | $ | 1,422 | $ | 1,752 | $ | 1,477 |
Portfolio turnover rate H | | | | 43% | | 40% | | 44% | | 52% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.78 | $ | 13.38 | $ | 18.64 | $ | 16.60 | $ | 12.78 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.11) | | (.06) | | (.05) | | (.04) C | | (.08) |
| Net realized and unrealized gain (loss) | | 6.05 | | 2.75 | | (3.04) | | 3.95 | | 5.08 |
| Total from investment operations | | 5.94 | | 2.69 | | (3.09) | | 3.91 | | 5.00 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.17) | | (1.87) | | (1.18) |
| Total distributions | | (.10) | | (.29) | | (2.17) | | (1.87) | | (1.18) |
| Net asset value, end of period | $ | 21.62 | $ | 15.78 | $ | 13.38 | $ | 18.64 | $ | 16.60 |
Total Return D,E | | | | 20.71% | | (18.95)% | | 25.99% | | 42.54% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.17% | | 1.21% | | 1.21% | | 1.21% | | 1.23% |
| Expenses net of fee waivers, if any | | | | 1.20% | | 1.21% | | 1.21% | | 1.23% |
| Expenses net of all reductions | | 1.16% | | 1.20% | | 1.21% | | 1.21% | | 1.23% |
| Net investment income (loss) | | (.59)% | | (.40)% | | (.36)% | | (.26)% C | | (.57)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 2,061 | $ | 1,619 | $ | 1,437 | $ | 1,938 | $ | 1,747 |
Portfolio turnover rate H | | | | 43% | | 40% | | 44% | | 52% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.28 | $ | 10.54 | $ | 15.14 | $ | 13.84 | $ | 10.90 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.17) | | (.10) | | (.10) | | (.11) C | | (.13) |
| Net realized and unrealized gain (loss) | | 4.71 | | 2.13 | | (2.39) | | 3.24 | | 4.25 |
| Total from investment operations | | 4.54 | | 2.03 | | (2.49) | | 3.13 | | 4.12 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.11) | | (1.83) | | (1.18) |
| Total distributions | | (.10) | | (.29) | | (2.11) | | (1.83) | | (1.18) |
| Net asset value, end of period | $ | 16.72 | $ | 12.28 | $ | 10.54 | $ | 15.14 | $ | 13.84 |
Total Return D,E | | | | 20.01% | | (19.38)% | | 25.36% | | 41.73% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.68% | | 1.74% | | 1.75% | | 1.74% | | 1.78% |
| Expenses net of fee waivers, if any | | | | 1.74% | | 1.75% | | 1.74% | | 1.77% |
| Expenses net of all reductions | | 1.68% | | 1.74% | | 1.75% | | 1.74% | | 1.77% |
| Net investment income (loss) | | (1.11)% | | (.93)% | | (.89)% | | (.79)% C | | (1.12)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 213 | $ | 133 | $ | 98 | $ | 134 | $ | 131 |
Portfolio turnover rate H | | | | 43% | | 40% | | 44% | | 52% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.09)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.99 | $ | 15.95 | $ | 21.82 | $ | 19.10 | $ | 14.46 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | .02 | | .02 | | .05 C | | (.01) |
| Net realized and unrealized gain (loss) | | 7.30 | | 3.31 | | (3.63) | | 4.61 | | 5.83 |
| Total from investment operations | | 7.28 | | 3.33 | | (3.61) | | 4.66 | | 5.82 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.26) | | (1.94) | | (1.18) |
| Total distributions | | (.10) | | (.29) | | (2.26) | | (1.94) | | (1.18) |
| Net asset value, end of period | $ | 26.17 | $ | 18.99 | $ | 15.95 | $ | 21.82 | $ | 19.10 |
Total Return D | | | | 21.40% | | (18.62)% | | 26.65% | | 43.32% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .68% | | .71% | | .72% | | .71% | | .74% |
| Expenses net of fee waivers, if any | | | | .71% | | .71% | | .71% | | .73% |
| Expenses net of all reductions | | .68% | | .71% | | .71% | | .71% | | .73% |
| Net investment income (loss) | | (.11)% | | .09% | | .14% | | .24% C | | (.07)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,832 | $ | 2,548 | $ | 1,285 | $ | 1,067 | $ | 770 |
Portfolio turnover rate G | | | | 43% | | 40% | | 44% | | 52% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.06)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
HPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Equity Growth Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.27 | $ | 16.17 | $ | 22.07 | $ | 19.30 | $ | 14.59 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .04 | | .04 | | .07 D | | .01 |
| Net realized and unrealized gain (loss) | | 7.42 | | 3.35 | | (3.66) | | 4.66 | | 5.88 |
| Total from investment operations | | 7.42 | | 3.39 | | (3.62) | | 4.73 | | 5.89 |
| Distributions from net realized gain | | (.10) | | (.29) | | (2.28) | | (1.96) | | (1.18) |
| Total distributions | | (.10) | | (.29) | | (2.28) | | (1.96) | | (1.18) |
| Net asset value, end of period | $ | 26.59 | $ | 19.27 | $ | 16.17 | $ | 22.07 | $ | 19.30 |
Total Return E | | | | 21.48% | | (18.46)% | | 26.77% | | 43.43% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .57% | | .59% | | .60% | | .60% | | .61% |
| Expenses net of fee waivers, if any | | | | .59% | | .60% | | .60% | | .61% |
| Expenses net of all reductions | | .56% | | .59% | | .60% | | .60% | | .61% |
| Net investment income (loss) | | .01% | | .22% | | .26% | | .35% D | | .05% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,055 | $ | 1,590 | $ | 645 | $ | 285 | $ | 180 |
Portfolio turnover rate H | | | | 43% | | 40% | | 44% | | 52% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the other Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Equity Growth Fund | $25 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, redemptions in-kind, partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,953,281 |
| Gross unrealized depreciation | (143,378) |
| Net unrealized appreciation (depreciation) | $3,809,903 |
| Tax Cost | $8,028,369 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed long-term capital gain | $1,220,314 |
| Net unrealized appreciation (depreciation) on securities and other investments | $3,809,881 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $- | $ - |
| Long-term Capital Gains | 42,611 | 103,218 |
| Total | $42,611 | $ 103,218 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Equity Growth Fund | 6,435,711 | 5,070,836 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Equity Growth Fund | 23,454 | 466,967 | 586,390 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .67 |
| Class M | .66 |
| Class C | .70 |
| Class I | .67 |
| Class Z | .55 |
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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .66 |
| Class M | .66 |
| Class C | .66 |
| Class I | .66 |
| Class Z | .54 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 5,772 | 159 |
| Class M | .25% | .25% | 9,471 | 54 |
| Class C | .75% | .25% | 1,725 | 473 |
| | | | 16,968 | 686 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 1,129 |
| Class M | 38 |
Class CA | 3 |
| | 1,170 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 825 | .1635 |
| Class M | 688 | .1570 |
| Class C | 68 | .1883 |
| Class I | 1,076 | .1641 |
| Class Z | 217 | .0420 |
| 2,874 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Growth Fund | .0147 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Growth Fund | 36 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Equity Growth Fund | Borrower | 57,871 | 4.96% | 72 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Equity Growth Fund | 271,464 | 306,359 | 80,936 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Equity Growth Fund | 15 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Equity Growth Fund | 13 | 5 | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $378.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $10,700 | $29,592 |
| Class M | 9,787 | 30,631 |
| Class C | 1,028 | 2,701 |
| Class I | 11,788 | 27,944 |
| Class Z | 9,308 | 12,350 |
Total | $42,611 | $103,218 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 21,682 | 21,267 | $430,357 | $310,421 |
| Reinvestment of distributions | 581 | 2,171 | 9,924 | 27,414 |
| Shares redeemed | (14,598) | (15,004) | (290,336) | (218,142) |
| Net increase (decrease) | 7,665 | 8,434 | $149,945 | $119,693 |
| Class M | | | | |
| Shares sold | 7,693 | 7,691 | $147,028 | $107,913 |
| Reinvestment of distributions | 582 | 2,457 | 9,560 | 29,949 |
| Shares redeemed | (15,573) | (14,950) | (296,322) | (210,990) |
| Net increase (decrease) | (7,298) | (4,802) | $(139,734) | $(73,128) |
| Class C | | | | |
| Shares sold | 4,581 | 4,131 | $68,502 | $45,054 |
| Reinvestment of distributions | 79 | 276 | 1,007 | 2,629 |
| Shares redeemed | (2,722) | (2,881) | (39,702) | (31,585) |
| Net increase (decrease) | 1,938 | 1,526 | $29,807 | $16,098 |
| Class I | | | | |
| Shares sold | 77,293 | 80,228 | $1,843,401 | $1,321,123 |
| Reinvestment of distributions | 562 | 1,802 | 11,122 | 26,307 |
| Shares redeemed | (65,660) | (28,342) | (1,517,446) | (479,338) |
| Net increase (decrease) | 12,195 | 53,688 | $337,077 | $868,092 |
| Class Z | | | | |
| Shares sold | 60,101 | 58,182 | $1,354,897 | $985,369 |
| Reinvestment of distributions | 438 | 773 | 8,799 | 11,444 |
| Shares redeemed | (28,183) | (16,335) | (676,961) | (280,253) |
| Net increase (decrease) | 32,356 | 42,620 | $686,735 | $716,560 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Equity Growth Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $1,363,154,866, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539469.127
EPG-ANN-0125
Fidelity Advisor® Growth Opportunities Fund
Annual Report
November 30, 2024
Contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Growth Opportunities Fund
Consolidated Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.7% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 19.6% | | | |
| Entertainment - 6.2% | | | |
| Netflix, Inc. (a) | | 525,100 | 465,664 |
| Roblox Corp. Class A (a) | | 507,200 | 25,426 |
| Roku, Inc. Class A (a) | | 10,648,438 | 735,062 |
| Sea Ltd. ADR Class A (a) | | 2,703,792 | 307,692 |
| | | | 1,533,844 |
| Interactive Media & Services - 11.7% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 2,245,060 | 379,303 |
| Class C | | 5,703,680 | 972,420 |
| Epic Games, Inc. (a)(b)(c) | | 56,200 | 37,972 |
| Meta Platforms, Inc. Class A | | 2,618,485 | 1,503,848 |
| Reddit, Inc. Class A | | 71,200 | 10,017 |
| | | | 2,903,560 |
| Media - 0.0% | | | |
| The Trade Desk, Inc. Class A (a) | | 74,300 | 9,551 |
| Wireless Telecommunication Services - 1.7% | | | |
| T-Mobile U.S., Inc. | | 1,742,925 | 430,398 |
TOTAL COMMUNICATION SERVICES | | | 4,877,353 |
| CONSUMER DISCRETIONARY - 12.5% | | | |
| Automobiles - 2.3% | | | |
| General Motors Co. | | 749,200 | 41,648 |
| Neutron Holdings, Inc. (a)(b)(c) | | 474,927 | 25 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 382,384 | 80 |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | | 449,400 | 234 |
| Rivian Automotive, Inc. Class A (a) | | 22,700 | 278 |
| Tesla, Inc. (a) | | 1,505,540 | 519,652 |
| | | | 561,917 |
| Broadline Retail - 5.3% | | | |
| Amazon.com, Inc. (a) | | 6,310,240 | 1,311,836 |
| Lenskart Solutions Pvt Ltd. (a)(b)(c) | | 2,973,550 | 8,551 |
| | | | 1,320,387 |
| Hotels, Restaurants & Leisure - 1.6% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 740,200 | 45,537 |
| Domino's Pizza, Inc. | | 232,200 | 110,571 |
| Hilton Worldwide Holdings, Inc. | | 385,900 | 97,802 |
| Sonder Holdings, Inc.: | | | |
| Stage 1 rights (a)(c) | | 15,489 | 0 |
| Stage 2 rights (a)(c) | | 15,488 | 0 |
| Stage 3 rights (a)(c) | | 15,488 | 0 |
| Stage 4 rights (a)(c) | | 15,488 | 0 |
| Stage 5: | | | |
| rights (a)(c) | | 15,488 | 0 |
| rights (a)(c) | | 15,488 | 0 |
| Starbucks Corp. | | 1,294,800 | 132,665 |
| | | | 386,575 |
| Specialty Retail - 3.3% | | | |
| Carvana Co. Class A (a) | | 1,378,000 | 358,859 |
| Floor & Decor Holdings, Inc. Class A (a) | | 1,207,900 | 135,538 |
| Lowe's Companies, Inc. | | 931,000 | 253,632 |
| Wayfair LLC Class A (a) | | 433,529 | 20,046 |
| Williams-Sonoma, Inc. | | 341,500 | 58,745 |
| | | | 826,820 |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Bombas LLC (b)(c) | | 5,086,874 | 12,310 |
TOTAL CONSUMER DISCRETIONARY | | | 3,108,009 |
| CONSUMER STAPLES - 1.3% | | | |
| Consumer Staples Distribution & Retail - 1.2% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 2,179,600 | 209,895 |
| Walmart, Inc. | | 1,032,900 | 95,543 |
| | | | 305,438 |
| Food Products - 0.0% | | | |
| Bowery Farming, Inc. (a)(c) | | 624,050 | 0 |
| Bowery Farming, Inc. warrants (a)(b)(c) | | 219,265 | 0 |
| | | | 0 |
| Tobacco - 0.1% | | | |
| JUUL Labs, Inc.: | | | |
| Class A (a)(b)(c) | | 19,087,368 | 19,278 |
| Class B (a)(b)(c) | | 2,772 | 3 |
| | | | 19,281 |
TOTAL CONSUMER STAPLES | | | 324,719 |
| FINANCIALS - 7.0% | | | |
| Banks - 0.1% | | | |
| Starling Bank Ltd. Series D (a)(b)(c) | | 6,988,700 | 22,499 |
| Capital Markets - 2.0% | | | |
| Blue Owl Capital, Inc. Class A (d) | | 3,666,400 | 87,004 |
| Coinbase Global, Inc. Class A (a) | | 839,200 | 248,571 |
| LPL Financial | | 476,100 | 154,804 |
| | | | 490,379 |
| Financial Services - 4.9% | | | |
| Apollo Global Management, Inc. | | 1,416,500 | 247,930 |
| Block, Inc. Class A (a) | | 1,482,439 | 131,270 |
| Circle Internet Financial Ltd.: | | | |
| Class E (c) | | 1,497,818 | 42,149 |
| Class F (c) | | 155,650 | 4,380 |
| Fiserv, Inc. (a) | | 811,200 | 179,243 |
| MasterCard, Inc. Class A | | 95,500 | 50,896 |
| Rapyd Financial Network 2016 Ltd. (a)(b)(c) | | 340,545 | 15,447 |
| Visa, Inc. Class A | | 1,737,761 | 547,534 |
| | | | 1,218,849 |
| Insurance - 0.0% | | | |
| Progressive Corp. | | 10,200 | 2,743 |
TOTAL FINANCIALS | | | 1,734,470 |
| HEALTH CARE - 6.0% | | | |
| Biotechnology - 1.2% | | | |
| AbbVie, Inc. | | 11,500 | 2,104 |
| Alnylam Pharmaceuticals, Inc. (a) | | 140,835 | 35,641 |
| Argenx SE ADR (a) | | 97,099 | 59,866 |
| Ascendis Pharma A/S sponsored ADR (a) | | 67,662 | 9,207 |
| Cytokinetics, Inc. (a) | | 1,017,300 | 52,757 |
| Keros Therapeutics, Inc. (a) | | 277,800 | 16,040 |
| Nuvalent, Inc. Class A (a) | | 380,176 | 36,755 |
| Vaxcyte, Inc. (a) | | 1,087,843 | 102,627 |
| | | | 314,997 |
| Health Care Equipment & Supplies - 1.2% | | | |
| Blink Health LLC Series A1 (a)(b)(c) | | 72,562 | 2,588 |
| Boston Scientific Corp. (a) | | 3,244,874 | 294,180 |
| TransMedics Group, Inc. (a) | | 95,600 | 8,289 |
| | | | 305,057 |
| Health Care Providers & Services - 1.1% | | | |
| UnitedHealth Group, Inc. | | 445,767 | 272,007 |
| Pharmaceuticals - 2.5% | | | |
| Eli Lilly & Co. | | 659,900 | 524,851 |
| Merck & Co., Inc. | | 421,900 | 42,882 |
| Novo Nordisk A/S Series B | | 386,300 | 41,400 |
| Structure Therapeutics, Inc. ADR (a) | | 263,100 | 8,722 |
| | | | 617,855 |
TOTAL HEALTH CARE | | | 1,509,916 |
| INDUSTRIALS - 4.5% | | | |
| Aerospace & Defense - 0.7% | | | |
| Axon Enterprise, Inc. (a) | | 117,100 | 75,759 |
| GE Aerospace | | 203,900 | 37,142 |
| Howmet Aerospace, Inc. | | 47,400 | 5,611 |
| Rolls-Royce Holdings PLC sponsored ADR (a) | | 325,900 | 2,311 |
| Space Exploration Technologies Corp. (a)(b)(c) | | 210,047 | 24,559 |
| Space Exploration Technologies Corp. Class C (a)(b)(c) | | 35,804 | 4,186 |
| TransDigm Group, Inc. | | 19,600 | 24,558 |
| | | | 174,126 |
| Building Products - 2.1% | | | |
| Builders FirstSource, Inc. (a) | | 2,760,277 | 514,709 |
| Commercial Services & Supplies - 0.3% | | | |
| ACV Auctions, Inc. Class A (a) | | 3,146,047 | 71,164 |
| Ground Transportation - 1.4% | | | |
| Uber Technologies, Inc. (a) | | 4,812,981 | 346,342 |
| Machinery - 0.0% | | | |
| Symbotic, Inc. (a)(d) | | 231,900 | 6,238 |
TOTAL INDUSTRIALS | | | 1,112,579 |
| INFORMATION TECHNOLOGY - 45.5% | | | |
| Communications Equipment - 0.6% | | | |
| Arista Networks, Inc. (a) | | 391,400 | 158,838 |
| Electronic Equipment, Instruments & Components - 1.6% | | | |
| Flex Ltd. (a) | | 10,307,399 | 401,679 |
| IT Services - 1.0% | | | |
| MongoDB, Inc. Class A (a) | | 479,800 | 154,731 |
| Shopify, Inc. Class A (a) | | 860,500 | 99,474 |
| | | | 254,205 |
| Semiconductors & Semiconductor Equipment - 23.0% | | | |
| Advanced Micro Devices, Inc. (a) | | 1,898,400 | 260,413 |
| Analog Devices, Inc. | | 9,400 | 2,050 |
| Arm Holdings Ltd. ADR (a) | | 2,000 | 269 |
| Astera Labs, Inc. (a) | | 280,073 | 28,918 |
| Broadcom, Inc. | | 4,764,000 | 772,149 |
| Marvell Technology, Inc. | | 3,886,130 | 360,205 |
| Micron Technology, Inc. | | 1,187,100 | 116,276 |
| NVIDIA Corp. | | 23,735,820 | 3,281,489 |
| NXP Semiconductors NV | | 1,134,567 | 260,236 |
| ON Semiconductor Corp. (a) | | 3,822,761 | 271,875 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,996,200 | 368,618 |
| Xsight Labs Ltd. warrants 1/11/34 (a)(b)(c) | | 54,999 | 180 |
| | | | 5,722,678 |
| Software - 13.0% | | | |
| AppLovin Corp. Class A, (a) | | 929,200 | 312,908 |
| Cadence Design Systems, Inc. (a) | | 12,800 | 3,927 |
| Convoy, Inc. warrants (a)(b)(c) | | 68,035 | 0 |
| CoreWeave, Inc. Class A (b)(c) | | 18,767 | 17,638 |
| Datadog, Inc. Class A (a) | | 842,600 | 128,707 |
| HubSpot, Inc. (a) | | 93,849 | 67,670 |
| Informatica, Inc. Class A (a) | | 504,100 | 13,369 |
| Microsoft Corp. | | 4,861,615 | 2,058,699 |
| Monday.com Ltd. (a) | | 18,300 | 5,222 |
| Open AI Global LLC rights (a)(b)(c) | | 4,034,677 | 4,035 |
| Oracle Corp. | | 1,625,000 | 300,365 |
| Palantir Technologies, Inc. Class A (a) | | 70,100 | 4,702 |
| Pine Labs Private Ltd. (a)(b)(c) | | 16,636 | 6,185 |
| Samsara, Inc. Class A (a) | | 338,200 | 18,090 |
| SAP SE | | 436,400 | 103,630 |
| ServiceNow, Inc. (a) | | 159,658 | 167,551 |
| Stripe, Inc. Class B (a)(b)(c) | | 73,500 | 2,022 |
| Synopsys, Inc. (a) | | 13,700 | 7,651 |
| Zscaler, Inc. (a) | | 25,700 | 5,309 |
| | | | 3,227,680 |
| Technology Hardware, Storage & Peripherals - 6.3% | | | |
| Apple, Inc. | | 5,511,660 | 1,308,082 |
| Dell Technologies, Inc. Class C | | 2,129,300 | 271,677 |
| Western Digital Corp. (a) | | 29,000 | 2,117 |
| | | | 1,581,876 |
TOTAL INFORMATION TECHNOLOGY | | | 11,346,956 |
| MATERIALS - 0.2% | | | |
| Construction Materials - 0.2% | | | |
| Martin Marietta Materials, Inc. | | 99,300 | 59,580 |
| UTILITIES - 1.1% | | | |
| Electric Utilities - 1.1% | | | |
| Constellation Energy Corp. | | 1,025,500 | 263,102 |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Vistra Corp. | | 73,300 | 11,716 |
TOTAL UTILITIES | | | 274,818 |
| TOTAL COMMON STOCKS (Cost $11,649,058) | | | 24,348,400 |
| | | | |
| Convertible Preferred Stocks - 2.0% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 116,411 | 27,947 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. Series 1C (a)(b)(c) | | 6,477,300 | 336 |
| Rad Power Bikes, Inc.: | | | |
| Series A (a)(b)(c) | | 49,852 | 10 |
| Series C (a)(b)(c) | | 196,163 | 112 |
| Series D (a)(b)(c) | | 415,700 | 395 |
| Waymo LLC: | | | |
| Series A2 (a)(b)(c) | | 47,838 | 3,052 |
| Series C2 (b)(c) | | 103,289 | 8,031 |
| | | | 11,936 |
| Broadline Retail - 0.1% | | | |
| Meesho: | | | |
| Series D2 (b)(c) | | 66,304 | 3,670 |
| Series E (b)(c) | | 11,045 | 611 |
| Series E1 (b)(c) | | 17,820 | 986 |
| Series F (a)(b)(c) | | 254,051 | 14,306 |
| | | | 19,573 |
TOTAL CONSUMER DISCRETIONARY | | | 31,509 |
| CONSUMER STAPLES - 0.0% | | | |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| GoBrands, Inc. Series G (a)(b)(c) | | 70,400 | 2,644 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc.: | | | |
| Series C (a)(b)(c) | | 566,439 | 572 |
| Series D (a)(b)(c) | | 3,671 | 4 |
| | | | 576 |
TOTAL CONSUMER STAPLES | | | 3,220 |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Tenstorrent Holdings, Inc.: | | | |
| Series C1 (b)(c)(e) | | 63,679 | 4,724 |
| Series D1 (b)(c) | | 34,400 | 2,712 |
| | | | 7,436 |
| HEALTH CARE - 0.1% | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Blink Health LLC: | | | |
| Series C (a)(b)(c) | | 234,164 | 8,353 |
| Series D (b)(c) | | 50,268 | 1,793 |
| | | | 10,146 |
| Health Care Providers & Services - 0.0% | | | |
| Thriveworks TopCo LLC Series B (a)(b)(c)(f) | | 764,320 | 3,470 |
| Health Care Technology - 0.0% | | | |
| Aledade, Inc. Series E1 (a)(b)(c) | | 153,312 | 5,804 |
TOTAL HEALTH CARE | | | 19,420 |
| INDUSTRIALS - 0.6% | | | |
| Aerospace & Defense - 0.4% | | | |
| Anduril Industries, Inc. Series F (b)(c) | | 556,061 | 13,801 |
| Relativity Space, Inc. Series E (a)(b)(c) | | 1,068,417 | 865 |
| Space Exploration Technologies Corp.: | | | |
| Series I (a)(b)(c) | | 16,438 | 19,219 |
| Series N (a)(b)(c) | | 51,400 | 60,097 |
| | | | 93,982 |
| Air Freight & Logistics - 0.0% | | | |
| Zipline International, Inc. Series G (b)(c) | | 191,430 | 8,030 |
| Construction & Engineering - 0.2% | | | |
| Beta Technologies, Inc.: | | | |
| Series A (a)(b)(c) | | 441,839 | 50,577 |
| Series C, 6.00% (b)(c) | | 33,500 | 3,835 |
| | | | 54,412 |
TOTAL INDUSTRIALS | | | 156,424 |
| INFORMATION TECHNOLOGY - 1.0% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| CelLink Corp. Series D (a)(b)(c) | | 380,829 | 2,133 |
| Enevate Corp. Series E (a)(b)(c) | | 7,873,996 | 4,331 |
| VAST Data Ltd.: | | | |
| Series A (b)(c) | | 54,250 | 1,103 |
| Series A1 (b)(c) | | 133,528 | 2,716 |
| Series A2 (b)(c) | | 153,600 | 3,124 |
| Series B (b)(c) | | 122,222 | 2,486 |
| Series C (b)(c) | | 3,563 | 72 |
| Series E (b)(c) | | 116,791 | 2,376 |
| | | | 18,341 |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 509,400 | 4,040 |
| Yanka Industries, Inc.: | | | |
| Series E (a)(b)(c) | | 341,047 | 1,125 |
| Series F (a)(b)(c) | | 380,955 | 2,042 |
| | | | 7,207 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| Sima Technologies, Inc.: | | | |
| Series B (a)(b)(c) | | 1,198,500 | 7,515 |
| Series B1 (a)(b)(c) | | 171,099 | 1,252 |
| Xsight Labs Ltd.: | | | |
| Series D (a)(b)(c) | | 501,100 | 3,412 |
| Series D1 (b)(c) | | 183,329 | 1,758 |
| | | | 13,937 |
| Software - 0.8% | | | |
| Anthropic PBC Series D (b)(c) | | 66,894 | 2,505 |
| Bolt Technology OU Series E (a)(b)(c) | | 290,611 | 54,495 |
| Convoy, Inc. Series D (a)(b)(c) | | 1,038,289 | 0 |
| CoreWeave, Inc. Series C (b)(c) | | 653 | 698 |
| Databricks, Inc.: | | | |
| Series G (a)(b)(c) | | 181,200 | 16,203 |
| Series H (a)(b)(c) | | 32,352 | 2,893 |
| Series I (a)(b)(c) | | 2,463 | 220 |
| Lyte AI, Inc. Series B (b)(c) | | 290,100 | 3,658 |
| Moloco, Inc. Series A (a)(b)(c) | | 265,144 | 16,776 |
| Mountain Digital, Inc. Series D (a)(b)(c) | | 896,466 | 14,854 |
| Pine Labs Private Ltd.: | | | |
| Series 1 (a)(b)(c) | | 39,764 | 14,784 |
| Series A (a)(b)(c) | | 9,936 | 3,694 |
| Series B (a)(b)(c) | | 10,808 | 4,018 |
| Series B2 (a)(b)(c) | | 8,745 | 3,251 |
| Series C (a)(b)(c) | | 16,265 | 6,047 |
| Series C1 (a)(b)(c) | | 3,427 | 1,274 |
| Series D (a)(b)(c) | | 3,667 | 1,363 |
| Runway AI, Inc. Series D (b)(c) | | 74,463 | 8,073 |
| Skyryse, Inc. Series B (a)(b)(c) | | 244,100 | 5,504 |
| Stripe, Inc. Series H (a)(b)(c) | | 165,183 | 4,544 |
| xAI Corp.: | | | |
| Series B (b)(c) | | 1,044,317 | 22,609 |
| Series C (b)(c) | | 559,691 | 12,117 |
| | | | 199,580 |
TOTAL INFORMATION TECHNOLOGY | | | 239,065 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 674,317 | 18,611 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $524,804) | | | 503,632 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (g) (000s) | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 5/22/27 (b)(c) | | 843 | 1,921 |
| 4% 6/12/27 (b)(c) | | 232 | 528 |
| 7.5% 10/29/26 (b)(c)(h) | | 14,258 | 16,758 |
| | | | 19,207 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 10% 5/12/25 (b)(c) | | 122 | 123 |
| Software - 0.0% | | | |
| Convoy, Inc. 15% 9/30/26 (b)(c) | | 453 | 0 |
TOTAL INFORMATION TECHNOLOGY | | | 123 |
| TOTAL CONVERTIBLE BONDS (Cost $15,908) | | | 19,330 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (g) (000s) | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | | 449 | 587 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 6% (b)(c)(e) | | 409 | 359 |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Sima Technologies, Inc. 10% 12/31/27 (b)(c) | | 1,305 | 1,339 |
| Xsight Labs Ltd. 0% (b)(c) | | 738 | 738 |
| | | | 2,077 |
TOTAL INFORMATION TECHNOLOGY | | | 2,436 |
| TOTAL PREFERRED SECURITIES (Cost $2,901) | | | 3,023 |
| | | | |
| Money Market Funds - 0.3% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (i) | | 68,994,614 | 69,008 |
| Fidelity Securities Lending Cash Central Fund 4.64% (i)(j) | | 5,810,750 | 5,811 |
| TOTAL MONEY MARKET FUNDS (Cost $74,819) | | | 74,819 |
| | | | |
| Equity Funds - 0.0% |
| | | Shares | Value ($) (000s) |
| Domestic Equity Funds - 0.0% | | | |
iShares Russell 1000 Growth ETF (Cost $9,369) | | 23,800 | 9,481 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $12,276,859) | 24,958,685 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (23,416) |
| NET ASSETS - 100.0% | 24,935,269 |
| | |
Security Type Abbreviations
Any values shown as $0 in the Consolidated Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $703,777,000 or 2.8% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Security is perpetual in nature with no stated maturity date. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Aledade, Inc. Series E1 | 5/20/22 | 7,637 |
| | | |
| Anduril Industries, Inc. Series F | 8/07/24 | 12,087 |
| | | |
| Anthropic PBC Series D | 5/31/24 | 2,007 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 32,374 |
| | | |
| Beta Technologies, Inc. Series C, 6.00% | 10/24/24 | 3,835 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 - 6/17/24 | 2,073 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 8,939 |
| | | |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 2,111 |
| | | |
| Bolt Technology OU Series E | 1/03/22 | 75,500 |
| | | |
| Bombas LLC | 2/16/21 - 11/12/21 | 24,316 |
| | | |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 12,756 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 7,930 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 14,058 |
| | | |
| Convoy, Inc. warrants | 3/24/23 | 0 |
| | | |
| Convoy, Inc. 15% 9/30/26 | 3/24/23 | 453 |
| | | |
| CoreWeave, Inc. Class A | 11/29/23 - 10/03/24 | 11,224 |
| | | |
| CoreWeave, Inc. Series C | 5/17/24 | 509 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 10,713 |
| | | |
| Databricks, Inc. Series H | 8/31/21 | 2,377 |
| | | |
| Databricks, Inc. Series I | 9/14/23 | 181 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 16,184 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 8,730 |
| | | |
| Enevate Corp. 6% | 11/02/23 | 409 |
| | | |
| Enevate Corp. 10% 5/12/25 | 11/12/24 | 122 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 45,615 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 17,580 |
| | | |
| Gupshup, Inc. | 6/08/21 | 11,648 |
| | | |
| JUUL Labs, Inc. Class A | 2/23/24 | 19,373 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 | 0 |
| | | |
| Lenskart Solutions Pvt Ltd. | 4/30/24 | 8,195 |
| | | |
| Lyte AI, Inc. Series B | 8/13/24 | 3,680 |
| | | |
| Meesho Series D2 | 7/15/24 | 3,713 |
| | | |
| Meesho Series E | 7/15/24 | 619 |
| | | |
| Meesho Series E1 | 4/18/24 | 998 |
| | | |
| Meesho Series F | 9/21/21 - 7/15/24 | 19,267 |
| | | |
| Moloco, Inc. Series A | 6/26/23 | 15,909 |
| | | |
| Mountain Digital, Inc. Series D | 11/05/21 | 20,588 |
| | | |
| Neutron Holdings, Inc. | 2/04/21 | 5 |
| | | |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 1,184 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 843 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 232 |
| | | |
| Neutron Holdings, Inc. 7.5% 10/29/26 | 10/29/21 - 10/27/24 | 14,258 |
| | | |
| Open AI Global LLC rights | 9/30/24 | 4,035 |
| | | |
| Pine Labs Private Ltd. | 6/30/21 | 6,203 |
| | | |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | 14,826 |
| | | |
| Pine Labs Private Ltd. Series A | 6/30/21 | 3,705 |
| | | |
| Pine Labs Private Ltd. Series B | 6/30/21 | 4,030 |
| | | |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | 3,261 |
| | | |
| Pine Labs Private Ltd. Series C | 6/30/21 | 6,065 |
| | | |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | 1,278 |
| | | |
| Pine Labs Private Ltd. Series D | 6/30/21 | 1,367 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 1,845 |
| | | |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 240 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 946 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 3,984 |
| | | |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 449 |
| | | |
| Rapyd Financial Network 2016 Ltd. | 3/30/21 | 25,000 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 24,397 |
| | | |
| Runway AI, Inc. Series D | 9/06/24 | 8,073 |
| | | |
| Sima Technologies, Inc. Series B | 5/10/21 | 6,145 |
| | | |
| Sima Technologies, Inc. Series B1 | 4/25/22 - 10/17/22 | 1,213 |
| | | |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 - 10/05/24 | 1,305 |
| | | |
| Skyryse, Inc. Series B | 10/21/21 | 6,024 |
| | | |
| Space Exploration Technologies Corp. | 2/16/21 - 8/30/24 | 16,546 |
| | | |
| Space Exploration Technologies Corp. Class C | 4/02/24 - 7/01/24 | 3,704 |
| | | |
| Space Exploration Technologies Corp. Series I | 4/05/18 | 2,778 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 13,878 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 13,359 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 2,949 |
| | | |
| Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 6,628 |
| | | |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 3,786 |
| | | |
| Tenstorrent Holdings, Inc. Series D1 | 7/16/24 | 2,712 |
| | | |
| Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 21,938 |
| | | |
| VAST Data Ltd. Series A | 11/28/23 | 597 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 1,469 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 1,690 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 1,344 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 39 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 2,569 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 4,108 |
| | | |
| Waymo LLC Series C2 | 10/18/24 | 8,077 |
| | | |
| xAI Corp. Series B | 5/13/24 | 12,500 |
| | | |
| xAI Corp. Series C | 11/22/24 | 12,117 |
| | | |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 4,007 |
| | | |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 1,466 |
| | | |
| Xsight Labs Ltd. 0% | 11/04/24 | 738 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 4,120 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 12,144 |
| | | |
| Zipline International, Inc. Series G | 6/07/24 | 8,030 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 33,286 | 3,194,267 | 3,158,551 | 2,446 | 6 | - | 69,008 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 248,823 | 1,132,015 | 1,375,027 | 316 | - | - | 5,811 | 0.0% |
| Total | 282,109 | 4,326,282 | 4,533,578 | 2,762 | 6 | - | 74,819 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 4,905,300 | 4,839,381 | - | 65,919 |
Consumer Discretionary | 3,139,518 | 3,086,809 | - | 52,709 |
Consumer Staples | 327,939 | 305,438 | - | 22,501 |
Financials | 1,741,906 | 1,649,995 | - | 91,911 |
Health Care | 1,529,336 | 1,465,928 | 41,400 | 22,008 |
Industrials | 1,269,003 | 1,083,834 | - | 185,169 |
Information Technology | 11,586,021 | 11,213,266 | 103,630 | 269,125 |
Materials | 78,191 | 59,580 | - | 18,611 |
Utilities | 274,818 | 274,818 | - | - |
|
| Corporate Bonds | 19,330 | - | - | 19,330 |
|
| Preferred Securities | 3,023 | - | - | 3,023 |
|
| Money Market Funds | 74,819 | 74,819 | - | - |
|
| Equity Funds | 9,481 | 9,481 | - | - |
| Total Investments in Securities: | 24,958,685 | 24,063,349 | 145,030 | 750,306 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Information Technology | | | |
| Beginning Balance | $ | 169,443 | |
| Net Realized Gain (Loss) on Investment Securities | | 9 | |
| Net Unrealized Gain (Loss) on Investment Securities | | 47,386 | |
| Cost of Purchases | | 52,457 | |
| Proceeds of Sales | | (170) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 269,125 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | 47,386 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 409,063 | |
| Net Realized Gain (Loss) on Investment Securities | | (1,534) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 31,599 | |
| Cost of Purchases | | 91,110 | |
| Proceeds of Sales | | (49,057) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 481,181 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | 6,429 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | |
Consolidated Financial Statements
| Consolidated Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $6,275) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $12,202,040) | $ | 24,883,866 | | |
Fidelity Central Funds (cost $74,819) | | 74,819 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $12,276,859) | | | $ | 24,958,685 |
| Cash | | | | 1 |
| Foreign currency held at value (cost $21) | | | | 21 |
| Receivable for fund shares sold | | | | 6,436 |
| Dividends receivable | | | | 9,315 |
| Interest receivable | | | | 435 |
| Distributions receivable from Fidelity Central Funds | | | | 279 |
| Prepaid expenses | | | | 23 |
| Other receivables | | | | 237 |
Total assets | | | | 24,975,432 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 13,713 | | |
| Payable for fund shares redeemed | | 6,999 | | |
| Accrued management fee | | 9,874 | | |
| Distribution and service plan fees payable | | 3,495 | | |
| Other payables and accrued expenses | | 290 | | |
| Collateral on securities loaned | | 5,792 | | |
| Total liabilities | | | | 40,163 |
| Net Assets | | | $ | 24,935,269 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 12,543,653 |
| Total accumulated earnings (loss) | | | | 12,391,616 |
| Net Assets | | | $ | 24,935,269 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($4,999,430 ÷ 28,083 shares)(a) | | | $ | 178.02 |
| Maximum offering price per share (100/94.25 of $178.02) | | | $ | 188.88 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($3,443,069 ÷ 19,737 shares)(a) | | | $ | 174.45 |
| Maximum offering price per share (100/96.50 of $174.45) | | | $ | 180.78 |
| Class C : | | | | |
Net Asset Value and offering price per share ($1,275,109 ÷ 8,996 shares)(a)(b) | | | $ | 141.75 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($10,638,599 ÷ 53,748 shares)(b) | | | $ | 197.94 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($4,579,062 ÷ 22,785 shares) | | | $ | 200.97 |
(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. |
| Consolidated Statement of Operations |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 81,315 |
| Interest | | | | 964 |
| Income from Fidelity Central Funds (including $316 from security lending) | | | | 2,762 |
| Total income | | | | 85,041 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 129,934 | | |
| Performance adjustment | | (37,251) | | |
| Transfer agent fees | | 6,849 | | |
| Distribution and service plan fees | | 36,901 | | |
| Accounting fees | | 397 | | |
| Custodian fees and expenses | | 229 | | |
| Independent trustees' fees and expenses | | 91 | | |
| Registration fees | | 334 | | |
| Audit fees | | 82 | | |
| Legal | | 24 | | |
| Interest | | 62 | | |
| Miscellaneous | | 540 | | |
| Total expenses before reductions | | 138,192 | | |
| Expense reductions | | (839) | | |
| Total expenses after reductions | | | | 137,353 |
| Net Investment income (loss) | | | | (52,312) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 2,096,379 | | |
| Fidelity Central Funds | | 6 | | |
| Foreign currency transactions | | 380 | | |
| Total net realized gain (loss) | | | | 2,096,765 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $111) | | 6,044,468 | | |
| Assets and liabilities in foreign currencies | | (41) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 6,044,427 |
| Net gain (loss) | | | | 8,141,192 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 8,088,880 |
| Consolidated Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (52,312) | $ | (26,886) |
| Net realized gain (loss) | | 2,096,765 | | (315,578) |
| Change in net unrealized appreciation (depreciation) | | 6,044,427 | | 3,775,315 |
| Net increase (decrease) in net assets resulting from operations | | 8,088,880 | | 3,432,851 |
| Share transactions - net increase (decrease) | | (435,223) | | (1,067,199) |
| Total increase (decrease) in net assets | | 7,653,657 | | 2,365,652 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 17,281,612 | | 14,915,960 |
| End of period | $ | 24,935,269 | $ | 17,281,612 |
| | | | | |
| | | | | |
Consolidated Financial Highlights
Fidelity Advisor® Growth Opportunities Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 120.74 | $ | 96.87 | $ | 159.95 | $ | 141.06 | $ | 90.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.52) | | (.29) | | (.38) | | (1.06) | | (.56) |
| Net realized and unrealized gain (loss) | | 57.80 | | 24.16 | | (48.08) | | 27.68 | | 55.26 |
| Total from investment operations | | 57.28 | | 23.87 | | (48.46) | | 26.62 | | 54.70 |
| Distributions from net realized gain | | - | | - | | (14.62) | | (7.73) | | (3.64) |
| Total distributions | | - | | - | | (14.62) | | (7.73) | | (3.64) |
| Net asset value, end of period | $ | 178.02 | $ | 120.74 | $ | 96.87 | $ | 159.95 | $ | 141.06 |
Total Return C,D | | | | 24.64% | | (33.31)% | | 19.60% | | 63.12% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .75% | | .72% | | .89% | | 1.04% | | 1.06% |
| Expenses net of fee waivers, if any | | | | .72% | | .89% | | 1.04% | | 1.06% |
| Expenses net of all reductions | | .74% | | .72% | | .89% | | 1.04% | | 1.06% |
| Net investment income (loss) | | (.34)% | | (.27)% | | (.35)% | | (.68)% | | (.52)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 4,999 | $ | 3,384 | $ | 2,749 | $ | 4,184 | $ | 3,037 |
Portfolio turnover rate G | | | | 50% H | | 75% | | 66% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the sales charges.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 118.60 | $ | 95.39 | $ | 157.62 | $ | 139.13 | $ | 89.03 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.87) | | (.53) | | (.64) | | (1.41) | | (.79) |
| Net realized and unrealized gain (loss) | | 56.72 | | 23.74 | | (47.42) | | 27.31 | | 54.53 |
| Total from investment operations | | 55.85 | | 23.21 | | (48.06) | | 25.90 | | 53.74 |
| Distributions from net realized gain | | - | | - | | (14.17) | | (7.41) | | (3.64) |
| Total distributions | | - | | - | | (14.17) | | (7.41) | | (3.64) |
| Net asset value, end of period | $ | 174.45 | $ | 118.60 | $ | 95.39 | $ | 157.62 | $ | 139.13 |
Total Return C,D | | | | 24.33% | | (33.47)% | | 19.31% | | 62.71% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .99% | | .96% | | 1.13% | | 1.28% | | 1.30% |
| Expenses net of fee waivers, if any | | | | .96% | | 1.13% | | 1.28% | | 1.30% |
| Expenses net of all reductions | | .99% | | .96% | | 1.13% | | 1.28% | | 1.30% |
| Net investment income (loss) | | (.59)% | | (.51)% | | (.59)% | | (.93)% | | (.76)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,443 | $ | 2,513 | $ | 2,136 | $ | 3,481 | $ | 3,153 |
Portfolio turnover rate G | | | | 50% H | | 75% | | 66% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the sales charges.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 96.86 | $ | 78.30 | $ | 132.10 | $ | 118.14 | $ | 76.50 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (1.32) | | (.88) | | (.99) | | (1.85) | | (1.15) |
| Net realized and unrealized gain (loss) | | 46.21 | | 19.44 | | (39.09) | | 23.04 | | 46.43 |
| Total from investment operations | | 44.89 | | 18.56 | | (40.08) | | 21.19 | | 45.28 |
| Distributions from net realized gain | | - | | - | | (13.72) | | (7.23) | | (3.64) |
| Total distributions | | - | | - | | (13.72) | | (7.23) | | (3.64) |
| Net asset value, end of period | $ | 141.75 | $ | 96.86 | $ | 78.30 | $ | 132.10 | $ | 118.14 |
Total Return C,D | | | | 23.70% | | (33.81)% | | 18.70% | | 61.89% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | 1.50% | | 1.48% | | 1.65% | | 1.80% | | 1.81% |
| Expenses net of fee waivers, if any | | | | 1.47% | | 1.64% | | 1.80% | | 1.81% |
| Expenses net of all reductions | | 1.49% | | 1.47% | | 1.64% | | 1.80% | | 1.81% |
| Net investment income (loss) | | (1.09)% | | (1.02)% | | (1.10)% | | (1.44)% | | (1.27)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,275 | $ | 925 | $ | 828 | $ | 1,413 | $ | 1,159 |
Portfolio turnover rate G | | | | 50% H | | 75% | | 66% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 133.91 | $ | 107.16 | $ | 175.33 | $ | 153.77 | $ | 97.56 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.15) | | (.02) | | (.12) | | (.74) | | (.31) |
| Net realized and unrealized gain (loss) | | 64.18 | | 26.77 | | (53.08) | | 30.27 | | 60.16 |
| Total from investment operations | | 64.03 | | 26.75 | | (53.20) | | 29.53 | | 59.85 |
| Distributions from net realized gain | | - | | - | | (14.97) | | (7.97) | | (3.64) |
| Total distributions | | - | | - | | (14.97) | | (7.97) | | (3.64) |
| Net asset value, end of period | $ | 197.94 | $ | 133.91 | $ | 107.16 | $ | 175.33 | $ | 153.77 |
Total Return C | | | | 24.96% | | (33.15)% | | 19.90% | | 63.52% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .50% | | .47% | | .64% | | .79% | | .80% |
| Expenses net of fee waivers, if any | | | | .47% | | .64% | | .79% | | .80% |
| Expenses net of all reductions | | .49% | | .47% | | .64% | | .79% | | .80% |
| Net investment income (loss) | | (.09)% | | (.02)% | | (.10)% | | (.43)% | | (.26)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 10,639 | $ | 7,615 | $ | 6,873 | $ | 12,620 | $ | 8,282 |
Portfolio turnover rate F | | | | 50% G | | 75% | | 66% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
GPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Growth Opportunities Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 135.80 | $ | 108.54 | $ | 177.37 | $ | 155.40 | $ | 98.44 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .13 | | .03 | | (.54) | | (.17) |
| Net realized and unrealized gain (loss) | | 65.13 | | 27.13 | | (53.71) | | 30.58 | | 60.77 |
| Total from investment operations | | 65.17 | | 27.26 | | (53.68) | | 30.04 | | 60.60 |
| Distributions from net realized gain | | - | | - | | (15.15) | | (8.07) | | (3.64) |
| Total distributions | | - | | - | | (15.15) | | (8.07) | | (3.64) |
| Net asset value, end of period | $ | 200.97 | $ | 135.80 | $ | 108.54 | $ | 177.37 | $ | 155.40 |
Total Return C | | | | 25.12% | | (33.06)% | | 20.04% | | 63.72% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .38% | | .35% | | .52% | | .67% | | .69% |
| Expenses net of fee waivers, if any | | | | .34% | | .51% | | .67% | | .68% |
| Expenses net of all reductions | | .38% | | .34% | | .51% | | .67% | | .68% |
| Net investment income (loss) | | .02% | | .11% | | .03% | | (.31)% | | (.15)% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 4,579 | $ | 2,844 | $ | 2,330 | $ | 3,828 | $ | 2,826 |
Portfolio turnover rate F | | | | 50% G | | 75% | | 66% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
GPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input* |
| Equities | $727,953 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.0 - 61.8 / 11.7 | Increase |
| | | | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.0 - 23.9 / 22.7 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 14.0 | Increase |
| | | Market approach | Transaction price | $1.10 - $78.20 / $33.37 | Increase |
| | | | Discount rate | 60.0% | Decrease |
| | | | Premium rate | 25.0% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.2% - 4.5% / 4.3% | Increase |
| | | | Term | 1.0 - 5.0 / 2.9 | Increase |
| | | | Volatility | 50.0% - 100.0% / 66.0% | Increase |
| Corporate Bonds | $19,330 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 35.4% | Decrease |
| | | | Probability rate | 0.0% - 50.0% / 25.0% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.4% - 5.2% / 4.4% | Increase |
| | | | Term | 0.1 - 1.1 / 1.1 | Increase |
| | | | Volatility | 75.0% - 100.0% / 75.2% | Increase |
| Preferred Securities | $3,023 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 21.7% - 37.9% / 34.4% | Decrease |
| | | | Probability rate | 0.0% - 60.0% / 33.1% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.3% - 5.2% / 4.5% | Increase |
| | | | Term | 0.4 - 2.1 / 1.0 | Increase |
| | | | Volatility | 50.0% - 100.0% / 60.4% | Increase |
| | | | | | |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Advisor Growth Opportunities Fund | $12 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $12,950,259 |
| Gross unrealized depreciation | (313,823) |
| Net unrealized appreciation (depreciation) | $12,636,436 |
| Tax Cost | $12,322,249 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(208,859) |
| Net unrealized appreciation (depreciation) on securities and other investments | $12,636,408 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(208,859) |
Long-term | (-) |
| Total capital loss carryforward | $(208,859) |
The Fund intends to elect to defer to its next fiscal year $35,820 of ordinary losses recognized during the period January 1, 2024 to November 30, 2024.
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $- | $- |
| Long-term Capital Gains | - | - |
| Total | $- | $ - |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| | Amount ($) | % of Net Assets |
| Fidelity Advisor Growth Opportunities Fund | 3,470 | .01 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Growth Opportunities Fund | 11,706,259 | 12,209,215 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Advisor Growth Opportunities Fund | 90 | 9,166 | 10,082 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .67 |
| Class M | .66 |
| Class C | .67 |
| Class I | .67 |
| Class Z | .54 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .66 |
| Class M | .66 |
| Class C | .66 |
| Class I | .66 |
| Class Z | .54 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Growth Opportunities Fund | Russell 1000 Growth Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the asset-weighted return of all classes. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was (.17)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 10,550 | 193 |
| Class M | .25% | .25% | 15,174 | 51 |
| Class C | .75% | .25% | 11,177 | 1,297 |
| | | | 36,901 | 1,541 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 2,259 |
| Class M | 81 |
Class CA | 5 |
| | 2,345 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 1,553 | .1666 |
| Class M | 1,084 | .1573 |
| Class C | 437 | .1724 |
| Class I | 3,448 | .1660 |
| Class Z | 327 | .0420 |
| | 6,849 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Growth Opportunities Fund | .0085 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Growth Opportunities Fund | 167 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Growth Opportunities Fund | Borrower | | 20,980 | 5.58% | 62 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Growth Opportunities Fund | 719,664 | 722,686 | 57,952 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Growth Opportunities Fund | 32 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Growth Opportunities Fund | 33 | 10 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $835.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth Opportunities Fund | | | | |
| Class A | | | | |
| Shares sold | 4,556 | 4,751 | $687,089 | $506,438 |
| Shares redeemed | (4,497) | (5,107) | (671,876) | (529,835) |
| Net increase (decrease) | 59 | (356) | $15,213 | $(23,397) |
| Class M | | | | |
| Shares sold | 1,798 | 1,865 | $262,118 | $195,104 |
| Shares redeemed | (3,252) | (3,069) | (478,295) | (317,685) |
| Net increase (decrease) | (1,454) | (1,204) | $(216,177) | $(122,581) |
| Class C | | | | |
| Shares sold | 1,230 | 1,331 | $147,007 | $113,706 |
| Shares redeemed | (1,785) | (2,350) | (214,263) | (197,044) |
| Net increase (decrease) | (555) | (1,019) | $(67,256) | $(83,338) |
| Class I | | | | |
| Shares sold | 12,186 | 15,365 | $2,037,492 | $1,790,597 |
| Shares redeemed | (15,308) | (22,630) | (2,536,966) | (2,584,365) |
| Net increase (decrease) | (3,122) | (7,265) | $(499,474) | $(793,768) |
| Class Z | | | | |
| Shares sold | 7,940 | 6,638 | $1,362,681 | $785,386 |
| Shares redeemed | (6,099) | (7,160) | (1,030,210) | (829,501) |
| Net increase (decrease) | 1,841 | (522) | $332,471 | $(44,115) |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Growth Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Advisor Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the consolidated schedule of investments, as of November 30, 2024, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.704314.127
GO-ANN-0125
Fidelity Advisor® Equity Value Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Equity Value Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 96.7% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 4.2% | | | |
| Entertainment - 1.6% | | | |
| The Walt Disney Co. | | 30,611 | 3,595,874 |
| Media - 2.6% | | | |
| Comcast Corp. Class A | | 140,218 | 6,056,015 |
TOTAL COMMUNICATION SERVICES | | | 9,651,889 |
| CONSUMER DISCRETIONARY - 4.7% | | | |
| Automobile Components - 0.2% | | | |
| Autoliv, Inc. | | 3,500 | 346,920 |
| Diversified Consumer Services - 1.1% | | | |
| H&R Block, Inc. | | 43,579 | 2,583,363 |
| Household Durables - 0.2% | | | |
| Berkeley Group Holdings PLC | | 8,394 | 443,615 |
| Specialty Retail - 2.8% | | | |
| Lowe's Companies, Inc. | | 8,125 | 2,213,494 |
| Murphy U.S.A., Inc. | | 1,700 | 931,260 |
| Ross Stores, Inc. | | 13,270 | 2,055,125 |
| Ulta Beauty, Inc. (a) | | 3,400 | 1,314,576 |
| | | | 6,514,455 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| Tapestry, Inc. | | 14,600 | 909,288 |
TOTAL CONSUMER DISCRETIONARY | | | 10,797,641 |
| CONSUMER STAPLES - 10.2% | | | |
| Beverages - 3.2% | | | |
| Coca-Cola Europacific Partners PLC | | 18,531 | 1,437,635 |
| Diageo PLC | | 40,080 | 1,197,380 |
| Keurig Dr. Pepper, Inc. | | 66,502 | 2,171,290 |
| The Coca-Cola Co. | | 39,572 | 2,535,774 |
| | | | 7,342,079 |
| Consumer Staples Distribution & Retail - 2.2% | | | |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 17,300 | 1,014,856 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 16,464 | 1,585,483 |
| U.S. Foods Holding Corp. (a) | | 33,624 | 2,345,946 |
| | | | 4,946,285 |
| Food Products - 0.9% | | | |
| Mondelez International, Inc. | | 20,682 | 1,343,296 |
| Tyson Foods, Inc. Class A | | 12,985 | 837,533 |
| | | | 2,180,829 |
| Household Products - 1.2% | | | |
| Procter & Gamble Co. | | 15,085 | 2,704,137 |
| Personal Care Products - 2.7% | | | |
| Haleon PLC | | 379,033 | 1,808,032 |
| Kenvue, Inc. | | 182,998 | 4,406,592 |
| | | | 6,214,624 |
TOTAL CONSUMER STAPLES | | | 23,387,954 |
| ENERGY - 7.8% | | | |
| Oil, Gas & Consumable Fuels - 7.8% | | | |
| Canadian Natural Resources Ltd. | | 52,900 | 1,789,078 |
| Exxon Mobil Corp. | | 77,167 | 9,102,619 |
| Imperial Oil Ltd. (U.S.) | | 24,700 | 1,825,824 |
| Parex Resources, Inc. | | 53,432 | 569,412 |
| Parkland Corp. | | 10,200 | 265,773 |
| Shell PLC ADR | | 65,690 | 4,252,771 |
| | | | 17,805,477 |
| FINANCIALS - 25.7% | | | |
| Banks - 11.5% | | | |
| Bank of America Corp. | | 115,883 | 5,505,601 |
| Cullen/Frost Bankers, Inc. | | 4,143 | 582,589 |
| JPMorgan Chase & Co. | | 32,858 | 8,205,300 |
| M&T Bank Corp. | | 10,996 | 2,419,010 |
| PNC Financial Services Group, Inc. | | 14,718 | 3,160,249 |
| U.S. Bancorp | | 39,906 | 2,126,591 |
| Wells Fargo & Co. | | 56,165 | 4,278,088 |
| | | | 26,277,428 |
| Capital Markets - 3.0% | | | |
| BlackRock, Inc. | | 4,243 | 4,339,740 |
| Northern Trust Corp. | | 23,058 | 2,563,127 |
| | | | 6,902,867 |
| Financial Services - 4.3% | | | |
| Apollo Global Management, Inc. | | 12,515 | 2,190,500 |
| Berkshire Hathaway, Inc. Class B (a) | | 11,934 | 5,764,361 |
| Visa, Inc. Class A | | 5,600 | 1,764,448 |
| | | | 9,719,309 |
| Insurance - 6.9% | | | |
| Chubb Ltd. | | 22,556 | 6,512,594 |
| The Travelers Companies, Inc. | | 24,615 | 6,548,575 |
| Willis Towers Watson PLC | | 8,689 | 2,797,858 |
| | | | 15,859,027 |
TOTAL FINANCIALS | | | 58,758,631 |
| HEALTH CARE - 16.1% | | | |
| Biotechnology - 2.0% | | | |
| BioNTech SE ADR (a) | | 12,200 | 1,444,358 |
| Gilead Sciences, Inc. | | 32,400 | 2,999,592 |
| | | | 4,443,950 |
| Health Care Providers & Services - 8.7% | | | |
| Centene Corp. (a) | | 58,136 | 3,488,160 |
| Cigna Group | | 14,994 | 5,064,973 |
| CVS Health Corp. | | 45,809 | 2,741,669 |
| Elevance Health, Inc. | | 5,387 | 2,192,294 |
| UnitedHealth Group, Inc. | | 10,394 | 6,342,419 |
| | | | 19,829,515 |
| Pharmaceuticals - 5.4% | | | |
| AstraZeneca PLC sponsored ADR | | 53,677 | 3,629,639 |
| Elanco Animal Health, Inc. (a) | | 33,400 | 441,214 |
| GSK PLC sponsored ADR | | 77,200 | 2,634,836 |
| Johnson & Johnson | | 19,542 | 3,029,205 |
| Merck & Co., Inc. | | 26,400 | 2,683,296 |
| | | | 12,418,190 |
TOTAL HEALTH CARE | | | 36,691,655 |
| INDUSTRIALS - 11.5% | | | |
| Aerospace & Defense - 2.6% | | | |
| L3Harris Technologies, Inc. | | 4,942 | 1,216,968 |
| Lockheed Martin Corp. | | 4,037 | 2,137,228 |
| Northrop Grumman Corp. | | 5,191 | 2,541,773 |
| | | | 5,895,969 |
| Air Freight & Logistics - 1.5% | | | |
| C.H. Robinson Worldwide, Inc. | | 7,900 | 834,082 |
| Deutsche Post AG ADR | | 21,314 | 784,245 |
| FedEx Corp. | | 5,851 | 1,770,922 |
| | | | 3,389,249 |
| Building Products - 0.7% | | | |
| Johnson Controls International PLC | | 18,701 | 1,568,266 |
| Electrical Equipment - 0.7% | | | |
| GE Vernova LLC | | 1,300 | 434,356 |
| Regal Rexnord Corp. | | 7,221 | 1,247,139 |
| | | | 1,681,495 |
| Industrial Conglomerates - 1.3% | | | |
| Siemens AG | | 15,347 | 2,981,276 |
| Machinery - 3.4% | | | |
| Allison Transmission Holdings, Inc. | | 3,800 | 450,300 |
| Cummins, Inc. | | 1,600 | 600,064 |
| Deere & Co. | | 9,575 | 4,460,993 |
| Oshkosh Corp. | | 2,690 | 305,611 |
| Pentair PLC | | 19,402 | 2,114,624 |
| | | | 7,931,592 |
| Professional Services - 0.5% | | | |
| Maximus, Inc. | | 15,012 | 1,118,394 |
| Trading Companies & Distributors - 0.8% | | | |
| Ferguson Enterprises, Inc. | | 8,300 | 1,792,219 |
TOTAL INDUSTRIALS | | | 26,358,460 |
| INFORMATION TECHNOLOGY - 5.3% | | | |
| Communications Equipment - 2.2% | | | |
| Cisco Systems, Inc. | | 84,116 | 4,980,508 |
| IT Services - 1.7% | | | |
| Amdocs Ltd. | | 27,490 | 2,383,933 |
| Capgemini SA | | 2,637 | 423,898 |
| Cognizant Technology Solutions Corp. Class A | | 14,741 | 1,186,503 |
| | | | 3,994,334 |
| Software - 1.4% | | | |
| Gen Digital, Inc. | | 89,046 | 2,747,069 |
| Open Text Corp. | | 13,900 | 422,977 |
| | | | 3,170,046 |
TOTAL INFORMATION TECHNOLOGY | | | 12,144,888 |
| MATERIALS - 3.1% | | | |
| Chemicals - 1.5% | | | |
| AdvanSix, Inc. | | 2,200 | 71,434 |
| CF Industries Holdings, Inc. | | 22,762 | 2,040,841 |
| Nutrien Ltd. | | 29,373 | 1,370,544 |
| | | | 3,482,819 |
| Construction Materials - 0.8% | | | |
| CRH PLC | | 19,000 | 1,943,130 |
| Containers & Packaging - 0.8% | | | |
| Crown Holdings, Inc. | | 14,084 | 1,296,996 |
| Silgan Holdings, Inc. | | 7,300 | 419,969 |
| | | | 1,716,965 |
TOTAL MATERIALS | | | 7,142,914 |
| REAL ESTATE - 1.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.4% | | | |
| Crown Castle, Inc. | | 13,459 | 1,430,019 |
| Lamar Advertising Co. Class A | | 3,500 | 469,070 |
| Outfront Media, Inc. | | 18,600 | 357,306 |
| Simon Property Group, Inc. | | 5,000 | 918,000 |
| | | | 3,174,395 |
| UTILITIES - 6.7% | | | |
| Electric Utilities - 4.1% | | | |
| Edison International | | 35,680 | 3,130,920 |
| PG&E Corp. | | 257,838 | 5,577,036 |
| Southern Co. | | 7,270 | 647,975 |
| | | | 9,355,931 |
| Gas Utilities - 0.2% | | | |
| UGI Corp. | | 18,000 | 546,660 |
| Independent Power and Renewable Electricity Producers - 0.3% | | | |
| The AES Corp. | | 44,006 | 573,838 |
| Multi-Utilities - 2.1% | | | |
| National Grid PLC | | 181,807 | 2,294,886 |
| Sempra | | 25,905 | 2,426,521 |
| | | | 4,721,407 |
TOTAL UTILITIES | | | 15,197,836 |
| TOTAL COMMON STOCKS (Cost $159,881,513) | | | 221,111,740 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| INFORMATION TECHNOLOGY - 0.9% | | | |
| Technology Hardware, Storage & Peripherals - 0.9% | | | |
Samsung Electronics Co. Ltd. (Cost $2,494,878) | | 62,823 | 2,100,251 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,494,878) | | | 2,100,251 |
| | | | |
| Money Market Funds - 2.3% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.64% (b) (Cost $5,311,483) | | 5,310,421 | 5,311,483 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $167,687,874) | 228,523,474 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 298,806 |
| NET ASSETS - 100.0% | 228,822,280 |
| | |
Legend
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.64% | 2,706,128 | 40,445,774 | 37,840,419 | 126,613 | 1 | (1) | 5,311,483 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | - | 8,825,222 | 8,825,222 | 723 | - | - | - | 0.0% |
| Total | 2,706,128 | 49,270,996 | 46,665,641 | 127,336 | 1 | (1) | 5,311,483 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 9,651,889 | 9,651,889 | - | - |
Consumer Discretionary | 10,797,641 | 10,354,026 | 443,615 | - |
Consumer Staples | 23,387,954 | 20,382,542 | 3,005,412 | - |
Energy | 17,805,477 | 17,805,477 | - | - |
Financials | 58,758,631 | 58,758,631 | - | - |
Health Care | 36,691,655 | 36,691,655 | - | - |
Industrials | 26,358,460 | 22,592,939 | 3,765,521 | - |
Information Technology | 14,245,139 | 11,720,990 | 2,524,149 | - |
Materials | 7,142,914 | 7,142,914 | - | - |
Real Estate | 3,174,395 | 3,174,395 | - | - |
Utilities | 15,197,836 | 12,902,950 | 2,294,886 | - |
|
| Money Market Funds | 5,311,483 | 5,311,483 | - | - |
| Total Investments in Securities: | 228,523,474 | 216,489,891 | 12,033,583 | - |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $162,376,391) | $ | 223,211,991 | | |
Fidelity Central Funds (cost $5,311,483) | | 5,311,483 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $167,687,874) | | | $ | 228,523,474 |
| Cash | | | | 11,766 |
| Foreign currency held at value (cost $259) | | | | 1,164 |
| Receivable for fund shares sold | | | | 28,263 |
| Dividends receivable | | | | 338,596 |
| Reclaims receivable | | | | 130,809 |
| Distributions receivable from Fidelity Central Funds | | | | 17,667 |
| Prepaid expenses | | | | 217 |
| Other receivables | | | | 2,211 |
Total assets | | | | 229,054,167 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 32,073 | | |
| Accrued management fee | | 102,983 | | |
| Distribution and service plan fees payable | | 49,826 | | |
| Audit fee payable | | 42,915 | | |
| Other payables and accrued expenses | | 4,090 | | |
| Total liabilities | | | | 231,887 |
| Net Assets | | | $ | 228,822,280 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 157,828,991 |
| Total accumulated earnings (loss) | | | | 70,993,289 |
| Net Assets | | | $ | 228,822,280 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($127,177,480 ÷ 4,878,356 shares)(a) | | | $ | 26.07 |
| Maximum offering price per share (100/94.25 of $26.07) | | | $ | 27.66 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($33,590,456 ÷ 1,289,544 shares)(a) | | | $ | 26.05 |
| Maximum offering price per share (100/96.50 of $26.05) | | | $ | 26.99 |
| Class C : | | | | |
Net Asset Value and offering price per share ($12,345,160 ÷ 487,700 shares)(a) | | | $ | 25.31 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($41,245,520 ÷ 1,535,523 shares) | | | $ | 26.86 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($14,463,664 ÷ 542,053 shares) | | | $ | 26.68 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 4,803,507 |
| Income from Fidelity Central Funds (including $723 from security lending) | | | | 127,336 |
| Total income | | | | 4,930,843 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 1,375,806 | | |
| Performance adjustment | | (191,670) | | |
| Transfer agent fees | | 88,856 | | |
| Distribution and service plan fees | | 580,351 | | |
| Accounting fees | | 18,513 | | |
| Custodian fees and expenses | | 15,994 | | |
| Independent trustees' fees and expenses | | 947 | | |
| Registration fees | | 71,022 | | |
| Audit fees | | 62,845 | | |
| Legal | | 3,445 | | |
| Miscellaneous | | 5,689 | | |
| Total expenses before reductions | | 2,031,798 | | |
| Expense reductions | | (10,234) | | |
| Total expenses after reductions | | | | 2,021,564 |
| Net Investment income (loss) | | | | 2,909,279 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 8,973,511 | | |
| Fidelity Central Funds | | 1 | | |
| Foreign currency transactions | | (2,014) | | |
| Total net realized gain (loss) | | | | 8,971,498 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 27,999,085 | | |
| Fidelity Central Funds | | (1) | | |
| Assets and liabilities in foreign currencies | | (1,483) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 27,997,601 |
| Net gain (loss) | | | | 36,969,099 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 39,878,378 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 2,909,279 | $ | 2,664,817 |
| Net realized gain (loss) | | 8,971,498 | | 5,124,506 |
| Change in net unrealized appreciation (depreciation) | | 27,997,601 | | (14,274,163) |
| Net increase (decrease) in net assets resulting from operations | | 39,878,378 | | (6,484,840) |
| Distributions to shareholders | | (6,994,111) | | (3,783,745) |
| | | | | |
| Share transactions - net increase (decrease) | | (10,884,682) | | (24,978,755) |
| Total increase (decrease) in net assets | | 21,999,585 | | (35,247,340) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 206,822,695 | | 242,070,035 |
| End of period | $ | 228,822,280 | $ | 206,822,695 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Equity Value Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.39 | $ | 23.31 | $ | 22.52 | $ | 18.87 | $ | 18.81 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .27 | | .20 | | .16 | | .24 C |
| Net realized and unrealized gain (loss) | | 4.12 | | (.83) | | 1.30 | | 3.69 | | .80 |
| Total from investment operations | | 4.45 | | (.56) | | 1.50 | | 3.85 | | 1.04 |
| Distributions from net investment income | | (.30) | | (.19) | | (.11) | | (.20) | | (.45) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) |
| Total distributions | | (.77) | | (.36) | | (.71) | | (.20) | | (.98) |
| Net asset value, end of period | $ | 26.07 | $ | 22.39 | $ | 23.31 | $ | 22.52 | $ | 18.87 |
Total Return D,E | | | | (2.38)% | | 6.63% | | 20.58% | | 5.68% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .94% | | 1.14% | | 1.19% | | 1.14% | | 1.11% |
| Expenses net of fee waivers, if any | | | | 1.13% | | 1.15% | | 1.14% | | 1.10% |
| Expenses net of all reductions | | .94% | | 1.13% | | 1.15% | | 1.14% | | 1.09% |
| Net investment income (loss) | | 1.38% | | 1.24% | | .90% | | .73% | | 1.44% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 127,177 | $ | 110,910 | $ | 117,379 | $ | 96,669 | $ | 67,291 |
Portfolio turnover rate H | | | | 29% | | 40% | | 35% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Value Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.37 | $ | 23.28 | $ | 22.50 | $ | 18.85 | $ | 18.79 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .27 | | .22 | | .14 | | .11 | | .20 C |
| Net realized and unrealized gain (loss) | | 4.13 | | (.83) | | 1.29 | | 3.69 | | .79 |
| Total from investment operations | | 4.40 | | (.61) | | 1.43 | | 3.80 | | .99 |
| Distributions from net investment income | | (.25) | | (.13) | | (.05) | | (.15) | | (.40) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) |
| Total distributions | | (.72) | | (.30) | | (.65) | | (.15) | | (.93) |
| Net asset value, end of period | $ | 26.05 | $ | 22.37 | $ | 23.28 | $ | 22.50 | $ | 18.85 |
Total Return D,E | | | | (2.60)% | | 6.32% | | 20.31% | | 5.37% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.19% | | 1.38% | | 1.44% | | 1.39% | | 1.37% |
| Expenses net of fee waivers, if any | | | | 1.38% | | 1.40% | | 1.38% | | 1.36% |
| Expenses net of all reductions | | 1.19% | | 1.37% | | 1.40% | | 1.38% | | 1.35% |
| Net investment income (loss) | | 1.13% | | .99% | | .65% | | .48% | | 1.19% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 33,590 | $ | 30,938 | $ | 33,509 | $ | 31,217 | $ | 25,905 |
Portfolio turnover rate H | | | | 29% | | 40% | | 35% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .83%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Value Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 21.73 | $ | 22.65 | $ | 21.89 | $ | 18.33 | $ | 18.29 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .10 | | .03 | | (.01) | | .10 C |
| Net realized and unrealized gain (loss) | | 4.01 | | (.80) | | 1.25 | | 3.61 | | .76 |
| Total from investment operations | | 4.15 | | (.70) | | 1.28 | | 3.60 | | .86 |
| Distributions from net investment income | | (.10) | | (.05) | | - | | (.04) | | (.29) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.52) | | - | | (.53) |
| Total distributions | | (.57) | | (.22) | | (.52) | | (.04) | | (.82) |
| Net asset value, end of period | $ | 25.31 | $ | 21.73 | $ | 22.65 | $ | 21.89 | $ | 18.33 |
Total Return D,E | | | | (3.10)% | | 5.81% | | 19.67% | | 4.78% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.72% | | 1.94% | | 1.98% | | 1.93% | | 1.91% |
| Expenses net of fee waivers, if any | | | | 1.90% | | 1.90% | | 1.93% | | 1.90% |
| Expenses net of all reductions | | 1.71% | | 1.90% | | 1.90% | | 1.93% | | 1.89% |
| Net investment income (loss) | | .61% | | .47% | | .15% | | (.06)% | | .64% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 12,345 | $ | 13,766 | $ | 17,461 | $ | 14,096 | $ | 11,555 |
Portfolio turnover rate H | | | | 29% | | 40% | | 35% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Value Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 23.04 | $ | 23.96 | $ | 23.14 | $ | 19.39 | $ | 19.16 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .40 | | .34 | | .26 | | .22 | | .30 C |
| Net realized and unrealized gain (loss) | | 4.25 | | (.84) | | 1.33 | | 3.79 | | .81 |
| Total from investment operations | | 4.65 | | (.50) | | 1.59 | | 4.01 | | 1.11 |
| Distributions from net investment income | | (.35) | | (.25) | | (.18) | | (.26) | | (.35) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) |
| Total distributions | | (.83) D | | (.42) | | (.77) D | | (.26) | | (.88) |
| Net asset value, end of period | $ | 26.86 | $ | 23.04 | $ | 23.96 | $ | 23.14 | $ | 19.39 |
Total Return E | | | | (2.09)% | | 6.86% | | 20.93% | | 5.95% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .68% | | .88% | | .94% | | .90% | | .77% |
| Expenses net of fee waivers, if any | | | | .88% | | .90% | | .90% | | .76% |
| Expenses net of all reductions | | .67% | | .88% | | .90% | | .90% | | .75% |
| Net investment income (loss) | | 1.65% | | 1.49% | | 1.15% | | .97% | | 1.78% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 41,246 | $ | 35,934 | $ | 52,405 | $ | 51,171 | $ | 16,291 |
Portfolio turnover rate H | | | | 29% | | 40% | | 35% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.42%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Equity Value Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 22.90 | $ | 23.82 | $ | 23.00 | $ | 19.26 | $ | 19.18 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .43 | | .37 | | .30 | | .26 | | .32 C |
| Net realized and unrealized gain (loss) | | 4.21 | | (.84) | | 1.32 | | 3.75 | | .82 |
| Total from investment operations | | 4.64 | | (.47) | | 1.62 | | 4.01 | | 1.14 |
| Distributions from net investment income | | (.39) | | (.28) | | (.20) | | (.27) | | (.52) |
| Distributions from net realized gain | | (.47) | | (.17) | | (.60) | | - | | (.53) |
| Total distributions | | (.86) | | (.45) | | (.80) | | (.27) | | (1.06) D |
| Net asset value, end of period | $ | 26.68 | $ | 22.90 | $ | 23.82 | $ | 23.00 | $ | 19.26 |
Total Return E | | | | (1.96)% | | 7.02% | | 21.07% | | 6.09% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .56% | | .75% | | .79% | | .74% | | .70% |
| Expenses net of fee waivers, if any | | | | .74% | | .75% | | .74% | | .69% |
| Expenses net of all reductions | | .56% | | .74% | | .75% | | .74% | | .68% |
| Net investment income (loss) | | 1.76% | | 1.63% | | 1.30% | | 1.12% | | 1.86% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 14,464 | $ | 15,274 | $ | 21,317 | $ | 35,306 | $ | 2,606 |
Portfolio turnover rate H | | | | 29% | | 40% | | 35% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1. Organization.
Fidelity Advisor Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $64,181,455 |
| Gross unrealized depreciation | (3,701,718) |
| Net unrealized appreciation (depreciation) | $60,479,737 |
| Tax Cost | $168,043,737 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,897,879 |
| Undistributed long-term capital gain | $7,614,974 |
| Net unrealized appreciation (depreciation) on securities and other investments | $60,480,437 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $2,672,629 | $2,016,020 |
| Long-term Capital Gains | 4,321,482 | 1,767,725 |
| Total | $6,994,111 | $3,783,745 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Equity Value Fund | 64,929,948 | 80,930,239 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .72 |
| Class I | .68 |
| Class Z | .56 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .72 |
| Class I | .68 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Equity Value Fund | Russell 3000 Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was (.09)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 293,304 | 6,438 |
| Class M | .25% | .25% | 157,696 | 1,864 |
| Class C | .75% | .25% | 129,351 | 11,769 |
| | | | 580,351 | 20,071 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 29,570 |
| Class M | 1,958 |
Class CA | 405 |
| | 31,933 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 51,322 | .1822 |
| Class M | 13,959 | .1766 |
| Class C | 6,839 | .2000 |
| Class I | 14,992 | .1657 |
| Class Z | 1,744 | .0420 |
| | 88,856 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Equity Value Fund | .0353 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Equity Value Fund | 834 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Equity Value Fund | 5,116,452 | 12,144,976 | 1,156,863 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Equity Value Fund | 337 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Equity Value Fund | 79 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $864.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,370.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Value Fund | | |
| Distributions to shareholders | | |
| Class A | $3,749,589 | $1,831,872 |
| Class M | 985,374 | 434,839 |
| Class C | 348,269 | 171,624 |
| Class I | 1,280,447 | 936,668 |
| Class Z | 630,432 | 408,742 |
Total | $6,994,111 | $3,783,745 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Equity Value Fund | | | | |
| Class A | | | | |
| Shares sold | 641,557 | 785,862 | $15,082,071 | $17,424,123 |
| Reinvestment of distributions | 160,909 | 79,706 | 3,610,796 | 1,767,079 |
| Shares redeemed | (878,008) | (948,277) | (20,654,337) | (20,950,026) |
| Net increase (decrease) | (75,542) | (82,709) | $(1,961,470) | $(1,758,824) |
| Class M | | | | |
| Shares sold | 82,988 | 99,039 | $1,970,278 | $2,185,687 |
| Reinvestment of distributions | 43,178 | 19,273 | 970,200 | 427,869 |
| Shares redeemed | (219,438) | (174,626) | (5,119,052) | (3,872,905) |
| Net increase (decrease) | (93,272) | (56,314) | $(2,178,574) | $(1,259,349) |
| Class C | | | | |
| Shares sold | 56,722 | 134,070 | $1,290,479 | $2,891,489 |
| Reinvestment of distributions | 14,166 | 7,175 | 310,792 | 155,486 |
| Shares redeemed | (216,758) | (278,632) | (4,963,265) | (5,991,560) |
| Net increase (decrease) | (145,870) | (137,387) | $(3,361,994) | $(2,944,585) |
| Class I | | | | |
| Shares sold | 514,986 | 497,498 | $12,728,185 | $11,370,113 |
| Reinvestment of distributions | 51,615 | 37,937 | 1,190,250 | 863,451 |
| Shares redeemed | (590,812) | (1,162,451) | (14,335,941) | (26,274,605) |
| Net increase (decrease) | (24,211) | (627,016) | $(417,506) | $(14,041,041) |
| Class Z | | | | |
| Shares sold | 213,389 | 439,775 | $5,071,011 | $10,048,100 |
| Reinvestment of distributions | 22,924 | 15,951 | 524,502 | 360,343 |
| Shares redeemed | (361,318) | (683,473) | (8,560,651) | (15,383,399) |
| Net increase (decrease) | (125,005) | (227,747) | $(2,965,138) | $(4,974,956) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Value Discovery Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Value Discovery Fund equal in value to the net assets of the Fund on the day the reorganization is effective.
A meeting of shareholders of the Fund is expected to be held during the second quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on May 9, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Equity Value Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $8,927,567, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Advisor® Equity Value Fund Class A, Class C, Class M, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Fidelity Advisor® Equity Value Fund Class A, Class C, Class M, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.767075.123
AEV-ANN-0125
Fidelity Advisor® Dividend Growth Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Dividend Growth Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 99.3% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 12.2% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Verizon Communications, Inc. | | 40,900 | 1,814 |
| Interactive Media & Services - 9.3% | | | |
| Alphabet, Inc. Class A | | 510,500 | 86,249 |
| Meta Platforms, Inc. Class A | | 137,800 | 79,141 |
| | | | 165,390 |
| Media - 2.0% | | | |
| Comcast Corp. Class A | | 689,950 | 29,799 |
| The New York Times Co. Class A | | 108,400 | 5,882 |
| | | | 35,681 |
| Wireless Telecommunication Services - 0.8% | | | |
| T-Mobile U.S., Inc. | | 56,500 | 13,952 |
TOTAL COMMUNICATION SERVICES | | | 216,837 |
| CONSUMER DISCRETIONARY - 2.9% | | | |
| Distributors - 0.4% | | | |
| A-Mark Precious Metals, Inc. | | 235,400 | 7,133 |
| Diversified Consumer Services - 0.4% | | | |
| Service Corp. International | | 74,300 | 6,582 |
| Hotels, Restaurants & Leisure - 0.7% | | | |
| Hilton Worldwide Holdings, Inc. | | 13,200 | 3,345 |
| Starbucks Corp. | | 100 | 10 |
| Vail Resorts, Inc. | | 50,300 | 9,016 |
| | | | 12,371 |
| Household Durables - 1.4% | | | |
| D.R. Horton, Inc. | | 21,300 | 3,595 |
| JM AB | | 220,389 | 3,545 |
| Lennar Corp. Class A | | 26,900 | 4,691 |
| PulteGroup, Inc. | | 30,700 | 4,153 |
| Tempur Sealy International, Inc. | | 48,900 | 2,737 |
| Vistry Group PLC (a) | | 762,500 | 6,365 |
| | | | 25,086 |
TOTAL CONSUMER DISCRETIONARY | | | 51,172 |
| CONSUMER STAPLES - 3.3% | | | |
| Consumer Staples Distribution & Retail - 0.6% | | | |
| Albertsons Companies, Inc. | | 311,100 | 6,175 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 24,800 | 1,455 |
| Dollar General Corp. | | 26,400 | 2,040 |
| | | | 9,670 |
| Tobacco - 2.7% | | | |
| Altria Group, Inc. | | 85,673 | 4,947 |
| British American Tobacco PLC (United Kingdom) | | 442,160 | 16,793 |
| Philip Morris International, Inc. | | 201,500 | 26,812 |
| | | | 48,552 |
TOTAL CONSUMER STAPLES | | | 58,222 |
| ENERGY - 9.8% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Borr Drilling Ltd. (b) | | 205,300 | 781 |
| Borr Drilling Ltd. | | 1,018,800 | 3,790 |
| Noble Corp. PLC (b) | | 45,098 | 1,509 |
| Tidewater, Inc. (a) | | 163,300 | 8,446 |
| | | | 14,526 |
| Oil, Gas & Consumable Fuels - 9.0% | | | |
| CONSOL Energy, Inc. | | 29,600 | 3,869 |
| Cool Co. Ltd. | | 253,118 | 2,109 |
| DHT Holdings, Inc. | | 446,900 | 4,210 |
| Energy Transfer LP | | 1,754,900 | 34,852 |
| Enterprise Products Partners LP | | 697,600 | 24,018 |
| Exxon Mobil Corp. | | 315,622 | 37,231 |
| Marathon Petroleum Corp. | | 36,800 | 5,746 |
| MPLX LP | | 243,500 | 12,579 |
| Parkland Corp. | | 327,820 | 8,542 |
| Reliance Industries Ltd. GDR (c) | | 99,400 | 5,994 |
| Shell PLC ADR | | 107,000 | 6,927 |
| Sitio Royalties Corp. Class A | | 149,100 | 3,534 |
| Teekay Tankers Ltd. | | 234,039 | 9,420 |
| | | | 159,031 |
TOTAL ENERGY | | | 173,557 |
| FINANCIALS - 14.8% | | | |
| Banks - 2.8% | | | |
| Bank of America Corp. | | 324,600 | 15,422 |
| Citigroup, Inc. | | 104,900 | 7,434 |
| Wells Fargo & Co. | | 365,090 | 27,809 |
| | | | 50,665 |
| Capital Markets - 4.7% | | | |
| Ares Capital Corp. | | 715,526 | 15,849 |
| Blue Owl Capital, Inc. Class A (b) | | 714,900 | 16,965 |
| Brookfield Corp. Class A | | 558,100 | 34,262 |
| BSE Ltd. | | 101,500 | 5,627 |
| KKR & Co., Inc. Class A | | 61,300 | 9,984 |
| | | | 82,687 |
| Financial Services - 5.3% | | | |
| Apollo Global Management, Inc. | | 191,000 | 33,431 |
| Global Payments, Inc. | | 83,300 | 9,909 |
| MasterCard, Inc. Class A | | 33,300 | 17,747 |
| Visa, Inc. Class A | | 103,823 | 32,713 |
| | | | 93,800 |
| Insurance - 2.0% | | | |
| Arthur J. Gallagher & Co. | | 28,700 | 8,961 |
| Chubb Ltd. | | 40,900 | 11,809 |
| Fidelity National Financial, Inc. | | 66,200 | 4,196 |
| Marsh & McLennan Companies, Inc. | | 20,900 | 4,875 |
| The Travelers Companies, Inc. | | 21,800 | 5,800 |
| | | | 35,641 |
TOTAL FINANCIALS | | | 262,793 |
| HEALTH CARE - 6.3% | | | |
| Health Care Providers & Services - 3.5% | | | |
| Cigna Group | | 77,200 | 26,078 |
| Elevance Health, Inc. | | 25,100 | 10,215 |
| Humana, Inc. | | 23,700 | 7,024 |
| UnitedHealth Group, Inc. | | 29,597 | 18,060 |
| | | | 61,377 |
| Life Sciences Tools & Services - 0.3% | | | |
| Bruker Corp. | | 73,400 | 4,254 |
| Pharmaceuticals - 2.5% | | | |
| Eli Lilly & Co. | | 11,500 | 9,147 |
| Merck & Co., Inc. | | 126,300 | 12,837 |
| Royalty Pharma PLC Class A | | 864,000 | 23,034 |
| | | | 45,018 |
TOTAL HEALTH CARE | | | 110,649 |
| INDUSTRIALS - 15.6% | | | |
| Aerospace & Defense - 3.8% | | | |
| BAE Systems PLC | | 299,900 | 4,687 |
| GE Aerospace | | 59,887 | 10,909 |
| General Dynamics Corp. | | 23,700 | 6,731 |
| Howmet Aerospace, Inc. | | 34,100 | 4,037 |
| Thales SA | | 34,500 | 5,159 |
| The Boeing Co. (a) | | 228,740 | 35,555 |
| | | | 67,078 |
| Commercial Services & Supplies - 0.6% | | | |
| The Brink's Co. | | 100,700 | 9,739 |
| Construction & Engineering - 2.6% | | | |
| Comfort Systems U.S.A., Inc. | | 20,600 | 10,161 |
| EMCOR Group, Inc. | | 66,400 | 33,872 |
| Quanta Services, Inc. | | 7,100 | 2,446 |
| | | | 46,479 |
| Electrical Equipment - 2.4% | | | |
| GE Vernova LLC | | 93,446 | 31,222 |
| Vertiv Holdings Co. | | 91,000 | 11,612 |
| | | | 42,834 |
| Machinery - 3.8% | | | |
| Allison Transmission Holdings, Inc. | | 433,543 | 51,375 |
| Westinghouse Air Brake Tech Co. | | 84,100 | 16,872 |
| | | | 68,247 |
| Marine Transportation - 0.5% | | | |
| 2020 Bulkers Ltd. | | 215,900 | 2,507 |
| Himalaya Shipping Ltd. | | 76,700 | 478 |
| Himalaya Shipping Ltd. | | 207,000 | 1,285 |
| Stolt-Nielsen SA | | 189,100 | 4,796 |
| | | | 9,066 |
| Professional Services - 1.7% | | | |
| Genpact Ltd. | | 88,000 | 4,062 |
| Paycom Software, Inc. | | 56,600 | 13,127 |
| SS&C Technologies Holdings, Inc. | | 168,800 | 13,055 |
| | | | 30,244 |
| Trading Companies & Distributors - 0.2% | | | |
| Watsco, Inc. | | 6,900 | 3,806 |
TOTAL INDUSTRIALS | | | 277,493 |
| INFORMATION TECHNOLOGY - 24.4% | | | |
| Semiconductors & Semiconductor Equipment - 15.4% | | | |
| Amkor Technology, Inc. | | 221,300 | 5,851 |
| ASML Holding NV: | | | |
| (depository receipt) | | 4,000 | 2,746 |
| (Netherlands) | | 4,400 | 3,007 |
| BE Semiconductor Industries NV | | 46,500 | 5,553 |
| Broadcom, Inc. | | 262,700 | 42,578 |
| Entegris, Inc. | | 16,600 | 1,753 |
| Marvell Technology, Inc. | | 304,045 | 28,182 |
| Micron Technology, Inc. | | 196,000 | 19,198 |
| NVIDIA Corp. | | 856,300 | 118,381 |
| Qualcomm, Inc. | | 93,300 | 14,791 |
| Renesas Electronics Corp. | | 101,000 | 1,325 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 115,200 | 21,273 |
| Teradyne, Inc. | | 87,200 | 9,592 |
| | | | 274,230 |
| Software - 8.1% | | | |
| Intuit, Inc. | | 15,800 | 10,139 |
| Microsoft Corp. | | 261,600 | 110,777 |
| Oracle Corp. | | 98,100 | 18,133 |
| Salesforce, Inc. | | 12,200 | 4,026 |
| | | | 143,075 |
| Technology Hardware, Storage & Peripherals - 0.9% | | | |
| Apple, Inc. | | 18,096 | 4,295 |
| Dell Technologies, Inc. Class C | | 55,600 | 7,094 |
| Samsung Electronics Co. Ltd. | | 109,570 | 4,309 |
| | | | 15,698 |
TOTAL INFORMATION TECHNOLOGY | | | 433,003 |
| MATERIALS - 2.4% | | | |
| Metals & Mining - 2.4% | | | |
| Arch Resources, Inc. Class A, | | 51,700 | 8,888 |
| First Quantum Minerals Ltd. (a) | | 808,200 | 11,060 |
| Franco-Nevada Corp. | | 53,900 | 6,609 |
| Freeport-McMoRan, Inc. | | 35,100 | 1,551 |
| Newmont Corp. | | 71,900 | 3,015 |
| Royal Gold, Inc. | | 20,100 | 2,940 |
| Wheaton Precious Metals Corp. | | 145,600 | 9,070 |
| | | | 43,133 |
| REAL ESTATE - 1.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| Four Corners Property Trust, Inc. | | 10,900 | 324 |
| NNN (REIT), Inc. | | 58,600 | 2,577 |
| Rexford Industrial Realty, Inc. | | 31,700 | 1,334 |
| Ventas, Inc. | | 79,900 | 5,119 |
| WP Carey, Inc. | | 57,200 | 3,264 |
| | | | 12,618 |
| Real Estate Management & Development - 0.4% | | | |
| The St. Joe Co. | | 144,000 | 7,356 |
TOTAL REAL ESTATE | | | 19,974 |
| UTILITIES - 6.5% | | | |
| Electric Utilities - 4.6% | | | |
| Constellation Energy Corp. | | 25,433 | 6,525 |
| Edison International | | 220,600 | 19,358 |
| Exelon Corp. | | 560,100 | 22,158 |
| FirstEnergy Corp. | | 415,800 | 17,692 |
| NextEra Energy, Inc. | | 159,600 | 12,556 |
| PG&E Corp. | | 81,400 | 1,761 |
| Southern Co. | | 25,700 | 2,291 |
| | | | 82,341 |
| Independent Power and Renewable Electricity Producers - 1.8% | | | |
| The AES Corp. | | 239,300 | 3,120 |
| Vistra Corp. | | 183,400 | 29,315 |
| | | | 32,435 |
| Multi-Utilities - 0.1% | | | |
| CenterPoint Energy, Inc. | | 26,500 | 864 |
TOTAL UTILITIES | | | 115,640 |
| TOTAL COMMON STOCKS (Cost $1,265,023) | | | 1,762,473 |
| | | | |
| Money Market Funds - 0.9% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (d) | | 12,395,103 | 12,398 |
| Fidelity Securities Lending Cash Central Fund 4.64% (d)(e) | | 4,042,180 | 4,043 |
| TOTAL MONEY MARKET FUNDS (Cost $16,441) | | | 16,441 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $1,281,464) | 1,778,914 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (3,349) |
| NET ASSETS - 100.0% | 1,775,565 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | 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 $5,994,000 or 0.3% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.64% | 20,492 | 369,201 | 377,295 | 920 | - | - | 12,398 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 18,978 | 348,510 | 363,445 | 120 | - | - | 4,043 | 0.0% |
| Total | 39,470 | 717,711 | 740,740 | 1,040 | - | - | 16,441 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 216,837 | 216,837 | - | - |
Consumer Discretionary | 51,172 | 51,172 | - | - |
Consumer Staples | 58,222 | 41,429 | 16,793 | - |
Energy | 173,557 | 173,557 | - | - |
Financials | 262,793 | 257,166 | 5,627 | - |
Health Care | 110,649 | 110,649 | - | - |
Industrials | 277,493 | 272,806 | 4,687 | - |
Information Technology | 433,003 | 424,362 | 8,641 | - |
Materials | 43,133 | 43,133 | - | - |
Real Estate | 19,974 | 19,974 | - | - |
Utilities | 115,640 | 115,640 | - | - |
|
| Money Market Funds | 16,441 | 16,441 | - | - |
| Total Investments in Securities: | 1,778,914 | 1,743,166 | 35,748 | - |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $3,930) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,265,023) | $ | 1,762,473 | | |
Fidelity Central Funds (cost $16,441) | | 16,441 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,281,464) | | | $ | 1,778,914 |
| Foreign currency held at value (cost $30) | | | | 29 |
| Receivable for fund shares sold | | | | 792 |
| Dividends receivable | | | | 2,252 |
| Distributions receivable from Fidelity Central Funds | | | | 37 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 27 |
Total assets | | | | 1,782,053 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 324 | | |
| Accrued management fee | | 1,065 | | |
| Distribution and service plan fees payable | | 352 | | |
| Deferred taxes | | 641 | | |
| Other payables and accrued expenses | | 63 | | |
| Collateral on securities loaned | | 4,043 | | |
| Total liabilities | | | | 6,488 |
| Net Assets | | | $ | 1,775,565 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,147,564 |
| Total accumulated earnings (loss) | | | | 628,001 |
| Net Assets | | | $ | 1,775,565 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($654,619 ÷ 27,305 shares)(a) | | | $ | 23.97 |
| Maximum offering price per share (100/94.25 of $23.97) | | | $ | 25.43 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($424,517 ÷ 17,784 shares)(a) | | | $ | 23.87 |
| Maximum offering price per share (100/96.50 of $23.87) | | | $ | 24.74 |
| Class C : | | | | |
Net Asset Value and offering price per share ($52,173 ÷ 2,347 shares)(a) | | | $ | 22.23 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($457,525 ÷ 17,635 shares) | | | $ | 25.94 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($186,731 ÷ 7,048 shares) | | | $ | 26.50 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 23,495 |
| Income from Fidelity Central Funds (including $120 from security lending) | | | | 1,040 |
| Total income | | | | 24,535 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 9,589 | | |
| Performance adjustment | | 363 | | |
| Transfer agent fees | | 535 | | |
| Distribution and service plan fees | | 3,803 | | |
| Accounting fees | | 90 | | |
| Custodian fees and expenses | | 42 | | |
| Independent trustees' fees and expenses | | 6 | | |
| Registration fees | | 111 | | |
| Audit fees | | 67 | | |
| Legal | | 3 | | |
| Miscellaneous | | 33 | | |
| Total expenses before reductions | | 14,642 | | |
| Expense reductions | | (57) | | |
| Total expenses after reductions | | | | 14,585 |
| Net Investment income (loss) | | | | 9,950 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $115) | | 142,154 | | |
| Foreign currency transactions | | (54) | | |
| Total net realized gain (loss) | | | | 142,100 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $641) | | 296,523 | | |
| Assets and liabilities in foreign currencies | | (6) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 296,517 |
| Net gain (loss) | | | | 438,617 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 448,567 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 9,950 | $ | 11,589 |
| Net realized gain (loss) | | 142,100 | | 22,788 |
| Change in net unrealized appreciation (depreciation) | | 296,517 | | 40,768 |
| Net increase (decrease) in net assets resulting from operations | | 448,567 | | 75,145 |
| Distributions to shareholders | | (35,570) | | (90,573) |
| | | | | |
| Share transactions - net increase (decrease) | | 233,402 | | 14,086 |
| Total increase (decrease) in net assets | | 646,399 | | (1,342) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,129,166 | | 1,130,508 |
| End of period | $ | 1,775,565 | $ | 1,129,166 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Dividend Growth Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.02 | $ | 18.40 | $ | 20.29 | $ | 16.20 | $ | 17.06 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .18 | | .21 | | .14 | | .27 |
| Net realized and unrealized gain (loss) | | 6.38 | | .95 | | (.83) | | 4.19 | | (.35) |
| Total from investment operations | | 6.52 | | 1.13 | | (.62) | | 4.33 | | (.08) |
| Distributions from net investment income | | (.20) | | (.20) | | (.28) | | (.24) | | (.25) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) |
| Total distributions | | (.57) | | (1.51) | | (1.27) | | (.24) | | (.78) C |
| Net asset value, end of period | $ | 23.97 | $ | 18.02 | $ | 18.40 | $ | 20.29 | $ | 16.20 |
Total Return D,E | | | | 7.00% | | (3.46)% | | 27.06% | | (.60)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .99% | | .99% | | .82% | | .83% | | .81% |
| Expenses net of fee waivers, if any | | | | .99% | | .81% | | .83% | | .81% |
| Expenses net of all reductions | | .99% | | .99% | | .81% | | .83% | | .80% |
| Net investment income (loss) | | .67% | | 1.08% | | 1.16% | | .73% | | 1.84% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 655 | $ | 467 | $ | 452 | $ | 477 | $ | 374 |
Portfolio turnover rate H | | | | 65% | | 57% | | 54% | | 113% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Dividend Growth Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 17.94 | $ | 18.29 | $ | 20.14 | $ | 16.08 | $ | 16.94 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .09 | | .14 | | .17 | | .09 | | .23 |
| Net realized and unrealized gain (loss) | | 6.36 | | .94 | | (.83) | | 4.17 | | (.35) |
| Total from investment operations | | 6.45 | | 1.08 | | (.66) | | 4.26 | | (.12) |
| Distributions from net investment income | | (.15) | | (.12) | | (.20) | | (.20) | | (.21) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) |
| Total distributions | | (.52) | | (1.43) | | (1.19) | | (.20) | | (.74) C |
| Net asset value, end of period | $ | 23.87 | $ | 17.94 | $ | 18.29 | $ | 20.14 | $ | 16.08 |
Total Return D,E | | | | 6.72% | | (3.70)% | | 26.77% | | (.85)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.24% | | 1.23% | | 1.06% | | 1.07% | | 1.05% |
| Expenses net of fee waivers, if any | | | | 1.23% | | 1.06% | | 1.07% | | 1.05% |
| Expenses net of all reductions | | 1.23% | | 1.23% | | 1.06% | | 1.07% | | 1.04% |
| Net investment income (loss) | | .42% | | .84% | | .92% | | .49% | | 1.59% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 425 | $ | 334 | $ | 341 | $ | 368 | $ | 316 |
Portfolio turnover rate H | | | | 65% | | 57% | | 54% | | 113% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Dividend Growth Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.77 | $ | 17.17 | $ | 18.89 | $ | 15.10 | $ | 15.92 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | .05 | | .06 | | (.01) | | .14 |
| Net realized and unrealized gain (loss) | | 5.93 | | .87 | | (.77) | | 3.92 | | (.34) |
| Total from investment operations | | 5.91 | | .92 | | (.71) | | 3.91 | | (.20) |
| Distributions from net investment income | | (.08) | | (.02) | | (.05) | | (.12) | | (.08) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.96) | | - | | (.54) |
| Total distributions | | (.45) | | (1.32) C | | (1.01) | | (.12) | | (.62) |
| Net asset value, end of period | $ | 22.23 | $ | 16.77 | $ | 17.17 | $ | 18.89 | $ | 15.10 |
Total Return D,E | | | | 6.17% | | (4.18)% | | 26.03% | | (1.41)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.75% | | 1.78% | | 1.60% | | 1.62% | | 1.61% |
| Expenses net of fee waivers, if any | | | | 1.77% | | 1.60% | | 1.62% | | 1.61% |
| Expenses net of all reductions | | 1.74% | | 1.77% | | 1.60% | | 1.62% | | 1.60% |
| Net investment income (loss) | | (.09)% | | .29% | | .38% | | (.06)% | | 1.04% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 52 | $ | 39 | $ | 45 | $ | 53 | $ | 56 |
Portfolio turnover rate H | | | | 65% | | 57% | | 54% | | 113% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Dividend Growth Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.45 | $ | 19.76 | $ | 21.72 | $ | 17.32 | $ | 18.18 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .21 | | .24 | | .27 | | .20 | | .32 |
| Net realized and unrealized gain (loss) | | 6.89 | | 1.02 | | (.89) | | 4.48 | | (.36) |
| Total from investment operations | | 7.10 | | 1.26 | | (.62) | | 4.68 | | (.04) |
| Distributions from net investment income | | (.25) | | (.26) | | (.35) | | (.28) | | (.28) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) |
| Total distributions | | (.61) C | | (1.57) | | (1.34) | | (.28) | | (.82) |
| Net asset value, end of period | $ | 25.94 | $ | 19.45 | $ | 19.76 | $ | 21.72 | $ | 17.32 |
Total Return D | | | | 7.25% | | (3.23)% | | 27.37% | | (.36)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .75% | | .76% | | .59% | | .60% | | .57% |
| Expenses net of fee waivers, if any | | | | .75% | | .58% | | .60% | | .57% |
| Expenses net of all reductions | | .74% | | .75% | | .58% | | .60% | | .56% |
| Net investment income (loss) | | .91% | | 1.31% | | 1.39% | | .96% | | 2.08% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 458 | $ | 256 | $ | 239 | $ | 245 | $ | 180 |
Portfolio turnover rate G | | | | 65% | | 57% | | 54% | | 113% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Dividend Growth Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.85 | $ | 20.15 | $ | 22.15 | $ | 17.65 | $ | 18.51 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .25 | | .27 | | .31 | | .23 | | .35 |
| Net realized and unrealized gain (loss) | | 7.05 | | 1.05 | | (.91) | | 4.57 | | (.37) |
| Total from investment operations | | 7.30 | | 1.32 | | (.60) | | 4.80 | | (.02) |
| Distributions from net investment income | | (.28) | | (.31) | | (.41) | | (.30) | | (.31) |
| Distributions from net realized gain | | (.37) | | (1.31) | | (.99) | | - | | (.54) |
| Total distributions | | (.65) | | (1.62) | | (1.40) | | (.30) | | (.84) C |
| Net asset value, end of period | $ | 26.50 | $ | 19.85 | $ | 20.15 | $ | 22.15 | $ | 17.65 |
Total Return D | | | | 7.44% | | (3.10)% | | 27.61% | | (.22)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .61% | | .60% | | .43% | | .45% | | .41% |
| Expenses net of fee waivers, if any | | | | .60% | | .43% | | .44% | | .41% |
| Expenses net of all reductions | | .61% | | .60% | | .43% | | .44% | | .40% |
| Net investment income (loss) | | 1.05% | | 1.47% | | 1.55% | | 1.12% | | 2.23% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 187 | $ | 33 | $ | 53 | $ | 60 | $ | 55 |
Portfolio turnover rate G | | | | 65% | | 57% | | 54% | | 113% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $542,253 |
| Gross unrealized depreciation | (46,543) |
| Net unrealized appreciation (depreciation) | $495,710 |
| Tax Cost | $1,283,204 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $27,745 |
| Undistributed long-term capital gain | $108,614 |
| Net unrealized appreciation (depreciation) on securities and other investments | $492,283 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $13,164 | $ 11,401 |
| Long-term Capital Gains | 22,406 | 79,172 |
| Total | $35,570 | $ 90,573 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Dividend Growth Fund | 1,230,477 | 1,011,867 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .70 |
| Class M | .69 |
| Class C | .72 |
| Class I | .71 |
| Class Z | .56 |
One-twelfth of the basic 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 basic 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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .69 |
| Class M | .69 |
| Class C | .70 |
| Class I | .69 |
| Class Z | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Advisor Dividend Growth Fund | S&P 500 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .02%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,411 | 32 |
| Class M | .25% | .25% | 1,937 | 3 |
| Class C | .75% | .25% | 455 | 60 |
| | | | 3,803 | 95 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 188 |
| Class M | 9 |
Class CA | 1 |
| | 198 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 221 | .1774 |
| Class M | 149 | .1687 |
| Class C | 20 | .2000 |
| Class I | 138 | .1905 |
| Class Z | 7 | .0420 |
| | 535 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
Fidelity Advisor Dividend Growth Fund | .0290 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Dividend Growth Fund | 21 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Dividend Growth Fund | 62,759 | 55,974 | 10,779 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Dividend Growth Fund | 2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Dividend Growth Fund | 13 | 17 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $55.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Dividend Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $14,794 | $37,337 |
| Class M | 9,605 | 26,509 |
| Class C | 1,025 | 3,463 |
| Class I | 8,470 | 19,107 |
| Class Z | 1,676 | 4,157 |
Total | $35,570 | $90,573 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Dividend Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 4,023 | 2,879 | $86,334 | $49,306 |
| Reinvestment of distributions | 733 | 2,153 | 13,985 | 35,223 |
| Shares redeemed | (3,353) | (3,708) | (70,697) | (63,035) |
| Net increase (decrease) | 1,403 | 1,324 | $29,622 | $21,494 |
| Class M | | | | |
| Shares sold | 1,904 | 1,830 | $40,018 | $30,986 |
| Reinvestment of distributions | 504 | 1,607 | 9,469 | 26,169 |
| Shares redeemed | (3,262) | (3,467) | (68,649) | (58,984) |
| Net increase (decrease) | (854) | (30) | $(19,162) | $(1,829) |
| Class C | | | | |
| Shares sold | 558 | 352 | $11,151 | $5,560 |
| Reinvestment of distributions | 59 | 226 | 1,020 | 3,437 |
| Shares redeemed | (596) | (862) | (11,684) | (13,658) |
| Net increase (decrease) | 21 | (284) | $487 | $(4,661) |
| Class I | | | | |
| Shares sold | 6,509 | 4,019 | $148,172 | $71,380 |
| Reinvestment of distributions | 398 | 1,059 | 8,327 | 18,689 |
| Shares redeemed | (2,443) | (3,987) | (56,652) | (72,187) |
| Net increase (decrease) | 4,464 | 1,091 | $99,847 | $17,882 |
| Class Z | | | | |
| Shares sold | 6,856 | 2,839 | $157,862 | $51,643 |
| Reinvestment of distributions | 66 | 210 | 1,486 | 3,771 |
| Shares redeemed | (1,529) | (4,044) | (36,740) | (74,214) |
| Net increase (decrease) | 5,393 | (995) | $122,608 | $(18,800) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Dividend Growth Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Dividend Growth Fund equal in value to the net assets of the Fund on the day the reorganization is effective.
A meeting of shareholders of the Fund is expected to be held during the second quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on May 9, 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Dividend Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Dividend Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $109,498,895, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.61% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.733548.125
ADGF-ANN-0125
Fidelity Advisor® Series Growth Opportunities Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Series Growth Opportunities Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.7% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 22.0% | | | |
| Entertainment - 6.1% | | | |
| Netflix, Inc. (a) | | 17,100 | 15,164,451 |
| Roblox Corp. Class A (a) | | 19,600 | 982,548 |
| Roku, Inc. Class A (a) | | 455,636 | 31,452,553 |
| Sea Ltd. ADR Class A (a) | | 90,240 | 10,269,312 |
| | | | 57,868,864 |
| Interactive Media & Services - 13.9% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 98,200 | 16,590,890 |
| Class C | | 249,460 | 42,530,435 |
| Epic Games, Inc. (a)(b)(c) | | 2,200 | 1,486,430 |
| Meta Platforms, Inc. Class A | | 124,189 | 71,324,226 |
| Reddit, Inc. Class A | | 2,000 | 281,380 |
| | | | 132,213,361 |
| Media - 0.0% | | | |
| The Trade Desk, Inc. Class A (a) | | 2,500 | 321,375 |
| Wireless Telecommunication Services - 2.0% | | | |
| T-Mobile U.S., Inc. | | 75,424 | 18,625,203 |
TOTAL COMMUNICATION SERVICES | | | 209,028,803 |
| CONSUMER DISCRETIONARY - 12.4% | | | |
| Automobiles - 1.9% | | | |
| General Motors Co. | | 21,500 | 1,195,185 |
| Neutron Holdings, Inc. (a)(b)(c) | | 77,208 | 4,007 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 13,874 | 2,914 |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | | 18,888 | 9,822 |
| Rivian Automotive, Inc. Class A (a) | | 1,000 | 12,230 |
| Tesla, Inc. (a) | | 48,960 | 16,899,034 |
| | | | 18,123,192 |
| Broadline Retail - 6.3% | | | |
| Amazon.com, Inc. (a) | | 286,480 | 59,556,327 |
| Lenskart Solutions Pvt Ltd. (a)(b)(c) | | 129,260 | 371,705 |
| | | | 59,928,032 |
| Hotels, Restaurants & Leisure - 1.3% | | | |
| Chipotle Mexican Grill, Inc. (a) | | 24,500 | 1,507,240 |
| Domino's Pizza, Inc. | | 7,400 | 3,523,806 |
| Hilton Worldwide Holdings, Inc. | | 12,400 | 3,142,656 |
| Sonder Holdings, Inc.: | | | |
| Stage 1 rights (a)(c) | | 1,133 | 0 |
| Stage 2 rights (a)(c) | | 1,132 | 0 |
| Stage 3 rights (a)(c) | | 1,132 | 0 |
| Stage 4 rights (a)(c) | | 1,132 | 0 |
| Stage 5: | | | |
| rights (a)(c) | | 1,132 | 0 |
| rights (a)(c) | | 1,132 | 0 |
| Starbucks Corp. | | 41,900 | 4,293,074 |
| | | | 12,466,776 |
| Specialty Retail - 2.8% | | | |
| Carvana Co. Class A (a) | | 44,900 | 11,692,858 |
| Floor & Decor Holdings, Inc. Class A (a) | | 39,100 | 4,387,411 |
| Lowe's Companies, Inc. | | 30,400 | 8,281,872 |
| Wayfair LLC Class A (a) | | 14,086 | 651,337 |
| Williams-Sonoma, Inc. | | 10,900 | 1,875,018 |
| | | | 26,888,496 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| Bombas LLC (b)(c) | | 174,908 | 423,277 |
TOTAL CONSUMER DISCRETIONARY | | | 117,829,773 |
| CONSUMER STAPLES - 1.1% | | | |
| Consumer Staples Distribution & Retail - 1.0% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 70,400 | 6,779,520 |
| Walmart, Inc. | | 33,100 | 3,061,750 |
| | | | 9,841,270 |
| Food Products - 0.0% | | | |
| Bowery Farming, Inc. (a)(c) | | 21,190 | 0 |
| Bowery Farming, Inc. warrants (a)(b)(c) | | 7,445 | 0 |
| | | | 0 |
| Tobacco - 0.1% | | | |
| JUUL Labs, Inc.: | | | |
| Class A (a)(b)(c) | | 836,067 | 844,428 |
| Class B (a)(b)(c) | | 709 | 716 |
| | | | 845,144 |
TOTAL CONSUMER STAPLES | | | 10,686,414 |
| FINANCIALS - 5.8% | | | |
| Banks - 0.1% | | | |
| Starling Bank Ltd. Series D (a)(b)(c) | | 244,400 | 786,797 |
| Capital Markets - 1.6% | | | |
| Blue Owl Capital, Inc. Class A (d) | | 116,700 | 2,769,291 |
| Coinbase Global, Inc. Class A (a) | | 26,800 | 7,938,160 |
| LPL Financial | | 15,200 | 4,942,280 |
| | | | 15,649,731 |
| Financial Services - 4.1% | | | |
| Apollo Global Management, Inc. | | 45,900 | 8,033,877 |
| Block, Inc. Class A (a) | | 45,299 | 4,011,226 |
| Circle Internet Financial Ltd.: | | | |
| Class E (c) | | 53,240 | 1,498,174 |
| Class F (c) | | 5,401 | 151,984 |
| Fiserv, Inc. (a) | | 26,600 | 5,877,536 |
| MasterCard, Inc. Class A | | 3,100 | 1,652,114 |
| Visa, Inc. Class A | | 56,326 | 17,747,196 |
| | | | 38,972,107 |
| Insurance - 0.0% | | | |
| Progressive Corp. | | 400 | 107,552 |
TOTAL FINANCIALS | | | 55,516,187 |
| HEALTH CARE - 5.3% | | | |
| Biotechnology - 1.2% | | | |
| AbbVie, Inc. | | 500 | 91,465 |
| Alnylam Pharmaceuticals, Inc. (a) | | 4,663 | 1,180,065 |
| Argenx SE ADR (a) | | 3,190 | 1,966,795 |
| Ascendis Pharma A/S sponsored ADR (a) | | 8,116 | 1,104,425 |
| Cytokinetics, Inc. (a) | | 32,141 | 1,666,832 |
| Keros Therapeutics, Inc. (a) | | 8,500 | 490,790 |
| Nuvalent, Inc. Class A (a) | | 16,100 | 1,556,548 |
| Vaxcyte, Inc. (a) | | 35,202 | 3,320,957 |
| | | | 11,377,877 |
| Health Care Equipment & Supplies - 1.1% | | | |
| Blink Health LLC Series A1 (a)(b)(c) | | 2,573 | 91,779 |
| Boston Scientific Corp. (a) | | 105,001 | 9,519,391 |
| TransMedics Group, Inc. (a) | | 2,600 | 225,446 |
| | | | 9,836,616 |
| Health Care Providers & Services - 0.9% | | | |
| UnitedHealth Group, Inc. | | 14,391 | 8,781,388 |
| Pharmaceuticals - 2.1% | | | |
| Eli Lilly & Co. | | 21,400 | 17,020,490 |
| Merck & Co., Inc. | | 14,000 | 1,422,960 |
| Novo Nordisk A/S Series B | | 12,800 | 1,371,774 |
| Structure Therapeutics, Inc. ADR (a) | | 9,100 | 301,665 |
| | | | 20,116,889 |
TOTAL HEALTH CARE | | | 50,112,770 |
| INDUSTRIALS - 3.8% | | | |
| Aerospace & Defense - 0.6% | | | |
| Axon Enterprise, Inc. (a) | | 3,700 | 2,393,752 |
| GE Aerospace | | 6,300 | 1,147,608 |
| Howmet Aerospace, Inc. | | 1,800 | 213,084 |
| Rolls-Royce Holdings PLC sponsored ADR (a) | | 13,000 | 92,170 |
| Space Exploration Technologies Corp. (a)(b)(c) | | 5,366 | 627,393 |
| Space Exploration Technologies Corp. Class C (a)(b)(c) | | 623 | 72,841 |
| TransDigm Group, Inc. | | 600 | 751,782 |
| | | | 5,298,630 |
| Building Products - 1.8% | | | |
| Builders FirstSource, Inc. (a) | | 89,700 | 16,726,359 |
| Commercial Services & Supplies - 0.2% | | | |
| ACV Auctions, Inc. Class A (a) | | 102,000 | 2,307,240 |
| Ground Transportation - 1.2% | | | |
| Uber Technologies, Inc. (a) | | 156,376 | 11,252,817 |
| Machinery - 0.0% | | | |
| Symbotic, Inc. (a)(d) | | 7,900 | 212,510 |
TOTAL INDUSTRIALS | | | 35,797,556 |
| INFORMATION TECHNOLOGY - 46.2% | | | |
| Communications Equipment - 0.6% | | | |
| Arista Networks, Inc. (a) | | 12,600 | 5,113,332 |
| Electronic Equipment, Instruments & Components - 2.1% | | | |
| Flex Ltd. (a)(d) | | 514,090 | 20,034,087 |
| IT Services - 0.9% | | | |
| MongoDB, Inc. Class A (a) | | 15,500 | 4,998,595 |
| Shopify, Inc. Class A (a) | | 27,900 | 3,225,240 |
| | | | 8,223,835 |
| Semiconductors & Semiconductor Equipment - 23.0% | | | |
| Advanced Micro Devices, Inc. (a) | | 61,600 | 8,449,980 |
| Analog Devices, Inc. | | 400 | 87,220 |
| Arm Holdings Ltd. ADR (a) | | 100 | 13,429 |
| Astera Labs, Inc. (a) | | 20,400 | 2,106,300 |
| Broadcom, Inc. | | 154,800 | 25,089,984 |
| Marvell Technology, Inc. | | 179,547 | 16,642,211 |
| Micron Technology, Inc. | | 38,500 | 3,771,075 |
| NVIDIA Corp. | | 940,160 | 129,977,120 |
| NXP Semiconductors NV | | 43,728 | 10,029,891 |
| ON Semiconductor Corp. (a) | | 147,242 | 10,471,851 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 64,800 | 11,965,968 |
| Xsight Labs Ltd. warrants 1/11/34 (a)(b)(c) | | 1,910 | 6,265 |
| | | | 218,611,294 |
| Software - 14.2% | | | |
| AppLovin Corp. Class A, (a) | | 30,200 | 10,169,850 |
| Cadence Design Systems, Inc. (a) | | 300 | 92,043 |
| Convoy, Inc. warrants (a)(b)(c) | | 6,152 | 0 |
| CoreWeave, Inc. Class A (b)(c) | | 787 | 739,662 |
| Datadog, Inc. Class A (a) | | 27,200 | 4,154,800 |
| HubSpot, Inc. (a) | | 3,074 | 2,216,508 |
| Informatica, Inc. Class A (a) | | 15,800 | 419,016 |
| Microsoft Corp. | | 229,983 | 97,388,601 |
| Monday.com Ltd. (a) | | 700 | 199,752 |
| Open AI Global LLC rights (a)(b)(c) | | 166,062 | 166,062 |
| Oracle Corp. | | 52,500 | 9,704,100 |
| Palantir Technologies, Inc. Class A (a) | | 2,900 | 194,532 |
| Samsara, Inc. Class A (a) | | 11,800 | 631,182 |
| SAP SE | | 14,100 | 3,348,269 |
| ServiceNow, Inc. (a) | | 5,168 | 5,423,506 |
| Stripe, Inc. Class B (a)(b)(c) | | 2,500 | 68,775 |
| Synopsys, Inc. (a) | | 400 | 223,396 |
| Zscaler, Inc. (a) | | 1,000 | 206,590 |
| | | | 135,346,644 |
| Technology Hardware, Storage & Peripherals - 5.4% | | | |
| Apple, Inc. | | 179,113 | 42,508,888 |
| Dell Technologies, Inc. Class C | | 69,100 | 8,816,469 |
| Western Digital Corp. (a) | | 1,200 | 87,588 |
| | | | 51,412,945 |
TOTAL INFORMATION TECHNOLOGY | | | 438,742,137 |
| MATERIALS - 0.2% | | | |
| Construction Materials - 0.2% | | | |
| Martin Marietta Materials, Inc. | | 3,300 | 1,980,000 |
| UTILITIES - 0.9% | | | |
| Electric Utilities - 0.9% | | | |
| Constellation Energy Corp. | | 33,300 | 8,543,448 |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Vistra Corp. | | 2,100 | 335,664 |
TOTAL UTILITIES | | | 8,879,112 |
| TOTAL COMMON STOCKS (Cost $392,520,278) | | | 928,572,752 |
| | | | |
| Convertible Preferred Stocks - 1.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 4,644 | 1,114,885 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc. Series 1C (a)(b)(c) | | 1,387,600 | 72,016 |
| Rad Power Bikes, Inc.: | | | |
| Series A (a)(b)(c) | | 1,809 | 380 |
| Series C (a)(b)(c) | | 7,117 | 4,057 |
| Series D (a)(b)(c) | | 12,697 | 12,062 |
| Waymo LLC: | | | |
| Series A2 (a)(b)(c) | | 2,896 | 184,736 |
| Series C2 (b)(c) | | 4,115 | 319,941 |
| | | | 593,192 |
| CONSUMER STAPLES - 0.0% | | | |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| GoBrands, Inc. Series G (a)(b)(c) | | 2,400 | 90,120 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc.: | | | |
| Series C (a)(b)(c) | | 70,175 | 70,877 |
| Series D (a)(b)(c) | | 938 | 947 |
| | | | 71,824 |
TOTAL CONSUMER STAPLES | | | 161,944 |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Tenstorrent Holdings, Inc.: | | | |
| Series C1 (b)(c)(e) | | 2,264 | 167,944 |
| Series D1 (b)(c) | | 1,400 | 110,390 |
| | | | 278,334 |
| HEALTH CARE - 0.1% | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Blink Health LLC: | | | |
| Series C (a)(b)(c) | | 15,631 | 557,558 |
| Series D (b)(c) | | 2,983 | 106,404 |
| | | | 663,962 |
| Health Care Technology - 0.0% | | | |
| Aledade, Inc. Series E1 (a)(b)(c) | | 5,837 | 220,989 |
TOTAL HEALTH CARE | | | 884,951 |
| INDUSTRIALS - 1.0% | | | |
| Aerospace & Defense - 0.8% | | | |
| Anduril Industries, Inc. Series F (b)(c) | | 22,366 | 555,124 |
| Relativity Space, Inc. Series E (a)(b)(c) | | 36,263 | 29,373 |
| Space Exploration Technologies Corp.: | | | |
| Series I (a)(b)(c) | | 3,290 | 3,846,668 |
| Series N (a)(b)(c) | | 2,559 | 2,991,983 |
| | | | 7,423,148 |
| Air Freight & Logistics - 0.0% | | | |
| Zipline International, Inc. Series G (b)(c) | | 8,269 | 346,885 |
| Construction & Engineering - 0.2% | | | |
| Beta Technologies, Inc.: | | | |
| Series A (a)(b)(c) | | 15,188 | 1,738,570 |
| Series C, 6.00% (b)(c) | | 1,300 | 148,811 |
| | | | 1,887,381 |
TOTAL INDUSTRIALS | | | 9,657,414 |
| INFORMATION TECHNOLOGY - 0.5% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| CelLink Corp. Series D (a)(b)(c) | | 12,100 | 67,760 |
| Enevate Corp. Series E (a)(b)(c) | | 285,844 | 157,214 |
| VAST Data Ltd.: | | | |
| Series A (b)(c) | | 2,512 | 51,094 |
| Series A1 (b)(c) | | 6,183 | 125,762 |
| Series A2 (b)(c) | | 7,112 | 144,658 |
| Series B (b)(c) | | 5,659 | 115,104 |
| Series C (b)(c) | | 165 | 3,356 |
| Series E (b)(c) | | 5,408 | 109,999 |
| | | | 774,947 |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 17,900 | 141,947 |
| Yanka Industries, Inc.: | | | |
| Series E (a)(b)(c) | | 19,716 | 65,063 |
| Series F (a)(b)(c) | | 13,160 | 70,538 |
| | | | 277,548 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| Sima Technologies, Inc.: | | | |
| Series B (a)(b)(c) | | 40,700 | 255,189 |
| Series B1 (a)(b)(c) | | 5,810 | 42,529 |
| Xsight Labs Ltd.: | | | |
| Series D (a)(b)(c) | | 17,400 | 118,494 |
| Series D1 (b)(c) | | 6,366 | 61,050 |
| | | | 477,262 |
| Software - 0.3% | | | |
| Anthropic PBC Series D (b)(c) | | 2,890 | 108,202 |
| Convoy, Inc. Series D (a)(b)(c) | | 93,888 | 1 |
| CoreWeave, Inc. Series C (b)(c) | | 28 | 29,936 |
| Databricks, Inc.: | | | |
| Series G (a)(b)(c) | | 6,600 | 590,172 |
| Series I (a)(b)(c) | | 104 | 9,300 |
| Lyte AI, Inc. Series B (b)(c) | | 12,300 | 155,103 |
| Moloco, Inc. Series A (a)(b)(c) | | 11,676 | 738,741 |
| Mountain Digital, Inc. Series D (a)(b)(c) | | 28,106 | 465,716 |
| Runway AI, Inc. Series D (b)(c) | | 2,965 | 321,465 |
| Stripe, Inc. Series H (a)(b)(c) | | 5,729 | 157,605 |
| xAI Corp. Series C (b)(c) | | 22,286 | 482,492 |
| | | | 3,058,733 |
TOTAL INFORMATION TECHNOLOGY | | | 4,588,490 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 23,194 | 640,154 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,827,370) | | | 17,919,364 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (f) | Value ($) |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 5/22/27 (b)(c) | | 47,700 | 108,775 |
| 4% 6/12/27 (b)(c) | | 13,100 | 29,873 |
| 7.5% 10/29/26 (b)(c)(g) | | 438,309 | 515,145 |
| | | | 653,793 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 10% 5/12/25 (b)(c) | | 4,439 | 4,460 |
| Software - 0.0% | | | |
| Convoy, Inc. 15% 9/30/26 (b)(c) | | 40,971 | 0 |
TOTAL INFORMATION TECHNOLOGY | | | 4,460 |
| TOTAL CONVERTIBLE BONDS (Cost $544,519) | | | 658,253 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (f) | Value ($) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | | 18,888 | 24,664 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Enevate Corp. 6% (b)(c)(e) | | 14,864 | 13,043 |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Sima Technologies, Inc. 10% 12/31/27 (b)(c) | | 44,327 | 45,457 |
| Xsight Labs Ltd. 0% (b)(c) | | 25,630 | 25,630 |
| | | | 71,087 |
TOTAL INFORMATION TECHNOLOGY | | | 84,130 |
| TOTAL PREFERRED SECURITIES (Cost $103,709) | | | 108,794 |
| | | | |
| Money Market Funds - 1.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.64% (h) | | 2,052,235 | 2,052,645 |
| Fidelity Securities Lending Cash Central Fund 4.64% (h)(i) | | 11,065,942 | 11,067,048 |
| TOTAL MONEY MARKET FUNDS (Cost $13,119,693) | | | 13,119,693 |
| | | | |
| Equity Funds - 0.0% |
| | | Shares | Value ($) |
| Domestic Equity Funds - 0.0% | | | |
iShares Russell 1000 Growth ETF (Cost $418,419) | | 1,100 | 438,218 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $421,533,988) | 960,817,074 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (10,138,250) |
| NET ASSETS - 100.0% | 950,678,824 |
| | |
Security Type Abbreviations
Legend
| (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 $24,389,284 or 2.6% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Security is perpetual in nature with no stated maturity date. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aledade, Inc. Series E1 | 5/20/22 | 290,767 |
| | | |
| Anduril Industries, Inc. Series F | 8/07/24 | 486,161 |
| | | |
| Anthropic PBC Series D | 5/31/24 | 86,713 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 1,112,825 |
| | | |
| Beta Technologies, Inc. Series C, 6.00% | 10/24/24 | 148,811 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 - 6/17/24 | 76,057 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 596,729 |
| | | |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 125,286 |
| | | |
| Bombas LLC | 2/16/21 - 11/12/21 | 830,401 |
| | | |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 508,862 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 251,969 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 1,271,244 |
| | | |
| Convoy, Inc. warrants | 3/24/23 | 0 |
| | | |
| Convoy, Inc. 15% 9/30/26 | 3/24/23 | 40,971 |
| | | |
| CoreWeave, Inc. Class A | 11/29/23 - 10/03/24 | 466,877 |
| | | |
| CoreWeave, Inc. Series C | 5/17/24 | 21,813 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 390,209 |
| | | |
| Databricks, Inc. Series I | 9/14/23 | 7,644 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 556,656 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 316,911 |
| | | |
| Enevate Corp. 6% | 11/02/23 | 14,864 |
| | | |
| Enevate Corp. 10% 5/12/25 | 11/12/24 | 4,439 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 1,730,000 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 599,322 |
| | | |
| Gupshup, Inc. | 6/08/21 | 409,287 |
| | | |
| JUUL Labs, Inc. Class A | 2/23/24 | 848,583 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 | 0 |
| | | |
| Lenskart Solutions Pvt Ltd. | 4/30/24 | 356,216 |
| | | |
| Lyte AI, Inc. Series B | 8/13/24 | 156,039 |
| | | |
| Moloco, Inc. Series A | 6/26/23 | 700,560 |
| | | |
| Mountain Digital, Inc. Series D | 11/05/21 | 645,463 |
| | | |
| Neutron Holdings, Inc. | 2/04/21 | 772 |
| | | |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 253,709 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 47,700 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 13,100 |
| | | |
| Neutron Holdings, Inc. 7.5% 10/29/26 | 10/29/21 - 10/27/24 | 438,309 |
| | | |
| Open AI Global LLC rights | 9/30/24 | 166,062 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 66,926 |
| | | |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 8,726 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 34,331 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 121,686 |
| | | |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 18,888 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 828,069 |
| | | |
| Runway AI, Inc. Series D | 9/06/24 | 321,459 |
| | | |
| Sima Technologies, Inc. Series B | 5/10/21 | 208,685 |
| | | |
| Sima Technologies, Inc. Series B1 | 4/25/22 - 10/17/22 | 41,198 |
| | | |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 - 10/05/24 | 44,327 |
| | | |
| Space Exploration Technologies Corp. | 2/16/21 - 8/30/24 | 390,989 |
| | | |
| Space Exploration Technologies Corp. Class C | 7/01/24 | 69,776 |
| | | |
| Space Exploration Technologies Corp. Series I | 4/05/18 | 556,010 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 690,930 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 468,193 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 100,321 |
| | | |
| Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 229,877 |
| | | |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 134,645 |
| | | |
| Tenstorrent Holdings, Inc. Series D1 | 7/16/24 | 110,357 |
| | | |
| VAST Data Ltd. Series A | 11/28/23 | 27,632 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 68,013 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 78,232 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 62,249 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 1,815 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 118,976 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 248,671 |
| | | |
| Waymo LLC Series C2 | 10/18/24 | 321,798 |
| | | |
| xAI Corp. Series C | 11/22/24 | 482,492 |
| | | |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 139,130 |
| | | |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 50,903 |
| | | |
| Xsight Labs Ltd. 0% | 11/04/24 | 25,630 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 238,154 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 419,499 |
| | | |
| Zipline International, Inc. Series G | 6/07/24 | 346,854 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 1,286,935 | 152,258,791 | 151,493,498 | 109,781 | 417 | - | 2,052,645 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 12,523,731 | 142,381,905 | 143,838,588 | 13,066 | - | - | 11,067,048 | 0.0% |
| Total | 13,810,666 | 294,640,696 | 295,332,086 | 122,847 | 417 | - | 13,119,693 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 210,143,688 | 207,542,373 | - | 2,601,315 |
Consumer Discretionary | 118,422,965 | 117,018,048 | - | 1,404,917 |
Consumer Staples | 10,848,358 | 9,841,270 | - | 1,007,088 |
Financials | 55,794,521 | 53,079,232 | - | 2,715,289 |
Health Care | 50,997,721 | 48,649,217 | 1,371,774 | 976,730 |
Industrials | 45,454,970 | 35,097,322 | - | 10,357,648 |
Information Technology | 443,330,627 | 434,413,104 | 3,348,269 | 5,569,254 |
Materials | 2,620,154 | 1,980,000 | - | 640,154 |
Utilities | 8,879,112 | 8,879,112 | - | - |
|
| Corporate Bonds | 658,253 | - | - | 658,253 |
|
| Preferred Securities | 108,794 | - | - | 108,794 |
|
| Money Market Funds | 13,119,693 | 13,119,693 | - | - |
|
| Equity Funds | 438,218 | 438,218 | - | - |
| Total Investments in Securities: | 960,817,074 | 930,057,589 | 4,720,043 | 26,039,442 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Industrials | | | |
| Beginning Balance | $ | 7,118,446 | |
| Net Realized Gain (Loss) on Investment Securities | | (37,815) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 1,960,423 | |
| Cost of Purchases | | 1,316,594 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 10,357,648 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | 1,922,610 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 11,693,213 | |
| Net Realized Gain (Loss) on Investment Securities | | (20,740) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 480,817 | |
| Cost of Purchases | | 3,533,807 | |
| Proceeds of Sales | | (5,303) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 15,681,794 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | 480,392 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $10,873,230) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $408,414,295) | $ | 947,697,381 | | |
Fidelity Central Funds (cost $13,119,693) | | 13,119,693 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $421,533,988) | | | $ | 960,817,074 |
| Foreign currency held at value (cost $429) | | | | 422 |
| Receivable for investments sold | | | | 13,775,734 |
| Receivable for fund shares sold | | | | 987 |
| Dividends receivable | | | | 366,225 |
| Interest receivable | | | | 25,363 |
| Distributions receivable from Fidelity Central Funds | | | | 10,014 |
| Receivable from investment adviser for expense reductions | | | | 5,524 |
| Other receivables | | | | 11,936 |
Total assets | | | | 975,013,279 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 513,823 | | |
| Payable for fund shares redeemed | | 12,729,335 | | |
| Other payables and accrued expenses | | 23,197 | | |
| Collateral on securities loaned | | 11,068,100 | | |
| Total liabilities | | | | 24,334,455 |
| Net Assets | | | $ | 950,678,824 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 337,526,272 |
| Total accumulated earnings (loss) | | | | 613,152,552 |
| Net Assets | | | $ | 950,678,824 |
Net Asset Value, offering price and redemption price per share ($950,678,824 ÷ 53,308,068 shares) | | | $ | 17.83 |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 3,397,020 |
| Interest | | | | 34,808 |
| Income from Fidelity Central Funds (including $13,066 from security lending) | | | | 122,847 |
| Total income | | | | 3,554,675 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 55,542 | | |
| Independent trustees' fees and expenses | | 3,893 | | |
| Legal | | 217 | | |
| Interest | | 22,908 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 82,585 | | |
| Expense reductions | | (28,977) | | |
| Total expenses after reductions | | | | 53,608 |
| Net Investment income (loss) | | | | 3,501,067 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 127,344,489 | | |
| Fidelity Central Funds | | 417 | | |
| Foreign currency transactions | | 16,986 | | |
| Total net realized gain (loss) | | | | 127,361,892 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,843) | | 212,661,161 | | |
| Assets and liabilities in foreign currencies | | (99) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 212,661,062 |
| Net gain (loss) | | | | 340,022,954 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 343,524,021 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,501,067 | $ | 3,354,851 |
| Net realized gain (loss) | | 127,361,892 | | 3,148,109 |
| Change in net unrealized appreciation (depreciation) | | 212,661,062 | | 173,578,002 |
| Net increase (decrease) in net assets resulting from operations | | 343,524,021 | | 180,080,962 |
| Distributions to shareholders | | (2,668,623) | | (3,392,612) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 137,553,536 | | 164,000,171 |
| Reinvestment of distributions | | 2,668,345 | | 3,392,612 |
| Cost of shares redeemed | | (303,113,224) | | (275,043,180) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (162,891,343) | | (107,650,397) |
| Total increase (decrease) in net assets | | 177,964,055 | | 69,037,953 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 772,714,769 | | 703,676,816 |
| End of period | $ | 950,678,824 | $ | 772,714,769 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 9,007,908 | | 15,984,865 |
| Issued in reinvestment of distributions | | 213,810 | | 364,014 |
| Redeemed | | (19,762,345) | | (25,592,405) |
| Net increase (decrease) | | (10,540,627) | | (9,243,526) |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Growth Opportunities Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.10 | $ | 9.63 | $ | 18.67 | $ | 20.55 | $ | 16.27 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .05 | | .06 | | .06 | | .08 |
| Net realized and unrealized gain (loss) | | 5.71 | | 2.47 | | (4.79) | | 3.39 | | 7.91 |
| Total from investment operations | | 5.77 | | 2.52 | | (4.73) | | 3.45 | | 7.99 |
| Distributions from net investment income | | (.04) | | (.05) | | (.06) | | (.11) | | (.13) |
| Distributions from net realized gain | | - | | - | | (4.25) | | (5.22) | | (3.59) |
| Total distributions | | (.04) | | (.05) | | (4.31) | | (5.33) | | (3.71) C |
| Net asset value, end of period | $ | 17.83 | $ | 12.10 | $ | 9.63 | $ | 18.67 | $ | 20.55 |
Total Return D | | | | 26.28% | | (32.42)% | | 21.11% | | 63.04% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .01% | | .01% | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% G | | -% G | | .01% |
| Expenses net of all reductions | | .01% | | .01% | | -% G | | -% G | | .01% |
| Net investment income (loss) | | .39% | | .47% | | .57% | | .35% | | .54% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 950,679 | $ | 772,715 | $ | 703,677 | $ | 776,073 | $ | 713,285 |
Portfolio turnover rate H | | | | 69% | | 97% | | 84% | | 78% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1.Organization.
Fidelity Advisor Series Growth Opportunities Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2.Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| Equities | $25,272,395 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.0 - 61.8 / 11.7 | Increase |
| | | | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.0 - 23.9 / 23.2 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 14.0 | Increase |
| | | Market approach | Transaction price | $1.10 - $78.20 / $38.02 | Increase |
| | | | Discount rate | 60.0% | Decrease |
| | | | Premium rate | 25.0% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.2% - 4.5% / 4.3% | Increase |
| | | | Term | 1.0 - 5.0 / 2.9 | Increase |
| | | | Volatility | 50.0% - 100.0% / 67.2% | Increase |
| Corporate Bonds | $658,253 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 35.4% | Decrease |
| | | | Probability rate | 0.0% - 50.0% / 25.0% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.4% - 5.2% / 4.4% | Increase |
| | | | Term | 0.1 - 1.1 / 1.1 | Increase |
| | | | Volatility | 75.0% - 100.0% / 75.2% | Increase |
| Preferred Securities | $108,794 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 21.7% - 37.9% / 34.3% | Decrease |
| | | | Probability rate | 0.0% - 60.0% / 32.9% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Black scholes | Discount rate | 4.3% - 5.2% / 4.5% | Increase |
| | | | Term | 0.4 - 2.1 / 1.0 | Increase |
| | | | Volatility | 50.0% - 100.0% / 60.8% | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $545,500,475 |
| Gross unrealized depreciation | (8,492,070) |
| Net unrealized appreciation (depreciation) | $537,008,405 |
| Tax Cost | $423,808,669 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $3,808,406 |
| Undistributed long-term capital gain | $72,340,422 |
| Net unrealized appreciation (depreciation) on securities and other investments | $537,008,566 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $2,668,623 | $ 3,392,612 |
| Total | $2,668,623 | $ 3,392,612 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4.Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Growth Opportunities Fund | 586,808,562 | 751,040,181 |
5.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:| | Amount ($) |
| Fidelity Advisor Series Growth Opportunities Fund | 8,114 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Series Growth Opportunities Fund | Borrower | 16,438,222 | 5.57% | 22,908 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Series Growth Opportunities Fund | 38,086,981 | 48,566,987 | 3,828,127 |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6.Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7.Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Series Growth Opportunities Fund | 1,389 | 234 | - |
8.Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $28,977.
9.Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Series Growth Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Series Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $81,902,362, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $209,274 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 77% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 96.86% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 0.77% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.967930.111
AXS3-ANN-0125
Fidelity® Real Estate High Income Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-617-563-7644 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Real Estate High Income Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Nonconvertible Bonds - 4.2% |
| | | Principal Amount (a) | Value ($) |
| Homebuilders/Real Estate - 4.1% | | | |
| American Homes 4 Rent LP 5.5% 2/1/34 | | 4,900,000 | 4,986,554 |
| American Tower Corp.: | | | |
| 4.05% 3/15/32 | | 1,785,000 | 1,686,948 |
| 5.45% 2/15/34 | | 1,100,000 | 1,123,612 |
| 5.65% 3/15/33 | | 2,000,000 | 2,067,428 |
| Americold Realty Operating Partnership LP 5.409% 9/12/34 | | 1,625,000 | 1,601,927 |
| Essex Portfolio LP 5.5% 4/1/34 | | 2,574,000 | 2,628,731 |
| Extra Space Storage LP 5.4% 2/1/34 | | 1,545,000 | 1,563,195 |
| Invitation Homes Operating Partnership LP: | | | |
| 4.15% 4/15/32 | | 540,000 | 505,585 |
| 5.5% 8/15/33 | | 2,455,000 | 2,491,717 |
| NNN (REIT), Inc. 5.6% 10/15/33 | | 2,485,000 | 2,560,788 |
| Safehold Operating Partnership LP 6.1% 4/1/34 | | 2,792,000 | 2,900,091 |
| Sun Communities Operating LP: | | | |
| 4.2% 4/15/32 | | 450,000 | 418,609 |
| 5.7% 1/15/33 | | 3,390,000 | 3,449,278 |
TOTAL HOMEBUILDERS/REAL ESTATE | | | 27,984,463 |
| Hotels - 0.1% | | | |
| Times Square Hotel Trust 8.528% 8/1/26 (b) | | 784,159 | 786,114 |
| TOTAL NONCONVERTIBLE BONDS (Cost $27,739,548) | | | 28,770,577 |
| | | | |
| Asset-Backed Securities - 4.7% |
| | | Principal Amount (a) | Value ($) |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(c)(d)(e) | | 2,480,200 | 25 |
| Blue Stream Issuer LLC Series 2024-1A Class C, 8.71% 11/20/54 (b) | | 1,750,000 | 1,770,300 |
| Capital Trust RE CDO Ltd. Series 2005-1A: | | | |
| Class D, CME Term SOFR 1 Month Index + 1.610% 6.5753% 3/20/50 (b)(c)(e)(f) | | 750,000 | 0 |
| Class E, CME Term SOFR 1 Month Index + 2.210% 7.1753% 3/20/50 (b)(c)(e)(f) | | 2,670,000 | 0 |
| Cldcd 2024-2A A2 Series 2024-2A Class A2, 5.923% 11/22/49 (b) | | 530,000 | 536,307 |
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS 3 month U.S. LIBOR + 0.470% 6.0632% 12/28/35 (b)(c)(e)(f) | | 3,000,000 | 0 |
| Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 8.9627% (b)(c)(e)(f)(g) | | 3,078,262 | 0 |
| Cyrusone Data Centers Issuer I: | | | |
| Series 2024-2A Class A2, 4.5% 5/20/49 (b) | | 2,196,000 | 2,111,357 |
| Series 2024-3A Class A2, 4.65% 5/20/49 (b) | | 2,400,000 | 2,265,308 |
| Home Partners of America Trust: | | | |
| Series 2019-2 Class F, 3.866% 10/19/39 (b) | | 2,019,452 | 1,857,733 |
| Series 2021-1 Class F, 3.325% 9/17/41 (b) | | 873,379 | 727,755 |
| Series 2021-2 Class G, 4.505% 12/17/26 (b) | | 5,317,673 | 4,892,838 |
| Series 2021-3 Class F, 4.242% 1/17/41 (b) | | 1,206,541 | 1,069,097 |
| Retained Vantage Data Ctrs Iss: | | | |
| Series 2023-2A Class A2, 5.05% 9/15/48 (b) | | 1,250,000 | 1,203,298 |
| Series 2024-1A: | | | |
Class A2, 4.992% 9/15/49 (b) | | 593,000 | 576,033 |
Class B, 5.775% 9/15/49 (b) | | 1,345,000 | 1,323,531 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.593% 9/15/39 (b)(c) | | 3,206,000 | 2,537,334 |
| Switch Abs Issuer LLC: | | | |
| Series 2024-1A Class B, 6.5% 3/25/54 (b) | | 1,250,000 | 1,258,563 |
| Series 2024-2A Class C, 10.033% 6/25/54 (b) | | 1,975,000 | 2,043,724 |
| Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, CME Term SOFR 3 Month Index + 4.760% 9.3159% (b)(c)(e)(f)(g) | | 7,128,422 | 1 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (b) | | 672,000 | 642,545 |
| Vantage Data Centers Issuer Ll Series 2024-1A Class A2, 5.1% 9/15/54 (b) | | 2,355,000 | 2,310,425 |
| VB-S1 Issuer LLC Series 2024-1A: | | | |
| Class D, 6.644% 5/15/54 (b) | | 1,800,000 | 1,848,113 |
| Class F, 8.871% 5/15/54 (b) | | 3,649,000 | 3,820,875 |
| TOTAL ASSET-BACKED SECURITIES (Cost $44,269,862) | | | 32,795,162 |
| | | | |
| Collateralized Mortgage Obligations - 0.4% |
| | | Principal Amount (a) | Value ($) |
| Private Sponsor - 0.4% | | | |
| Bfld Commercial Mtg Trust 2024-Univ floater Series 2024-UNIV Class E, CME Term SOFR 1 Month Index + 3.630% 8.2488% 11/15/41 (b)(c)(f) | | 2,487,000 | 2,481,562 |
| U.S. Government Agency - 0.0% | | | |
| Fannie Mae REMIC Trust: | | | |
| Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6975% 2/25/42 (b)(c)(e) | | 19,344 | 8,330 |
| Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.5278% 1/25/42 (b)(c)(e) | | 16,598 | 2,925 |
| Series 2003-W10 subordinate REMIC pass thru certificates: | | | |
Class 2B4, 3.9594% 6/25/43 (b)(c)(e) | | 68,465 | 19,581 |
Class 2B5, 3.9594% 6/25/43 (b)(c)(e) | | 7,211 | 422 |
TOTAL U.S. GOVERNMENT AGENCY | | | 31,258 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,506,918) | | | 2,512,820 |
| | | | |
| Commercial Mortgage Securities - 86.1% |
| | | Principal Amount (a) | Value ($) |
| Ares Trust 2024-Industries2 floater Series 2024-IND2 Class F, CME Term SOFR 1 Month Index + 4.030% 8.6483% 10/15/34 (b)(c)(f) | | 2,155,000 | 2,161,389 |
| BAMLL Commercial Mortgage Securities Trust Series 2015-200P Class F, 3.7157% 4/14/33 (b)(c) | | 2,588,000 | 2,513,879 |
| BANK sequential payer: | | | |
| Series 2021-BN35 Class A5, 2.285% 6/15/64 | | 2,650,000 | 2,257,525 |
| Series 2022-BNK39 Class A4, 2.928% 2/15/55 | | 1,895,000 | 1,660,918 |
| Series 2022-BNK42: | | | |
Class D, 2.5% 6/15/55 (b) | | 1,664,000 | 1,188,707 |
Class E, 2.5% 6/15/55 (b) | | 1,302,000 | 872,423 |
| Series 2022-BNK42, Class A5, 4.493% 6/15/55 (c) | | 2,326,000 | 2,246,306 |
| Bank sequential payer Series 2023-BNK46 Class A4, 5.745% 8/15/56 | | 2,458,000 | 2,570,053 |
| BANK: | | | |
| Series 2017-BNK4 Class D, 3.357% 5/15/50 (b) | | 2,308,000 | 1,615,065 |
| Series 2017-BNK8 Class E, 2.8% 11/15/50 (b) | | 2,625,000 | 1,137,802 |
| Series 2018-BN10: | | | |
Class B, 4.078% 2/15/61 (c) | | 1,035,000 | 976,023 |
Class C, 4.163% 2/15/61 (c) | | 2,936,000 | 2,723,305 |
| Series 2019-BN22 Class D, 2.5% 11/15/62 (b) | | 2,465,000 | 1,831,968 |
| Series 2020-BN27 Class D, 2.5% 4/15/63 (b) | | 921,000 | 639,212 |
| Series 2020-BN28: | | | |
Class A/S, 2.14% 3/15/63 | | 717,000 | 605,531 |
Class E, 2.5% 3/15/63 (b) | | 903,000 | 623,680 |
| Series 2020-BN30 Class MCDG, 3.0155% 12/15/53 (c) | | 3,921,000 | 1,914,375 |
| Series 2021-BN33 Class B, 2.893% 5/15/64 | | 903,000 | 762,325 |
| Series 2022-BNK43 Class D, 3% 8/15/55 (b) | | 2,614,000 | 1,916,645 |
| Series 2022-BNK44: | | | |
Class A/S, 5.9359% 11/15/55 (c) | | 1,225,000 | 1,247,000 |
Class C, 5.9359% 11/15/55 (c) | | 5,014,000 | 4,729,573 |
| Series 2023-BNK45 Class B, 6.148% 2/15/56 (c) | | 1,330,000 | 1,341,231 |
| Bank Series 2023-BNK46 Class B, 6.9996% 8/15/56 (c) | | 1,675,000 | 1,818,022 |
| Bank of America Commercial Mortgage Trust Series 2016-UB10: | | | |
| Class B, 3.79% 7/15/49 | | 3,085,000 | 2,967,218 |
| Class C, 4.9843% 7/15/49 (c) | | 2,418,000 | 2,315,104 |
| Class D, 3% 7/15/49 (b) | | 726,000 | 630,668 |
| Bank5 2023-5Yr4 Series 2023-5YR4 Class C, 7.8581% 12/15/56 (c) | | 1,034,000 | 1,091,554 |
| Bank5 2024-5Yr11 Series 2024-5YR11 Class C, 6.3221% 11/15/57 (c) | | 1,250,000 | 1,263,189 |
| Bank5 2024-5Yr12 Series 2024-5YR12 Class C, 6.3029% 12/15/57 (c) | | 1,516,000 | 1,545,414 |
| BBCMS Mortgage Trust: | | | |
| sequential payer: | | | |
Series 2020-C8 Class E, 2.25% 10/15/53 (b) | | 3,013,000 | 1,846,852 |
Series 2022-C14 Class A5, 2.946% 2/15/55 (c) | | 3,302,000 | 2,880,980 |
Series 2022-C17: | | | |
| Class A5, 4.441% 9/15/55 | | 2,719,000 | 2,623,165 |
| Class D, 2.5% 9/15/55 (b) | | 1,200,000 | 800,761 |
Series 2022-C18 Class A5, 5.71% 12/15/55 | | 3,150,000 | 3,291,847 |
Series 2023-C19 Class A5, 5.451% 4/15/56 | | 2,015,000 | 2,077,720 |
Series 2023-C20 Class A5, 5.576% 7/15/56 | | 1,690,000 | 1,761,847 |
Series 2023-C21 Class A/S, 6.5066% 9/15/56 (c) | | 1,196,000 | 1,267,897 |
Series 2023-C22 Class C, 7.3632% 11/15/56 (c) | | 2,851,000 | 3,093,367 |
Series 2024-C26 Class C, 6% 5/15/57 | | 475,000 | 482,100 |
| Series 2016-ETC Class D, 3.7292% 8/14/36 (b)(c) | | 1,749,000 | 1,536,951 |
| Series 2019-C5 Class D, 2.5% 11/15/52 (b) | | 726,000 | 582,310 |
| Series 2020-C7: | | | |
Class A/S, 2.444% 4/15/53 | | 225,000 | 189,523 |
Class B, 3.152% 4/15/53 | | 853,000 | 720,517 |
| Series 2022-C15, Class A5, 3.662% 4/15/55 | | 3,015,000 | 2,761,038 |
| Series 2022-C16 Class A5, 4.6% 6/15/55 | | 4,573,000 | 4,477,364 |
| Series 2022-C17 Class B, 4.889% 9/15/55 | | 1,491,000 | 1,426,394 |
| Series 2022-C18, Class B, 6.3486% 12/15/55 (c) | | 1,890,000 | 1,987,991 |
| Series 2023 C19 Class B, 6.5445% 4/15/56 (c) | | 1,080,000 | 1,117,501 |
| Series 2023-C21 Class C, 6.5066% 9/15/56 (c) | | 2,386,000 | 2,440,922 |
| Bbcms Mortgage Trust 2024-C30 sequential payer Series 2024-C30 Class C, 5.98% 11/15/57 | | 1,313,000 | 1,323,677 |
| Bbcms Mtg Trust 2024-C24 sequential payer Series 2024-C24: | | | |
| Class B, 5.718% 2/15/57 | | 681,000 | 690,998 |
| Class C, 6% 2/15/57 | | 292,000 | 294,341 |
| Benchmark 2024-V11 Mtg Trust Series 2024-V11 Class C, 6.295% 11/15/57 | | 1,250,000 | 1,263,707 |
| Benchmark 2024-V5 Mortgage Trust sequential payer Series 2024-V5 Class C, 7.205% 1/10/57 (c) | | 856,000 | 888,854 |
| Benchmark Mortgage Trust: | | | |
| sequential payer: | | | |
Series 2019-B14: | | | |
| Class 225D, 3.4041% 12/15/62 (b)(c) | | 1,680,000 | 35,622 |
| Class 225E, 3.4041% 12/15/62 (b)(c) | | 1,132,000 | 11,350 |
Series 2021-B29, Class A5, 2.3879% 9/15/54 | | 2,055,000 | 1,753,908 |
Series 2022-B33 Class A5, 3.4582% 3/15/55 | | 2,477,000 | 2,230,874 |
Series 2023-B39 Class A5, 5.7536% 7/15/56 | | 2,714,000 | 2,864,437 |
Series 2023-C5 Class A5, 5.7653% 6/15/56 | | 1,463,000 | 1,541,566 |
| Series 2018-B7 Class D, 3% 5/15/53 (b)(c) | | 833,000 | 620,562 |
| Series 2019-B12 Class B, 3.5702% 8/15/52 | | 1,186,000 | 1,028,996 |
| Series 2020-B18: | | | |
Class AGNG, 4.5348% 7/15/53 (b)(c) | | 4,074,000 | 3,814,177 |
Class D, 2.25% 7/15/53 (b)(e) | | 1,500,000 | 821,931 |
| Series 2020-B21: | | | |
Class A/S, 2.2543% 12/17/53 | | 662,000 | 552,376 |
Class D, 2% 12/17/53 (b)(e) | | 1,638,000 | 1,064,649 |
| Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (b)(c) | | 3,049,000 | 2,281,217 |
| Series 2021-B25: | | | |
Class 300D, 3.094% 4/15/54 (b)(c)(e) | | 6,055,000 | 2,889,689 |
Class 300E, 3.094% 4/15/54 (b)(c)(e) | | 1,113,000 | 400,104 |
| Series 2022 B37 Class B, 5.9422% 11/15/55 (c) | | 980,000 | 1,000,461 |
| Series 2022-B35 Class D, 2.5% 5/15/55 (b) | | 3,003,000 | 1,931,218 |
| Series 2022-B36: | | | |
Class A/S, 4.9505% 7/15/55 | | 1,190,000 | 1,141,110 |
Class D, 2.5% 7/15/55 (b) | | 1,872,000 | 1,184,933 |
| Series 2022-B37 Class C, 5.7505% 11/15/55 (c) | | 2,090,000 | 1,890,414 |
| Series 2023 B38 Class B, 6.4527% 4/15/56 (c) | | 1,351,000 | 1,385,647 |
| Series 2023-B39 Class C, 6.793% 7/15/56 (c) | | 1,859,000 | 1,892,276 |
| Series 2023-V4 Class C, 7.709% 11/15/56 (c) | | 1,075,000 | 1,131,605 |
| Bfld 2024-Wrhs floater Series 2024-WRHS Class E, CME Term SOFR 1 Month Index + 3.680% 8.2982% 8/15/26 (b)(c)(f) | | 1,845,530 | 1,848,142 |
| BMO 2024-5C3 Mortgage Trust Series 2024-5C3 Class C, 6.8592% 2/15/57 (c) | | 249,000 | 255,061 |
| Bmo 2024-C10 Mtg Trust Series 2024-C10 Class C, 5.979% 11/15/57 (c) | | 1,039,000 | 1,045,834 |
| BMO Mortgage Trust: | | | |
| sequential payer Series 2022-C1 Class A5, 3.374% 2/15/55 | | 3,142,000 | 2,837,474 |
| Series 2022-C1: | | | |
Class 360D, 4.0699% 2/17/55 (b)(c) | | 1,638,000 | 1,223,537 |
Class 360E, 4.0699% 2/17/55 (b)(c) | | 1,970,000 | 1,392,423 |
| Series 2023-C4: | | | |
Class B, 5.5912% 2/15/56 (c) | | 1,186,000 | 1,185,530 |
Class C, 6.0583% 2/15/56 (c) | | 2,468,000 | 2,481,553 |
| Series 2023-C6 Class A/S, 6.5504% 9/15/56 (c) | | 1,229,000 | 1,326,978 |
| Bpr Commercial Mtg Trust 2024-Pk Series 2024-PARK: | | | |
| Class C, 6.1833% 11/5/39 (b)(c) | | 953,000 | 963,365 |
| Class D, 7.001% 11/5/39 (b)(c) | | 1,368,000 | 1,385,348 |
| Bpr Trust 2024-Pmdw Series 2024-PMDW: | | | |
| Class B, 5.85% 11/5/41 (b)(c) | | 1,314,000 | 1,318,334 |
| Class E, 5.85% 11/5/41 (b)(c) | | 766,000 | 687,421 |
| BX Commercial Mortgage Trust: | | | |
| floater: | | | |
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 7.9425% 12/15/38 (b)(c)(f) | | 2,375,018 | 2,345,668 |
Series 2021-LBA: | | | |
| Class FJV, CME Term SOFR 1 Month Index + 2.510% 7.1245% 2/15/36 (b)(c)(f) | | 458,000 | 447,886 |
| Class GJV, CME Term SOFR 1 Month Index + 3.110% 7.7245% 2/15/36 (b)(c)(f) | | 1,033,000 | 992,155 |
Series 2021-MC Class G, CME Term SOFR 1 Month Index + 3.200% 7.8103% 4/15/34 (b)(c)(f) | | 1,572,000 | 1,343,127 |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 7.6696% 10/15/36 (b)(c)(f) | | 3,192,000 | 3,142,958 |
Series 2021-SOAR: | | | |
| Class G, CME Term SOFR 1 Month Index + 2.910% 7.5245% 6/15/38 (b)(c)(f) | | 3,857,646 | 3,808,653 |
| Class J, CME Term SOFR 1 Month Index + 3.860% 8.4745% 6/15/38 (b)(c)(f) | | 2,630,213 | 2,607,607 |
Series 2021-VINO: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.910% 7.5258% 5/15/38 (b)(c)(f) | | 2,398,900 | 2,379,409 |
| Class G, CME Term SOFR 1 Month Index + 4.060% 8.6758% 5/15/38 (b)(c)(f) | | 3,495,800 | 3,463,899 |
Series 2021-VOLT: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.510% 7.1238% 9/15/36 (b)(c)(f) | | 3,227,000 | 3,220,949 |
| Class G, CME Term SOFR 1 Month Index + 2.960% 7.5738% 9/15/36 (b)(c)(f) | | 7,088,000 | 7,025,980 |
Series 2022-LBA6 Class F, CME Term SOFR 1 Month Index + 3.350% 7.9593% 1/15/39 (b)(c)(f) | | 4,315,000 | 4,284,985 |
Series 2022-LP2 Class F, CME Term SOFR 1 Month Index + 3.250% 7.8671% 2/15/39 (b)(c)(f) | | 1,925,195 | 1,903,536 |
Series 2023-VLT3 Class C, CME Term SOFR 1 Month Index + 3.430% 8.0473% 11/15/28 (b)(c)(f) | | 1,000,000 | 991,629 |
Series 2024-KING Class E, CME Term SOFR 1 Month Index + 3.680% 8.2972% 5/15/34 (b)(c)(f) | | 6,933,000 | 6,876,676 |
Series 2024-WPT Class E, CME Term SOFR 1 Month Index + 3.580% 8.1977% 3/15/34 (b)(c)(f) | | 1,775,000 | 1,774,204 |
Series 2024-XL5 Class E, CME Term SOFR 1 Month Index + 3.680% 8.2976% 3/15/41 (b)(c)(f) | | 4,892,379 | 4,873,578 |
| Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(c) | | 14,678,000 | 13,015,894 |
| Series 2020-VIVA: | | | |
Class D, 3.667% 3/11/44 (b)(c) | | 9,422,000 | 8,331,275 |
Class E, 3.667% 3/11/44 (b)(c) | | 8,563,000 | 7,364,451 |
| Bx Commercial Mortgage Trust 2 floater Series 2024-GPA2 Class E, CME Term SOFR 1 Month Index + 3.530% 8.1956% 11/15/41 (b)(c)(f) | | 1,875,000 | 1,880,273 |
| BX Commercial Mortgage Trust 2024-Xl4 floater Series 2024-XL4 Class E, CME Term SOFR 1 Month Index + 4.180% 8.7974% 2/15/39 (b)(c)(f) | | 1,944,019 | 1,936,986 |
| BX Commercial Mtg Trust floater Series 2024-MDHS Class E, CME Term SOFR 1 Month Index + 3.680% 8.2976% 5/15/41 (b)(c)(f) | | 2,771,203 | 2,758,993 |
| Bx Commercial Mtg Trust 2024-Vlt5 Series 2024-VLT5: | | | |
| Class A, 5.4104% 11/13/46 (b)(c) | | 2,180,000 | 2,224,232 |
| Class B, 5.8015% 11/13/46 (b)(c) | | 535,000 | 548,543 |
| Class C, 6.192% 11/13/46 (b)(c) | | 2,016,000 | 2,066,644 |
| Class E, 7.8715% 11/13/46 (b)(c) | | 2,176,000 | 2,314,221 |
| BX Trust floater: | | | |
| Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.0185% 11/15/38 (b)(c)(f) | | 2,549,053 | 2,512,195 |
| Series 2021-MFM1: | | | |
Class F, CME Term SOFR 1 Month Index + 3.110% 7.7235% 1/15/34 (b)(c)(f) | | 583,800 | 575,459 |
Class G, CME Term SOFR 1 Month Index + 4.010% 8.6235% 1/15/34 (b)(c)(f) | | 291,900 | 286,023 |
| Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 7.9083% 1/15/39 (b)(c)(f) | | 3,200,000 | 3,149,887 |
| Series 2024-CNYN Class E, CME Term SOFR 1 Month Index + 3.680% 8.2979% 4/15/41 (b)(c)(f) | | 4,264,666 | 4,241,548 |
| Series 2024-VLT4: | | | |
Class E, CME Term SOFR 1 Month Index + 2.880% 7.4987% 7/15/29 (b)(c)(f) | | 2,820,000 | 2,824,406 |
Class F, CME Term SOFR 1 Month Index + 3.930% 8.5472% 7/15/29 (b)(c)(f) | | 5,450,000 | 5,447,382 |
| Bx Trust 2024-Fnx floater Series 2024-FNX: | | | |
| Class D, CME Term SOFR 1 Month Index + 2.940% 7.7262% 11/15/26 (b)(c)(f) | | 1,090,000 | 1,087,956 |
| Class E, CME Term SOFR 1 Month Index + 3.930% 8.7247% 11/15/26 (b)(c)(f) | | 5,231,000 | 5,221,183 |
| BXP Trust Series 2021-601L Class E, 2.868% 1/15/44 (b)(c) | | 709,000 | 480,663 |
| CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, CME Term SOFR 1 Month Index + 3.540% 8.157% 12/15/37 (b)(c)(f) | | 6,805,000 | 6,693,204 |
| CD Mortgage Trust: | | | |
| Series 2016-CD2 Class D, 2.8582% 11/10/49 (c) | | 1,680,000 | 743,746 |
| Series 2017-CD3 Class D, 3.25% 2/10/50 (b)(e) | | 4,073,000 | 826,939 |
| Series 2017-CD4: | | | |
Class C, 4.3497% 5/10/50 (c) | | 1,920,000 | 1,729,144 |
Class D, 3.3% 5/10/50 (b) | | 356,070 | 293,253 |
| Citigroup Commercial Mortgage Trust: | | | |
| Series 2020-420K: | | | |
Class D, 3.4222% 11/10/42 (b)(c) | | 636,000 | 555,202 |
Class E, 3.4222% 11/10/42 (b)(c) | | 3,345,000 | 2,815,973 |
| Series 2022-GC48 Class D, 2.5% 6/15/55 (b) | | 3,129,000 | 2,035,583 |
| Series 2023-PRM3: | | | |
Class C, 6.5717% 7/10/28 (b)(c) | | 1,204,000 | 1,221,604 |
Class D, 6.5717% 7/10/28 (b)(c) | | 1,383,000 | 1,381,347 |
| Series 2023-SMRT Class D, 6.0475% 10/12/40 (b)(c) | | 2,611,000 | 2,579,442 |
| COMM Mortgage Trust: | | | |
| floater Series 2018-HCLV Class G, CME Term SOFR 1 Month Index + 5.350% 9.9613% 9/15/33 (b)(c)(e)(f) | | 1,487,000 | 11,923 |
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | | 2,840,000 | 2,524,602 |
| Series 2012-CR1 Class D, 4.5795% 5/15/45 (b)(c) | | 1,779,063 | 1,447,084 |
| Series 2014-CR17 Class E, 5.0045% 5/10/47 (b)(c)(e) | | 589,000 | 328,415 |
| Series 2014-CR20 Class C, 4.6248% 11/10/47 (c) | | 657,707 | 619,889 |
| Series 2015-3BP Class F, 3.3463% 2/10/35 (b)(c) | | 4,405,000 | 3,849,499 |
| Series 2015-DC1: | | | |
Class B, 4.035% 2/10/48 (c) | | 3,527,000 | 3,307,892 |
Class C, 4.409% 2/10/48 (c) | | 1,905,000 | 1,643,915 |
| Series 2015-LC19: | | | |
Class B, 3.829% 2/10/48 | | 192,000 | 185,426 |
Class C, 4.3634% 2/10/48 (c) | | 3,842,000 | 3,660,026 |
| COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (b) | | 1,146,000 | 966,348 |
| Cone Trust floater Series 2024-DFW1 Class E, CME Term SOFR 1 Month Index + 3.880% 8.4978% 8/15/41 (b)(c)(f) | | 2,026,000 | 2,023,468 |
| CPT Mortgage Trust sequential payer Series 2019-CPT: | | | |
| Class E, 3.0967% 11/13/39 (b)(c) | | 2,205,000 | 1,719,144 |
| Class F, 3.0967% 11/13/39 (b)(c) | | 2,772,000 | 1,998,979 |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.430% 9.0406% 6/15/34 (b)(e)(f) | | 2,561,600 | 931,599 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.1827% 5/9/25 (b)(c)(f) | | 3,038,314 | 2,940,943 |
| CSAIL Commercial Mortgage Trust: | | | |
| Series 2017-C8 Class C, 4.4078% 6/15/50 (c) | | 3,060,000 | 2,592,729 |
| Series 2019-C18 Class A/S, 3.3214% 12/15/52 | | 921,000 | 829,051 |
| CSMC Series 2019-UVIL Class E, 3.3928% 12/15/41 (b)(c) | | 5,161,000 | 4,139,649 |
| DBGS Mortgage Trust: | | | |
| Series 2018-C1 Class C, 4.7952% 10/15/51 (c) | | 777,000 | 684,098 |
| Series 2019-1735 Class F, 4.3344% 4/10/37 (b)(c) | | 1,000,000 | 590,359 |
| DC Commercial Mortgage Trust Series 2023-DC Class D, 7.3785% 9/12/40 (b)(c) | | 2,100,000 | 2,129,204 |
| DC Office Trust Series 2019-MTC Class E, 3.1744% 9/15/45 (b)(c) | | 1,029,000 | 669,465 |
| Dk Trust 2024-Spbx floater Series 2024-SPBX Class E, CME Term SOFR 1 Month Index + 4.000% 8.6093% 3/15/34 (b)(c)(f) | | 2,463,000 | 2,469,311 |
| DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2: | | | |
| Class D, 6.9552% 1/15/41 (b)(c) | | 4,760,000 | 4,736,754 |
| Class E, 5.9685% 1/15/41 (b)(c) | | 769,000 | 720,742 |
| ELP Commercial Mortgage Trust floater Series 2021-ELP: | | | |
| Class G, CME Term SOFR 1 Month Index + 3.230% 7.8405% 11/15/38 (b)(c)(f) | | 1,248,547 | 1,233,209 |
| Class J, CME Term SOFR 1 Month Index + 3.720% 8.3394% 11/15/38 (b)(c)(f) | | 5,313,815 | 5,177,083 |
| EQT Trust Series 2024-EXTR: | | | |
| Class B, 1 month U.S. LIBOR + 0.000% 5.6546% 7/5/41 (b)(c)(f) | | 1,817,000 | 1,831,214 |
| Class C, 6.0464% 7/5/41 (b)(c) | | 1,535,000 | 1,541,367 |
| Class D, 6.6819% 7/5/41 (b)(c) | | 327,000 | 329,239 |
| Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 8.4235% 7/15/38 (b)(c)(f) | | 1,773,250 | 1,781,008 |
| FS Commercial Mortgage Trust Series 2023-4SZN Class D, 9.3827% 11/10/39 (b)(c) | | 594,000 | 620,417 |
| GS Mortgage Securities Trust: | | | |
| sequential payer Series 2023-SHIP: | | | |
Class D, 6.273% 9/10/38 (b)(c) | | 1,969,000 | 1,955,840 |
Class E, 7.6814% 9/10/38 (b)(c) | | 3,235,000 | 3,255,467 |
| Series 2010-C1 Class B, 5.148% 8/10/43 (b) | | 40,742 | 40,633 |
| Series 2011-GC5: | | | |
Class D, 5.2968% 8/10/44 (b)(c) | | 1,929,752 | 1,057,929 |
Class E, 5.2968% 8/10/44 (b)(c)(e) | | 2,432,000 | 527,695 |
Class F, 4.5% 8/10/44 (b)(e) | | 4,308,000 | 12,924 |
| Series 2012-GCJ9 Class D, 4.7543% 11/10/45 (b)(c) | | 3,489,883 | 3,175,989 |
| Series 2016-GS2 Class D, 2.753% 5/10/49 (b) | | 2,058,050 | 1,832,249 |
| Series 2019-GC38 Class D, 3% 2/10/52 (b) | | 1,667,000 | 1,302,978 |
| Series 2019-GC39 Class D, 3% 5/10/52 (b) | | 2,830,000 | 2,037,494 |
| Series 2019-GC42: | | | |
Class C, 3.8253% 9/10/52 (c) | | 1,931,000 | 1,606,193 |
Class D, 2.8% 9/10/52 (b) | | 2,307,000 | 1,670,621 |
| Series 2019-GS5 Class C, 4.299% 3/10/50 (c) | | 2,499,000 | 1,763,686 |
| Series 2020-GC45 Class SWD, 3.3258% 12/13/39 (b)(c) | | 1,764,000 | 1,394,710 |
| Series 2020-GC47 Class D, 3.5679% 5/12/53 (b)(c) | | 756,000 | 548,379 |
| Gs Mtg Securities Corp. Trust 2024-Rvr sequential payer Series 2024-RVR Class B, 5.7226% 8/10/41 (b)(c) | | 939,000 | 932,075 |
| Hilton U.S.A. Trust Series 2016-HHV: | | | |
| Class E, 4.3333% 11/5/38 (b)(c) | | 5,078,000 | 4,865,222 |
| Class F, 4.3333% 11/5/38 (b)(c) | | 6,517,000 | 6,182,544 |
| Home Partners of America Trust Series 2019-1: | | | |
| Class E, 3.604% 9/17/39 (b) | | 1,240,068 | 1,155,706 |
| Class F, 4.101% 9/17/39 (b) | | 201,216 | 185,240 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | | 2,083,000 | 1,955,948 |
| J P Morgan Chase Commercial Mtg Securities Series 2024-OMNI Class E, 5.9904% 10/5/39 (b)(c) | | 3,234,000 | 3,108,208 |
| JPMBB Commercial Mortgage Securities Trust: | | | |
| Series 2014-C26 Class D, 3.9236% 1/15/48 (b)(c) | | 2,250,000 | 1,778,623 |
| Series 2015-C32 Class C, 4.8034% 11/15/48 (c) | | 1,500,000 | 615,234 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5114% 12/15/49 (b)(c) | | 2,418,000 | 1,637,561 |
| JPMDB Commercial Mortgage Securities Trust: | | | |
| Series 2018-C8 Class D, 3.4153% 6/15/51 (b)(c) | | 1,171,000 | 859,610 |
| Series 2019-COR6 Class D, 2.5% 11/13/52 (b)(e) | | 1,354,000 | 533,443 |
| Series 2020-COR7 Class D, 1.75% 5/13/53 (b)(e) | | 1,535,000 | 741,822 |
| JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
| sequential payer Series 2019-OSB: | | | |
Class A, 3.3973% 6/5/39 (b) | | 1,696,000 | 1,557,977 |
Class D, 3.9089% 6/5/39 (b)(c) | | 984,000 | 863,936 |
| Series 2011-C3: | | | |
Class E, 5.7091% 2/15/46 (b)(c) | | 3,008,000 | 1,354,760 |
Class G, 4.409% 2/15/46 (b)(c) | | 1,082,000 | 104,368 |
Class H, 4.409% 2/15/46 (b)(c)(e) | | 2,622,000 | 181,272 |
| Series 2012-CBX: | | | |
Class E, 4.8459% 6/15/45 (b)(c) | | 2,774,963 | 2,538,022 |
Class F, 4% 6/15/45 (b) | | 3,743,000 | 3,095,219 |
Class G 4% 6/15/45 (b)(e) | | 4,129,000 | 2,297,751 |
| Series 2013-LC11: | | | |
Class D, 4.5186% 4/15/46 (c)(e) | | 3,677,000 | 1,287,914 |
Class E, 3.25% 4/15/46 (b)(c)(e) | | 104,000 | 15,454 |
Class F, 3.25% 4/15/46 (b)(c) | | 5,894,000 | 205,111 |
| Series 2014-DSTY: | | | |
Class D, 3.9314% 6/10/27 (b)(c)(e) | | 3,213,000 | 8,081 |
Class E, 3.9314% 6/10/27 (b)(c)(e) | | 4,232,000 | 10,423 |
| Series 2018-AON Class F, 4.767% 7/5/31 (b)(c)(e) | | 2,150,000 | 392,268 |
| Series 2019-OSB Class E, 3.9089% 6/5/39 (b)(c) | | 3,019,000 | 2,577,920 |
| Series 2020-NNN: | | | |
Class EFX, 3.972% 1/16/37 (b)(e) | | 2,771,000 | 1,011,443 |
Class FFX, 4.6254% 1/16/37 (b)(e) | | 2,388,000 | 507,474 |
Class GFX, 4.6882% 1/16/37 (b)(c) | | 942,000 | 123,882 |
| KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 8.6745% 8/15/38 (b)(c)(f) | | 4,435,575 | 4,372,037 |
| LBA Trust floater Series 2024-BOLT: | | | |
| Class E, CME Term SOFR 1 Month Index + 3.680% 8.2974% 6/15/26 (b)(c)(f) | | 1,000,000 | 1,000,937 |
| Class F, CME Term SOFR 1 Month Index + 4.430% 9.0463% 6/15/26 (b)(c)(f) | | 1,450,000 | 1,450,087 |
| Lba Trust 2024-7Industries floater Series 2024-7IND Class D, CME Term SOFR 1 Month Index + 2.640% 7.2503% 10/15/41 (b)(c)(f) | | 3,000,000 | 3,000,000 |
| Lv Trust 2024-Show Series 2024-SHOW Class C, 6.2763% 10/10/41 (b)(c) | | 1,629,000 | 1,610,710 |
| Market Mortgage Trust Series 2020-525M Class F, 3.0386% 2/12/40 (b)(c) | | 1,976,000 | 1,045,458 |
| MHC Commercial Mortgage Trust floater Series 2021-MHC: | | | |
| Class F, CME Term SOFR 1 Month Index + 2.710% 7.3244% 4/15/38 (b)(c)(f) | | 1,040,000 | 1,039,350 |
| Class G, CME Term SOFR 1 Month Index + 3.310% 7.9244% 4/15/38 (b)(c)(f) | | 8,960,000 | 8,880,266 |
| MHC Trust floater Series 2021-MHC2 Class F, CME Term SOFR 1 Month Index + 2.510% 7.1235% 5/15/38 (b)(c)(f) | | 754,400 | 745,913 |
| MHP Commercial Mortgage Trust floater: | | | |
| Series 2021-STOR: | | | |
Class F, CME Term SOFR 1 Month Index + 2.310% 6.9245% 7/15/38 (b)(c)(f) | | 585,000 | 582,075 |
Class G, CME Term SOFR 1 Month Index + 2.860% 7.4745% 7/15/38 (b)(c)(f) | | 4,235,000 | 4,219,119 |
Class J, CME Term SOFR 1 Month Index + 4.060% 8.6745% 7/15/38 (b)(c)(f) | | 1,847,000 | 1,834,364 |
| Series 2022-MHIL: | | | |
Class E, CME Term SOFR 1 Month Index + 2.610% 7.2199% 1/15/27 (b)(c)(f) | | 911,614 | 904,207 |
Class F, CME Term SOFR 1 Month Index + 3.250% 7.8685% 1/15/27 (b)(c)(f) | | 2,979,154 | 2,954,949 |
Class G, CME Term SOFR 1 Month Index + 3.950% 8.5668% 1/15/27 (b)(c)(f) | | 2,144,116 | 2,119,569 |
| Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (b) | | 1,012,000 | 1,028,964 |
| MOFT Trust Series 2020-ABC Class E, 3.5926% 2/10/42 (b)(c) | | 841,000 | 328,256 |
| Morgan Stanley BAML Trust: | | | |
| Series 2012-C6 Class D, 4.5041% 11/15/45 (b)(c)(e) | | 3,633,000 | 2,906,293 |
| Series 2012-C6, Class F, 4.5041% 11/15/45 (b)(c) | | 1,575,000 | 212,579 |
| Series 2013-C9: | | | |
Class D, 3.9345% 5/15/46 (b)(c) | | 4,000,000 | 3,469,734 |
Class E, 3.9345% 5/15/46 (b)(c) | | 1,594,370 | 1,355,095 |
| Series 2017-C33 Class D, 3.356% 5/15/50 (b) | | 2,932,000 | 2,476,045 |
| Morgan Stanley Capital I Trust: | | | |
| sequential payer: | | | |
Series 2021-L5 Class A4, 2.728% 5/15/54 | | 3,744,000 | 3,279,920 |
Series 2024-BPR2 Class A, 7.291% 5/5/29 (b) | | 2,329,803 | 2,418,659 |
| Series 2011-C2: | | | |
Class D, 5.385% 6/15/44 (b)(c) | | 2,578,316 | 2,547,361 |
Class F, 5.385% 6/15/44 (b)(c) | | 3,015,000 | 1,810,489 |
| Series 2011-C3: | | | |
Class E, 5.1071% 7/15/49 (b)(c) | | 781,626 | 762,391 |
Class F, 5.1071% 7/15/49 (b)(c) | | 984,000 | 909,355 |
Class G, 5.1071% 7/15/49 (b)(c) | | 3,536,800 | 3,084,017 |
| Series 2012-C4 Class D, 5.3359% 3/15/45 (b)(c) | | 635,221 | 592,322 |
| Series 2015-MS1: | | | |
Class B, 4.1525% 5/15/48 (c) | | 428,000 | 404,772 |
Class C, 4.1525% 5/15/48 (c) | | 1,270,000 | 1,119,754 |
Class D, 4.1525% 5/15/48 (b)(c) | | 2,150,000 | 1,604,108 |
| Series 2017 H1 Class B, 4.075% 6/15/50 | | 1,000,000 | 937,423 |
| Series 2017-H1: | | | |
Class C, 4.281% 6/15/50 | | 808,000 | 715,813 |
Class D, 2.546% 6/15/50 (b) | | 5,262,000 | 4,079,299 |
| Series 2017-HR2 Class D, 2.73% 12/15/50 | | 3,845,000 | 3,294,288 |
| Series 2018-MP Class E, 4.4185% 7/11/40 (b)(c) | | 3,059,000 | 1,978,153 |
| Series 2020-CNP Class D, 2.5085% 4/5/42 (b)(c) | | 1,043,000 | 775,166 |
| Morgan Stanley Capital I Trust 2024-N Series 2024-NSTB: | | | |
| Class B, 3.9% 9/24/57 (b)(c) | | 1,786,000 | 1,661,587 |
| Class C, 4.0785% 9/24/57 (b)(c) | | 1,928,000 | 1,806,805 |
| MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (b)(c) | | 1,014,000 | 853,612 |
| MSWF Commercial Mortgage Trust sequential payer: | | | |
| Series 2023-1: | | | |
Class A5, 5.752% 5/15/56 | | 1,899,000 | 2,003,049 |
Class C, 6.9056% 5/15/56 (c) | | 1,266,000 | 1,330,643 |
| Series 2023-2: | | | |
Class B, 7.1101% 12/15/56 (c) | | 1,070,000 | 1,170,934 |
Class C, 7.2521% 12/15/56 (c) | | 834,000 | 891,302 |
Class D, 4% 12/15/56 (b) | | 351,000 | 277,094 |
| Natixis Commercial Mortgage Securities Trust: | | | |
| Series 2019-10K: | | | |
Class E, 4.2724% 5/15/39 (b)(c) | | 2,293,000 | 2,010,375 |
Class F, 4.2724% 5/15/39 (b)(c) | | 3,014,000 | 2,510,401 |
| Series 2020-2PAC: | | | |
Class AMZ2, 3.6167% 1/15/37 (b)(c) | | 1,754,950 | 1,160,188 |
Class AMZ3, 3.6167% 1/15/37 (b)(c) | | 822,675 | 460,702 |
| Nxpt Commercial Mtg Trust Series 2024-STOR Class E, 6.9267% 11/5/41 (b)(c) | | 4,303,000 | 4,199,794 |
| OPEN Trust sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 11.293% 10/15/28 (b)(c)(f) | | 2,098,277 | 2,108,699 |
| OPG Trust floater Series 2021-PORT: | | | |
| Class G, CME Term SOFR 1 Month Index + 2.510% 7.1225% 10/15/36 (b)(c)(f) | | 865,800 | 859,307 |
| Class J, CME Term SOFR 1 Month Index + 3.460% 8.0705% 10/15/36 (b)(c)(f) | | 1,438,450 | 1,422,146 |
| PKHL Commercial Mortgage Trust floater Series 2021-MF: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.460% 8.0745% 7/15/38 (b)(c)(e)(f) | | 2,225,000 | 1,470,000 |
| Class NR, CME Term SOFR 1 Month Index + 6.110% 10.7245% 7/15/38 (b)(c)(e)(f) | | 631,000 | 296,519 |
| Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (b) | | 2,430,000 | 1,952,019 |
| Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.0749% 12/15/37 (b)(c)(f) | | 450,788 | 451,000 |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | | 1,159,745 | 1,182,111 |
| Rocc 2024-Cntr Series 2024-CNTR Class E, 8.8191% 11/13/41 (b) | | 3,105,000 | 3,244,676 |
| Self Commercial Mortgage Trust floater Series 2024-STRG: | | | |
| Class E, CME Term SOFR 1 Month Index + 4.180% 8.8885% 11/15/34 (b)(c)(f) | | 2,627,000 | 2,620,306 |
| Class F, CME Term SOFR 1 Month Index + 5.180% 9.887% 11/15/34 (b)(c)(f) | | 2,189,000 | 2,183,415 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (b)(c) | | 3,855,000 | 3,341,706 |
| Shr Trust 2024-Lxry floater Series 2024-LXRY: | | | |
| Class D, CME Term SOFR 1 Month Index + 3.600% 8.2093% 10/15/41 (b)(c)(f) | | 2,153,000 | 2,171,839 |
| Class E, CME Term SOFR 1 Month Index + 4.450% 9.0593% 10/15/41 (b)(c)(f) | | 1,216,000 | 1,225,127 |
| SOHO Trust Series 2021-SOHO Class D, 2.6966% 8/10/38 (b)(c) | | 2,499,000 | 946,214 |
| SREIT Trust floater: | | | |
| Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 7.9893% 10/15/38 (b)(c)(f) | | 3,339,000 | 3,276,724 |
| Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 7.6976% 11/15/38 (b)(c)(f) | | 2,870,589 | 2,824,611 |
| Series 2021-MFP2: | | | |
Class G, CME Term SOFR 1 Month Index + 3.080% 7.691% 11/15/36 (b)(c)(f) | | 3,024,000 | 2,946,022 |
Class J, CME Term SOFR 1 Month Index + 4.020% 8.639% 11/15/36 (b)(c)(f) | | 1,803,000 | 1,766,568 |
| STWD Trust floater sequential payer Series 2021-LIH: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.660% 8.275% 11/15/36 (b)(c)(f) | | 4,149,000 | 4,056,294 |
| Class G, CME Term SOFR 1 Month Index + 4.310% 8.924% 11/15/36 (b)(c)(f) | | 1,134,000 | 1,105,667 |
| UBS Commercial Mortgage Trust: | | | |
| Series 2012-C1: | | | |
Class E, 5% 5/10/45 (b)(c) | | 1,432,663 | 1,343,122 |
Class F, 5% 5/10/45 (b)(c) | | 2,484,000 | 784,116 |
| Series 2018-C8 Class C, 4.8393% 2/15/51 (c) | | 756,000 | 666,645 |
| UBS-BAMLL Trust: | | | |
| Series 12-WRM Class D, 4.3793% 6/10/30 (b)(c) | | 2,090,000 | 2,006,400 |
| Series 2012-WRM Class C, 4.3793% 6/10/30 (b)(c) | | 890,000 | 863,300 |
| VASA Trust: | | | |
| floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 9.7245% 7/15/39 (b)(c)(e)(f) | | 693,000 | 319,166 |
| floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 8.6245% 7/15/39 (b)(c)(e)(f) | | 3,009,000 | 1,568,344 |
| Wells Fargo Commercial Mortgag: | | | |
| Series 2024-1CHI Class E, 7.5743% 7/15/35 (b)(c) | | 1,100,000 | 1,102,065 |
| Series 2024-5C2 Class C, 6.3337% 11/15/57 (c) | | 757,000 | 767,919 |
| Wells Fargo Commercial Mortgage Trust: | | | |
| floater Series 2021-SAVE: | | | |
Class D, CME Term SOFR 1 Month Index + 2.610% 7.2245% 2/15/40 (b)(c)(f) | | 1,000,000 | 987,713 |
Class E, CME Term SOFR 1 Month Index + 3.760% 8.3745% 2/15/40 (b)(c)(f) | | 450,400 | 446,603 |
| sequential payer: | | | |
Series 2020-C57 Class D, 2.5% 8/15/53 (b) | | 2,108,000 | 1,589,360 |
Series 2021-C60 Class A4, 2.342% 8/15/54 | | 2,703,000 | 2,307,948 |
| Series 2015-NXS4 Class D, 3.8263% 12/15/48 (c) | | 1,834,000 | 1,636,586 |
| Series 2016-BNK1 Class D, 3% 8/15/49 (b) | | 1,526,000 | 739,749 |
| Series 2016-NXS6: | | | |
Class C, 4.5389% 11/15/49 (c) | | 1,262,000 | 1,171,606 |
Class D, 3.059% 11/15/49 (b) | | 1,250,000 | 1,065,927 |
| Series 2018-C44 Class D, 3% 5/15/51 (b) | | 3,949,000 | 2,972,781 |
| Series 2019-AA Class D, 3.514% 10/15/52 | | 1,459,000 | 1,303,789 |
| Series 2019-C49: | | | |
Class B, 4.546% 3/15/52 | | 450,000 | 430,725 |
Class C, 4.866% 3/15/52 (c) | | 3,863,000 | 3,577,030 |
| Series 2021-C60 Class D, 2.5% 8/15/54 (b) | | 761,000 | 539,696 |
| WF-RBS Commercial Mortgage Trust: | | | |
| sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(e) | | 1,252,600 | 416,252 |
| Series 2011-C3 Class D, 6.0497% 3/15/44 (b)(c) | | 1,284,756 | 411,327 |
| Series 2011-C4: | | | |
Class D, 5.1487% 6/15/44 (b)(c) | | 1,186,094 | 1,091,194 |
Class E, 5.1487% 6/15/44 (b)(c) | | 1,274,000 | 1,097,475 |
| Series 2013-C11 Class E, 4.1984% 3/15/45 (b)(c) | | 4,999,000 | 3,349,170 |
| Series 2013-C13 Class D, 4.0863% 5/15/45 (b)(c) | | 1,236,513 | 1,092,998 |
| Series 2013-C16 Class D, 4.7678% 9/15/46 (b)(c) | | 380,278 | 351,567 |
| WFCM: | | | |
| Series 2022-C62 Class D, 2.5% 4/15/55 (b) | | 2,352,000 | 1,528,617 |
| Series 2022-C62, Class A4, 4% 4/15/55 | | 2,074,000 | 1,944,003 |
| Worldwide Plaza Trust Series 2017-WWP Class F, 3.7154% 11/10/36 (b)(c) | | 1,695,000 | 115,664 |
| WP Glimcher Mall Trust Series 2015-WPG: | | | |
| Class PR1, 3.6332% 6/5/35 (b)(c) | | 1,638,000 | 1,427,165 |
| Class PR2, 3.6332% 6/5/35 (b)(c) | | 4,354,000 | 3,723,846 |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $653,815,821) | | | 592,519,370 |
| | | | |
| Bank Loan Obligations - 0.8% |
| | | Principal Amount (a) | Value ($) |
| Diversified Financial Services - 0.8% | | | |
| Agellan Portfolio 9% 8/7/25 (e)(h) | | 908,000 | 908,000 |
| MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 9.6093% 1/9/26 (c)(e)(f)(h) | | 4,558,038 | 4,398,506 |
| | | | |
| TOTAL BANK LOAN OBLIGATIONS (Cost $5,466,038) | | | 5,306,506 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (a) | Value ($) |
| Homebuilders/Real Estate - 0.0% | | | |
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS 0% 6/28/38 (b)(c)(e) (Cost $2,796,600) | | 3,100,000 | 31 |
| | | | |
| Money Market Funds - 3.8% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.64% (i) (Cost $26,339,434) | | 26,334,168 | 26,339,434 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $762,934,221) | 688,243,900 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 32,115 |
| NET ASSETS - 100.0% | 688,276,015 |
| | |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | 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 $479,331,637 or 69.6% of net assets. |
| (c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (d) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (g) | Non-income producing - Security is in default. |
| (h) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.64% | 16,918,483 | 263,781,443 | 254,360,752 | 1,410,637 | 260 | - | 26,339,434 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 59,900 | 519 | 60,419 | 351 | - | - | - | 0.0% |
| Total | 16,978,383 | 263,781,962 | 254,421,171 | 1,410,988 | 260 | - | 26,339,434 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Corporate Bonds | 28,770,577 | - | 28,770,577 | - |
|
| Asset-Backed Securities | 32,795,162 | - | 32,795,136 | 26 |
|
| Collateralized Mortgage Obligations | 2,512,820 | - | 2,481,562 | 31,258 |
|
| Commercial Mortgage Securities | 592,519,370 | - | 570,739,583 | 21,779,787 |
|
| Bank Loan Obligations | 5,306,506 | - | - | 5,306,506 |
|
| Preferred Securities | 31 | - | - | 31 |
|
| Money Market Funds | 26,339,434 | 26,339,434 | - | - |
| Total Investments in Securities: | 688,243,900 | 26,339,434 | 634,786,858 | 27,117,608 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Bank Loan Obligations | | | |
| Beginning Balance | $ | 7,894,771 | |
| Net Realized Gain (Loss) on Investment Securities | | (11,129,789) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 9,573,971 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (1,032,615) | |
| Amortization/Accretion | | 168 | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 5,306,506 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | 113,951 | |
| Commercial Mortgage Securities | | | |
| Beginning Balance | $ | 33,436,562 | |
| Net Realized Gain (Loss) on Investment Securities | | (415,522) | |
| Net Unrealized Gain (Loss) on Investment Securities | | (643,392) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (169,282) | |
| Amortization/Accretion | | (252,823) | |
| Transfers into Level 3 | | 13,254,176 | |
| Transfers out of Level 3 | | (23,429,932) | |
| Ending Balance | $ | 21,779,787 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | (1,213,793) | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 39,273 | |
| Net Realized Gain (Loss) on Investment Securities | | 8,302 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (8,032) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (14,161) | |
| Amortization/Accretion | | 5,933 | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 31,315 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2024 | $ | (8,032) | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $736,594,787) | $ | 661,904,466 | | |
Fidelity Central Funds (cost $26,339,434) | | 26,339,434 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $762,934,221) | | | $ | 688,243,900 |
| Receivable for investments sold | | | | 336 |
| Interest receivable | | | | 3,123,950 |
| Distributions receivable from Fidelity Central Funds | | | | 137,414 |
| Prepaid expenses | | | | 589 |
Total assets | | | | 691,506,189 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,530,676 | | |
| Distributions payable | | 1,122,280 | | |
| Accrued management fee | | 409,077 | | |
| Audit fee payable | | 166,309 | | |
| Other payables and accrued expenses | | 1,832 | | |
| Total liabilities | | | | 3,230,174 |
| Net Assets | | | $ | 688,276,015 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 857,577,087 |
| Total accumulated earnings (loss) | | | | (169,301,072) |
| Net Assets | | | $ | 688,276,015 |
Net Asset Value, offering price and redemption price per share ($688,276,015 ÷ 95,329,059 shares) | | | $ | 7.22 |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Interest | | | $ | 36,157,175 |
| Income from Fidelity Central Funds (including $351 from security lending) | | | | 1,410,988 |
| Total income | | | | 37,568,163 |
| Expenses | | | | |
| Management fee | $ | 4,100,438 | | |
| Transfer agent fees | | 19,052 | | |
| Accounting fees | | 50,302 | | |
| Custodian fees and expenses | | 4,422 | | |
| Independent trustees' fees and expenses | | 2,499 | | |
| Audit fees | | 187,780 | | |
| Legal | | 561 | | |
| Miscellaneous | | 5,152 | | |
| Total expenses before reductions | | 4,370,206 | | |
| Expense reductions | | (17,849) | | |
| Total expenses after reductions | | | | 4,352,357 |
| Net Investment income (loss) | | | | 33,215,806 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (10,306,303) | | |
| Fidelity Central Funds | | 260 | | |
| Total net realized gain (loss) | | | | (10,306,043) |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | 57,770,217 |
| Net gain (loss) | | | | 47,464,174 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 80,679,980 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 33,215,806 | $ | 38,526,384 |
| Net realized gain (loss) | | (10,306,043) | | (52,783,174) |
| Change in net unrealized appreciation (depreciation) | | 57,770,217 | | (2,181,571) |
| Net increase (decrease) in net assets resulting from operations | | 80,679,980 | | (16,438,361) |
| Distributions to shareholders | | (32,795,736) | | (35,594,064) |
| Distributions to shareholders from tax return of capital | | - | | (596,734) |
| | | | | |
| Total Distributions | | (32,795,736) | | (36,190,798) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 144,461,000 | | 139,500 |
| Reinvestment of distributions | | 18,852,447 | | 30,125,106 |
| Cost of shares redeemed | | (40,000,000) | | (182,770,119) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 123,313,447 | | (152,505,513) |
| Total increase (decrease) in net assets | | 171,197,691 | | (205,134,672) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 517,078,324 | | 722,212,996 |
| End of period | $ | 688,276,015 | $ | 517,078,324 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 20,256,392 | | 21,270 |
| Issued in reinvestment of distributions | | 2,664,936 | | 4,386,440 |
| Redeemed | | (5,930,104) | | (26,753,543) |
| Net increase (decrease) | | 16,991,224 | | (22,345,833) |
| | | | | |
Financial Highlights
Fidelity® Real Estate High Income Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 6.60 | $ | 7.17 | $ | 8.24 | $ | 7.80 | $ | 8.77 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .407 | | .423 | | .345 | | .305 | | .341 |
| Net realized and unrealized gain (loss) | | .617 | | (.594) | | (1.059) | | .469 | | (.972) |
| Total from investment operations | | 1.024 | | (.171) | | (.714) | | .774 | | (.631) |
| Distributions from net investment income | | (.404) | | (.392) | | (.324) | | (.334) | | (.339) |
| Distributions from tax return of capital | | - | | (.007) | | (.032) | | - | | - |
| Total distributions | | (.404) | | (.399) | | (.356) | | (.334) | | (.339) |
| Net asset value, end of period | $ | 7.22 | $ | 6.60 | $ | 7.17 | $ | 8.24 | $ | 7.80 |
Total Return C | | | | (2.44)% | | (8.84)% | | 10.07% | | (7.06)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .76% | | .78% | | .78% | | .78% | | .79% |
| Expenses net of fee waivers, if any | | | | .78% | | .78% | | .78% | | .79% |
| Expenses net of all reductions | | .76% | | .78% | | .78% | | .78% | | .79% |
| Net investment income (loss) | | 5.79% | | 6.13% | | 4.48% | | 3.74% | | 4.41% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 688,276 | $ | 517,078 | $ | 722,213 | $ | 945,943 | $ | 757,024 |
Portfolio turnover rate F | | | | 32% | | 16% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1. Organization.
Fidelity Real Estate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
The Fund attempts to obtain prices from one or more third party pricing services or brokers. For certain securities, independent prices may be unavailable, unreliable or limited to a single third party pricing service or broker, and the values reflected may differ from the amount that would be realized if the securities were sold.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| | | | | | |
| Asset-Backed Securities | $ 26 | Recovery value | Recovery value | $0.00 | Increase |
| | | Indicative market price | Evaluated bid | $0.00 | Increase |
| Bank Loan Obligations | $ 5,306,506 | Discounted cash flow | Yield | 9.5% - 11.5% / 11.2% | Decrease |
| Commercial Mortgage Securities | $ 21,779,787 | Indicative market price | Evaluated bid | $0.25 - $80.00 / $49.91 | Increase |
| Collateralized Mortgage Obligations | $ 31,258 | Indicative market price | Evaluated bid | $5.85 - $43.06 / $31.12 | Increase |
| Preferred Securities | $ 31 | Recovery value | Recovery value | $0.00 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, controlled foreign corporations and capital loss carryforwards.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $14,592,423 |
| Gross unrealized depreciation | (90,003,853) |
| Net unrealized appreciation (depreciation) | $(75,411,430) |
| Tax Cost | $763,655,330 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(92,472,793) |
| Net unrealized appreciation (depreciation) on securities and other investments | $(75,411,430) |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(10,027,052) |
Long-term | (82,445,741) |
| Total capital loss carryforward | $(92,472,793) |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $32,795,736 | $ 35,594,064 |
| Tax Return of Capital | - | 596,734 |
| Total | $32,795,736 | $ 36,190,798 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Real Estate High Income Fund | 236,750,463 | 126,296,761 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Fidelity Real Estate High Income Fund | .72 |
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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Fidelity Real Estate High Income Fund | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .70%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Prior to March 1, 2024, FIIOC received an asset-based fee of .02% of the Fund's average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Real Estate High Income Fund | .0396 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Real Estate High Income Fund | 877 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Real Estate High Income Fund | 35 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5,795.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $12,054.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares as follows:
| Fund | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
Fidelity Real Estate High Income Fund | 3 | 66% |
10. Credit and Liquidity Risk.
The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities. As these securities have a higher degree of sensitivity to changes in economic conditions, including real estate values, the risk of default is higher, and the liquidity and/or value of such securities may be adversely affected.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Real Estate High Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Real Estate High Income Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian, agent banks and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A total of 0.47% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 37,103,069 of distributions paid in the calendar year 2023 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $32,179,079 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.734092.125
REHI-ANN-0125
Fidelity Advisor® Growth & Income Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Growth & Income Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 94.8% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 3.8% | | | |
| Diversified Telecommunication Services - 0.5% | | | |
| Cellnex Telecom SA (a) | | 100,200 | 3,598 |
| Verizon Communications, Inc. | | 54,309 | 2,408 |
| | | | 6,006 |
| Entertainment - 1.0% | | | |
| The Walt Disney Co. | | 59,500 | 6,989 |
| Universal Music Group NV | | 208,700 | 5,025 |
| Warner Music Group Corp. Class A (b) | | 54,300 | 1,766 |
| | | | 13,780 |
| Interactive Media & Services - 0.8% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 16,100 | 2,720 |
| Class C | | 13,300 | 2,268 |
| Meta Platforms, Inc. Class A | | 8,600 | 4,939 |
| | | | 9,927 |
| Media - 1.5% | | | |
| Comcast Corp. Class A | | 445,258 | 19,231 |
TOTAL COMMUNICATION SERVICES | | | 48,944 |
| CONSUMER DISCRETIONARY - 2.1% | | | |
| Hotels, Restaurants & Leisure - 0.9% | | | |
| Booking Holdings, Inc. | | 280 | 1,457 |
| Churchill Downs, Inc. | | 8,400 | 1,194 |
| Domino's Pizza, Inc. | | 3,400 | 1,619 |
| Marriott International, Inc. Class A | | 12,600 | 3,643 |
| Starbucks Corp. | | 35,600 | 3,648 |
| | | | 11,561 |
| Household Durables - 0.1% | | | |
| Whirlpool Corp. (b) | | 11,700 | 1,304 |
| Specialty Retail - 0.8% | | | |
| Lowe's Companies, Inc. | | 38,957 | 10,613 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| NIKE, Inc. Class B | | 20,500 | 1,615 |
| Puma AG | | 32,044 | 1,506 |
| | | | 3,121 |
TOTAL CONSUMER DISCRETIONARY | | | 26,599 |
| CONSUMER STAPLES - 5.7% | | | |
| Beverages - 2.2% | | | |
| Davide Campari Milano NV | | 156,900 | 942 |
| Diageo PLC sponsored ADR | | 31,300 | 3,736 |
| Keurig Dr. Pepper, Inc. | | 277,400 | 9,057 |
| PepsiCo, Inc. | | 1,500 | 245 |
| Pernod Ricard SA | | 24,500 | 2,742 |
| Remy Cointreau SA | | 4,544 | 280 |
| The Coca-Cola Co. | | 175,184 | 11,226 |
| | | | 28,228 |
| Consumer Staples Distribution & Retail - 1.2% | | | |
| Sysco Corp. | | 70,600 | 5,444 |
| Target Corp. | | 26,300 | 3,480 |
| Walmart, Inc. (c) | | 74,700 | 6,910 |
| | | | 15,834 |
| Food Products - 0.1% | | | |
| Lamb Weston Holdings, Inc. | | 13,800 | 1,066 |
| Household Products - 0.2% | | | |
| Colgate-Palmolive Co. | | 6,800 | 657 |
| Procter & Gamble Co. | | 7,900 | 1,416 |
| | | | 2,073 |
| Personal Care Products - 1.7% | | | |
| Estee Lauder Companies, Inc. Class A | | 34,900 | 2,517 |
| Haleon PLC ADR | | 873,809 | 8,441 |
| Kenvue, Inc. | | 465,807 | 11,217 |
| | | | 22,175 |
| Tobacco - 0.3% | | | |
| British American Tobacco PLC sponsored ADR | | 55,800 | 2,117 |
| Philip Morris International, Inc. | | 18,600 | 2,475 |
| | | | 4,592 |
TOTAL CONSUMER STAPLES | | | 73,968 |
| ENERGY - 9.2% | | | |
| Oil, Gas & Consumable Fuels - 9.2% | | | |
| Enterprise Products Partners LP | | 19,200 | 661 |
| Exxon Mobil Corp. | | 666,986 | 78,678 |
| Galp Energia SGPS SA | | 106,800 | 1,756 |
| Imperial Oil Ltd. (b) | | 225,000 | 16,595 |
| Shell PLC ADR | | 327,000 | 21,170 |
| South Bow Corp. | | 37,000 | 965 |
| | | | 119,825 |
| FINANCIALS - 20.3% | | | |
| Banks - 13.9% | | | |
| Bank of America Corp. (c) | | 789,442 | 37,506 |
| Citigroup, Inc. | | 17,700 | 1,254 |
| HDFC Bank Ltd. sponsored ADR | | 15,600 | 1,041 |
| JPMorgan Chase & Co. (c) | | 56,643 | 14,145 |
| M&T Bank Corp. | | 41,100 | 9,042 |
| PNC Financial Services Group, Inc. | | 79,916 | 17,160 |
| U.S. Bancorp | | 274,930 | 14,651 |
| Wells Fargo & Co. | | 1,132,271 | 86,245 |
| | | | 181,044 |
| Capital Markets - 2.7% | | | |
| 3i Group PLC | | 57,700 | 2,723 |
| Brookfield Corp. Class A | | 72,301 | 4,439 |
| Charles Schwab Corp. | | 6,600 | 546 |
| Intercontinental Exchange, Inc. | | 1,100 | 177 |
| KKR & Co., Inc. Class A | | 60,713 | 9,888 |
| Moody's Corp. | | 2,700 | 1,350 |
| Morgan Stanley | | 4,930 | 649 |
| MSCI, Inc. | | 700 | 427 |
| Northern Trust Corp. | | 108,837 | 12,098 |
| Raymond James Financial, Inc. | | 16,350 | 2,768 |
| | | | 35,065 |
| Financial Services - 2.5% | | | |
| Apollo Global Management, Inc. | | 3,200 | 560 |
| Global Payments, Inc. | | 22,900 | 2,724 |
| MasterCard, Inc. Class A | | 7,500 | 3,997 |
| Visa, Inc. Class A | | 81,240 | 25,597 |
| | | | 32,878 |
| Insurance - 1.2% | | | |
| American Financial Group, Inc. | | 3,600 | 529 |
| Arthur J. Gallagher & Co. | | 14,400 | 4,496 |
| Brookfield Wealth Solutions Lt (b) | | 172 | 11 |
| Chubb Ltd. | | 12,100 | 3,494 |
| Marsh & McLennan Companies, Inc. | | 17,766 | 4,144 |
| The Travelers Companies, Inc. | | 8,000 | 2,128 |
| | | | 14,802 |
TOTAL FINANCIALS | | | 263,789 |
| HEALTH CARE - 11.4% | | | |
| Biotechnology - 0.1% | | | |
| Gilead Sciences, Inc. | | 9,000 | 833 |
| Health Care Equipment & Supplies - 1.9% | | | |
| Abbott Laboratories | | 19,700 | 2,340 |
| Becton, Dickinson & Co. | | 14,593 | 3,238 |
| Boston Scientific Corp. (d) | | 171,720 | 15,568 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (b) | | 108,617 | 2,959 |
| Sonova Holding AG | | 343 | 117 |
| | | | 24,222 |
| Health Care Providers & Services - 4.9% | | | |
| Cardinal Health, Inc. | | 43,200 | 5,281 |
| Cigna Group | | 44,800 | 15,133 |
| CVS Health Corp. | | 27,651 | 1,655 |
| Humana, Inc. | | 15,800 | 4,683 |
| McKesson Corp. | | 16,433 | 10,328 |
| UnitedHealth Group, Inc. | | 44,100 | 26,910 |
| | | | 63,990 |
| Life Sciences Tools & Services - 0.6% | | | |
| Danaher Corp. | | 30,400 | 7,287 |
| Thermo Fisher Scientific, Inc. | | 1,100 | 583 |
| | | | 7,870 |
| Pharmaceuticals - 3.9% | | | |
| Bristol-Myers Squibb Co. | | 184,800 | 10,944 |
| Eli Lilly & Co. | | 11,500 | 9,147 |
| Galderma Group AG (d) | | 11,940 | 1,223 |
| GSK PLC sponsored ADR | | 247,147 | 8,435 |
| Johnson & Johnson | | 50,175 | 7,778 |
| Royalty Pharma PLC Class A | | 49,800 | 1,328 |
| UCB SA | | 59,000 | 11,556 |
| Zoetis, Inc. Class A | | 1,500 | 263 |
| | | | 50,674 |
TOTAL HEALTH CARE | | | 147,589 |
| INDUSTRIALS - 15.5% | | | |
| Aerospace & Defense - 7.3% | | | |
| Airbus Group NV | | 30,100 | 4,705 |
| GE Aerospace (c) | | 333,936 | 60,830 |
| General Dynamics Corp. | | 16,200 | 4,601 |
| Howmet Aerospace, Inc. | | 11,050 | 1,308 |
| Huntington Ingalls Industries, Inc. | | 16,700 | 3,305 |
| Textron, Inc. | | 12,900 | 1,105 |
| The Boeing Co. (d) | | 121,110 | 18,825 |
| | | | 94,679 |
| Air Freight & Logistics - 1.2% | | | |
| Expeditors International of Washington, Inc. | | 700 | 85 |
| FedEx Corp. | | 4,800 | 1,453 |
| United Parcel Service, Inc. Class B | | 106,679 | 14,478 |
| | | | 16,016 |
| Building Products - 0.0% | | | |
| A.O. Smith Corp. | | 1,400 | 104 |
| Commercial Services & Supplies - 0.7% | | | |
| GFL Environmental, Inc. | | 177,400 | 8,354 |
| Veralto Corp. | | 9,733 | 1,053 |
| | | | 9,407 |
| Electrical Equipment - 2.4% | | | |
| AMETEK, Inc. | | 3,400 | 661 |
| GE Vernova LLC | | 80,284 | 26,824 |
| Regal Rexnord Corp. | | 17,500 | 3,022 |
| Rockwell Automation, Inc. | | 2,100 | 620 |
| | | | 31,127 |
| Ground Transportation - 0.4% | | | |
| Knight-Swift Transportation Holdings, Inc. | | 75,300 | 4,470 |
| Machinery - 1.9% | | | |
| Allison Transmission Holdings, Inc. | | 46,300 | 5,487 |
| Caterpillar, Inc. | | 1,600 | 650 |
| Cummins, Inc. | | 6,700 | 2,513 |
| Deere & Co. | | 5,800 | 2,702 |
| Donaldson Co., Inc. | | 72,100 | 5,627 |
| Fortive Corp. | | 27,300 | 2,166 |
| Nordson Corp. | | 15,000 | 3,915 |
| Otis Worldwide Corp. | | 9,565 | 985 |
| Stanley Black & Decker, Inc. | | 9,910 | 886 |
| | | | 24,931 |
| Professional Services - 0.5% | | | |
| Equifax, Inc. | | 8,700 | 2,276 |
| RELX PLC (London Stock Exchange) | | 94,538 | 4,457 |
| | | | 6,733 |
| Trading Companies & Distributors - 1.1% | | | |
| Watsco, Inc. | | 21,464 | 11,840 |
| WESCO International, Inc. | | 10,800 | 2,285 |
| | | | 14,125 |
| Transportation Infrastructure - 0.0% | | | |
| Aena SME SA (a) | | 600 | 130 |
TOTAL INDUSTRIALS | | | 201,722 |
| INFORMATION TECHNOLOGY - 21.9% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| CDW Corp. | | 6,800 | 1,196 |
| IT Services - 0.6% | | | |
| Amdocs Ltd. | | 33,800 | 2,931 |
| IBM Corp. | | 20,000 | 4,548 |
| | | | 7,479 |
| Semiconductors & Semiconductor Equipment - 8.1% | | | |
| Analog Devices, Inc. | | 20,000 | 4,361 |
| Applied Materials, Inc. | | 20,195 | 3,528 |
| ASML Holding NV (depository receipt) | | 1,100 | 755 |
| BE Semiconductor Industries NV | | 19,800 | 2,364 |
| Broadcom, Inc. | | 53,600 | 8,687 |
| Lam Research Corp. | | 44,000 | 3,251 |
| Marvell Technology, Inc. | | 158,103 | 14,655 |
| Microchip Technology, Inc. | | 6,200 | 423 |
| Micron Technology, Inc. | | 3,800 | 372 |
| NVIDIA Corp. | | 390,550 | 53,994 |
| Qualcomm, Inc. | | 27,400 | 4,344 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 37,000 | 6,832 |
| Teradyne, Inc. | | 21,100 | 2,321 |
| | | | 105,887 |
| Software - 9.9% | | | |
| Dassault Systemes SA | | 12,000 | 414 |
| Intuit, Inc. | | 10,600 | 6,802 |
| Microsoft Corp. | | 222,983 | 94,420 |
| Oracle Corp. | | 54,000 | 9,981 |
| Sage Group PLC | | 150,600 | 2,514 |
| SAP SE sponsored ADR | | 63,600 | 15,111 |
| | | | 129,242 |
| Technology Hardware, Storage & Peripherals - 3.2% | | | |
| Apple, Inc. | | 157,292 | 37,330 |
| Dell Technologies, Inc. Class C | | 19,100 | 2,437 |
| Samsung Electronics Co. Ltd. | | 35,390 | 1,392 |
| | | | 41,159 |
TOTAL INFORMATION TECHNOLOGY | | | 284,963 |
| MATERIALS - 1.2% | | | |
| Chemicals - 0.4% | | | |
| Air Products & Chemicals, Inc. | | 8,500 | 2,842 |
| International Flavors & Fragrances, Inc. | | 4,800 | 439 |
| PPG Industries, Inc. | | 6,000 | 746 |
| Sherwin-Williams Co. | | 1,600 | 636 |
| | | | 4,663 |
| Metals & Mining - 0.8% | | | |
| First Quantum Minerals Ltd. (d) | | 660,400 | 9,038 |
| Freeport-McMoRan, Inc. | | 39,400 | 1,741 |
| | | | 10,779 |
TOTAL MATERIALS | | | 15,442 |
| REAL ESTATE - 1.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.3% | | | |
| American Tower Corp. | | 35,100 | 7,336 |
| Crown Castle, Inc. | | 65,400 | 6,949 |
| Public Storage Operating Co. | | 200 | 70 |
| Sun Communities, Inc. | | 15,800 | 1,996 |
| Terreno Realty Corp. | | 10,000 | 606 |
| | | | 16,957 |
| UTILITIES - 2.4% | | | |
| Electric Utilities - 2.3% | | | |
| Constellation Energy Corp. | | 5,700 | 1,462 |
| Duke Energy Corp. | | 22,800 | 2,669 |
| Edison International | | 24,800 | 2,176 |
| Entergy Corp. | | 15,800 | 2,467 |
| Eversource Energy | | 37,900 | 2,444 |
| Exelon Corp. | | 18,400 | 728 |
| FirstEnergy Corp. | | 14,700 | 625 |
| NextEra Energy, Inc. | | 6,200 | 488 |
| Southern Co. (c) | | 189,600 | 16,899 |
| | | | 29,958 |
| Multi-Utilities - 0.1% | | | |
| Sempra | | 16,400 | 1,536 |
TOTAL UTILITIES | | | 31,494 |
| TOTAL COMMON STOCKS (Cost $685,465) | | | 1,231,292 |
| | | | |
| Convertible Preferred Stocks - 0.7% |
| | | Shares | Value ($) (000s) |
| INDUSTRIALS - 0.7% | | | |
| Aerospace & Defense - 0.7% | | | |
The Boeing Co. Series A, 6.00% (Cost $9,015) | | 176,800 | 9,583 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $9,015) | | | 9,583 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (e) (000s) | Value ($) (000s) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
Snap, Inc. 0.125% 3/1/28 (Cost $1,154) | | 1,471 | 1,195 |
| TOTAL CONVERTIBLE BONDS (Cost $1,154) | | | 1,195 |
| | | | |
| Money Market Funds - 4.6% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.64% (f) | | 55,221,480 | 55,233 |
| Fidelity Securities Lending Cash Central Fund 4.64% (f)(g) | | 4,253,345 | 4,254 |
| TOTAL MONEY MARKET FUNDS (Cost $59,487) | | | 59,487 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $755,121) | 1,301,557 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (2,446) |
| NET ASSETS - 100.0% | 1,299,111 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Call Options | | | | | | |
| Bank of America Corp. | Chicago Board Options Exchange | 388 | 1,843 | 45.00 | 12/20/24 | (104) |
| GE Aerospace | Chicago Board Options Exchange | 87 | 1,585 | 200.00 | 01/17/25 | (18) |
| JPMorgan Chase & Co. | Chicago Board Options Exchange | 25 | 624 | 240.00 | 12/20/24 | (29) |
| JPMorgan Chase & Co. | Chicago Board Options Exchange | 25 | 624 | 265.00 | 01/17/25 | (7) |
| Southern Co. | Chicago Board Options Exchange | 377 | 3,360 | 95.00 | 01/17/25 | (12) |
| Walmart, Inc. | Chicago Board Options Exchange | 182 | 1,684 | 100.00 | 02/21/25 | (28) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (198) |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | 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 $3,728,000 or 0.3% of net assets. |
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $9,720,000. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.64% | 53,015 | 192,117 | 189,899 | 1,686 | - | - | 55,233 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 10,761 | 127,756 | 134,263 | 23 | - | - | 4,254 | 0.0% |
| Total | 63,776 | 319,873 | 324,162 | 1,709 | - | - | 59,487 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 48,944 | 43,919 | 5,025 | - |
Consumer Discretionary | 26,599 | 25,093 | 1,506 | - |
Consumer Staples | 73,968 | 72,746 | 1,222 | - |
Energy | 119,825 | 118,069 | 1,756 | - |
Financials | 263,789 | 263,789 | - | - |
Health Care | 147,589 | 147,472 | 117 | - |
Industrials | 211,305 | 192,560 | 18,745 | - |
Information Technology | 284,963 | 283,157 | 1,806 | - |
Materials | 15,442 | 15,442 | - | - |
Real Estate | 16,957 | 16,957 | - | - |
Utilities | 31,494 | 31,494 | - | - |
|
| Corporate Bonds | 1,195 | - | 1,195 | - |
|
| Money Market Funds | 59,487 | 59,487 | - | - |
| Total Investments in Securities: | 1,301,557 | 1,270,185 | 31,372 | - |
Derivative Instruments: Liabilities | | | | |
Written Options | (198) | (198) | - | - |
| Total Liabilities | (198) | (198) | - | - |
| Total Derivative Instruments: | (198) | (198) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| (Amounts in thousands) | Asset ($) | Liability ($) |
| Equity Risk | | |
Written Options (a) | 0 | (198) |
| Total Equity Risk | 0 | (198) |
| Total Value of Derivatives | 0 | (198) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $4,130) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $695,634) | $ | 1,242,070 | | |
Fidelity Central Funds (cost $59,487) | | 59,487 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $755,121) | | | $ | 1,301,557 |
| Receivable for fund shares sold | | | | 260 |
| Dividends receivable | | | | 2,653 |
| Distributions receivable from Fidelity Central Funds | | | | 195 |
| Prepaid expenses | | | | 1 |
| Other receivables | | | | 10 |
Total assets | | | | 1,304,676 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 172 | | |
| Accrued management fee | | 619 | | |
| Distribution and service plan fees payable | | 273 | | |
| Written options, at value (premium received $137) | | 198 | | |
| Other payables and accrued expenses | | 49 | | |
| Collateral on securities loaned | | 4,254 | | |
| Total liabilities | | | | 5,565 |
| Net Assets | | | $ | 1,299,111 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 694,889 |
| Total accumulated earnings (loss) | | | | 604,222 |
| Net Assets | | | $ | 1,299,111 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($620,076 ÷ 13,784 shares)(a) | | | $ | 44.99 |
| Maximum offering price per share (100/94.25 of $44.99) | | | $ | 47.73 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($228,952 ÷ 5,077 shares)(a)(b) | | | $ | 45.09 |
| Maximum offering price per share (100/96.50 of $45.09) | | | $ | 46.73 |
| Class C : | | | | |
Net Asset Value and offering price per share ($63,666 ÷ 1,547 shares)(a)(b) | | | $ | 41.14 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($253,715 ÷ 5,479 shares) | | | $ | 46.31 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($132,702 ÷ 2,859 shares) | | | $ | 46.42 |
(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 |
| Year ended November 30, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends | | | $ | 20,970 |
| Interest | | | | 417 |
| Income from Fidelity Central Funds (including $23 from security lending) | | | | 1,709 |
| Total income | | | | 23,096 |
| Expenses | | | | |
| Management fee | $ | 6,439 | | |
| Transfer agent fees | | 452 | | |
| Distribution and service plan fees | | 2,989 | | |
| Accounting fees | | 84 | | |
| Custodian fees and expenses | | 51 | | |
| Independent trustees' fees and expenses | | 5 | | |
| Registration fees | | 115 | | |
| Audit fees | | 65 | | |
| Legal | | 5 | | |
| Interest | | 21 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 10,251 | | |
| Expense reductions | | (53) | | |
| Total expenses after reductions | | | | 10,198 |
| Net Investment income (loss) | | | | 12,898 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 65,817 | | |
| Foreign currency transactions | | (3) | | |
| Written options | | (2,751) | | |
| Total net realized gain (loss) | | | | 63,063 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 253,257 | | |
| Assets and liabilities in foreign currencies | | (4) | | |
| Written options | | (21) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 253,232 |
| Net gain (loss) | | | | 316,295 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 329,193 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 12,898 | $ | 13,913 |
| Net realized gain (loss) | | 63,063 | | 15,422 |
| Change in net unrealized appreciation (depreciation) | | 253,232 | | 48,826 |
| Net increase (decrease) in net assets resulting from operations | | 329,193 | | 78,161 |
| Distributions to shareholders | | (28,026) | | (15,697) |
| | | | | |
| Share transactions - net increase (decrease) | | (84,689) | | 199,181 |
| Total increase (decrease) in net assets | | 216,478 | | 261,645 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,082,633 | | 820,988 |
| End of period | $ | 1,299,111 | $ | 1,082,633 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Growth & Income Fund Class A |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.95 | $ | 32.90 | $ | 33.01 | $ | 27.71 | $ | 28.32 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .43 | | .49 | | .42 | | .59 C | | .44 |
| Net realized and unrealized gain (loss) | | 10.54 | | 2.13 | | 1.09 | | 6.08 | | .90 |
| Total from investment operations | | 10.97 | | 2.62 | | 1.51 | | 6.67 | | 1.34 |
| Distributions from net investment income | | (.46) | | (.47) | | (.83) | | (.48) | | (.48) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) |
| Total distributions | | (.93) | | (.57) | | (1.62) D | | (1.37) | | (1.95) |
| Net asset value, end of period | $ | 44.99 | $ | 34.95 | $ | 32.90 | $ | 33.01 | $ | 27.71 |
Total Return E,F | | | | 8.11% | | 4.64% | | 25.08% | | 4.86% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | .89% | | .91% | | .91% | | .92% | | .95% |
| Expenses net of fee waivers, if any | | | | .90% | | .91% | | .92% | | .95% |
| Expenses net of all reductions | | .88% | | .90% | | .91% | | .92% | | .95% |
| Net investment income (loss) | | 1.08% | | 1.47% | | 1.31% | | 1.85% C | | 1.78% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 620 | $ | 477 | $ | 406 | $ | 344 | $ | 277 |
Portfolio turnover rate I | | | | 12% | | 8% | | 15% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.21%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Growth & Income Fund Class M |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.03 | $ | 32.97 | $ | 33.01 | $ | 27.71 | $ | 28.31 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .41 | | .34 | | .51 C | | .38 |
| Net realized and unrealized gain (loss) | | 10.56 | | 2.14 | | 1.10 | | 6.10 | | .89 |
| Total from investment operations | | 10.89 | | 2.55 | | 1.44 | | 6.61 | | 1.27 |
| Distributions from net investment income | | (.37) | | (.38) | | (.68) | | (.42) | | (.40) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) |
| Total distributions | | (.83) D | | (.49) D | | (1.48) | | (1.31) | | (1.87) |
| Net asset value, end of period | $ | 45.09 | $ | 35.03 | $ | 32.97 | $ | 33.01 | $ | 27.71 |
Total Return E,F | | | | 7.85% | | 4.38% | | 24.77% | | 4.61% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | |
| Expenses before reductions | | 1.12% | | 1.15% | | 1.15% | | 1.16% | | 1.20% |
| Expenses net of fee waivers, if any | | | | 1.14% | | 1.15% | | 1.16% | | 1.20% |
| Expenses net of all reductions | | 1.12% | | 1.14% | | 1.15% | | 1.16% | | 1.20% |
| Net investment income (loss) | | .84% | | 1.23% | | 1.07% | | 1.61% C | | 1.53% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 229 | $ | 188 | $ | 180 | $ | 173 | $ | 153 |
Portfolio turnover rate I | | | | 12% | | 8% | | 15% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Growth & Income Fund Class C |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.07 | $ | 30.24 | $ | 30.33 | $ | 25.56 | $ | 26.22 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .22 | | .16 | | .32 C | | .23 |
| Net realized and unrealized gain (loss) | | 9.64 | | 1.96 | | 1.00 | | 5.62 | | .82 |
| Total from investment operations | | 9.76 | | 2.18 | | 1.16 | | 5.94 | | 1.05 |
| Distributions from net investment income | | (.22) | | (.25) | | (.45) | | (.28) | | (.24) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) |
| Total distributions | | (.69) | | (.35) | | (1.25) | | (1.17) | | (1.71) |
| Net asset value, end of period | $ | 41.14 | $ | 32.07 | $ | 30.24 | $ | 30.33 | $ | 25.56 |
Total Return D,E | | | | 7.32% | | 3.80% | | 24.14% | | 4.07% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | 1.64% | | 1.67% | | 1.67% | | 1.69% | | 1.73% |
| Expenses net of fee waivers, if any | | | | 1.66% | | 1.67% | | 1.69% | | 1.73% |
| Expenses net of all reductions | | 1.64% | | 1.66% | | 1.67% | | 1.69% | | 1.73% |
| Net investment income (loss) | | .32% | | .71% | | .55% | | 1.09% C | | 1.00% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 64 | $ | 50 | $ | 47 | $ | 41 | $ | 34 |
Portfolio turnover rate H | | | | 12% | | 8% | | 15% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Growth & Income Fund Class I |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 35.94 | $ | 33.81 | $ | 33.95 | $ | 28.45 | $ | 29.01 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .54 | | .59 | | .51 | | .69 C | | .52 |
| Net realized and unrealized gain (loss) | | 10.84 | | 2.19 | | 1.12 | | 6.24 | | .93 |
| Total from investment operations | | 11.38 | | 2.78 | | 1.63 | | 6.93 | | 1.45 |
| Distributions from net investment income | | (.54) | | (.55) | | (.97) | | (.55) | | (.54) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) |
| Total distributions | | (1.01) | | (.65) | | (1.77) | | (1.43) D | | (2.01) |
| Net asset value, end of period | $ | 46.31 | $ | 35.94 | $ | 33.81 | $ | 33.95 | $ | 28.45 |
Total Return E | | | | 8.39% | | 4.86% | | 25.40% | | 5.16% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .63% | | .66% | | .66% | | .67% | | .70% |
| Expenses net of fee waivers, if any | | | | .66% | | .66% | | .67% | | .70% |
| Expenses net of all reductions | | .63% | | .66% | | .66% | | .67% | | .69% |
| Net investment income (loss) | | 1.33% | | 1.71% | | 1.56% | | 2.10% C | | 2.03% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 254 | $ | 223 | $ | 128 | $ | 76 | $ | 45 |
Portfolio turnover rate H | | | | 12% | | 8% | | 15% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.46%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Growth & Income Fund Class Z |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 36.02 | $ | 33.88 | $ | 34.04 | $ | 28.52 | $ | 29.09 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .61 | | .64 | | .55 | | .73 C | | .55 |
| Net realized and unrealized gain (loss) | | 10.85 | | 2.19 | | 1.13 | | 6.26 | | .93 |
| Total from investment operations | | 11.46 | | 2.83 | | 1.68 | | 6.99 | | 1.48 |
| Distributions from net investment income | | (.60) | | (.59) | | (1.05) | | (.59) | | (.58) |
| Distributions from net realized gain | | (.47) | | (.10) | | (.80) | | (.89) | | (1.47) |
| Total distributions | | (1.06) D | | (.69) | | (1.84) D | | (1.47) D | | (2.05) |
| Net asset value, end of period | $ | 46.42 | $ | 36.02 | $ | 33.88 | $ | 34.04 | $ | 28.52 |
Total Return E | | | | 8.54% | | 5.03% | | 25.59% | | 5.26% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .47% | | .52% | | .53% | | .53% | | .55% |
| Expenses net of fee waivers, if any | | | | .52% | | .52% | | .53% | | .55% |
| Expenses net of all reductions | | .47% | | .52% | | .52% | | .53% | | .55% |
| Net investment income (loss) | | 1.49% | | 1.86% | | 1.69% | | 2.24% C | | 2.18% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 133 | $ | 144 | $ | 60 | $ | 14 | $ | 11 |
Portfolio turnover rate H | | | | 12% | | 8% | | 15% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.60%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and options.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $553,289 |
| Gross unrealized depreciation | (9,669) |
| Net unrealized appreciation (depreciation) | $543,620 |
| Tax Cost | $757,739 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $3,633 |
| Undistributed long-term capital gain | $57,132 |
| Net unrealized appreciation (depreciation) on securities and other investments | $543,457 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $13,547 | $13,886 |
| Long-term Capital Gains | 14,479 | 1,811 |
| Total | $28,026 | $15,697 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
| Primary Risk Exposure / Derivative Type | Net Realized Gain (Loss)($) | Change in Net Unrealized Appreciation (Depreciation)($) |
| Fidelity Advisor Growth & Income Fund | | |
| Equity Risk | | |
| Purchased Options | (110) | - |
| Written Options | (2,751) | (21) |
| Total Equity Risk | (2,861) | (21) |
| Totals | (2,861) | (21) |
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Growth & Income Fund | 169,731 | 269,225 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .60 |
| Class M | .59 |
| Class C | .61 |
| Class I | .61 |
| Class Z | .46 |
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. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .60 |
| Class M | .59 |
| Class C | .61 |
| Class I | .61 |
| Class Z | .46 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .42%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Class A | - % | .25% | 1,379 | 33 |
| Class M | .25% | .25% | 1,042 | 13 |
| Class C | .75% | .25% | 568 | 119 |
| | | | 2,989 | 165 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 229 |
| Class M | 11 |
Class CA | 1 |
| | 241 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | Amount ($) | % of Class-Level Average Net Assets |
| Class A | 219 | .1733 |
| Class M | 81 | .1657 |
| Class C | 24 | .1860 |
| Class I | 112 | .1866 |
| Class Z | 16 | .0420 |
| | 452 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Advisor Growth & Income Fund | .0295 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Growth & Income Fund | 2 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Growth & Income Fund | Borrower | 8,595 | 5.57% | 21 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Growth & Income Fund | 9,136 | 16,034 | 3,401 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Advisor Growth & Income Fund | 2 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Growth & Income Fund | 3 | - | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense Reduction |
| Class M | -A |
A In the amount of less than five hundred dollars.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $51.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth & Income Fund | | |
| Distributions to shareholders | | |
| Class A | $12,736 | $7,367 |
| Class M | 4,404 | 2,629 |
| Class C | 1,056 | 559 |
| Class I | 6,016 | 3,171 |
| Class Z | 3,814 | 1,971 |
Total | $28,026 | $15,697 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended November 30, 2024 | Year ended November 30, 2023 | Year ended November 30, 2024 | Year ended November 30, 2023 |
| Fidelity Advisor Growth & Income Fund | | | | |
| Class A | | | | |
| Shares sold | 2,007 | 2,709 | $79,095 | $89,706 |
| Reinvestment of distributions | 326 | 217 | 12,230 | 7,040 |
| Shares redeemed | (2,201) | (1,605) | (87,421) | (53,452) |
| Net increase (decrease) | 132 | 1,321 | $3,904 | $43,294 |
| Class M | | | | |
| Shares sold | 307 | 489 | $12,112 | $16,232 |
| Reinvestment of distributions | 115 | 79 | 4,314 | 2,574 |
| Shares redeemed | (709) | (666) | (27,986) | (22,069) |
| Net increase (decrease) | (287) | (98) | $(11,560) | $(3,263) |
| Class C | | | | |
| Shares sold | 440 | 526 | $16,021 | $15,943 |
| Reinvestment of distributions | 29 | 18 | 997 | 534 |
| Shares redeemed | (485) | (541) | (17,592) | (16,496) |
| Net increase (decrease) | (16) | 3 | $(574) | $(19) |
| Class I | | | | |
| Shares sold | 2,180 | 4,443 | $88,294 | $151,618 |
| Reinvestment of distributions | 146 | 88 | 5,639 | 2,946 |
| Shares redeemed | (3,051) | (2,105) | (123,269) | (72,062) |
| Net increase (decrease) | (725) | 2,426 | $(29,336) | $82,502 |
| Class Z | | | | |
| Shares sold | 1,075 | 2,810 | $43,174 | $96,484 |
| Reinvestment of distributions | 90 | 52 | 3,474 | 1,753 |
| Shares redeemed | (2,318) | (633) | (93,771) | (21,570) |
| Net increase (decrease) | (1,153) | 2,229 | $(47,123) | $76,667 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
14. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Growth & Income Portfolio. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Growth & Income Portfolio equal in value to the net assets of the Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during March 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Growth & Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth & Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $61,139,633, or, if subsequently determined to be different, the net capital gain of such year.
A total of 2.62% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
Class A, Class M, Class C, Class I, and Class Z designate 100% of dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M, Class C, Class I, and Class Z designate 100% of dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.539472.127
AGAI-ANN-0125
Fidelity Advisor® Series Small Cap Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Series Small Cap Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 96.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.8% | | | |
| Diversified Telecommunication Services - 0.2% | | | |
| Liberty Latin America Ltd. Class C (a) | | 102,389 | 707,508 |
| Entertainment - 0.1% | | | |
| Vivid Seats, Inc. Class A (a) | | 98,898 | 354,055 |
| Interactive Media & Services - 1.1% | | | |
| Cars.com, Inc. (a) | | 151,200 | 3,004,344 |
| Ziff Davis, Inc. (a) | | 26,584 | 1,564,468 |
| | | | 4,568,812 |
| Media - 1.1% | | | |
| 4Imprint Group PLC | | 38,100 | 2,448,257 |
| TechTarget, Inc. (a) | | 70,900 | 2,276,599 |
| | | | 4,724,856 |
| Wireless Telecommunication Services - 0.3% | | | |
| Gogo, Inc. (a)(b) | | 133,100 | 1,068,793 |
TOTAL COMMUNICATION SERVICES | | | 11,424,024 |
| CONSUMER DISCRETIONARY - 11.3% | | | |
| Automobile Components - 1.4% | | | |
| Patrick Industries, Inc. | | 44,181 | 5,937,485 |
| Diversified Consumer Services - 0.4% | | | |
| Laureate Education, Inc. | | 76,644 | 1,456,236 |
| Hotels, Restaurants & Leisure - 0.8% | | | |
| Brinker International, Inc. (a) | | 25,100 | 3,319,977 |
| Household Durables - 3.0% | | | |
| Champion Homes, Inc. (a) | | 28,191 | 2,924,252 |
| Installed Building Products, Inc. | | 19,500 | 4,460,430 |
| Lovesac (a) | | 48,024 | 1,811,465 |
| SharkNinja, Inc. | | 30,504 | 3,067,177 |
| | | | 12,263,324 |
| Leisure Products - 0.6% | | | |
| Brunswick Corp. | | 29,000 | 2,334,790 |
| Specialty Retail - 4.2% | | | |
| Academy Sports & Outdoors, Inc. | | 68,550 | 3,376,088 |
| Boot Barn Holdings, Inc. (a) | | 26,900 | 3,689,066 |
| Group 1 Automotive, Inc. | | 3,210 | 1,366,818 |
| Murphy U.S.A., Inc. | | 10,200 | 5,587,560 |
| Valvoline, Inc. (a) | | 89,100 | 3,538,161 |
| | | | 17,557,693 |
| Textiles, Apparel & Luxury Goods - 0.9% | | | |
| Crocs, Inc. (a) | | 36,482 | 3,852,499 |
TOTAL CONSUMER DISCRETIONARY | | | 46,722,004 |
| CONSUMER STAPLES - 3.3% | | | |
| Beverages - 0.6% | | | |
| The Vita Coco Co., Inc. (a)(b) | | 76,300 | 2,711,702 |
| Consumer Staples Distribution & Retail - 1.9% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 27,120 | 2,611,656 |
| Performance Food Group Co. (a) | | 25,000 | 2,206,000 |
| Sprouts Farmers Market LLC (a) | | 18,800 | 2,904,224 |
| | | | 7,721,880 |
| Food Products - 0.8% | | | |
| Nomad Foods Ltd. | | 123,253 | 2,256,762 |
| The Simply Good Foods Co. (a) | | 24,119 | 959,695 |
| | | | 3,216,457 |
TOTAL CONSUMER STAPLES | | | 13,650,039 |
| ENERGY - 5.3% | | | |
| Energy Equipment & Services - 3.7% | | | |
| Cactus, Inc. Class A | | 72,800 | 4,998,448 |
| CES Energy Solutions Corp. | | 353,800 | 2,443,660 |
| Liberty Energy, Inc. Class A (b) | | 290,500 | 5,345,200 |
| TechnipFMC PLC | | 83,600 | 2,622,532 |
| | | | 15,409,840 |
| Oil, Gas & Consumable Fuels - 1.6% | | | |
| Antero Resources Corp. (a) | | 99,900 | 3,265,731 |
| CONSOL Energy, Inc. | | 10,375 | 1,356,013 |
| Hess Midstream LP | | 45,199 | 1,713,042 |
| | | | 6,334,786 |
TOTAL ENERGY | | | 21,744,626 |
| FINANCIALS - 16.1% | | | |
| Banks - 5.9% | | | |
| ConnectOne Bancorp, Inc. | | 141,276 | 3,885,090 |
| First Interstate Bancsystem, Inc. Class A | | 106,900 | 3,738,293 |
| Independent Bank Group, Inc. | | 95,734 | 6,406,519 |
| Metropolitan Bank Holding Corp. (a) | | 43,329 | 2,813,785 |
| Pinnacle Financial Partners, Inc. | | 37,900 | 4,817,469 |
| Trico Bancshares | | 53,100 | 2,566,854 |
| | | | 24,228,010 |
| Capital Markets - 4.3% | | | |
| Houlihan Lokey Class A | | 13,400 | 2,533,806 |
| Lazard, Inc. Class A | | 40,900 | 2,375,063 |
| Patria Investments Ltd. (b) | | 189,600 | 2,267,616 |
| Piper Sandler Cos. | | 10,100 | 3,464,199 |
| Stifel Financial Corp. | | 31,100 | 3,601,380 |
| TMX Group Ltd. | | 112,300 | 3,564,596 |
| | | | 17,806,660 |
| Consumer Finance - 1.9% | | | |
| FirstCash Holdings, Inc. | | 45,800 | 4,985,788 |
| PROG Holdings, Inc. | | 58,908 | 2,866,463 |
| | | | 7,852,251 |
| Financial Services - 1.0% | | | |
| Essent Group Ltd. | | 72,100 | 4,165,938 |
| Insurance - 3.0% | | | |
| Old Republic International Corp. | | 70,900 | 2,762,973 |
| Primerica, Inc. | | 19,700 | 5,964,175 |
| Selective Insurance Group, Inc. | | 38,027 | 3,882,176 |
| | | | 12,609,324 |
TOTAL FINANCIALS | | | 66,662,183 |
| HEALTH CARE - 12.9% | | | |
| Biotechnology - 5.0% | | | |
| AnaptysBio, Inc. (a) | | 22,232 | 554,911 |
| Arcellx, Inc. (a) | | 20,000 | 1,761,400 |
| Astria Therapeutics, Inc. (a) | | 53,200 | 552,748 |
| Blueprint Medicines Corp. (a) | | 8,600 | 828,868 |
| Celldex Therapeutics, Inc. (a) | | 21,577 | 592,073 |
| Cogent Biosciences, Inc. (a) | | 80,984 | 770,158 |
| Crinetics Pharmaceuticals, Inc. (a) | | 31,200 | 1,784,640 |
| Cytokinetics, Inc. (a) | | 35,100 | 1,820,286 |
| Insmed, Inc. (a) | | 14,400 | 1,082,304 |
| Keros Therapeutics, Inc. (a) | | 20,900 | 1,206,766 |
| Legend Biotech Corp. ADR (a) | | 21,500 | 904,505 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 4,500 | 1,476,855 |
| Merus BV (a) | | 13,700 | 614,308 |
| Perspective Therapeutics, Inc. (a) | | 42,600 | 185,310 |
| Vaxcyte, Inc. (a) | | 30,200 | 2,849,068 |
| Viking Therapeutics, Inc. (a)(b) | | 34,200 | 1,810,548 |
| Viridian Therapeutics, Inc. (a) | | 31,700 | 683,135 |
| Xenon Pharmaceuticals, Inc. (a) | | 27,300 | 1,163,799 |
| | | | 20,641,682 |
| Health Care Equipment & Supplies - 3.8% | | | |
| Haemonetics Corp. (a) | | 27,500 | 2,405,425 |
| Lantheus Holdings, Inc. (a)(b) | | 29,400 | 2,624,538 |
| Masimo Corp. (a) | | 19,800 | 3,416,292 |
| Merit Medical Systems, Inc. (a) | | 30,000 | 3,117,000 |
| Pulmonx Corp. (a) | | 167,600 | 1,081,020 |
| RxSight, Inc. (a) | | 24,700 | 1,157,936 |
| TransMedics Group, Inc. (a)(b) | | 21,500 | 1,864,265 |
| | | | 15,666,476 |
| Health Care Providers & Services - 3.6% | | | |
| Acadia Healthcare Co., Inc. (a) | | 78,900 | 3,205,707 |
| Chemed Corp. | | 6,400 | 3,663,296 |
| Option Care Health, Inc. (a) | | 48,866 | 1,163,011 |
| Pennant Group, Inc. (a) | | 25,538 | 796,275 |
| The Ensign Group, Inc. | | 42,600 | 6,228,546 |
| | | | 15,056,835 |
| Life Sciences Tools & Services - 0.2% | | | |
| Maravai LifeSciences Holdings, Inc. Class A (a) | | 113,600 | 644,112 |
| Pharmaceuticals - 0.3% | | | |
| Enliven Therapeutics, Inc. (a) | | 22,700 | 553,426 |
| Structure Therapeutics, Inc. ADR (a) | | 17,690 | 586,424 |
| | | | 1,139,850 |
TOTAL HEALTH CARE | | | 53,148,955 |
| INDUSTRIALS - 16.9% | | | |
| Building Products - 2.2% | | | |
| AAON, Inc. (b) | | 21,400 | 2,917,676 |
| CSW Industrials, Inc. | | 5,485 | 2,316,809 |
| Simpson Manufacturing Co. Ltd. | | 21,100 | 3,975,240 |
| | | | 9,209,725 |
| Commercial Services & Supplies - 0.7% | | | |
| The Brink's Co. | | 31,161 | 3,013,580 |
| Construction & Engineering - 1.5% | | | |
| EMCOR Group, Inc. | | 4,000 | 2,040,480 |
| Sterling Construction Co., Inc. (a) | | 20,900 | 4,064,005 |
| | | | 6,104,485 |
| Electrical Equipment - 1.3% | | | |
| Array Technologies, Inc. (a)(b) | | 135,388 | 908,453 |
| Nextracker, Inc. Class A (a) | | 65,500 | 2,499,480 |
| Thermon Group Holdings, Inc. (a) | | 60,800 | 1,918,848 |
| | | | 5,326,781 |
| Ground Transportation - 1.1% | | | |
| ArcBest Corp. | | 11,245 | 1,296,324 |
| TFI International, Inc. | | 20,400 | 3,094,272 |
| | | | 4,390,596 |
| Machinery - 2.9% | | | |
| Astec Industries, Inc. | | 44,100 | 1,702,701 |
| Federal Signal Corp. | | 30,200 | 2,941,782 |
| REV Group, Inc. | | 93,500 | 2,900,370 |
| Terex Corp. (b) | | 79,000 | 4,328,410 |
| | | | 11,873,263 |
| Professional Services - 2.4% | | | |
| ExlService Holdings, Inc. (a) | | 120,448 | 5,583,969 |
| KBR, Inc. | | 74,567 | 4,535,911 |
| | | | 10,119,880 |
| Trading Companies & Distributors - 4.8% | | | |
| Applied Industrial Technologies, Inc. | | 14,900 | 4,093,328 |
| Beacon Roofing Supply, Inc. (a) | | 25,100 | 2,836,802 |
| FTAI Aviation Ltd. | | 21,900 | 3,697,158 |
| GMS, Inc. (a) | | 49,200 | 4,937,220 |
| Rush Enterprises, Inc. Class A | | 71,598 | 4,435,496 |
| | | | 20,000,004 |
TOTAL INDUSTRIALS | | | 70,038,314 |
| INFORMATION TECHNOLOGY - 13.1% | | | |
| Electronic Equipment, Instruments & Components - 6.2% | | | |
| Advanced Energy Industries, Inc. | | 35,900 | 4,129,936 |
| Belden, Inc. | | 26,400 | 3,231,360 |
| Fabrinet (a) | | 25,800 | 6,052,164 |
| Insight Enterprises, Inc. (a) | | 31,998 | 5,006,087 |
| Kraken Robotics, Inc. (a) | | 597,300 | 1,011,107 |
| Napco Security Technologies, Inc. | | 39,982 | 1,568,494 |
| TD SYNNEX Corp. | | 37,713 | 4,487,470 |
| | | | 25,486,618 |
| IT Services - 2.2% | | | |
| ASGN, Inc. (a) | | 33,500 | 3,066,925 |
| Endava PLC ADR (a) | | 38,101 | 1,078,639 |
| Wix.com Ltd. (a) | | 22,300 | 4,989,402 |
| | | | 9,134,966 |
| Semiconductors & Semiconductor Equipment - 2.5% | | | |
| Allegro MicroSystems LLC (a) | | 103,400 | 2,246,882 |
| Diodes, Inc. (a) | | 38,158 | 2,480,270 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 26,900 | 3,572,858 |
| Nova Ltd. (a) | | 10,472 | 1,924,335 |
| | | | 10,224,345 |
| Software - 2.2% | | | |
| Agilysys, Inc. (a) | | 12,400 | 1,665,320 |
| Five9, Inc. (a) | | 23,200 | 957,696 |
| SPS Commerce, Inc. (a) | | 16,300 | 3,147,041 |
| Tenable Holdings, Inc. (a) | | 79,700 | 3,345,806 |
| | | | 9,115,863 |
TOTAL INFORMATION TECHNOLOGY | | | 53,961,792 |
| MATERIALS - 7.2% | | | |
| Chemicals - 1.9% | | | |
| Element Solutions, Inc. | | 156,900 | 4,499,892 |
| Hawkins, Inc. | | 13,600 | 1,829,336 |
| Tronox Holdings PLC | | 142,300 | 1,721,830 |
| | | | 8,051,058 |
| Construction Materials - 1.4% | | | |
| Eagle Materials, Inc. | | 19,100 | 5,900,372 |
| Metals & Mining - 3.9% | | | |
| Carpenter Technology Corp. | | 25,700 | 4,986,828 |
| Commercial Metals Co. | | 107,800 | 6,650,182 |
| Constellium NV (a) | | 353,900 | 4,338,814 |
| | | | 15,975,824 |
TOTAL MATERIALS | | | 29,927,254 |
| REAL ESTATE - 5.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.4% | | | |
| Acadia Realty Trust (SBI) | | 135,300 | 3,497,505 |
| CareTrust (REIT), Inc. | | 67,800 | 2,019,762 |
| Essential Properties Realty Trust, Inc. (b) | | 159,092 | 5,425,037 |
| Lamar Advertising Co. Class A | | 32,100 | 4,302,042 |
| Urban Edge Properties | | 124,700 | 2,869,347 |
| | | | 18,113,693 |
| Real Estate Management & Development - 0.6% | | | |
| Colliers International Group, Inc. | | 16,900 | 2,601,300 |
TOTAL REAL ESTATE | | | 20,714,993 |
| UTILITIES - 2.2% | | | |
| Gas Utilities - 2.2% | | | |
| Brookfield Infrastructure Corp. A Shares | | 112,157 | 5,034,728 |
| Southwest Gas Holdings, Inc. | | 49,900 | 3,900,184 |
| | | | 8,934,912 |
| TOTAL COMMON STOCKS (Cost $269,524,447) | | | 396,929,096 |
| | | | |
| Money Market Funds - 10.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.64% (c) | | 16,692,948 | 16,696,287 |
| Fidelity Securities Lending Cash Central Fund 4.64% (c)(d) | | 27,237,067 | 27,239,791 |
| TOTAL MONEY MARKET FUNDS (Cost $43,936,078) | | | 43,936,078 |
| | | | |
| Equity Funds - 1.0% |
| | | Shares | Value ($) |
| Small Blend Funds - 1.0% | | | |
iShares Russell 2000 ETF (b) (Cost $3,892,652) | | 17,000 | 4,111,790 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 107.7% (Cost $317,353,177) | 444,976,964 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (31,785,066) |
| NET ASSETS - 100.0% | 413,191,898 |
| | |
Security Type Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.64% | 4,018,838 | 115,619,458 | 102,941,943 | 185,652 | (66) | - | 16,696,287 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 8,318,910 | 150,191,781 | 131,270,900 | 9,719 | - | - | 27,239,791 | 0.1% |
| Total | 12,337,748 | 265,811,239 | 234,212,843 | 195,371 | (66) | - | 43,936,078 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 11,424,024 | 11,424,024 | - | - |
Consumer Discretionary | 46,722,004 | 46,722,004 | - | - |
Consumer Staples | 13,650,039 | 13,650,039 | - | - |
Energy | 21,744,626 | 21,744,626 | - | - |
Financials | 66,662,183 | 66,662,183 | - | - |
Health Care | 53,148,955 | 53,148,955 | - | - |
Industrials | 70,038,314 | 70,038,314 | - | - |
Information Technology | 53,961,792 | 53,961,792 | - | - |
Materials | 29,927,254 | 29,927,254 | - | - |
Real Estate | 20,714,993 | 20,714,993 | - | - |
Utilities | 8,934,912 | 8,934,912 | - | - |
|
| Money Market Funds | 43,936,078 | 43,936,078 | - | - |
|
| Equity Funds | 4,111,790 | 4,111,790 | - | - |
| Total Investments in Securities: | 444,976,964 | 444,976,964 | - | - |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $26,406,786) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $273,417,099) | $ | 401,040,886 | | |
Fidelity Central Funds (cost $43,936,078) | | 43,936,078 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $317,353,177) | | | $ | 444,976,964 |
| Cash | | | | 84,659 |
| Foreign currency held at value (cost $383,790) | | | | 382,952 |
| Receivable for investments sold | | | | 18,473,495 |
| Dividends receivable | | | | 261,470 |
| Distributions receivable from Fidelity Central Funds | | | | 27,198 |
| Receivable from investment adviser for expense reductions | | | | 2,956 |
| Other receivables | | | | 3,508 |
Total assets | | | | 464,213,202 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 3,279,793 | | |
| Payable for fund shares redeemed | | 20,498,332 | | |
| Other payables and accrued expenses | | 3,898 | | |
| Collateral on securities loaned | | 27,239,281 | | |
| Total liabilities | | | | 51,021,304 |
| Net Assets | | | $ | 413,191,898 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 223,120,978 |
| Total accumulated earnings (loss) | | | | 190,070,920 |
| Net Assets | | | $ | 413,191,898 |
Net Asset Value, offering price and redemption price per share ($413,191,898 ÷ 27,837,042 shares) | | | $ | 14.84 |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 3,835,697 |
| Interest | | | | 1,853 |
| Income from Fidelity Central Funds (including $9,719 from security lending) | | | | 195,371 |
| Total income | | | | 4,032,921 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 32,123 | | |
| Independent trustees' fees and expenses | | 1,896 | | |
| Legal | | 2,186 | | |
| Interest | | 8,258 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 44,488 | | |
| Expense reductions | | (21,543) | | |
| Total expenses after reductions | | | | 22,945 |
| Net Investment income (loss) | | | | 4,009,976 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 72,588,614 | | |
| Fidelity Central Funds | | (66) | | |
| Foreign currency transactions | | (4,565) | | |
| Total net realized gain (loss) | | | | 72,583,983 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 56,403,812 | | |
| Assets and liabilities in foreign currencies | | (7,967) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 56,395,845 |
| Net gain (loss) | | | | 128,979,828 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 132,989,804 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,009,976 | $ | 3,709,239 |
| Net realized gain (loss) | | 72,583,983 | | 13,558,563 |
| Change in net unrealized appreciation (depreciation) | | 56,395,845 | | (5,211,618) |
| Net increase (decrease) in net assets resulting from operations | | 132,989,804 | | 12,056,184 |
| Distributions to shareholders | | (16,299,236) | | (34,872,065) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 35,926,478 | | 80,869,900 |
| Reinvestment of distributions | | 16,299,236 | | 34,872,065 |
| Cost of shares redeemed | | (162,398,332) | | (93,134,248) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (110,172,618) | | 22,607,717 |
| Total increase (decrease) in net assets | | 6,517,950 | | (208,164) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 406,673,948 | | 406,882,112 |
| End of period | $ | 413,191,898 | $ | 406,673,948 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,819,190 | | 7,324,557 |
| Issued in reinvestment of distributions | | 1,401,482 | | 3,216,980 |
| Redeemed | | (12,297,084) | | (8,100,778) |
| Net increase (decrease) | | (8,076,412) | | 2,440,759 |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Small Cap Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.32 | $ | 12.16 | $ | 17.04 | $ | 12.88 | $ | 11.72 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .10 | | .11 | | .11 | | .09 |
| Net realized and unrealized gain (loss) | | 3.86 | | .11 | | (1.91) | | 4.49 | | 1.42 |
| Total from investment operations | | 3.98 | | .21 | | (1.80) | | 4.60 | | 1.51 |
| Distributions from net investment income | | (.12) | | (.11) | | (.12) | | (.12) | | (.07) |
| Distributions from net realized gain | | (.34) | | (.94) | | (2.97) | | (.32) | | (.28) |
| Total distributions | | (.46) | | (1.05) | | (3.08) C | | (.44) | | (.35) |
| Net asset value, end of period | $ | 14.84 | $ | 11.32 | $ | 12.16 | $ | 17.04 | $ | 12.88 |
Total Return D | | | | 2.11% | | (13.01)% | | 36.69% | | 13.21% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .01% | | .01% | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% G | | -% G | | .01% |
| Expenses net of all reductions | | .01% | | .01% | | -% G | | -% G | | .01% |
| Net investment income (loss) | | .94% | | .93% | | .92% | | .68% | | .85% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 413,192 | $ | 406,674 | $ | 406,882 | $ | 508,445 | $ | 467,212 |
Portfolio turnover rate H | | | | 40% | | 57% | | 51% | | 58% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1. Organization.
Fidelity Advisor Series Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $138,486,137 |
| Gross unrealized depreciation | (15,341,315) |
| Net unrealized appreciation (depreciation) | $123,144,822 |
| Tax Cost | $321,832,142 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $12,238,886 |
| Undistributed long-term capital gain | $55,514,258 |
| Net unrealized appreciation (depreciation) on securities and other investments | $122,317,776 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $4,253,529 | $ 3,620,052 |
| Long-term Capital Gains | 12,045,707 | 31,252,013 |
| Total | $16,299,236 | $ 34,872,065 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Small Cap Fund | 186,126,178 | 311,980,892 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Series Small Cap Fund | 5,018 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Series Small Cap Fund | Borrower | 7,468,286 | 5.58% | 8,102 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Advisor Series Small Cap Fund | 13,056,218 | 23,059,515 | 4,819,655 |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited were amended to provide that the investment advisor pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Series Small Cap Fund | 1,057 | - | - |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Advisor Series Small Cap Fund | 966,000 | 5.83% | 156 |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $21,543.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Series Small Cap Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $60,829,827, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $260,378 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 57% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 69.07% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 9.57% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.967941.111
AXS5-ANN-0125
Fidelity Advisor® Series Equity Growth Fund
Annual Report
November 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Advisor® Series Equity Growth Fund
Schedule of Investments November 30, 2024
Showing Percentage of Net Assets
| Common Stocks - 99.0% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 7.3% | | | |
| Entertainment - 0.9% | | | |
| Live Nation Entertainment, Inc. (a) | | 47,300 | 6,539,225 |
| Roblox Corp. Class A (a) | | 116,000 | 5,815,080 |
| Universal Music Group NV | | 8,585 | 206,723 |
| | | | 12,561,028 |
| Interactive Media & Services - 6.4% | | | |
| Alphabet, Inc. Class A | | 376,257 | 63,568,620 |
| Epic Games, Inc. (a)(b)(c) | | 805 | 543,898 |
| Meta Platforms, Inc. Class A | | 37,200 | 21,364,704 |
| | | | 85,477,222 |
TOTAL COMMUNICATION SERVICES | | | 98,038,250 |
| CONSUMER DISCRETIONARY - 10.6% | | | |
| Automobiles - 0.6% | | | |
| BYD Co. Ltd. (H Shares) | | 226,592 | 7,474,133 |
| Broadline Retail - 5.9% | | | |
| Amazon.com, Inc. (a) | | 315,846 | 65,661,225 |
| MercadoLibre, Inc. (a) | | 6,420 | 12,744,791 |
| Savers Value Village, Inc. (a)(d) | | 143,900 | 1,345,465 |
| | | | 79,751,481 |
| Diversified Consumer Services - 0.2% | | | |
| Duolingo, Inc. Class A (a) | | 6,400 | 2,228,928 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| Airbnb, Inc. Class A (a) | | 116,069 | 15,798,152 |
| Kura Sushi U.S.A., Inc. Class A (a) | | 25,204 | 2,694,812 |
| Trip.com Group Ltd. ADR (a) | | 132,800 | 8,585,520 |
| | | | 27,078,484 |
| Household Durables - 0.3% | | | |
| TopBuild Corp. (a) | | 12,000 | 4,687,680 |
| Specialty Retail - 1.6% | | | |
| Floor & Decor Holdings, Inc. Class A (a) | | 29,400 | 3,298,974 |
| Lowe's Companies, Inc. | | 65,200 | 17,762,436 |
| | | | 21,061,410 |
TOTAL CONSUMER DISCRETIONARY | | | 142,282,116 |
| CONSUMER STAPLES - 1.6% | | | |
| Beverages - 0.6% | | | |
| Monster Beverage Corp. (a) | | 145,958 | 8,046,665 |
| Personal Care Products - 1.0% | | | |
| Estee Lauder Companies, Inc. Class A | | 191,800 | 13,832,616 |
TOTAL CONSUMER STAPLES | | | 21,879,281 |
| ENERGY - 1.6% | | | |
| Oil, Gas & Consumable Fuels - 1.6% | | | |
| Canadian Natural Resources Ltd. | | 59,600 | 2,015,672 |
| Cheniere Energy, Inc. | | 59,900 | 13,418,199 |
| Range Resources Corp. | | 170,668 | 6,099,674 |
| | | | 21,533,545 |
| FINANCIALS - 7.9% | | | |
| Banks - 0.4% | | | |
| Huntington Bancshares, Inc. | | 152,700 | 2,750,127 |
| M&T Bank Corp. | | 12,600 | 2,771,874 |
| | | | 5,522,001 |
| Capital Markets - 1.1% | | | |
| Intercontinental Exchange, Inc. | | 75,900 | 12,216,864 |
| Morgan Stanley | | 25,300 | 3,329,733 |
| | | | 15,546,597 |
| Consumer Finance - 0.9% | | | |
| Capital One Financial Corp. | | 60,400 | 11,597,404 |
| Financial Services - 4.5% | | | |
| MasterCard, Inc. Class A | | 46,483 | 24,772,650 |
| Rocket Companies, Inc. Class A (a)(d) | | 189,854 | 2,758,579 |
| Toast, Inc. (a) | | 247,000 | 10,754,380 |
| Visa, Inc. Class A | | 68,900 | 21,709,012 |
| | | | 59,994,621 |
| Insurance - 1.0% | | | |
| Arthur J. Gallagher & Co. | | 33,569 | 10,481,585 |
| The Baldwin Insurance Group, Inc. Class A, (a) | | 64,724 | 3,168,887 |
| | | | 13,650,472 |
TOTAL FINANCIALS | | | 106,311,095 |
| HEALTH CARE - 16.5% | | | |
| Biotechnology - 4.2% | | | |
| Adamas Pharmaceuticals, Inc.: | | | |
| rights (a)(c) | | 220,830 | 26,500 |
| rights (a)(c) | | 220,830 | 15,458 |
| Alnylam Pharmaceuticals, Inc. (a) | | 45,672 | 11,558,213 |
| Arcellx, Inc. (a) | | 6,579 | 579,413 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 29,295 | 762,549 |
| Beam Therapeutics, Inc. (a) | | 9,466 | 259,084 |
| Biogen, Inc. (a) | | 6,200 | 995,906 |
| BioNTech SE ADR (a) | | 42,200 | 4,996,058 |
| Blueprint Medicines Corp. (a) | | 4,400 | 424,072 |
| Cytokinetics, Inc. (a) | | 24,461 | 1,268,547 |
| Exact Sciences Corp. (a) | | 226,200 | 14,042,496 |
| Galapagos NV sponsored ADR (a) | | 49,386 | 1,365,029 |
| Gamida Cell Ltd. (c) | | 266,229 | 3 |
| Gamida Cell Ltd. warrants 4/21/28 (a)(c) | | 59,930 | 1 |
| Gilead Sciences, Inc. | | 100,100 | 9,267,258 |
| Hookipa Pharma, Inc. (a) | | 13,430 | 33,844 |
| Immunocore Holdings PLC ADR (a) | | 23,585 | 772,173 |
| Insmed, Inc. (a) | | 103,846 | 7,805,065 |
| Janux Therapeutics, Inc. (a) | | 2,900 | 131,109 |
| Krystal Biotech, Inc. (a) | | 4,700 | 927,874 |
| Moderna, Inc. (a) | | 12,200 | 525,332 |
| Seres Therapeutics, Inc. (a)(d) | | 54,600 | 53,508 |
| Synlogic, Inc. (a) | | 10,646 | 14,798 |
| Vor Biopharma, Inc. (a) | | 43,874 | 36,508 |
| XOMA Corp. (a) | | 32,707 | 1,094,049 |
| | | | 56,954,847 |
| Health Care Equipment & Supplies - 4.7% | | | |
| Align Technology, Inc. (a) | | 33,100 | 7,704,687 |
| Boston Scientific Corp. (a) | | 399,474 | 36,216,313 |
| Ceribell, Inc. | | 12,800 | 368,512 |
| Glaukos Corp. (a) | | 27,200 | 3,907,280 |
| Hologic, Inc. (a) | | 139,500 | 11,090,250 |
| Penumbra, Inc. (a) | | 14,727 | 3,595,155 |
| Pulmonx Corp. (a) | | 27,500 | 177,375 |
| RxSight, Inc. (a) | | 5,200 | 243,776 |
| | | | 63,303,348 |
| Health Care Providers & Services - 2.3% | | | |
| HealthEquity, Inc. (a) | | 127,954 | 12,992,449 |
| Humana, Inc. | | 13,500 | 4,001,130 |
| UnitedHealth Group, Inc. | | 21,600 | 13,180,320 |
| | | | 30,173,899 |
| Life Sciences Tools & Services - 1.6% | | | |
| 10X Genomics, Inc. Class A (a) | | 35,800 | 569,220 |
| Bio-Techne Corp. | | 31,002 | 2,336,311 |
| Bruker Corp. | | 122,543 | 7,101,367 |
| Chemometec A/S | | 18,200 | 1,221,371 |
| Codexis, Inc. (a) | | 161,901 | 741,507 |
| Danaher Corp. | | 37,051 | 8,880,754 |
| MaxCyte, Inc. (a) | | 132,900 | 471,795 |
| | | | 21,322,325 |
| Pharmaceuticals - 3.7% | | | |
| Aclaris Therapeutics, Inc. (a) | | 19,672 | 80,065 |
| Chugai Pharmaceutical Co. Ltd. | | 84,900 | 3,736,317 |
| Eli Lilly & Co. | | 38,498 | 30,619,384 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 422,100 | 7,082,838 |
| UCB SA | | 36,500 | 7,149,204 |
| Zevra Therapeutics, Inc. (a) | | 80,100 | 747,333 |
| | | | 49,415,141 |
TOTAL HEALTH CARE | | | 221,169,560 |
| INDUSTRIALS - 10.6% | | | |
| Aerospace & Defense - 1.5% | | | |
| GE Aerospace | | 108,052 | 19,682,752 |
| Loar Holdings, Inc. | | 1,200 | 110,496 |
| | | | 19,793,248 |
| Building Products - 0.0% | | | |
| Simpson Manufacturing Co. Ltd. | | 3,600 | 678,240 |
| Electrical Equipment - 1.2% | | | |
| GE Vernova LLC | | 46,788 | 15,632,807 |
| Ground Transportation - 2.1% | | | |
| Uber Technologies, Inc. (a) | | 389,076 | 27,997,909 |
| Machinery - 1.8% | | | |
| Deere & Co. | | 14,100 | 6,569,190 |
| Ingersoll Rand, Inc. | | 97,840 | 10,191,993 |
| Westinghouse Air Brake Tech Co. | | 33,841 | 6,789,181 |
| | | | 23,550,364 |
| Professional Services - 3.1% | | | |
| Equifax, Inc. | | 79,984 | 20,920,615 |
| KBR, Inc. | | 182,413 | 11,096,183 |
| RELX PLC sponsored ADR | | 131,000 | 6,167,480 |
| UL Solutions, Inc. Class A | | 77,900 | 4,185,567 |
| | | | 42,369,845 |
| Trading Companies & Distributors - 0.9% | | | |
| Ferguson Enterprises, Inc. | | 49,010 | 10,558,018 |
| United Rentals, Inc. | | 2,400 | 2,078,400 |
| | | | 12,636,418 |
TOTAL INDUSTRIALS | | | 142,658,831 |
| INFORMATION TECHNOLOGY - 40.6% | | | |
| Communications Equipment - 0.2% | | | |
| Ciena Corp. (a) | | 35,084 | 2,446,056 |
| Electronic Equipment, Instruments & Components - 1.0% | | | |
| Flex Ltd. (a) | | 230,284 | 8,974,167 |
| Jabil, Inc. | | 39,215 | 5,326,573 |
| | | | 14,300,740 |
| IT Services - 1.3% | | | |
| MongoDB, Inc. Class A (a) | | 52,791 | 17,024,570 |
| Semiconductors & Semiconductor Equipment - 19.3% | | | |
| Astera Labs, Inc. (a) | | 2,300 | 237,475 |
| BE Semiconductor Industries NV | | 62,876 | 7,508,196 |
| eMemory Technology, Inc. | | 9,207 | 838,189 |
| Marvell Technology, Inc. | | 29,322 | 2,717,856 |
| NVIDIA Corp. | | 1,241,220 | 171,598,663 |
| SiTime Corp. (a) | | 49,018 | 10,410,443 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 356,696 | 65,867,483 |
| | | | 259,178,305 |
| Software - 7.8% | | | |
| AppFolio, Inc. Class A, (a) | | 600 | 152,250 |
| ASAPP, Inc. warrants 8/28/28 (a)(b)(c) | | 294,232 | 414,867 |
| DocuSign, Inc. (a) | | 44,600 | 3,554,174 |
| HubSpot, Inc. (a) | | 16,560 | 11,940,588 |
| Manhattan Associates, Inc. (a) | | 30,624 | 8,741,315 |
| Microsoft Corp. | | 155,144 | 65,697,278 |
| Nutanix, Inc. Class A (a) | | 33,100 | 2,160,768 |
| Open AI Global LLC rights (a)(b)(c) | | 751,600 | 751,600 |
| ServiceNow, Inc. (a) | | 8,623 | 9,049,321 |
| Zeta Global Holdings Corp. (a) | | 123,500 | 2,630,550 |
| | | | 105,092,711 |
| Technology Hardware, Storage & Peripherals - 11.0% | | | |
| Apple, Inc. | | 622,304 | 147,691,408 |
TOTAL INFORMATION TECHNOLOGY | | | 545,733,790 |
| MATERIALS - 1.6% | | | |
| Construction Materials - 0.5% | | | |
| Eagle Materials, Inc. | | 2,600 | 803,192 |
| Martin Marietta Materials, Inc. | | 10,000 | 6,000,000 |
| | | | 6,803,192 |
| Containers & Packaging - 0.6% | | | |
| International Paper Co. | | 149,500 | 8,795,085 |
| Metals & Mining - 0.5% | | | |
| Carpenter Technology Corp. | | 32,600 | 6,325,704 |
TOTAL MATERIALS | | | 21,923,981 |
| REAL ESTATE - 0.7% | | | |
| Real Estate Management & Development - 0.7% | | | |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 21,500 | 1,752,895 |
| Class C (a) | | 89,500 | 7,581,545 |
| | | | 9,334,440 |
| TOTAL COMMON STOCKS (Cost $798,371,100) | | | 1,330,864,889 |
| | | | |
| Convertible Preferred Stocks - 0.3% |
| | | Shares | Value ($) |
| FINANCIALS - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Akeana Series C (b)(c) | | 8,000 | 101,280 |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| ElevateBio LLC Series C (a)(b)(c) | | 26,300 | 76,270 |
| INDUSTRIALS - 0.0% | | | |
| Aerospace & Defense - 0.0% | | | |
| Anduril Industries, Inc. Series F (b)(c) | | 24,819 | 616,008 |
| INFORMATION TECHNOLOGY - 0.2% | | | |
| Software - 0.2% | | | |
| ASAPP, Inc.: | | | |
| Series C (a)(b)(c) | | 90,925 | 187,306 |
| Series D (a)(b)(c) | | 512,827 | 897,447 |
| Canva, Inc.: | | | |
| Series A (a)(b)(c) | | 106 | 129,444 |
| Series A2 (a)(b)(c) | | 19 | 23,202 |
| xAI Corp. Series C (b)(c) | | 42,975 | 930,409 |
| | | | 2,167,808 |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Illuminated Holdings, Inc.: | | | |
| Series C2 (a)(b)(c) | | 21,131 | 315,063 |
| Series C3 (a)(b)(c) | | 26,414 | 393,833 |
| Series C4 (a)(b)(c) | | 6,345 | 94,604 |
| Series C5 (a)(b)(c) | | 13,150 | 196,067 |
| | | | 999,567 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,512,955) | | | 3,960,933 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (e) | Value ($) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (b)(c)(f) (Cost $248,100) | | 248,100 | 244,577 |
| TOTAL CONVERTIBLE BONDS (Cost $248,100) | | | 244,577 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (e) | Value ($) |
| MATERIALS - 0.0% | | | |
| Metals & Mining - 0.0% | | | |
Illuminated Holdings, Inc. 15% (b)(c)(f) (Cost $308,400) | | 308,400 | 342,504 |
| TOTAL PREFERRED SECURITIES (Cost $308,400) | | | 342,504 |
| | | | |
| Money Market Funds - 3.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.64% (g) | | 44,229,710 | 44,238,556 |
| Fidelity Securities Lending Cash Central Fund 4.64% (g)(h) | | 2,624,892 | 2,625,155 |
| TOTAL MONEY MARKET FUNDS (Cost $46,863,711) | | | 46,863,711 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $852,304,266) | 1,382,276,614 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (37,043,568) |
| NET ASSETS - 100.0% | 1,345,233,046 |
| | |
Legend
| (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 $6,258,379 or 0.5% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security is perpetual in nature with no stated maturity date. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Akeana Series C | 1/23/24 | 102,086 |
| | | |
| Anduril Industries, Inc. Series F | 8/07/24 | 539,481 |
| | | |
| ASAPP, Inc. warrants 8/28/28 | 8/29/23 | 0 |
| | | |
| ASAPP, Inc. Series C | 4/30/21 | 599,841 |
| | | |
| ASAPP, Inc. Series D | 8/29/23 | 1,980,281 |
| | | |
| Canva, Inc. Series A | 9/22/23 | 113,066 |
| | | |
| Canva, Inc. Series A2 | 9/22/23 | 20,267 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 110,329 |
| | | |
| Epic Games, Inc. | 3/29/21 | 712,425 |
| | | |
| Illuminated Holdings, Inc. Series C2 | 7/07/20 | 528,275 |
| | | |
| Illuminated Holdings, Inc. Series C3 | 7/07/20 | 792,420 |
| | | |
| Illuminated Holdings, Inc. Series C4 | 1/08/21 | 228,420 |
| | | |
| Illuminated Holdings, Inc. Series C5 | 6/16/21 | 568,080 |
| | | |
| Illuminated Holdings, Inc. 15% | 6/14/23 | 248,100 |
| | | |
| Illuminated Holdings, Inc. 15% | 9/27/23 | 308,400 |
| | | |
| Open AI Global LLC rights | 9/30/24 | 751,600 |
| | | |
| xAI Corp. Series C | 11/22/24 | 930,409 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.64% | 11,953,955 | 304,267,615 | 271,983,297 | 364,842 | 283 | - | 44,238,556 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.64% | 6,521,405 | 100,117,746 | 104,013,996 | 23,107 | - | - | 2,625,155 | 0.0% |
| Total | 18,475,360 | 404,385,361 | 375,997,293 | 387,949 | 283 | - | 46,863,711 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 98,038,250 | 97,287,629 | 206,723 | 543,898 |
Consumer Discretionary | 142,282,116 | 134,807,983 | 7,474,133 | - |
Consumer Staples | 21,879,281 | 21,879,281 | - | - |
Energy | 21,533,545 | 21,533,545 | - | - |
Financials | 106,412,375 | 106,311,095 | - | 101,280 |
Health Care | 221,245,830 | 217,391,281 | 3,736,317 | 118,232 |
Industrials | 143,274,839 | 142,658,831 | - | 616,008 |
Information Technology | 547,901,598 | 543,729,134 | 838,189 | 3,334,275 |
Materials | 22,923,548 | 21,923,981 | - | 999,567 |
Real Estate | 9,334,440 | 9,334,440 | - | - |
|
| Corporate Bonds | 244,577 | - | - | 244,577 |
|
| Preferred Securities | 342,504 | - | - | 342,504 |
|
| Money Market Funds | 46,863,711 | 46,863,711 | - | - |
| Total Investments in Securities: | 1,382,276,614 | 1,363,720,911 | 12,255,362 | 6,300,341 |
Financial Statements
| Statement of Assets and Liabilities |
As of November 30, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $2,584,116) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $805,440,555) | $ | 1,335,412,903 | | |
Fidelity Central Funds (cost $46,863,711) | | 46,863,711 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $852,304,266) | | | $ | 1,382,276,614 |
| Foreign currency held at value (cost $5) | | | | 3 |
| Receivable for investments sold | | | | 1,037,955 |
| Receivable for fund shares sold | | | | 811 |
| Dividends receivable | | | | 425,340 |
| Interest receivable | | | | 31,529 |
| Distributions receivable from Fidelity Central Funds | | | | 66,492 |
| Receivable from investment adviser for expense reductions | | | | 3,020 |
| Other receivables | | | | 18,922 |
Total assets | | | | 1,383,860,686 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 25,425 | | |
| Payable for fund shares redeemed | | 35,968,122 | | |
| Other payables and accrued expenses | | 9,718 | | |
| Collateral on securities loaned | | 2,624,375 | | |
| Total liabilities | | | | 38,627,640 |
| Net Assets | | | $ | 1,345,233,046 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 526,565,063 |
| Total accumulated earnings (loss) | | | | 818,667,983 |
| Net Assets | | | $ | 1,345,233,046 |
Net Asset Value, offering price and redemption price per share ($1,345,233,046 ÷ 65,108,653 shares) | | | $ | 20.66 |
| Statement of Operations |
| Year ended November 30, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 6,212,378 |
| Interest | | | | 31,725 |
| Income from Fidelity Central Funds (including $23,107 from security lending) | | | | 387,949 |
| Total income | | | | 6,632,052 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 42,103 | | |
| Independent trustees' fees and expenses | | 5,499 | | |
| Interest | | 35,844 | | |
| Miscellaneous | | 25 | | |
| Total expenses before reductions | | 83,471 | | |
| Expense reductions | | (4,265) | | |
| Total expenses after reductions | | | | 79,206 |
| Net Investment income (loss) | | | | 6,552,846 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $794,665) | | 322,636,704 | | |
| Fidelity Central Funds | | 283 | | |
| Foreign currency transactions | | (4,062) | | |
| Total net realized gain (loss) | | | | 322,632,925 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $366,364) | | 83,628,007 | | |
| Assets and liabilities in foreign currencies | | (4,487) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 83,623,520 |
| Net gain (loss) | | | | 406,256,445 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 412,809,291 |
| Statement of Changes in Net Assets |
| |
| | Year ended November 30, 2024 | | Year ended November 30, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 6,552,846 | $ | 7,777,224 |
| Net realized gain (loss) | | 322,632,925 | | 64,331,601 |
| Change in net unrealized appreciation (depreciation) | | 83,623,520 | | 144,565,151 |
| Net increase (decrease) in net assets resulting from operations | | 412,809,291 | | 216,673,976 |
| Distributions to shareholders | | (60,500,167) | | (49,123,120) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 202,050,543 | | 213,107,203 |
| Reinvestment of distributions | | 60,500,167 | | 49,123,120 |
| Cost of shares redeemed | | (367,419,204) | | (314,349,998) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (104,868,494) | | (52,119,675) |
| Total increase (decrease) in net assets | | 247,440,630 | | 115,431,181 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,097,792,416 | | 982,361,235 |
| End of period | $ | 1,345,233,046 | $ | 1,097,792,416 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 10,908,456 | | 15,692,482 |
| Issued in reinvestment of distributions | | 3,972,434 | | 3,914,193 |
| Redeemed | | (20,055,607) | | (22,386,584) |
| Net increase (decrease) | | (5,174,717) | | (2,779,909) |
| | | | | |
Financial Highlights
Fidelity Advisor® Series Equity Growth Fund |
| |
| Years ended November 30, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.62 | $ | 13.45 | $ | 19.74 | $ | 19.73 | $ | 15.53 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .09 | | .11 | | .12 | | .17 C | | .10 |
| Net realized and unrealized gain (loss) | | 5.82 | | 2.74 | | (2.96) | | 4.20 | | 6.02 |
| Total from investment operations | | 5.91 | | 2.85 | | (2.84) | | 4.37 | | 6.12 |
| Distributions from net investment income | | (.11) | | (.11) | | (.20) | | (.13) | | (.13) |
| Distributions from net realized gain | | (.75) | | (.57) | | (3.26) | | (4.23) | | (1.79) |
| Total distributions | | (.87) D | | (.68) | | (3.45) D | | (4.36) | | (1.92) |
| Net asset value, end of period | $ | 20.66 | $ | 15.62 | $ | 13.45 | $ | 19.74 | $ | 19.73 |
Total Return E | | | | 22.44% | | (17.55)% | | 27.43% | | 44.43% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .01% | | .01% | | -% H | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | .01% | | -% H | | -% H | | .01% |
| Expenses net of all reductions | | .01% | | .01% | | -% H | | -% H | | .01% |
| Net investment income (loss) | | .52% | | .77% | | .84% | | .95% C | | .65% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,345,233 | $ | 1,097,792 | $ | 982,361 | $ | 1,123,206 | $ | 1,007,642 |
Portfolio turnover rate I | | | | 63% | | 49% | | 51% | | 56% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount represents less than .005%.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended November 30, 2024
1. Organization.
Fidelity Advisor Series Equity Growth Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $544,504,362 |
| Gross unrealized depreciation | (17,231,332) |
| Net unrealized appreciation (depreciation) | $527,273,030 |
| Tax Cost | $855,003,584 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $6,028,899 |
| Undistributed long-term capital gain | $285,367,609 |
| Net unrealized appreciation (depreciation) on securities and other investments | $527,271,478 |
The tax character of distributions paid was as follows:
| | November 30, 2024 | November 30, 2023 |
| Ordinary Income | $7,833,548 | $8,151,120 |
| Long-term Capital Gains | 52,666,619 | 40,972,000 |
| Total | $60,500,167 | $49,123,120 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Advisor Series Equity Growth Fund | 831,096,097 | 994,289,658 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Advisor Series Equity Growth Fund | 5,639 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Advisor Series Equity Growth Fund | Borrower | 16,021,467 | 5.37% | 35,844 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Advisor Series Equity Growth Fund | 37,352,831 | 56,941,803 | 14,904,264 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | 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 Series Equity Growth Fund | 2,463 | 642 | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $4,265.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Series Equity Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Equity Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian, issuers of privately offered securities and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2025
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2024, $302,490,279, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $428,803 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 69% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 85.46% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 47,400,603,662.68 | 97.08 |
| Withheld | 1,424,803,996.20 | 2.92 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 47,280,328,204.40 | 96.84 |
| Withheld | 1,545,079,454.48 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vijay C. Advani |
| Affirmative | 47,288,044,991.48 | 96.85 |
| Withheld | 1,537,362,667.40 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 47,248,851,088.69 | 96.77 |
| Withheld | 1,576,556,570.19 | 3.23 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Donald F. Donahue |
| Affirmative | 47,287,004,182.74 | 96.85 |
| Withheld | 1,538,403,476.14 | 3.15 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 47,375,183,539.48 | 97.03 |
| Withheld | 1,450,224,119.40 | 2.97 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 47,389,656,970.86 | 97.06 |
| Withheld | 1,435,750,688.02 | 2.94 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 47,281,489,897.71 | 96.84 |
| Withheld | 1,543,917,761.17 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Oscar Munoz |
| Affirmative | 47,282,750,545.47 | 96.84 |
| Withheld | 1,542,657,113.41 | 3.16 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Karen B. Peetz |
| Affirmative | 47,356,505,980.29 | 96.99 |
| Withheld | 1,468,901,678.59 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| David M. Thomas |
| Affirmative | 47,225,423,215.83 | 96.72 |
| Withheld | 1,599,984,443.05 | 3.28 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Susan Tomasky |
| Affirmative | 47,353,387,805.21 | 96.99 |
| Withheld | 1,472,019,853.67 | 3.01 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| Michael E. Wiley |
| Affirmative | 47,278,279,663.75 | 96.83 |
| Withheld | 1,547,127,995.13 | 3.17 |
| TOTAL | 48,825,407,658.88 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.9860268.110
AXM1-ANN-0125
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 16.
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 17.
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
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 (Principal Executive Officer) |
|
|
Date: | January 22, 2025 |
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 (Principal Executive Officer) |
|
|
Date: | January 22, 2025 |
|
By: | /s/Stephanie Caron |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |
|
|
Date: | January 22, 2025 |
