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 811-3785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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: | December 31 |
Date of reporting period: | June 30, 2016 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Mid Cap II Fund Semi-Annual Report June 30, 2016 |
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Contents
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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. © 2016 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Global Payments, Inc. | 1.6 | 1.6 |
Boston Scientific Corp. | 1.2 | 0.9 |
S&P Global, Inc. | 1.2 | 1.0 |
Electronic Arts, Inc. | 1.1 | 1.1 |
Total System Services, Inc. | 1.0 | 1.0 |
Jazz Pharmaceuticals PLC | 1.0 | 0.7 |
Genpact Ltd. | 0.9 | 0.8 |
NVIDIA Corp. | 0.9 | 0.6 |
Zimmer Biomet Holdings, Inc. | 0.9 | 0.8 |
CDW Corp. | 0.9 | 0.9 |
10.7 |
Top Five Market Sectors as of June 30, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Information Technology | 24.0 | 24.4 |
Financials | 19.3 | 20.4 |
Consumer Discretionary | 15.2 | 17.8 |
Industrials | 13.6 | 14.5 |
Health Care | 13.5 | 13.6 |
Asset Allocation (% of fund's net assets)
As of June 30, 2016* | ||
Stocks | 95.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.2% |
* Foreign investments - 10.9%
As of December 31, 2015* | ||
Stocks | 99.6% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.4% |
* Foreign investments - 11.8%
Investments June 30, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 15.2% | |||
Auto Components - 1.3% | |||
Delphi Automotive PLC | 152,496 | $9,546,250 | |
Gentex Corp. | 705,114 | 10,894,011 | |
Johnson Controls, Inc. | 116,754 | 5,167,532 | |
Tenneco, Inc. (a) | 55,408 | 2,582,567 | |
Visteon Corp. | 73,646 | 4,846,643 | |
33,037,003 | |||
Diversified Consumer Services - 0.8% | |||
DeVry, Inc. (b) | 12,200 | 217,648 | |
Houghton Mifflin Harcourt Co. (a) | 702,100 | 10,973,823 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 144,249 | 6,041,148 | |
ServiceMaster Global Holdings, Inc. (a) | 97,300 | 3,872,540 | |
21,105,159 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Brinker International, Inc. | 9,642 | 439,000 | |
Buffalo Wild Wings, Inc. (a) | 27,600 | 3,835,020 | |
DineEquity, Inc. | 212,700 | 18,032,706 | |
Extended Stay America, Inc. unit | 34,900 | 521,755 | |
Interval Leisure Group, Inc. | 159,200 | 2,531,280 | |
Jubilant Foodworks Ltd. | 24,798 | 418,791 | |
Las Vegas Sands Corp. | 194,979 | 8,479,637 | |
Texas Roadhouse, Inc. Class A | 163,174 | 7,440,734 | |
The Restaurant Group PLC | 57,000 | 219,447 | |
Wyndham Worldwide Corp. | 252,278 | 17,969,762 | |
59,888,132 | |||
Household Durables - 3.6% | |||
Ethan Allen Interiors, Inc. | 50,300 | 1,661,912 | |
Harman International Industries, Inc. | 86,301 | 6,198,138 | |
iRobot Corp. (a) | 103,027 | 3,614,187 | |
Lennar Corp. Class A | 416,900 | 19,219,090 | |
Mohawk Industries, Inc. (a) | 12,600 | 2,390,976 | |
NVR, Inc. (a) | 12,170 | 21,666,738 | |
PulteGroup, Inc. | 1,052,900 | 20,521,021 | |
Toll Brothers, Inc. (a) | 510,900 | 13,748,319 | |
89,020,381 | |||
Internet & Catalog Retail - 0.1% | |||
HSN, Inc. | 55,300 | 2,705,829 | |
Liberty Interactive Corp. QVC Group Series A (a) | 33,500 | 849,895 | |
3,555,724 | |||
Leisure Products - 0.7% | |||
Brunswick Corp. | 74,700 | 3,385,404 | |
Polaris Industries, Inc. (b) | 163,608 | 13,376,590 | |
16,761,994 | |||
Media - 1.7% | |||
AMC Networks, Inc. Class A (a) | 121,200 | 7,322,904 | |
Discovery Communications, Inc. Class A (a) | 300 | 7,569 | |
Interpublic Group of Companies, Inc. | 735,394 | 16,987,601 | |
Lions Gate Entertainment Corp. (b) | 330,900 | 6,694,107 | |
MDC Partners, Inc. Class A | 22,900 | 418,841 | |
Naspers Ltd. Class N | 20,600 | 3,145,519 | |
News Corp. Class A | 279,400 | 3,171,190 | |
Omnicom Group, Inc. | 49,800 | 4,058,202 | |
41,805,933 | |||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 83,100 | 7,831,344 | |
Specialty Retail - 2.3% | |||
AutoZone, Inc. (a) | 17,100 | 13,574,664 | |
Dick's Sporting Goods, Inc. | 89,200 | 4,019,352 | |
Foot Locker, Inc. | 222,433 | 12,202,674 | |
GNC Holdings, Inc. | 280,600 | 6,815,774 | |
Party City Holdco, Inc. (a)(b) | 164,700 | 2,290,977 | |
Ross Stores, Inc. | 4,400 | 249,436 | |
Select Comfort Corp. (a) | 88,515 | 1,892,451 | |
TJX Companies, Inc. | 163,500 | 12,627,105 | |
Williams-Sonoma, Inc. | 45,600 | 2,377,128 | |
56,049,561 | |||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Deckers Outdoor Corp. (a) | 117,600 | 6,764,352 | |
G-III Apparel Group Ltd. (a) | 389,430 | 17,804,740 | |
Kate Spade & Co. (a) | 130,500 | 2,689,605 | |
Page Industries Ltd. | 7,027 | 1,462,030 | |
PVH Corp. | 154,300 | 14,539,689 | |
Ralph Lauren Corp. | 31,200 | 2,796,144 | |
VF Corp. | 71,124 | 4,373,415 | |
50,429,975 | |||
TOTAL CONSUMER DISCRETIONARY | 379,485,206 | ||
CONSUMER STAPLES - 1.9% | |||
Beverages - 0.7% | |||
C&C Group PLC | 482,095 | 1,890,815 | |
Dr. Pepper Snapple Group, Inc. | 151,403 | 14,630,072 | |
16,520,887 | |||
Food & Staples Retailing - 0.8% | |||
CVS Health Corp. | 121,890 | 11,669,749 | |
Kroger Co. | 137,900 | 5,073,341 | |
Manitowoc Foodservice, Inc. (a) | 243,343 | 4,287,704 | |
21,030,794 | |||
Food Products - 0.4% | |||
Amplify Snack Brands, Inc. (b) | 35,500 | 523,625 | |
Britannia Industries Ltd. | 4,994 | 204,554 | |
Bunge Ltd. | 75,630 | 4,473,515 | |
Ingredion, Inc. | 16,949 | 2,193,370 | |
TreeHouse Foods, Inc. (a) | 19,600 | 2,011,940 | |
9,407,004 | |||
TOTAL CONSUMER STAPLES | 46,958,685 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 1.2% | |||
Baker Hughes, Inc. | 88,400 | 3,989,492 | |
Dril-Quip, Inc. (a) | 161,400 | 9,430,602 | |
Ensco PLC Class A | 35,700 | 346,647 | |
Halliburton Co. | 257,600 | 11,666,704 | |
Oceaneering International, Inc. | 189,600 | 5,661,456 | |
31,094,901 | |||
Oil, Gas & Consumable Fuels - 2.1% | |||
Apache Corp. | 125,668 | 6,995,938 | |
Cimarex Energy Co. | 105,847 | 12,629,664 | |
Newfield Exploration Co. (a) | 176,000 | 7,775,680 | |
PDC Energy, Inc. (a) | 25,800 | 1,486,338 | |
SM Energy Co. | 26,400 | 712,800 | |
Southwestern Energy Co. (a)(b) | 439,400 | 5,527,652 | |
Suncor Energy, Inc. | 529,100 | 14,677,769 | |
Teekay LNG Partners LP | 120,783 | 1,358,809 | |
Western Refining, Inc. | 9,400 | 193,922 | |
51,358,572 | |||
TOTAL ENERGY | 82,453,473 | ||
FINANCIALS - 19.2% | |||
Banks - 6.0% | |||
Boston Private Financial Holdings, Inc. | 540,367 | 6,365,523 | |
CIT Group, Inc. | 166,600 | 5,316,206 | |
Comerica, Inc. | 232,340 | 9,556,144 | |
Commerce Bancshares, Inc. | 254,855 | 12,207,555 | |
CVB Financial Corp. | 356,600 | 5,844,674 | |
First Citizen Bancshares, Inc. | 15,200 | 3,935,432 | |
First Commonwealth Financial Corp. | 384,000 | 3,532,800 | |
First Republic Bank | 160,800 | 11,254,392 | |
Hilltop Holdings, Inc. (a) | 47,396 | 994,842 | |
Huntington Bancshares, Inc. | 1,466,457 | 13,110,126 | |
Investors Bancorp, Inc. | 810,600 | 8,981,448 | |
Lakeland Financial Corp. | 210,986 | 9,918,452 | |
M&T Bank Corp. | 120,700 | 14,270,361 | |
PacWest Bancorp | 13,055 | 519,328 | |
Prosperity Bancshares, Inc. | 87,900 | 4,482,021 | |
Regions Financial Corp. | 1,312,500 | 11,169,375 | |
SunTrust Banks, Inc. | 331,315 | 13,610,420 | |
UMB Financial Corp. | 233,700 | 12,435,177 | |
Valley National Bancorp | 88,600 | 808,032 | |
148,312,308 | |||
Capital Markets - 2.1% | |||
Ameriprise Financial, Inc. | 58,887 | 5,290,997 | |
Diamond Hill Investment Group, Inc. | 3,000 | 565,260 | |
E*TRADE Financial Corp. (a) | 9,000 | 211,410 | |
Franklin Resources, Inc. | 138,000 | 4,605,060 | |
Greenhill & Co., Inc. | 65,700 | 1,057,770 | |
Invesco Ltd. | 541,300 | 13,824,802 | |
Lazard Ltd. Class A | 177,768 | 5,293,931 | |
Legg Mason, Inc. | 82,200 | 2,424,078 | |
Raymond James Financial, Inc. | 257,724 | 12,705,793 | |
Stifel Financial Corp. (a) | 227,100 | 7,142,295 | |
53,121,396 | |||
Consumer Finance - 1.9% | |||
American Express Co. | 3,615 | 219,647 | |
Capital One Financial Corp. | 151,700 | 9,634,467 | |
Discover Financial Services | 70,800 | 3,794,172 | |
Navient Corp. | 25,300 | 302,335 | |
OneMain Holdings, Inc. (a) | 292,300 | 6,670,286 | |
SLM Corp. (a) | 2,786,769 | 17,222,232 | |
Synchrony Financial | 404,500 | 10,225,760 | |
48,068,899 | |||
Diversified Financial Services - 1.4% | |||
CRISIL Ltd. | 27,931 | 834,103 | |
Moody's Corp. | 52,400 | 4,910,404 | |
S&P Global, Inc. | 264,271 | 28,345,707 | |
34,090,214 | |||
Insurance - 4.4% | |||
AFLAC, Inc. | 208,300 | 15,030,928 | |
Bajaj Finserv Ltd. | 19,464 | 671,252 | |
Brown & Brown, Inc. | 10,700 | 400,929 | |
Chubb Ltd. | 38,093 | 4,979,136 | |
First American Financial Corp. | 458,200 | 18,428,804 | |
FNF Group | 7,400 | 277,500 | |
Hiscox Ltd. | 555,154 | 7,665,250 | |
Marsh & McLennan Companies, Inc. | 215,515 | 14,754,157 | |
Primerica, Inc. | 168,258 | 9,631,088 | |
Principal Financial Group, Inc. | 336,200 | 13,821,182 | |
Progressive Corp. | 161,500 | 5,410,250 | |
Reinsurance Group of America, Inc. | 200,091 | 19,406,826 | |
The Travelers Companies, Inc. | 3,000 | 357,120 | |
110,834,422 | |||
Real Estate Investment Trusts - 1.0% | |||
Ladder Capital Corp. Class A | 508,201 | 6,200,052 | |
Mid-America Apartment Communities, Inc. | 46,196 | 4,915,254 | |
Outfront Media, Inc. | 174,700 | 4,222,499 | |
Potlatch Corp. | 15,300 | 521,730 | |
Store Capital Corp. | 226,661 | 6,675,166 | |
VEREIT, Inc. | 233,600 | 2,368,704 | |
24,903,405 | |||
Real Estate Management & Development - 1.4% | |||
CBRE Group, Inc. (a) | 669,891 | 17,738,714 | |
Jones Lang LaSalle, Inc. | 137,131 | 13,363,416 | |
Realogy Holdings Corp. (a) | 161,600 | 4,689,632 | |
35,791,762 | |||
Thrifts & Mortgage Finance - 1.0% | |||
Beneficial Bancorp, Inc. | 141,233 | 1,796,484 | |
Essent Group Ltd. (a) | 907,229 | 19,786,664 | |
Housing Development Finance Corp. Ltd. | 115,375 | 2,149,219 | |
23,732,367 | |||
TOTAL FINANCIALS | 478,854,773 | ||
HEALTH CARE - 13.5% | |||
Biotechnology - 1.2% | |||
AMAG Pharmaceuticals, Inc. (a) | 205,200 | 4,908,384 | |
Amgen, Inc. | 11,000 | 1,673,650 | |
Biogen, Inc. (a) | 17,300 | 4,183,486 | |
BioMarin Pharmaceutical, Inc. (a) | 41,500 | 3,228,700 | |
Medivation, Inc. (a) | 6,800 | 410,040 | |
Seattle Genetics, Inc. (a) | 80,594 | 3,256,804 | |
United Therapeutics Corp. (a) | 109,200 | 11,566,464 | |
29,227,528 | |||
Health Care Equipment & Supplies - 5.7% | |||
Alere, Inc. (a) | 37,000 | 1,542,160 | |
Becton, Dickinson & Co. | 56,400 | 9,564,876 | |
Boston Scientific Corp. (a) | 1,252,310 | 29,266,485 | |
Dentsply Sirona, Inc. | 236,800 | 14,691,072 | |
Hill-Rom Holdings, Inc. | 63,400 | 3,198,530 | |
Hologic, Inc. (a) | 451,400 | 15,618,440 | |
Medtronic PLC | 27,500 | 2,386,175 | |
Olympus Corp. | 131,600 | 4,914,154 | |
ResMed, Inc. | 111,827 | 7,070,821 | |
Steris PLC | 294,200 | 20,226,250 | |
The Cooper Companies, Inc. | 62,839 | 10,781,287 | |
Zimmer Biomet Holdings, Inc. | 190,600 | 22,944,428 | |
142,204,678 | |||
Health Care Providers & Services - 3.4% | |||
Adeptus Health, Inc. Class A (a) | 2,300 | 118,818 | |
AmSurg Corp. (a) | 83,700 | 6,490,098 | |
Cardinal Health, Inc. | 270,455 | 21,098,195 | |
Centene Corp. (a) | 10,900 | 777,933 | |
Community Health Systems, Inc. (a)(b) | 37,600 | 453,080 | |
DaVita HealthCare Partners, Inc. (a) | 223,800 | 17,304,216 | |
HCA Holdings, Inc. (a) | 102,455 | 7,890,060 | |
Laboratory Corp. of America Holdings (a) | 104,300 | 13,587,161 | |
McKesson Corp. | 60,906 | 11,368,105 | |
Quorum Health Corp. (a) | 15,100 | 161,721 | |
Surgical Care Affiliates, Inc. (a) | 35,300 | 1,682,751 | |
Universal Health Services, Inc. Class B | 19,700 | 2,641,770 | |
VCA, Inc. (a) | 4,800 | 324,528 | |
83,898,436 | |||
Life Sciences Tools & Services - 1.2% | |||
Agilent Technologies, Inc. | 258,695 | 11,475,710 | |
Bruker Corp. | 199,700 | 4,541,178 | |
Cambrex Corp. (a) | 11,900 | 615,587 | |
Thermo Fisher Scientific, Inc. | 99,830 | 14,750,881 | |
31,383,356 | |||
Pharmaceuticals - 2.0% | |||
Catalent, Inc. (a) | 236,100 | 5,427,939 | |
Endo International PLC (a) | 308,700 | 4,812,633 | |
Horizon Pharma PLC (a) | 56,300 | 927,261 | |
Jazz Pharmaceuticals PLC (a) | 171,966 | 24,300,515 | |
Pacira Pharmaceuticals, Inc. (a) | 88,500 | 2,985,105 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 236,082 | 11,858,399 | |
50,311,852 | |||
TOTAL HEALTH CARE | 337,025,850 | ||
INDUSTRIALS - 13.6% | |||
Aerospace & Defense - 2.4% | |||
Curtiss-Wright Corp. | 134,778 | 11,355,047 | |
Esterline Technologies Corp. (a) | 74,344 | 4,612,302 | |
Hexcel Corp. | 29,100 | 1,211,724 | |
Huntington Ingalls Industries, Inc. | 72,200 | 12,131,766 | |
Rockwell Collins, Inc. | 134,400 | 11,442,816 | |
Teledyne Technologies, Inc. (a) | 2,800 | 277,340 | |
Textron, Inc. | 536,863 | 19,627,711 | |
60,658,706 | |||
Air Freight & Logistics - 1.0% | |||
C.H. Robinson Worldwide, Inc. | 101,600 | 7,543,800 | |
FedEx Corp. | 108,046 | 16,399,222 | |
23,943,022 | |||
Airlines - 1.3% | |||
Allegiant Travel Co. | 17,100 | 2,590,650 | |
Copa Holdings SA Class A | 23,000 | 1,201,980 | |
Southwest Airlines Co. | 241,562 | 9,471,646 | |
Spirit Airlines, Inc. (a) | 450,845 | 20,229,415 | |
33,493,691 | |||
Building Products - 0.6% | |||
A.O. Smith Corp. | 64,900 | 5,718,339 | |
Lennox International, Inc. | 68,289 | 9,738,011 | |
15,456,350 | |||
Commercial Services & Supplies - 1.0% | |||
Copart, Inc. (a) | 36,400 | 1,783,964 | |
G&K Services, Inc. Class A | 61,400 | 4,701,398 | |
Herman Miller, Inc. | 90,800 | 2,714,012 | |
HNI Corp. | 62,080 | 2,886,099 | |
KAR Auction Services, Inc. | 100,292 | 4,186,188 | |
Knoll, Inc. | 323,800 | 7,861,864 | |
Matthews International Corp. Class A | 9,841 | 547,553 | |
Multi-Color Corp. | 11,800 | 748,120 | |
25,429,198 | |||
Construction & Engineering - 1.4% | |||
EMCOR Group, Inc. | 275,321 | 13,562,312 | |
Jacobs Engineering Group, Inc. (a) | 238,176 | 11,863,547 | |
Quanta Services, Inc. (a) | 111,551 | 2,579,059 | |
Valmont Industries, Inc. | 44,223 | 5,982,045 | |
33,986,963 | |||
Electrical Equipment - 0.1% | |||
AMETEK, Inc. | 67,200 | 3,106,656 | |
Rockwell Automation, Inc. | 2,700 | 310,014 | |
3,416,670 | |||
Industrial Conglomerates - 0.2% | |||
Roper Technologies, Inc. | 21,556 | 3,676,591 | |
Machinery - 3.4% | |||
AGCO Corp. | 208,700 | 9,836,031 | |
Colfax Corp. (a) | 242,580 | 6,418,667 | |
Cummins, Inc. | 4,457 | 501,145 | |
Flowserve Corp. | 5,400 | 243,918 | |
IDEX Corp. | 5,654 | 464,193 | |
Ingersoll-Rand PLC | 196,272 | 12,498,601 | |
Mueller Industries, Inc. | 227,040 | 7,238,035 | |
Pentair PLC | 20,600 | 1,200,774 | |
Rexnord Corp. (a) | 1,113,495 | 21,857,907 | |
Stanley Black & Decker, Inc. | 23,200 | 2,580,304 | |
Wabtec Corp. | 95,540 | 6,709,774 | |
Woodward, Inc. | 164,541 | 9,484,143 | |
Xylem, Inc. | 103,800 | 4,634,670 | |
83,668,162 | |||
Professional Services - 0.9% | |||
CEB, Inc. | 72,300 | 4,459,464 | |
Dun & Bradstreet Corp. | 146,384 | 17,835,427 | |
22,294,891 | |||
Road & Rail - 0.7% | |||
ArcBest Corp. | 10,300 | 167,375 | |
CSX Corp. | 63,900 | 1,666,512 | |
J.B. Hunt Transport Services, Inc. | 17,700 | 1,432,461 | |
Old Dominion Freight Lines, Inc. (a) | 78,000 | 4,704,180 | |
Saia, Inc. (a) | 231,424 | 5,817,999 | |
Swift Transporation Co. (a)(b) | 198,200 | 3,054,262 | |
16,842,789 | |||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp. Class A | 321,388 | 8,606,771 | |
Misumi Group, Inc. | 240,000 | 4,333,132 | |
WESCO International, Inc. (a) | 37,200 | 1,915,428 | |
14,855,331 | |||
TOTAL INDUSTRIALS | 337,722,364 | ||
INFORMATION TECHNOLOGY - 24.0% | |||
Communications Equipment - 1.3% | |||
Brocade Communications Systems, Inc. | 258,845 | 2,376,197 | |
CommScope Holding Co., Inc. (a) | 377,991 | 11,729,061 | |
F5 Networks, Inc. (a) | 146,755 | 16,706,589 | |
Harris Corp. | 2,900 | 241,976 | |
31,053,823 | |||
Electronic Equipment & Components - 4.6% | |||
Amphenol Corp. Class A | 17,300 | 991,809 | |
Arrow Electronics, Inc. (a) | 182,423 | 11,291,984 | |
Avnet, Inc. | 233,137 | 9,444,380 | |
Belden, Inc. | 293,400 | 17,712,558 | |
CDW Corp. | 567,251 | 22,735,420 | |
IPG Photonics Corp. (a) | 96,400 | 7,712,000 | |
Jabil Circuit, Inc. | 186,000 | 3,435,420 | |
Keysight Technologies, Inc. (a) | 258,947 | 7,532,768 | |
Littelfuse, Inc. | 9,900 | 1,170,081 | |
Methode Electronics, Inc. Class A | 159,800 | 5,469,954 | |
National Instruments Corp. | 9,300 | 254,820 | |
TE Connectivity Ltd. | 223,430 | 12,760,087 | |
Trimble Navigation Ltd. (a) | 508,900 | 12,396,804 | |
Zebra Technologies Corp. Class A (a) | 52,700 | 2,640,270 | |
115,548,355 | |||
Internet Software & Services - 0.7% | |||
Alphabet, Inc. Class C (a) | 17,873 | 12,369,903 | |
Tencent Holdings Ltd. | 180,200 | 4,133,729 | |
16,503,632 | |||
IT Services - 10.0% | |||
Alliance Data Systems Corp. (a) | 70,005 | 13,715,380 | |
Blackhawk Network Holdings, Inc. (a) | 483,350 | 16,187,392 | |
Broadridge Financial Solutions, Inc. | 98,154 | 6,399,641 | |
CSRA, Inc. | 142,300 | 3,334,089 | |
Euronet Worldwide, Inc. (a) | 287,891 | 19,919,178 | |
EVERTEC, Inc. | 251,456 | 3,907,626 | |
Fidelity National Information Services, Inc. | 257,343 | 18,961,032 | |
Fiserv, Inc. (a) | 117,794 | 12,807,742 | |
FleetCor Technologies, Inc. (a) | 129,664 | 18,558,808 | |
Genpact Ltd. (a) | 882,243 | 23,679,402 | |
Global Payments, Inc. | 562,542 | 40,154,248 | |
Maximus, Inc. | 129,400 | 7,164,878 | |
Syntel, Inc. (a) | 45,900 | 2,077,434 | |
The Western Union Co. | 473,400 | 9,079,812 | |
Total System Services, Inc. | 487,647 | 25,898,932 | |
Vantiv, Inc. (a) | 187,100 | 10,589,860 | |
Visa, Inc. Class A | 131,100 | 9,723,687 | |
Xerox Corp. | 847,315 | 8,041,019 | |
250,200,160 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Analog Devices, Inc. | 19,700 | 1,115,808 | |
Cree, Inc. (a) | 246,700 | 6,029,348 | |
Intersil Corp. Class A | 214,800 | 2,908,392 | |
Maxim Integrated Products, Inc. | 189,300 | 6,756,117 | |
Microchip Technology, Inc. | 48,764 | 2,475,261 | |
NVIDIA Corp. | 488,443 | 22,961,705 | |
NXP Semiconductors NV (a) | 244,238 | 19,133,605 | |
Qorvo, Inc. (a) | 25,050 | 1,384,263 | |
Semtech Corp. (a) | 177,299 | 4,230,354 | |
66,994,853 | |||
Software - 3.8% | |||
Activision Blizzard, Inc. | 473,940 | 18,782,242 | |
Cadence Design Systems, Inc. (a) | 408,200 | 9,919,260 | |
Electronic Arts, Inc. (a) | 371,710 | 28,160,750 | |
Fair Isaac Corp. | 104,000 | 11,753,040 | |
Intuit, Inc. | 60,206 | 6,719,592 | |
Parametric Technology Corp. (a) | 259,973 | 9,769,785 | |
Symantec Corp. | 46,400 | 953,056 | |
Synopsys, Inc. (a) | 135,000 | 7,300,800 | |
93,358,525 | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
EMC Corp. | 339,167 | 9,215,167 | |
NEC Corp. | 1,329,000 | 3,096,389 | |
Western Digital Corp. | 238,308 | 11,262,436 | |
23,573,992 | |||
TOTAL INFORMATION TECHNOLOGY | 597,233,340 | ||
MATERIALS - 3.9% | |||
Chemicals - 2.3% | |||
Albemarle Corp. U.S. | 216,246 | 17,150,470 | |
Ashland, Inc. | 28,257 | 3,243,056 | |
Eastman Chemical Co. | 170,800 | 11,597,320 | |
Ferro Corp. (a) | 503,904 | 6,742,236 | |
H.B. Fuller Co. | 5,800 | 255,142 | |
Ingevity Corp. (a) | 30,183 | 1,027,429 | |
Innospec, Inc. | 5,100 | 234,549 | |
PolyOne Corp. | 289,857 | 10,214,561 | |
PPG Industries, Inc. | 37,400 | 3,895,210 | |
Praxair, Inc. | 17,000 | 1,910,630 | |
W.R. Grace & Co. | 22,000 | 1,610,620 | |
57,881,223 | |||
Containers & Packaging - 0.8% | |||
Aptargroup, Inc. | 58,700 | 4,644,931 | |
Graphic Packaging Holding Co. | 735,700 | 9,225,678 | |
WestRock Co. | 174,200 | 6,771,154 | |
20,641,763 | |||
Metals & Mining - 0.5% | |||
B2Gold Corp. (a) | 2,558,500 | 6,416,301 | |
New Gold, Inc. (a) | 671,800 | 2,937,939 | |
Randgold Resources Ltd. sponsored ADR | 22,146 | 2,481,238 | |
11,835,478 | |||
Paper & Forest Products - 0.3% | |||
Boise Cascade Co. (a) | 294,000 | 6,747,300 | |
TOTAL MATERIALS | 97,105,764 | ||
UTILITIES - 1.1% | |||
Electric Utilities - 0.9% | |||
Exelon Corp. | 490,800 | 17,845,488 | |
OGE Energy Corp. | 96,817 | 3,170,757 | |
PG&E Corp. | 39,900 | 2,550,408 | |
23,566,653 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Calpine Corp. (a) | 149,600 | 2,206,600 | |
Dynegy, Inc. (a) | 113,108 | 1,949,982 | |
4,156,582 | |||
Multi-Utilities - 0.0% | |||
CMS Energy Corp. | 8,217 | 376,832 | |
TOTAL UTILITIES | 28,100,067 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,127,502,004) | 2,384,939,522 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
FINANCIALS - 0.1% | |||
Capital Markets - 0.1% | |||
GMAC Capital Trust I Series 2, 8.125% | |||
(Cost $2,882,947) | 140,930 | 3,497,883 | |
Money Market Funds - 5.2% | |||
Fidelity Cash Central Fund, 0.43% (c) | 100,822,352 | 100,822,352 | |
Fidelity Securities Lending Cash Central Fund, 0.46% (c)(d) | 28,122,273 | 28,122,273 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $128,944,625) | 128,944,625 | ||
TOTAL INVESTMENT PORTFOLIO - 101.0% | |||
(Cost $2,259,329,576) | 2,517,382,030 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (25,967,615) | ||
NET ASSETS - 100% | $2,491,414,415 |
Legend
(a) Non-income producing
(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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $181,373 |
Fidelity Securities Lending Cash Central Fund | 110,803 |
Total | $292,176 |
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2016, 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: | ||||
Consumer Discretionary | $379,485,206 | $374,239,419 | $5,245,787 | $-- |
Consumer Staples | 46,958,685 | 44,863,316 | 2,095,369 | -- |
Energy | 82,453,473 | 82,453,473 | -- | -- |
Financials | 482,352,656 | 471,032,832 | 11,319,824 | -- |
Health Care | 337,025,850 | 332,111,696 | 4,914,154 | -- |
Industrials | 337,722,364 | 333,389,232 | 4,333,132 | -- |
Information Technology | 597,233,340 | 590,003,222 | 7,230,118 | -- |
Materials | 97,105,764 | 97,105,764 | -- | -- |
Utilities | 28,100,067 | 28,100,067 | -- | -- |
Money Market Funds | 128,944,625 | 128,944,625 | -- | -- |
Total Investments in Securities: | $2,517,382,030 | $2,482,243,646 | $35,138,384 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 89.1% |
Bermuda | 3.0% |
Ireland | 1.9% |
Canada | 1.3% |
Others (Individually Less Than 1%) | 4.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $27,255,163) — See accompanying schedule: Unaffiliated issuers (cost $2,130,384,951) | $2,388,437,405 | |
Fidelity Central Funds (cost $128,944,625) | 128,944,625 | |
Total Investments (cost $2,259,329,576) | $2,517,382,030 | |
Foreign currency held at value (cost $152) | 152 | |
Receivable for investments sold | 7,276,874 | |
Receivable for fund shares sold | 1,265,800 | |
Dividends receivable | 2,307,803 | |
Distributions receivable from Fidelity Central Funds | 46,074 | |
Other receivables | 14,387 | |
Total assets | 2,528,293,120 | |
Liabilities | ||
Payable for investments purchased | $1,977,153 | |
Payable for fund shares redeemed | 4,575,821 | |
Accrued management fee | 1,159,833 | |
Distribution and service plan fees payable | 517,706 | |
Other affiliated payables | 487,828 | |
Other payables and accrued expenses | 38,091 | |
Collateral on securities loaned, at value | 28,122,273 | |
Total liabilities | 36,878,705 | |
Net Assets | $2,491,414,415 | |
Net Assets consist of: | ||
Paid in capital | $2,192,224,890 | |
Undistributed net investment income | 3,595,206 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 37,542,285 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 258,052,034 | |
Net Assets | $2,491,414,415 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($770,987,665 ÷ 43,702,243 shares) | $17.64 | |
Maximum offering price per share (100/94.25 of $17.64) | $18.72 | |
Class T: | ||
Net Asset Value and redemption price per share ($359,964,392 ÷ 20,866,379 shares) | $17.25 | |
Maximum offering price per share (100/96.50 of $17.25) | $17.88 | |
Class C: | ||
Net Asset Value and offering price per share ($231,810,144 ÷ 14,432,790 shares)(a) | $16.06 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($1,109,141,886 ÷ 61,157,275 shares) | $18.14 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($19,510,328 ÷ 1,075,024 shares) | $18.15 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $16,295,781 | |
Income from Fidelity Central Funds | 292,176 | |
Total income | 16,587,957 | |
Expenses | ||
Management fee | $6,910,654 | |
Transfer agent fees | 2,550,528 | |
Distribution and service plan fees | 3,076,727 | |
Accounting and security lending fees | 378,148 | |
Custodian fees and expenses | 28,895 | |
Independent trustees' fees and expenses | 5,647 | |
Registration fees | 50,457 | |
Audit | 46,335 | |
Legal | 8,706 | |
Interest | 761 | |
Miscellaneous | 11,802 | |
Total expenses before reductions | 13,068,660 | |
Expense reductions | (48,338) | 13,020,322 |
Net investment income (loss) | 3,567,635 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 45,508,001 | |
Foreign currency transactions | 41,025 | |
Total net realized gain (loss) | 45,549,026 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (34,577,714) | |
Assets and liabilities in foreign currencies | 908 | |
Total change in net unrealized appreciation (depreciation) | (34,576,806) | |
Net gain (loss) | 10,972,220 | |
Net increase (decrease) in net assets resulting from operations | $14,539,855 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2016 (Unaudited) | Year ended December 31, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,567,635 | $2,556,253 |
Net realized gain (loss) | 45,549,026 | 170,879,234 |
Change in net unrealized appreciation (depreciation) | (34,576,806) | (217,717,637) |
Net increase (decrease) in net assets resulting from operations | 14,539,855 | (44,282,150) |
Distributions to shareholders from net investment income | – | (1,692,772) |
Distributions to shareholders from net realized gain | (20,764,462) | (124,376,838) |
Total distributions | (20,764,462) | (126,069,610) |
Share transactions - net increase (decrease) | (230,854,662) | (124,725,093) |
Total increase (decrease) in net assets | (237,079,269) | (295,076,853) |
Net Assets | ||
Beginning of period | 2,728,493,684 | 3,023,570,537 |
End of period | $2,491,414,415 | $2,728,493,684 |
Other Information | ||
Undistributed net investment income end of period | $3,595,206 | $27,571 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Mid Cap II Fund Class A
Six months ended (Unaudited) June 30, | Years ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $17.64 | $18.83 | $20.78 | $17.43 | $16.02 | $17.90 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .02 | .01 | (.02) | .01 | .07 | (.05) |
Net realized and unrealized gain (loss) | .12 | (.36) | 1.13 | 5.99 | 2.22 | (1.83) |
Total from investment operations | .14 | (.35) | 1.11 | 6.00 | 2.29 | (1.88) |
Distributions from net realized gain | (.14) | (.84) | (3.06) | (2.65) | (.88) | – |
Net asset value, end of period | $17.64 | $17.64 | $18.83 | $20.78 | $17.43 | $16.02 |
Total ReturnB,C,D | .90% | (1.85)% | 5.93% | 35.43% | 14.41% | (10.50)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.07%G | 1.06% | 1.07% | 1.10% | 1.15% | 1.16% |
Expenses net of fee waivers, if any | 1.07%G | 1.05% | 1.07% | 1.10% | 1.15% | 1.16% |
Expenses net of all reductions | 1.06%G | 1.05% | 1.06% | 1.09% | 1.13% | 1.15% |
Net investment income (loss) | .25%G | .06% | (.09)% | .06% | .38% | (.27)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $770,988 | $827,590 | $944,824 | $1,079,380 | $929,707 | $1,323,551 |
Portfolio turnover rateH | 21%G | 27% | 144% | 134% | 186% | 80% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Mid Cap II Fund Class T
Six months ended (Unaudited) June 30, | Years ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $17.28 | $18.50 | $20.52 | $17.23 | $15.88 | $17.79 |
Income from Investment Operations | ||||||
Net investment income (loss)A | – | (.03) | (.07) | (.03) | .03 | (.08) |
Net realized and unrealized gain (loss) | .11 | (.35) | 1.11 | 5.92 | 2.20 | (1.83) |
Total from investment operations | .11 | (.38) | 1.04 | 5.89 | 2.23 | (1.91) |
Distributions from net realized gain | (.14) | (.84) | (3.06) | (2.60) | (.88) | – |
Net asset value, end of period | $17.25 | $17.28 | $18.50 | $20.52 | $17.23 | $15.88 |
Total ReturnB,C,D | .74% | (2.04)% | 5.66% | 35.23% | 14.16% | (10.74)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.30%G | 1.29% | 1.30% | 1.32% | 1.35% | 1.35% |
Expenses net of fee waivers, if any | 1.30%G | 1.29% | 1.30% | 1.32% | 1.35% | 1.35% |
Expenses net of all reductions | 1.30%G | 1.29% | 1.29% | 1.31% | 1.33% | 1.34% |
Net investment income (loss) | .02%G | (.17)% | (.32)% | (.16)% | .18% | (.46)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $359,964 | $384,755 | $429,512 | $461,205 | $388,598 | $420,604 |
Portfolio turnover rateH | 21%G | 27% | 144% | 134% | 186% | 80% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Mid Cap II Fund Class C
Six months ended (Unaudited) June 30, | Years ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $16.14 | $17.43 | $19.61 | $16.58 | $15.39 | $17.32 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.04) | (.12) | (.16) | (.13) | (.06) | (.17) |
Net realized and unrealized gain (loss) | .10 | (.33) | 1.04 | 5.67 | 2.13 | (1.76) |
Total from investment operations | .06 | (.45) | .88 | 5.54 | 2.07 | (1.93) |
Distributions from net realized gain | (.14) | (.84) | (3.06) | (2.51) | (.88) | – |
Net asset value, end of period | $16.06 | $16.14 | $17.43 | $19.61 | $16.58 | $15.39 |
Total ReturnB,C,D | .48% | (2.57)% | 5.09% | 34.47% | 13.57% | (11.14)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.83%G | 1.82% | 1.83% | 1.85% | 1.88% | 1.87% |
Expenses net of fee waivers, if any | 1.83%G | 1.82% | 1.83% | 1.85% | 1.88% | 1.87% |
Expenses net of all reductions | 1.83%G | 1.82% | 1.82% | 1.84% | 1.86% | 1.86% |
Net investment income (loss) | (.51)%G | (.70)% | (.85)% | (.69)% | (.35)% | (.98)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $231,810 | $252,140 | $277,963 | $301,398 | $233,542 | $258,215 |
Portfolio turnover rateH | 21%G | 27% | 144% | 134% | 186% | 80% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Mid Cap II Fund Class I
Six months ended (Unaudited) June 30, | Years ended December 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.11 | $19.27 | $21.16 | $17.70 | $16.25 | $18.12 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .05 | .07 | .03 | .06 | .11 | –B |
Net realized and unrealized gain (loss) | .12 | (.37) | 1.14 | 6.09 | 2.26 | (1.87) |
Total from investment operations | .17 | (.30) | 1.17 | 6.15 | 2.37 | (1.87) |
Distributions from net investment income | – | (.03) | – | (.02) | (.04) | – |
Distributions from net realized gain | (.14) | (.84) | (3.06) | (2.67) | (.88) | – |
Total distributions | (.14) | (.86)C | (3.06) | (2.69) | (.92) | – |
Net asset value, end of period | $18.14 | $18.11 | $19.27 | $21.16 | $17.70 | $16.25 |
Total ReturnD,E | 1.04% | (1.52)% | 6.11% | 35.81% | 14.67% | (10.32)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .77%H | .77% | .85% | .89% | .90% | .90% |
Expenses net of fee waivers, if any | .77%H | .77% | .85% | .89% | .90% | .90% |
Expenses net of all reductions | .77%H | .77% | .85% | .88% | .88% | .89% |
Net investment income (loss) | .55%H | .35% | .13% | .28% | .63% | (.02)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,109,142 | $1,225,670 | $1,324,447 | $1,326,260 | $966,792 | $972,531 |
Portfolio turnover rateI | 21%H | 27% | 144% | 134% | 186% | 80% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.86 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.837 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Advisor Mid Cap II Fund Class Z
Six months ended (Unaudited) June 30, | Years ended December 31, | |||
2016 | 2015 | 2014 | 2013 A | |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $18.11 | $19.27 | $21.11 | $21.33 |
Income from Investment Operations | ||||
Net investment income (loss)B | .06 | .09 | .07 | .04 |
Net realized and unrealized gain (loss) | .12 | (.36) | 1.15 | 2.26 |
Total from investment operations | .18 | (.27) | 1.22 | 2.30 |
Distributions from net investment income | – | (.05) | – | (.08) |
Distributions from net realized gain | (.14) | (.84) | (3.06) | (2.44) |
Total distributions | (.14) | (.89) | (3.06) | (2.52) |
Net asset value, end of period | $18.15 | $18.11 | $19.27 | $21.11 |
Total ReturnC,D | 1.10% | (1.38)% | 6.36% | 11.35% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .64%G | .64% | .64% | .65%G |
Expenses net of fee waivers, if any | .64%G | .64% | .64% | .65%G |
Expenses net of all reductions | .63%G | .64% | .63% | .64%G |
Net investment income (loss) | .68%G | .48% | .34% | .52%G |
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $19,510 | $25,716 | $23,384 | $12,172 |
Portfolio turnover rateH | 21%G | 27% | 144% | 134% |
A For the period August 13, 2013 (commencement of sale of shares) to December 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2016
1. Organization.
Fidelity Advisor Mid Cap II 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 T, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All current fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period January 1, 2016 through June 24, 2016.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 June 30, 2016 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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. 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 dividends 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 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, equity-debt classifications, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $467,240,943 |
Gross unrealized depreciation | (213,461,115) |
Net unrealized appreciation (depreciation) on securities | $253,779,828 |
Tax cost | $2,263,602,202 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $(1,702,134) |
The Fund acquired $1,702,134 of capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,702,134 per year.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $254,244,068 and $591,916,280, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.
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 Corporation (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% | $960,667 | $– |
Class T | .25% | .25% | 895,723 | – |
Class B | .75% | .25% | 50,349 | 37,762 |
Class C | .75% | .25% | 1,169,988 | 50,463 |
$3,076,727 | $88,225 |
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $73,870 |
Class T | 12,005 |
Class B(a) | 774 |
Class C(a) | 6,509 |
$93,158 |
(a) When Class B and 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, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $869,176 | .23 |
Class T | 376,495 | .21 |
Class B | 13,824 | .27 |
Class C | 284,023 | .24 |
Class I | 1,001,793 | .18 |
Class Z | 5,217 | .05 |
$2,550,528 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $8,532 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
Borrower | $21,451,500 | .64% | $761 |
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,322 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $110,803. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $38,368 for the period. In addition, 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, these credits reduced the Fund's custody expenses by $61.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,909.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2016 | Year ended December 31, 2015 | |
From net investment income | ||
Class I | $– | $1,623,733 |
Class Z | – | 69,039 |
Total | $– | $1,692,772 |
From net realized gain | ||
Class A | $6,332,312 | $37,839,493 |
Class T | 3,001,081 | 17,875,839 |
Class B | 100,577 | 643,299 |
Class C | 2,115,063 | 12,521,859 |
Class I | 9,022,737 | 54,363,304 |
Class Z | 192,692 | 1,133,044 |
Total | $20,764,462 | $124,376,838 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2016 | Year ended December 31, 2015 | Six months ended June 30, 2016 | Year ended December 31, 2015 | |
Class A | ||||
Shares sold | 2,661,525 | 5,099,446 | $45,511,122 | $98,167,613 |
Reinvestment of distributions | 404,313 | 2,120,353 | 6,222,425 | 37,169,879 |
Shares redeemed | (6,266,437) | (10,494,356) | (106,574,310) | (201,290,163) |
Net increase (decrease) | (3,200,599) | (3,274,557) | $(54,840,763) | $(65,952,671) |
Class T | ||||
Shares sold | 1,505,353 | 3,175,264 | $24,943,294 | $60,037,699 |
Reinvestment of distributions | 195,791 | 1,022,429 | 2,948,613 | 17,555,104 |
Shares redeemed | (3,104,079) | (5,146,351) | (51,468,396) | (96,828,877) |
Net increase (decrease) | (1,402,935) | (948,658) | $(23,576,489) | $(19,236,074) |
Class B | ||||
Shares sold | 1,092 | 8,963 | $16,113 | $158,780 |
Reinvestment of distributions | 6,883 | 38,664 | 96,706 | 620,174 |
Shares redeemed | (790,148) | (609,460) | (12,553,733) | (10,829,188) |
Net increase (decrease) | (782,173) | (561,833) | $(12,440,914) | $(10,050,234) |
Class C | ||||
Shares sold | 470,930 | 1,612,995 | $7,290,821 | $28,542,239 |
Reinvestment of distributions | 139,873 | 722,162 | 1,965,171 | 11,583,560 |
Shares redeemed | (1,800,700) | (2,660,929) | (28,014,953) | (47,073,906) |
Net increase (decrease) | (1,189,897) | (325,772) | $(18,758,961) | $(6,948,107) |
Class I | ||||
Shares sold | 6,201,670 | 12,712,026 | $107,618,905 | $249,645,141 |
Reinvestment of distributions | 541,839 | 2,955,883 | 8,560,992 | 53,176,362 |
Shares redeemed | (13,273,828) | (16,706,325) | (231,187,301) | (329,330,057) |
Net increase (decrease) | (6,530,319) | (1,038,416) | $(115,007,404) | $(26,508,554) |
Class Z | ||||
Shares sold | 67,283 | 473,653 | $1,168,438 | $9,240,826 |
Reinvestment of distributions | 12,188 | 66,819 | 192,692 | 1,202,083 |
Shares redeemed | (424,525) | (333,673) | (7,591,261) | (6,472,362) |
Net increase (decrease) | (345,054) | 206,799 | $(6,230,131) | $3,970,547 |
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2016 to June 30, 2016).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2016 | Ending Account Value June 30, 2016 | Expenses Paid During Period-B January 1, 2016 to June 30, 2016 | |
Class A | 1.07% | |||
Actual | $1,000.00 | $1,009.00 | $5.34 | |
Hypothetical-C | $1,000.00 | $1,019.54 | $5.37 | |
Class T | 1.30% | |||
Actual | $1,000.00 | $1,007.40 | $6.49 | |
Hypothetical-C | $1,000.00 | $1,018.40 | $6.52 | |
Class C | 1.83% | |||
Actual | $1,000.00 | $1,004.80 | $9.12 | |
Hypothetical-C | $1,000.00 | $1,015.76 | $9.17 | |
Class I | .77% | |||
Actual | $1,000.00 | $1,010.40 | $3.85 | |
Hypothetical-C | $1,000.00 | $1,021.03 | $3.87 | |
Class Z | .64% | |||
Actual | $1,000.00 | $1,011.00 | $3.20 | |
Hypothetical-C | $1,000.00 | $1,021.68 | $3.22 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
C 5% return per year before expenses
AMP-SANN-0816
1.818374.111
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 25, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 25, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | August 25, 2016 |