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)
Cynthia Lo Bessette, 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 |
Date of reporting period: | November 30, 2020 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Value Strategies Fund
November 30, 2020
Includes Fidelity and Fidelity Advisor share classes
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (2.42)% | 5.90% | 8.71% |
Class M (incl. 3.50% sales charge) | (0.29)% | 6.16% | 8.74% |
Class C (incl. contingent deferred sales charge) | 1.75% | 6.33% | 8.52% |
Fidelity® Value Strategies Fund | 3.85% | 7.47% | 9.67% |
Class K | 3.99% | 7.60% | 9.83% |
Class I | 3.80% | 7.42% | 9.63% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Strategies Fund - Class A on November 30, 2010 and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959986_740.jpg)
Period Ending Values | ||
$23,043 | Fidelity Advisor® Value Strategies Fund - Class A | |
$27,871 | Russell Midcap® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Matt Friedman: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 3% to 4%, roughly in line with the 3.37% result of the benchmark Russell Midcap® Value index. Versus the benchmark, security selection was the primary contributor, especially within the real estate sector. Strong picks in financials also boosted the fund's relative result. Also lifting the fund's relative result was security selection in the consumer discretionary sector, especially within the consumer services industry. Darling Ingredients, the fund's top individual contributor, advanced 100% this period. We decreased our stake in the company the past year. Our second-largest contributor was Equinix, which gained 25% the past 12 months. We reduced our position in the company the past year. Another contributor this period was eBay. The fund's shares in eBay gained 45% the past 12 months. All of these contributors were non-benchmark positions. Conversely, the biggest detractor from performance versus the benchmark was our stock selection in materials. Weak picks in the industrials sector, especially within the capital goods industry, also hindered relative performance. Also hindering the fund's relative performance were stock picks in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Not owning Newmont, a benchmark component that gained 56%, was the biggest individual relative detractor. A second notable relative detractor was our outsized stake in Capri Holdings (-68%), a position that was sold the past 12 months. The fund's non-benchmark stake in Aercap Holdings, a position not held at period end, returned -54%. Notable changes in positioning include increased exposure to the materials sector and a lower allocation to energy.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Cigna Corp. | 2.7 |
CubeSmart | 2.1 |
CBRE Group, Inc. | 2.0 |
CenterPoint Energy, Inc. | 1.9 |
The AES Corp. | 1.8 |
Centene Corp. | 1.7 |
Ameriprise Financial, Inc. | 1.7 |
PG&E Corp. | 1.6 |
Edison International | 1.6 |
Tapestry, Inc. | 1.6 |
18.7 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 17.2 |
Financials | 16.6 |
Consumer Discretionary | 11.3 |
Materials | 9.7 |
Real Estate | 8.9 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 99.0% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.0% |
* Foreign investments – 10.1%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 2.9% | |||
Diversified Telecommunication Services - 0.6% | |||
Liberty Global PLC Class C (a) | 228,800 | $4,951 | |
Media - 2.3% | |||
Interpublic Group of Companies, Inc. | 435,800 | 9,710 | |
Nexstar Broadcasting Group, Inc. Class A | 78,200 | 8,231 | |
17,941 | |||
TOTAL COMMUNICATION SERVICES | 22,892 | ||
CONSUMER DISCRETIONARY - 11.3% | |||
Auto Components - 0.9% | |||
BorgWarner, Inc. | 188,800 | 7,335 | |
Distributors - 1.3% | |||
LKQ Corp. (a) | 286,600 | 10,094 | |
Diversified Consumer Services - 0.9% | |||
Laureate Education, Inc. Class A (a) | 522,700 | 7,422 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Caesars Entertainment, Inc. (a) | 184,400 | 12,561 | |
Household Durables - 1.3% | |||
Mohawk Industries, Inc. (a) | 80,800 | 10,167 | |
Internet & Direct Marketing Retail - 1.1% | |||
eBay, Inc. | 169,000 | 8,523 | |
Leisure Products - 1.2% | |||
Mattel, Inc. (a) | 593,400 | 9,192 | |
Specialty Retail - 1.4% | |||
Lowe's Companies, Inc. | 40,100 | 6,248 | |
Sally Beauty Holdings, Inc. (a) | 448,200 | 5,154 | |
11,402 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
Tapestry, Inc. | 447,307 | 12,668 | |
TOTAL CONSUMER DISCRETIONARY | 89,364 | ||
CONSUMER STAPLES - 6.0% | |||
Food & Staples Retailing - 1.0% | |||
U.S. Foods Holding Corp. (a) | 255,900 | 8,056 | |
Food Products - 2.2% | |||
Darling Ingredients, Inc. (a) | 203,722 | 9,836 | |
Post Holdings, Inc. (a) | 77,700 | 7,340 | |
17,176 | |||
Household Products - 1.8% | |||
Energizer Holdings, Inc. (b) | 147,600 | 6,183 | |
Spectrum Brands Holdings, Inc. | 119,800 | 8,006 | |
14,189 | |||
Tobacco - 1.0% | |||
Altria Group, Inc. | 203,000 | 8,085 | |
TOTAL CONSUMER STAPLES | 47,506 | ||
ENERGY - 4.0% | |||
Oil, Gas & Consumable Fuels - 4.0% | |||
Cheniere Energy, Inc. (a) | 189,500 | 10,743 | |
Hess Corp. | 175,300 | 8,271 | |
The Williams Companies, Inc. | 401,100 | 8,415 | |
Valero Energy Corp. | 74,000 | 3,979 | |
31,408 | |||
FINANCIALS - 16.6% | |||
Banks - 2.6% | |||
First Citizens Bancshares, Inc. | 13,500 | 7,136 | |
M&T Bank Corp. | 69,000 | 8,038 | |
Signature Bank | 45,300 | 5,082 | |
20,256 | |||
Capital Markets - 3.7% | |||
Ameriprise Financial, Inc. | 72,100 | 13,356 | |
Lazard Ltd. Class A | 209,800 | 7,830 | |
LPL Financial | 85,000 | 7,715 | |
28,901 | |||
Consumer Finance - 5.2% | |||
Capital One Financial Corp. | 131,700 | 11,279 | |
Discover Financial Services | 133,700 | 10,184 | |
OneMain Holdings, Inc. | 240,200 | 9,365 | |
SLM Corp. | 967,784 | 10,268 | |
41,096 | |||
Diversified Financial Services - 1.0% | |||
Voya Financial, Inc. (b) | 134,400 | 7,745 | |
Insurance - 4.1% | |||
American International Group, Inc. | 172,100 | 6,616 | |
Assurant, Inc. | 77,600 | 10,020 | |
Reinsurance Group of America, Inc. | 53,100 | 6,121 | |
The Travelers Companies, Inc. | 77,700 | 10,074 | |
32,831 | |||
TOTAL FINANCIALS | 130,829 | ||
HEALTH CARE - 8.2% | |||
Biotechnology - 1.4% | |||
Alexion Pharmaceuticals, Inc. (a) | 86,300 | 10,538 | |
Health Care Providers & Services - 5.9% | |||
Centene Corp. (a) | 219,200 | 13,514 | |
Cigna Corp. | 101,600 | 21,248 | |
Laboratory Corp. of America Holdings (a) | 30,300 | 6,055 | |
Patterson Companies, Inc. | 214,400 | 5,952 | |
46,769 | |||
Pharmaceuticals - 0.9% | |||
Jazz Pharmaceuticals PLC (a) | 49,700 | 6,993 | |
TOTAL HEALTH CARE | 64,300 | ||
INDUSTRIALS - 17.2% | |||
Air Freight & Logistics - 0.8% | |||
FedEx Corp. | 21,000 | 6,018 | |
Building Products - 0.9% | |||
Jeld-Wen Holding, Inc. (a) | 295,600 | 7,151 | |
Commercial Services & Supplies - 1.3% | |||
The Brink's Co. | 153,100 | 10,273 | |
Construction & Engineering - 3.8% | |||
AECOM (a) | 194,600 | 10,098 | |
Fluor Corp. | 569,200 | 9,830 | |
Willscot Mobile Mini Holdings (a) | 483,300 | 10,396 | |
30,324 | |||
Electrical Equipment - 1.1% | |||
Sensata Technologies, Inc. PLC (a) | 174,400 | 8,516 | |
Machinery - 1.2% | |||
Allison Transmission Holdings, Inc. | 230,600 | 9,466 | |
Professional Services - 3.2% | |||
ASGN, Inc. (a) | 95,300 | 7,451 | |
Manpower, Inc. | 110,600 | 9,583 | |
Nielsen Holdings PLC | 509,000 | 8,231 | |
25,265 | |||
Road & Rail - 2.4% | |||
Ryder System, Inc. | 172,800 | 10,233 | |
TFI International, Inc. (Canada) | 172,500 | 8,753 | |
18,986 | |||
Trading Companies & Distributors - 2.5% | |||
Beacon Roofing Supply, Inc. (a) | 242,800 | 8,835 | |
Univar, Inc. (a) | 606,900 | 10,864 | |
19,699 | |||
TOTAL INDUSTRIALS | 135,698 | ||
INFORMATION TECHNOLOGY - 5.9% | |||
Electronic Equipment & Components - 1.5% | |||
Flextronics International Ltd. (a) | 728,400 | 11,822 | |
IT Services - 1.3% | |||
DXC Technology Co. | 281,400 | 6,165 | |
Unisys Corp. (a) | 283,532 | 4,134 | |
10,299 | |||
Semiconductors & Semiconductor Equipment - 1.8% | |||
NXP Semiconductors NV | 30,600 | 4,848 | |
ON Semiconductor Corp. (a) | 326,100 | 9,375 | |
14,223 | |||
Software - 1.3% | |||
SS&C Technologies Holdings, Inc. | 152,900 | 10,533 | |
TOTAL INFORMATION TECHNOLOGY | 46,877 | ||
MATERIALS - 9.7% | |||
Chemicals - 6.6% | |||
Axalta Coating Systems Ltd. (a) | 298,000 | 8,526 | |
DuPont de Nemours, Inc. | 138,537 | 8,789 | |
Element Solutions, Inc. | 438,200 | 6,052 | |
Olin Corp. | 470,383 | 10,297 | |
Tronox Holdings PLC | 760,100 | 9,615 | |
W.R. Grace & Co. | 164,400 | 8,996 | |
52,275 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 88,700 | 8,071 | |
Containers & Packaging - 2.1% | |||
Crown Holdings, Inc. (a) | 105,154 | 9,911 | |
O-I Glass, Inc. | 554,000 | 6,271 | |
16,182 | |||
TOTAL MATERIALS | 76,528 | ||
REAL ESTATE - 8.9% | |||
Equity Real Estate Investment Trusts (REITs) - 6.9% | |||
American Tower Corp. | 31,508 | 7,285 | |
CubeSmart | 496,400 | 16,148 | |
Douglas Emmett, Inc. | 300,300 | 9,300 | |
Equinix, Inc. | 15,200 | 10,606 | |
Equity Lifestyle Properties, Inc. | 181,400 | 10,628 | |
53,967 | |||
Real Estate Management & Development - 2.0% | |||
CBRE Group, Inc. (a) | 261,300 | 15,976 | |
TOTAL REAL ESTATE | 69,943 | ||
UTILITIES - 8.3% | |||
Electric Utilities - 3.2% | |||
Edison International | 208,300 | 12,781 | |
PG&E Corp. (a) | 1,008,300 | 12,805 | |
25,586 | |||
Independent Power and Renewable Electricity Producers - 3.2% | |||
The AES Corp. | 700,200 | 14,312 | |
Vistra Corp. | 606,000 | 11,320 | |
25,632 | |||
Multi-Utilities - 1.9% | |||
CenterPoint Energy, Inc. | 630,100 | 14,612 | |
TOTAL UTILITIES | 65,830 | ||
TOTAL COMMON STOCKS | |||
(Cost $640,715) | 781,175 | ||
Money Market Funds - 1.2% | |||
Fidelity Cash Central Fund 0.09% (c) | 5,854,750 | 5,856 | |
Fidelity Securities Lending Cash Central Fund 0.09% (c)(d) | 3,432,758 | 3,433 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,289) | 9,289 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $650,004) | 790,464 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,535) | ||
NET ASSETS - 100% | $788,929 |
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, 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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $29 |
Fidelity Securities Lending Cash Central Fund | 48 |
Total | $77 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $22,892 | $22,892 | $-- | $-- |
Consumer Discretionary | 89,364 | 89,364 | -- | -- |
Consumer Staples | 47,506 | 47,506 | -- | -- |
Energy | 31,408 | 31,408 | -- | -- |
Financials | 130,829 | 130,829 | -- | -- |
Health Care | 64,300 | 64,300 | -- | -- |
Industrials | 135,698 | 135,698 | -- | -- |
Information Technology | 46,877 | 46,877 | -- | -- |
Materials | 76,528 | 76,528 | -- | -- |
Real Estate | 69,943 | 69,943 | -- | -- |
Utilities | 65,830 | 65,830 | -- | -- |
Money Market Funds | 9,289 | 9,289 | -- | -- |
Total Investments in Securities: | $790,464 | $790,464 | $-- | $-- |
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 | 89.9% |
United Kingdom | 3.9% |
Bermuda | 2.1% |
Singapore | 1.5% |
Canada | 1.1% |
Others (Individually Less Than 1%) | 1.5% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $3,327) — See accompanying schedule: Unaffiliated issuers (cost $640,715) | $781,175 | |
Fidelity Central Funds (cost $9,289) | 9,289 | |
Total Investment in Securities (cost $650,004) | $790,464 | |
Receivable for fund shares sold | 2,523 | |
Dividends receivable | 1,224 | |
Distributions receivable from Fidelity Central Funds | 1 | |
Prepaid expenses | 1 | |
Other receivables | 31 | |
Total assets | 794,244 | |
Liabilities | ||
Payable for fund shares redeemed | $1,249 | |
Accrued management fee | 359 | |
Distribution and service plan fees payable | 131 | |
Other affiliated payables | 128 | |
Other payables and accrued expenses | 13 | |
Collateral on securities loaned | 3,435 | |
Total liabilities | 5,315 | |
Net Assets | $788,929 | |
Net Assets consist of: | ||
Paid in capital | $685,356 | |
Total accumulated earnings (loss) | 103,573 | |
Net Assets | $788,929 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($191,129 ÷ 5,865.8 shares)(a) | $32.58 | |
Maximum offering price per share (100/94.25 of $32.58) | $34.57 | |
Class M: | ||
Net Asset Value and redemption price per share ($203,773 ÷ 5,876.9 shares)(a) | $34.67 | |
Maximum offering price per share (100/96.50 of $34.67) | $35.93 | |
Class C: | ||
Net Asset Value and offering price per share ($11,392 ÷ 416.8 shares)(a) | $27.33 | |
Fidelity Value Strategies Fund: | ||
Net Asset Value, offering price and redemption price per share ($284,859÷ 7,248.0 shares) | $39.30 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($36,988 ÷ 941.8 shares) | $39.27 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($60,788 ÷ 1,669.9 shares) | $36.40 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $14,949 | |
Income from Fidelity Central Funds (including $48 from security lending) | 77 | |
Total income | 15,026 | |
Expenses | ||
Management fee | ||
Basic fee | $3,912 | |
Performance adjustment | (184) | |
Transfer agent fees | 1,334 | |
Distribution and service plan fees | 1,476 | |
Accounting fees | 260 | |
Custodian fees and expenses | 12 | |
Independent trustees' fees and expenses | 4 | |
Registration fees | 107 | |
Audit | 67 | |
Legal | 4 | |
Interest | 1 | |
Miscellaneous | 22 | |
Total expenses before reductions | 7,015 | |
Expense reductions | (85) | |
Total expenses after reductions | 6,930 | |
Net investment income (loss) | 8,096 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (41,537) | |
Foreign currency transactions | (7) | |
Total net realized gain (loss) | (41,544) | |
Change in net unrealized appreciation (depreciation) on investment securities | 38,216 | |
Net gain (loss) | (3,328) | |
Net increase (decrease) in net assets resulting from operations | $4,768 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,096 | $12,348 |
Net realized gain (loss) | (41,544) | 34,745 |
Change in net unrealized appreciation (depreciation) | 38,216 | 81,602 |
Net increase (decrease) in net assets resulting from operations | 4,768 | 128,695 |
Distributions to shareholders | (45,643) | (103,085) |
Share transactions - net increase (decrease) | (74,892) | 9,554 |
Total increase (decrease) in net assets | (115,767) | 35,164 |
Net Assets | ||
Beginning of period | 904,696 | 869,532 |
End of period | $788,929 | $904,696 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Value Strategies Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $33.23 | $33.48 | $38.91 | $40.25 | $39.01 |
Income from Investment Operations | |||||
Net investment income (loss)A | .29 | .42B | .35 | .60C | .56 |
Net realized and unrealized gain (loss) | .87 | 3.66 | (2.50) | 6.13 | 1.09 |
Total from investment operations | 1.16 | 4.08 | (2.15) | 6.73 | 1.65 |
Distributions from net investment income | (.46)D | (.29) | (.51) | (.56) | (.40) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.81)E | (4.33) | (3.28) | (8.07)E | (.41) |
Net asset value, end of period | $32.58 | $33.23 | $33.48 | $38.91 | $40.25 |
Total ReturnF,G | 3.53% | 16.34% | (6.16)% | 19.84% | 4.33% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | 1.03% | 1.02% | .91% | .91% | .86% |
Expenses net of fee waivers, if any | 1.02% | 1.02% | .91% | .91% | .86% |
Expenses net of all reductions | 1.01% | 1.01% | .90% | .90% | .86% |
Net investment income (loss) | 1.03% | 1.39%B | .98%J | 1.64%C | 1.48% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $191 | $204 | $175 | $212 | $203 |
Portfolio turnover rateK | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.10%.
C Net 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 1.29%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees 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.
I Expense 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.
J The 2018 net investment income (loss) ratio has been restated to reflect the reclassification of certain distributions received by the fund.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Strategies Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $35.23 | $35.16 | $40.69 | $41.72 | $40.40 |
Income from Investment Operations | |||||
Net investment income (loss)A | .24 | .37B | .28 | .54C | .49 |
Net realized and unrealized gain (loss) | .92 | 3.93 | (2.63) | 6.40 | 1.14 |
Total from investment operations | 1.16 | 4.30 | (2.35) | 6.94 | 1.63 |
Distributions from net investment income | (.37)D | (.19) | (.41) | (.46) | (.30) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.72)E | (4.23) | (3.18) | (7.97)E | (.31) |
Net asset value, end of period | $34.67 | $35.23 | $35.16 | $40.69 | $41.72 |
Total ReturnF,G | 3.32% | 16.07% | (6.38)% | 19.57% | 4.11% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | 1.25% | 1.25% | 1.14% | 1.13% | 1.08% |
Expenses net of fee waivers, if any | 1.25% | 1.24% | 1.14% | 1.13% | 1.08% |
Expenses net of all reductions | 1.24% | 1.24% | 1.13% | 1.13% | 1.07% |
Net investment income (loss) | .81% | 1.16%B | .75% | 1.42%C | 1.27% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $204 | $234 | $225 | $271 | $263 |
Portfolio turnover rateJ | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net 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 .87%.
C Net 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 1.06%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees 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.
I Expense 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.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Strategies Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.07 | $28.95 | $34.09 | $36.19 | $35.12 |
Income from Investment Operations | |||||
Net investment income (loss)A | .05 | .15B | .06 | .28C | .24 |
Net realized and unrealized gain (loss) | .71 | 3.04 | (2.16) | 5.43 | .97 |
Total from investment operations | .76 | 3.19 | (2.10) | 5.71 | 1.21 |
Distributions from net investment income | (.16)D | (.03) | (.27) | (.30) | (.13) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.50) | (4.07) | (3.04) | (7.81)E | (.14) |
Net asset value, end of period | $27.33 | $28.07 | $28.95 | $34.09 | $36.19 |
Total ReturnF,G | 2.73% | 15.41% | (6.89)% | 18.97% | 3.49% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | 1.83% | 1.82% | 1.68% | 1.68% | 1.63% |
Expenses net of fee waivers, if any | 1.83% | 1.82% | 1.68% | 1.68% | 1.63% |
Expenses net of all reductions | 1.82% | 1.82% | 1.67% | 1.67% | 1.63% |
Net investment income (loss) | .23% | .58%B | .21% | .87%C | .72% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $11 | $14 | $34 | $46 | $44 |
Portfolio turnover rateJ | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees 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.
I Expense 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.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Value Strategies Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.68 | $39.04 | $44.81 | $45.17 | $43.72 |
Income from Investment Operations | |||||
Net investment income (loss)A | .43 | .60B | .52 | .81C | .76 |
Net realized and unrealized gain (loss) | 1.07 | 4.46 | (2.92) | 7.01 | 1.21 |
Total from investment operations | 1.50 | 5.06 | (2.40) | 7.82 | 1.97 |
Distributions from net investment income | (.54)D | (.38) | (.61) | (.66) | (.51) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.88) | (4.42) | (3.37)E | (8.18) | (.52) |
Net asset value, end of period | $39.30 | $39.68 | $39.04 | $44.81 | $45.17 |
Total ReturnF | 3.85% | 16.63% | (5.89)% | 20.18% | 4.64% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .76% | .74% | .63% | .62% | .56% |
Expenses net of fee waivers, if any | .76% | .74% | .63% | .62% | .56% |
Expenses net of all reductions | .75% | .74% | .62% | .62% | .55% |
Net investment income (loss) | 1.30% | 1.66%B | 1.26% | 1.93%C | 1.79% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $285 | $332 | $324 | $436 | $713 |
Portfolio turnover rateI | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.37%.
C Net 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 1.57%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Strategies Fund Class K
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.65 | $39.03 | $44.82 | $45.18 | $43.74 |
Income from Investment Operations | |||||
Net investment income (loss)A | .48 | .64B | .58 | .86C | .80 |
Net realized and unrealized gain (loss) | 1.07 | 4.46 | (2.93) | 7.02 | 1.22 |
Total from investment operations | 1.55 | 5.10 | (2.35) | 7.88 | 2.02 |
Distributions from net investment income | (.59)D | (.44) | (.67) | (.72) | (.57) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.93) | (4.48) | (3.44) | (8.24) | (.58) |
Net asset value, end of period | $39.27 | $39.65 | $39.03 | $44.82 | $45.18 |
Total ReturnE | 3.99% | 16.80% | (5.80)% | 20.36% | 4.76% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .62% | .61% | .50% | .50% | .44% |
Expenses net of fee waivers, if any | .61% | .61% | .50% | .50% | .44% |
Expenses net of all reductions | .60% | .61% | .49% | .49% | .43% |
Net investment income (loss) | 1.44% | 1.79%B | 1.39% | 2.05%C | 1.91% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $37 | $49 | $49 | $79 | $68 |
Portfolio turnover rateH | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.50%.
C Net 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 1.70%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Strategies Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $36.90 | $36.64 | $42.27 | $43.07 | $41.71 |
Income from Investment Operations | |||||
Net investment income (loss)A | .40 | .55B | .48 | .74C | .70 |
Net realized and unrealized gain (loss) | .98 | 4.12 | (2.75) | 6.64 | 1.15 |
Total from investment operations | 1.38 | 4.67 | (2.27) | 7.38 | 1.85 |
Distributions from net investment income | (.53)D | (.37) | (.59) | (.66) | (.48) |
Distributions from net realized gain | (1.34)D | (4.04) | (2.77) | (7.52) | (.01) |
Total distributions | (1.88)E | (4.41) | (3.36) | (8.18) | (.49) |
Net asset value, end of period | $36.40 | $36.90 | $36.64 | $42.27 | $43.07 |
Total ReturnF | 3.80% | 16.64% | (5.95)% | 20.13% | 4.57% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .78% | .78% | .67% | .67% | .61% |
Expenses net of fee waivers, if any | .78% | .78% | .67% | .67% | .61% |
Expenses net of all reductions | .77% | .77% | .66% | .66% | .61% |
Net investment income (loss) | 1.27% | 1.63%B | 1.22% | 1.88%C | 1.74% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $61 | $72 | $62 | $72 | $73 |
Portfolio turnover rateI | 72% | 66% | 72% | 46% | 121% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.34%.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.53%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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. As of November 30, 2020, 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. These differences resulted in distribution reclassifications. 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, capital loss carryforwards, 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 | $165,986 |
Gross unrealized depreciation | (29,565) |
Net unrealized appreciation (depreciation) | $136,421 |
Tax Cost | $654,043 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $5,771 |
Capital loss carryforward | $(38,618) |
Net unrealized appreciation (depreciation) on securities and other investments | $136,421 |
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.
No expiration | |
Short-term | $(36,691) |
Long-term | (1,927) |
Total capital loss carryforward | $(38,618) |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $11,818 | $ 8,208 |
Long-term Capital Gains | 33,825 | 94,877 |
Total | $45,643 | $ 103,085 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Strategies Fund | 524,986 | 636,039 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $426 | $9 |
Class M | .25% | .25% | 942 | 42 |
Class C | .75% | .25% | 108 | 14 |
$1,476 | $65 |
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 | $16 |
Class M | 4 |
Class C(a) | 1 |
$21 |
(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. 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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class K from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $344 | .20 |
Class M | 330 | .18 |
Class C | 27 | .25 |
Fidelity Value Strategies Fund | 502 | .18 |
Class K | 18 | .04 |
Class I | 113 | .21 |
$1,334 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Value Strategies Fund | .04 |
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 | $20 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $4,798 | 1.39% | $1 |
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. 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.
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 as follows:
Amount | |
Fidelity Advisor Value Strategies Fund | $2 |
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 Income 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 | $5 | $– | $– |
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 $74 for the period.
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 $4.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $7 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $10,967 | $22,450 |
Class M | 11,294 | 27,028 |
Class C | 715 | 4,746 |
Fidelity Value Strategies Fund | 16,344 | 36,063 |
Class K | 2,635 | 5,601 |
Class I | 3,688 | 7,197 |
Total | $45,643 | $103,085 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 562 | 969 | $14,707 | $28,670 |
Reinvestment of distributions | 325 | 846 | 10,468 | 21,281 |
Shares redeemed | (1,153) | (916) | (31,522) | (27,439) |
Net increase (decrease) | (266) | 899 | $(6,347) | $22,512 |
Class M | ||||
Shares sold | 233 | 304 | $6,817 | $9,555 |
Reinvestment of distributions | 306 | 943 | 10,508 | 25,185 |
Shares redeemed | (1,318) | (1,000) | (38,923) | (31,573) |
Net increase (decrease) | (779) | 247 | $(21,598) | $3,167 |
Class C | ||||
Shares sold | 96 | 113 | $1,957 | $2,924 |
Reinvestment of distributions | 26 | 220 | 705 | 4,703 |
Shares redeemed | (191) | (1,033) | (4,381) | (26,038) |
Net increase (decrease) | (69) | (700) | $(1,719) | $(18,411) |
Fidelity Value Strategies Fund | ||||
Shares sold | 1,873 | 1,167 | $64,949 | $41,078 |
Reinvestment of distributions | 399 | 1,135 | 15,456 | 33,995 |
Shares redeemed | (3,381) | (2,241) | (109,785) | (79,975) |
Net increase (decrease) | (1,109) | 61 | $(29,380) | $(4,902) |
Class K | ||||
Shares sold | 580 | 536 | $20,190 | $20,032 |
Reinvestment of distributions | 68 | 187 | 2,635 | 5,601 |
Shares redeemed | (947) | (744) | (30,980) | (25,793) |
Net increase (decrease) | (299) | (21) | $(8,155) | $(160) |
Class I | ||||
Shares sold | 367 | 563 | $11,900 | $18,493 |
Reinvestment of distributions | 97 | 244 | 3,475 | 6,804 |
Shares redeemed | (744) | (538) | (23,068) | (17,949) |
Net increase (decrease) | (280) | 269 | $(7,693) | $7,348 |
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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 Advisor Series I, including the schedule of investments, as of November 30, 2020, 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, 2020, 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, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Value Strategies Fund | ||||
Class A | .98% | |||
Actual | $1,000.00 | $1,285.20 | $5.60 | |
Hypothetical-C | $1,000.00 | $1,020.10 | $4.95 | |
Class M | 1.20% | |||
Actual | $1,000.00 | $1,283.60 | $6.85 | |
Hypothetical-C | $1,000.00 | $1,019.00 | $6.06 | |
Class C | 1.77% | |||
Actual | $1,000.00 | $1,280.10 | $10.09 | |
Hypothetical-C | $1,000.00 | $1,016.15 | $8.92 | |
Fidelity Value Strategies Fund | .70% | |||
Actual | $1,000.00 | $1,286.80 | $4.00 | |
Hypothetical-C | $1,000.00 | $1,021.50 | $3.54 | |
Class K | .56% | |||
Actual | $1,000.00 | $1,288.00 | $3.20 | |
Hypothetical-C | $1,000.00 | $1,022.20 | $2.83 | |
Class I | .73% | |||
Actual | $1,000.00 | $1,286.70 | $4.17 | |
Hypothetical-C | $1,000.00 | $1,021.35 | $3.69 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Advisor Value Strategies Fund designates 93%; Class K designates 85%; and Class I designates 94%; of the dividend distributed in December during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Advisor Value Strategies Fund designates 95%; Class K designates 86%; and Class I designates 95%; of the dividend distributed in December 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%; Class C designates 0%; Fidelity Advisor Value Strategies Fund designates 5%; Class K designates 5%; and Class I designates 5%; of the dividend distributed in December during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 244,861,891.856 | 65.576 |
Against | 39,350,132.097 | 10.538 |
Abstain | 37,164,822.232 | 9.953 |
Broker Non-Vote | 52,024,747.610 | 13.933 |
TOTAL | 373,401,593.795 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
SO-ANN-0121
1.539180.123
Fidelity Advisor® Equity Income Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (5.73)% | 6.28% | 8.81% |
Class M (incl. 3.50% sales charge) | (3.71)% | 6.53% | 8.82% |
Class C (incl. contingent deferred sales charge) | (1.69)% | 6.72% | 8.61% |
Class I | 0.27% | 7.83% | 9.74% |
Class Z | 0.43% | 7.98% | 9.86% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Income Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959646_740.jpg)
Period Ending Values | ||
$23,255 | Fidelity Advisor® Equity Income Fund - Class A | |
$27,779 | Russell 3000® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager John Sheehy: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) returned about -1% to 0%, trailing the 1.60% result of the benchmark Russell 3000® Value index. Versus the benchmark, security selection was the primary detractor, especially within the financials sector, especially banks. An overweighting and security selection in industrials, as well as an overweighting in energy, also hindered performance. Moreover, the fund’s foreign holdings detracted, despite the tailwind of a weaker U.S. dollar. The fund's biggest individual relative detractor was an overweighting in Wells Fargo, which returned -48% the past 12 months. The company was among our largest holdings. The fund's non-benchmark stake in BP returned roughly -43%. Also hurting performance was our outsized stake in Cinemark Holdings, which returned -49%. We decreased our stake in Cinemark the past year. Conversely, the top contributor to performance versus the benchmark was an overweighting and stock selection in health care. Strong picks in energy and positioning in information technology also lifted the fund's relative performance. Also boosting the fund's relative result was an underweighting in the financials sector, primarily driven by banks. The fund's top individual relative contributor was an overweighting in AbbVie, which gained 27% the past 12 months. The company was among the fund's biggest holdings on November 30. Also adding value was our outsized stake in UnitedHealth Group, which gained about 22% and where we reduced our position the past year. Another notable relative contributor was an overweighting in Kroger (+23%). This period we decreased our stake. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Bristol-Myers Squibb Co. | 3.2 |
Verizon Communications, Inc. | 3.1 |
Wells Fargo & Co. | 2.8 |
Amdocs Ltd. | 2.4 |
The Travelers Companies, Inc. | 2.2 |
AbbVie, Inc. | 2.1 |
Duke Energy Corp. | 1.9 |
Philip Morris International, Inc. | 1.6 |
Johnson & Johnson | 1.6 |
Sanofi SA sponsored ADR | 1.6 |
22.5 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Health Care | 18.9 |
Financials | 16.3 |
Information Technology | 12.0 |
Industrials | 11.1 |
Consumer Staples | 10.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 97.9% | |
Other Investments | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9% |
* Foreign investments - 15.8%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 8.0% | |||
Diversified Telecommunication Services - 3.1% | |||
Verizon Communications, Inc. | 719,390 | $43,458 | |
Entertainment - 1.3% | |||
Cinemark Holdings, Inc. (a) | 98,500 | 1,522 | |
The Walt Disney Co. | 115,500 | 17,095 | |
18,617 | |||
Media - 3.6% | |||
Comcast Corp. Class A | 401,900 | 20,191 | |
Interpublic Group of Companies, Inc. | 711,800 | 15,859 | |
Omnicom Group, Inc. | 219,500 | 13,829 | |
49,879 | |||
TOTAL COMMUNICATION SERVICES | 111,954 | ||
CONSUMER DISCRETIONARY - 3.5% | |||
Internet & Direct Marketing Retail - 1.0% | |||
eBay, Inc. | 264,200 | 13,324 | |
Leisure Products - 0.4% | |||
New Academy Holding Co. LLC unit (b)(c)(d) | 52,800 | 4,963 | |
Multiline Retail - 0.4% | |||
Nordstrom, Inc. (a) | 228,600 | 5,925 | |
Specialty Retail - 0.8% | |||
Lowe's Companies, Inc. | 76,200 | 11,873 | |
Textiles, Apparel & Luxury Goods - 0.9% | |||
PVH Corp. | 51,300 | 4,078 | |
Tapestry, Inc. | 293,400 | 8,309 | |
12,387 | |||
TOTAL CONSUMER DISCRETIONARY | 48,472 | ||
CONSUMER STAPLES - 10.6% | |||
Beverages - 2.8% | |||
Coca-Cola European Partners PLC | 222,500 | 9,941 | |
Keurig Dr. Pepper, Inc. | 408,400 | 12,436 | |
The Coca-Cola Co. | 327,400 | 16,894 | |
39,271 | |||
Food & Staples Retailing - 0.7% | |||
Kroger Co. | 304,500 | 10,049 | |
Food Products - 0.6% | |||
The J.M. Smucker Co. | 63,500 | 7,442 | |
Household Products - 1.2% | |||
Kimberly-Clark Corp. | 65,400 | 9,111 | |
Reynolds Consumer Products, Inc. | 254,700 | 7,728 | |
16,839 | |||
Personal Products - 1.4% | |||
Unilever PLC sponsored ADR | 315,000 | 19,234 | |
Tobacco - 3.9% | |||
Altria Group, Inc. | 425,500 | 16,948 | |
British American Tobacco PLC sponsored ADR | 237,501 | 8,386 | |
Imperial Brands PLC | 355,898 | 6,425 | |
Philip Morris International, Inc. | 303,600 | 22,998 | |
54,757 | |||
TOTAL CONSUMER STAPLES | 147,592 | ||
ENERGY - 4.6% | |||
Oil, Gas & Consumable Fuels - 4.6% | |||
BP PLC sponsored ADR | 577,900 | 11,304 | |
ConocoPhillips Co. | 292,300 | 11,563 | |
Enterprise Products Partners LP | 397,900 | 7,719 | |
Exxon Mobil Corp. | 505,900 | 19,290 | |
HollyFrontier Corp. | 159,200 | 3,724 | |
Suncor Energy, Inc. | 337,300 | 5,394 | |
Valero Energy Corp. | 62,300 | 3,350 | |
Viper Energy Partners LP | 146,700 | 1,643 | |
63,987 | |||
FINANCIALS - 16.3% | |||
Banks - 5.8% | |||
Bank OZK | 238,800 | 6,677 | |
Citigroup, Inc. | 135,300 | 7,451 | |
East West Bancorp, Inc. | 127,600 | 5,451 | |
Huntington Bancshares, Inc. | 866,800 | 10,471 | |
M&T Bank Corp. | 106,200 | 12,371 | |
Wells Fargo & Co. | 1,423,650 | 38,937 | |
81,358 | |||
Capital Markets - 2.8% | |||
Bank of New York Mellon Corp. | 195,900 | 7,664 | |
Goldman Sachs Group, Inc. | 69,300 | 15,979 | |
State Street Corp. | 219,999 | 15,506 | |
39,149 | |||
Consumer Finance - 0.9% | |||
Capital One Financial Corp. | 72,500 | 6,209 | |
Synchrony Financial | 227,700 | 6,938 | |
13,147 | |||
Insurance - 6.8% | |||
Assurant, Inc. | 84,000 | 10,846 | |
AXA SA | 336,100 | 7,858 | |
Chubb Ltd. | 106,884 | 15,801 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 17,400 | 5,967 | |
First American Financial Corp. | 192,400 | 9,320 | |
Hartford Financial Services Group, Inc. | 122,600 | 5,419 | |
Old Republic International Corp. | 483,100 | 8,657 | |
The Travelers Companies, Inc. | 234,200 | 30,364 | |
94,232 | |||
TOTAL FINANCIALS | 227,886 | ||
HEALTH CARE - 18.9% | |||
Biotechnology - 3.1% | |||
AbbVie, Inc. | 282,400 | 29,533 | |
Amgen, Inc. | 64,549 | 14,332 | |
43,865 | |||
Health Care Providers & Services - 5.8% | |||
Anthem, Inc. | 53,400 | 16,635 | |
Cigna Corp. | 87,700 | 18,342 | |
CVS Health Corp. | 231,636 | 15,703 | |
Humana, Inc. | 10,200 | 4,085 | |
McKesson Corp. | 75,500 | 13,583 | |
UnitedHealth Group, Inc. | 37,700 | 12,680 | |
81,028 | |||
Pharmaceuticals - 10.0% | |||
Bristol-Myers Squibb Co. | 704,700 | 43,975 | |
GlaxoSmithKline PLC | 339,700 | 6,165 | |
Johnson & Johnson | 156,418 | 22,631 | |
Merck & Co., Inc. | 267,500 | 21,504 | |
Roche Holding AG (participation certificate) | 57,730 | 18,961 | |
Royalty Pharma PLC | 96,600 | 4,115 | |
Sanofi SA sponsored ADR | 437,000 | 21,937 | |
139,288 | |||
TOTAL HEALTH CARE | 264,181 | ||
INDUSTRIALS - 11.1% | |||
Aerospace & Defense - 3.1% | |||
General Dynamics Corp. | 124,500 | 18,594 | |
Harris Corp. | 37,300 | 7,161 | |
Northrop Grumman Corp. | 25,100 | 7,587 | |
Raytheon Technologies Corp. | 128,307 | 9,202 | |
42,544 | |||
Commercial Services & Supplies - 0.1% | |||
Waste Management, Inc. | 11,300 | 1,346 | |
Electrical Equipment - 1.4% | |||
Hubbell, Inc. Class B | 72,000 | 11,634 | |
Regal Beloit Corp. | 68,500 | 8,154 | |
19,788 | |||
Industrial Conglomerates - 2.0% | |||
3M Co. | 84,600 | 14,613 | |
General Electric Co. | 1,286,054 | 13,092 | |
27,705 | |||
Machinery - 2.8% | |||
Allison Transmission Holdings, Inc. | 386,100 | 15,849 | |
ITT, Inc. | 80,800 | 5,869 | |
Otis Worldwide Corp. | 213,453 | 14,289 | |
Stanley Black & Decker, Inc. | 16,700 | 3,078 | |
39,085 | |||
Professional Services - 1.1% | |||
Intertrust NV (e) | 564,300 | 9,683 | |
Manpower, Inc. | 65,400 | 5,667 | |
15,350 | |||
Trading Companies & Distributors - 0.6% | |||
HD Supply Holdings, Inc. (b) | 152,000 | 8,479 | |
TOTAL INDUSTRIALS | 154,297 | ||
INFORMATION TECHNOLOGY - 12.0% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 475,053 | 20,437 | |
IT Services - 7.9% | |||
Amdocs Ltd. | 504,900 | 33,227 | |
CACI International, Inc. Class A (b) | 11,800 | 2,800 | |
Capgemini SA | 157,600 | 21,926 | |
Cognizant Technology Solutions Corp. Class A | 97,900 | 7,649 | |
Fidelity National Information Services, Inc. | 72,300 | 10,730 | |
Fiserv, Inc. (b) | 81,200 | 9,353 | |
Genpact Ltd. | 101,100 | 4,110 | |
IBM Corp. | 112,100 | 13,847 | |
Maximus, Inc. | 47,600 | 3,418 | |
Science Applications International Corp. | 33,600 | 3,109 | |
110,169 | |||
Semiconductors & Semiconductor Equipment - 0.3% | |||
Broadcom, Inc. | 9,700 | 3,895 | |
Software - 1.8% | |||
Nortonlifelock, Inc. | 185,200 | 3,376 | |
Open Text Corp. | 129,800 | 5,730 | |
Oracle Corp. | 114,500 | 6,609 | |
SS&C Technologies Holdings, Inc. | 133,000 | 9,162 | |
24,877 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
Samsung Electronics Co. Ltd. | 127,900 | 7,696 | |
TOTAL INFORMATION TECHNOLOGY | 167,074 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 193,100 | 7,203 | |
DuPont de Nemours, Inc. | 234,866 | 14,900 | |
22,103 | |||
Containers & Packaging - 0.7% | |||
WestRock Co. | 241,100 | 10,177 | |
Metals & Mining - 0.4% | |||
Newmont Corp. | 84,400 | 4,964 | |
TOTAL MATERIALS | 37,244 | ||
REAL ESTATE - 2.0% | |||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
Corporate Office Properties Trust (SBI) | 286,500 | 7,629 | |
Douglas Emmett, Inc. | 153,000 | 4,738 | |
Highwoods Properties, Inc. (SBI) | 269,800 | 10,333 | |
Ryman Hospitality Properties, Inc. | 78,200 | 5,020 | |
27,720 | |||
UTILITIES - 8.2% | |||
Electric Utilities - 6.2% | |||
Duke Energy Corp. | 284,500 | 26,362 | |
Edison International | 239,464 | 14,694 | |
Entergy Corp. | 59,600 | 6,487 | |
Exelon Corp. | 317,400 | 13,036 | |
FirstEnergy Corp. | 159,000 | 4,223 | |
Pinnacle West Capital Corp. | 106,600 | 8,725 | |
Southern Co. | 208,300 | 12,467 | |
85,994 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
Vistra Corp. | 296,900 | 5,546 | |
Multi-Utilities - 1.6% | |||
CenterPoint Energy, Inc. | 866,600 | 20,096 | |
Dominion Energy, Inc. | 31,900 | 2,504 | |
22,600 | |||
TOTAL UTILITIES | 114,140 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,254,697) | 1,364,547 | ||
Energy - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(f)(g) | |||
(Cost $5,865) | 5,865,354 | 2,589 | |
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund 0.09% (h) | 22,211,566 | 22,216 | |
Fidelity Securities Lending Cash Central Fund 0.09% (h)(i) | 7,981,076 | 7,982 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $30,198) | 30,198 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
(Cost $1,290,760) | 1,397,334 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (4,387) | ||
NET ASSETS - 100% | $1,392,947 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.
(d) 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 $7,552,000 or 0.5% of net assets.
(e) 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 $9,683,000 or 0.7% of net assets.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Level 3 security
(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 (000s) |
New Academy Holding Co. LLC unit | 8/1/11 | $5,565 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $5,865 |
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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $89 |
Fidelity Securities Lending Cash Central Fund | 121 |
Total | $210 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $111,954 | $111,954 | $-- | $-- |
Consumer Discretionary | 48,472 | 43,509 | 4,963 | -- |
Consumer Staples | 147,592 | 141,167 | 6,425 | -- |
Energy | 63,987 | 63,987 | -- | -- |
Financials | 227,886 | 220,028 | 7,858 | -- |
Health Care | 264,181 | 239,055 | 25,126 | -- |
Industrials | 154,297 | 144,614 | 9,683 | -- |
Information Technology | 167,074 | 145,148 | 21,926 | -- |
Materials | 37,244 | 37,244 | -- | -- |
Real Estate | 27,720 | 27,720 | -- | -- |
Utilities | 114,140 | 114,140 | -- | -- |
Other | 2,589 | -- | -- | 2,589 |
Money Market Funds | 30,198 | 30,198 | -- | -- |
Total Investments in Securities: | $1,397,334 | $1,318,764 | $75,981 | $2,589 |
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 | 84.2% |
United Kingdom | 4.4% |
France | 3.8% |
Switzerland | 2.5% |
Bailiwick of Guernsey | 2.4% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 1.5% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $7,443) — See accompanying schedule: Unaffiliated issuers (cost $1,260,562) | $1,367,136 | |
Fidelity Central Funds (cost $30,198) | 30,198 | |
Total Investment in Securities (cost $1,290,760) | $1,397,334 | |
Cash | 24 | |
Restricted cash | 6 | |
Receivable for investments sold | 3,077 | |
Receivable for fund shares sold | 150 | |
Dividends receivable | 4,719 | |
Distributions receivable from Fidelity Central Funds | 8 | |
Prepaid expenses | 2 | |
Other receivables | 70 | |
Total assets | 1,405,390 | |
Liabilities | ||
Payable for investments purchased | $2,136 | |
Payable for fund shares redeemed | 1,152 | |
Accrued management fee | 486 | |
Distribution and service plan fees payable | 389 | |
Other affiliated payables | 236 | |
Other payables and accrued expenses | 63 | |
Collateral on securities loaned | 7,981 | |
Total liabilities | 12,443 | |
Net Assets | $1,392,947 | |
Net Assets consist of: | ||
Paid in capital | $1,278,684 | |
Total accumulated earnings (loss) | 114,263 | |
Net Assets | $1,392,947 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($591,089 ÷ 21,203.3 shares)(a) | $27.88 | |
Maximum offering price per share (100/94.25 of $27.88) | $29.58 | |
Class M: | ||
Net Asset Value and redemption price per share ($533,726 ÷ 18,602.5 shares)(a) | $28.69 | |
Maximum offering price per share (100/96.50 of $28.69) | $29.73 | |
Class C: | ||
Net Asset Value and offering price per share ($63,470 ÷ 2,250.1 shares)(a) | $28.21 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($178,262 ÷ 6,040.4 shares) | $29.51 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($26,400 ÷ 895.6 shares) | $29.48 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $46,573 | |
Income from Fidelity Central Funds (including $121 from security lending) | 210 | |
Total income | 46,783 | |
Expenses | ||
Management fee | $5,896 | |
Transfer agent fees | 2,526 | |
Distribution and service plan fees | 4,735 | |
Accounting fees | 433 | |
Custodian fees and expenses | 37 | |
Independent trustees' fees and expenses | 8 | |
Registration fees | 89 | |
Audit | 67 | |
Legal | 3 | |
Miscellaneous | 46 | |
Total expenses before reductions | 13,840 | |
Expense reductions | (129) | |
Total expenses after reductions | 13,711 | |
Net investment income (loss) | 33,072 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 3,589 | |
Foreign currency transactions | (21) | |
Total net realized gain (loss) | 3,568 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (59,791) | |
Assets and liabilities in foreign currencies | 36 | |
Total change in net unrealized appreciation (depreciation) | (59,755) | |
Net gain (loss) | (56,187) | |
Net increase (decrease) in net assets resulting from operations | $(23,115) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $33,072 | $36,220 |
Net realized gain (loss) | 3,568 | 99,044 |
Change in net unrealized appreciation (depreciation) | (59,755) | 37,356 |
Net increase (decrease) in net assets resulting from operations | (23,115) | 172,620 |
Distributions to shareholders | (120,284) | (212,703) |
Share transactions - net increase (decrease) | (103,256) | (17,423) |
Total increase (decrease) in net assets | (246,655) | (57,506) |
Net Assets | ||
Beginning of period | 1,639,602 | 1,697,108 |
End of period | $1,392,947 | $1,639,602 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Equity Income Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $30.22 | $31.53 | $34.96 | $32.05 | $31.10 |
Income from Investment Operations | |||||
Net investment income (loss)A | .65 | .67 | .68 | .62 | .59 |
Net realized and unrealized gain (loss) | (.67) | 2.08 | (.37)B | 3.32 | 3.13 |
Total from investment operations | (.02) | 2.75 | .31 | 3.94 | 3.72 |
Distributions from net investment income | (.66) | (.65) | (.78) | (.58)C | (.66) |
Distributions from net realized gain | (1.67) | (3.41) | (2.95) | (.46)C | (2.11) |
Total distributions | (2.32)D | (4.06) | (3.74)D | (1.03)D | (2.77) |
Net asset value, end of period | $27.88 | $30.22 | $31.53 | $34.96 | $32.05 |
Total ReturnE,F | .02% | 11.73% | .77%B | 12.55% | 13.52% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .92% | .93% | .93% | .94% | .95% |
Expenses net of fee waivers, if any | .92% | .92% | .93% | .94% | .95% |
Expenses net of all reductions | .92% | .92% | .91% | .93% | .95% |
Net investment income (loss) | 2.51% | 2.37% | 2.11% | 1.88% | 2.01% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $591 | $660 | $609 | $686 | $703 |
Portfolio turnover rateI | 65% | 48% | 59% | 48% | 36% |
A Calculated based on average shares outstanding during the period.
B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been .64%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Income Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $31.02 | $32.24 | $35.65 | $32.66 | $31.64 |
Income from Investment Operations | |||||
Net investment income (loss)A | .60 | .62 | .62 | .56 | .53 |
Net realized and unrealized gain (loss) | (.68) | 2.15 | (.38)B | 3.38 | 3.19 |
Total from investment operations | (.08) | 2.77 | .24 | 3.94 | 3.72 |
Distributions from net investment income | (.59) | (.58) | (.70) | (.50)C | (.59) |
Distributions from net realized gain | (1.67) | (3.41) | (2.95) | (.46)C | (2.11) |
Total distributions | (2.25)D | (3.99) | (3.65) | (.95)D | (2.70) |
Net asset value, end of period | $28.69 | $31.02 | $32.24 | $35.65 | $32.66 |
Total ReturnE,F | (.22)% | 11.46% | .56%B | 12.29% | 13.24% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.16% | 1.16% | 1.16% | 1.17% | 1.18% |
Expenses net of fee waivers, if any | 1.16% | 1.16% | 1.16% | 1.17% | 1.18% |
Expenses net of all reductions | 1.15% | 1.16% | 1.15% | 1.17% | 1.18% |
Net investment income (loss) | 2.28% | 2.14% | 1.88% | 1.64% | 1.78% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $534 | $642 | $662 | $775 | $787 |
Portfolio turnover rateI | 65% | 48% | 59% | 48% | 36% |
A Calculated based on average shares outstanding during the period.
B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been .43%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Income Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $30.52 | $31.73 | $35.15 | $32.21 | $31.24 |
Income from Investment Operations | |||||
Net investment income (loss)A | .45 | .45 | .44 | .37 | .37 |
Net realized and unrealized gain (loss) | (.66) | 2.12 | (.39)B | 3.35 | 3.14 |
Total from investment operations | (.21) | 2.57 | .05 | 3.72 | 3.51 |
Distributions from net investment income | (.43) | (.37) | (.52) | (.32)C | (.43) |
Distributions from net realized gain | (1.67) | (3.41) | (2.95) | (.46)C | (2.11) |
Total distributions | (2.10) | (3.78) | (3.47) | (.78) | (2.54) |
Net asset value, end of period | $28.21 | $30.52 | $31.73 | $35.15 | $32.21 |
Total ReturnD,E | (.77)% | 10.86% | (.01)%B | 11.72% | 12.63% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.72% | 1.72% | 1.70% | 1.70% | 1.72% |
Expenses net of fee waivers, if any | 1.72% | 1.71% | 1.69% | 1.70% | 1.72% |
Expenses net of all reductions | 1.72% | 1.71% | 1.68% | 1.70% | 1.71% |
Net investment income (loss) | 1.71% | 1.58% | 1.34% | 1.11% | 1.24% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $63 | $84 | $160 | $195 | $198 |
Portfolio turnover rateH | 65% | 48% | 59% | 48% | 36% |
A Calculated based on average shares outstanding during the period.
B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (.14)%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Income Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $31.85 | $32.99 | $36.40 | $33.31 | $32.21 |
Income from Investment Operations | |||||
Net investment income (loss)A | .75 | .78 | .80 | .74 | .69 |
Net realized and unrealized gain (loss) | (.70) | 2.21 | (.39)B | 3.46 | 3.26 |
Total from investment operations | .05 | 2.99 | .41 | 4.20 | 3.95 |
Distributions from net investment income | (.72) | (.72) | (.87) | (.65)C | (.74) |
Distributions from net realized gain | (1.67) | (3.41) | (2.95) | (.46)C | (2.11) |
Total distributions | (2.39) | (4.13) | (3.82) | (1.11) | (2.85) |
Net asset value, end of period | $29.51 | $31.85 | $32.99 | $36.40 | $33.31 |
Total ReturnD | .27% | 12.00% | 1.05%B | 12.86% | 13.82% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .67% | .67% | .67% | .68% | .69% |
Expenses net of fee waivers, if any | .67% | .67% | .67% | .68% | .69% |
Expenses net of all reductions | .66% | .67% | .66% | .68% | .68% |
Net investment income (loss) | 2.77% | 2.63% | 2.37% | 2.14% | 2.27% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $178 | $227 | $243 | $269 | $439 |
Portfolio turnover rateG | 65% | 48% | 59% | 48% | 36% |
A Calculated based on average shares outstanding during the period.
B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been .92%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Income Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $31.82 | $32.96 | $36.38 | $33.30 | $32.21 |
Income from Investment Operations | |||||
Net investment income (loss)A | .79 | .82 | .85 | .79 | .74 |
Net realized and unrealized gain (loss) | (.70) | 2.21 | (.40)B | 3.46 | 3.24 |
Total from investment operations | .09 | 3.03 | .45 | 4.25 | 3.98 |
Distributions from net investment income | (.76) | (.77) | (.91) | (.71)C | (.79) |
Distributions from net realized gain | (1.67) | (3.41) | (2.95) | (.46)C | (2.11) |
Total distributions | (2.43) | (4.17)D | (3.87)D | (1.17) | (2.89)D |
Net asset value, end of period | $29.48 | $31.82 | $32.96 | $36.38 | $33.30 |
Total ReturnE | .43% | 12.18% | 1.16%B | 13.02% | 13.96% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .53% | .53% | .53% | .54% | .54% |
Expenses net of fee waivers, if any | .52% | .53% | .53% | .53% | .54% |
Expenses net of all reductions | .52% | .52% | .52% | .53% | .53% |
Net investment income (loss) | 2.91% | 2.77% | 2.51% | 2.28% | 2.42% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $26 | $27 | $22 | $23 | $15 |
Portfolio turnover rateH | 65% | 48% | 59% | 48% | 36% |
A Calculated based on average shares outstanding during the period.
B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 1.03%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
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 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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.
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 | $42 |
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, 2020, 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), certain conversion ratio adjustments, partnerships, deferred Trustees compensation 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 | $205,237 |
Gross unrealized depreciation | (96,870) |
Net unrealized appreciation (depreciation) | $108,367 |
Tax Cost | $1,288,967 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $9,694 |
Net unrealized appreciation (depreciation) on securities and other investments | $104,611 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $32,522 | $ 35,189 |
Long-term Capital Gains | 87,762 | 177,514 |
Total | $120,284 | $ 212,703 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
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 Equity Income Fund | 2,595 | .19 |
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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Income Fund | 868,399 | 1,045,337 |
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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .43% 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 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% | $1,414 | $30 |
Class M | .25% | .25% | 2,649 | 33 |
Class C | .75% | .25% | 672 | 47 |
$4,735 | $110 |
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 | $56 |
Class M | 13 |
Class C(a) | 5 |
$74 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,086 | .19 |
Class M | 932 | .18 |
Class C | 161 | .24 |
Class I | 336 | .19 |
Class Z | 11 | .04 |
$2,526 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Equity Income Fund | .03 |
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 | $27 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5.
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 as follows:
Amount | |
Fidelity Advisor Equity Income Fund | $3 |
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 Income 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 | $8 | $– | $– |
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 $107 for the period. 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 $7.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $13 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $50,413 | $79,342 |
Class M | 45,467 | 81,721 |
Class C | 5,660 | 18,262 |
Class I | 16,633 | 30,468 |
Class Z | 2,111 | 2,910 |
Total | $120,284 | $212,703 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 1,785 | 3,496 | $45,360 | $96,604 |
Reinvestment of distributions | 1,709 | 3,004 | 47,884 | 74,808 |
Shares redeemed | (4,122) | (3,985) | (105,342) | (110,872) |
Net increase (decrease) | (628) | 2,515 | $(12,098) | $60,540 |
Class M | ||||
Shares sold | 1,555 | 1,514 | $40,510 | $43,215 |
Reinvestment of distributions | 1,540 | 3,147 | 44,626 | 80,190 |
Shares redeemed | (5,199) | (4,498) | (136,971) | (128,411) |
Net increase (decrease) | (2,104) | 163 | $(51,835) | $(5,006) |
Class C | ||||
Shares sold | 263 | 409 | $6,887 | $11,241 |
Reinvestment of distributions | 184 | 709 | 5,305 | 17,599 |
Shares redeemed | (934) | (3,423) | (23,819) | (95,487) |
Net increase (decrease) | (487) | (2,305) | $(11,627) | $(66,647) |
Class I | ||||
Shares sold | 841 | 1,418 | $22,912 | $40,915 |
Reinvestment of distributions | 488 | 1,008 | 14,415 | 26,374 |
Shares redeemed | (2,417) | (2,676) | (66,691) | (78,064) |
Net increase (decrease) | (1,088) | (250) | $(29,364) | $(10,775) |
Class Z | ||||
Shares sold | 320 | 451 | $8,792 | $12,949 |
Reinvestment of distributions | 66 | 100 | 1,925 | 2,630 |
Shares redeemed | (342) | (376) | (9,049) | (11,114) |
Net increase (decrease) | 44 | 175 | $1,668 | $4,465 |
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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, 2020, 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, 2020, 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, 2020, 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, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Equity Income Fund | ||||
Class A | .92% | |||
Actual | $1,000.00 | $1,157.70 | $4.96 | |
Hypothetical-C | $1,000.00 | $1,020.40 | $4.65 | |
Class M | 1.15% | |||
Actual | $1,000.00 | $1,156.20 | $6.20 | |
Hypothetical-C | $1,000.00 | $1,019.25 | $5.81 | |
Class C | 1.72% | |||
Actual | $1,000.00 | $1,153.10 | $9.26 | |
Hypothetical-C | $1,000.00 | $1,016.40 | $8.67 | |
Class I | .67% | |||
Actual | $1,000.00 | $1,158.90 | $3.62 | |
Hypothetical-C | $1,000.00 | $1,021.65 | $3.39 | |
Class Z | .52% | |||
Actual | $1,000.00 | $1,159.90 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,022.40 | $2.63 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Equity Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Equity Income Fund | ||||
Class A | 12/30/20 | 12/29/20 | $0.249 | $0.002 |
Class M | 12/30/20 | 12/29/20 | $0.231 | $0.002 |
Class C | 12/30/20 | 12/29/20 | $0.187 | $0.002 |
Class I | 12/30/20 | 12/29/20 | $0.267 | $0.002 |
Class Z | 12/30/20 | 12/29/20 | $0.278 | $0.002 |
A total of 0.07% 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 designates 88%, 100%, 100%, and 100%; Class M designates 96%, 100%, 100%, and 100%; Class C designates 100%, 100%, 100%, and 100%; Class I designates 82%, 100%, 100%, and 100%; and Class Z designates 78%, 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, 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 393,802,224.722 | 46.760 |
Against | 54,522,897.658 | 6.474 |
Abstain | 48,090,558.527 | 5.710 |
Broker Non-Vote | 345,756,202.550 | 41.055 |
TOTAL | 842,171,883.457 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
EPI-ANN-0121
1.539449.124
Fidelity Advisor® Equity Growth Fund
November 30, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 34.70% | 18.49% | 16.39% |
Class M (incl. 3.50% sales charge) | 37.55% | 18.78% | 16.42% |
Class C (incl. contingent deferred sales charge) | 40.73% | 18.98% | 16.20% |
Class I | 43.32% | 20.23% | 17.42% |
Class Z | 43.43% | 20.38% | 17.54% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959561_740.jpg)
Period Ending Values | ||
$45,607 | Fidelity Advisor® Equity Growth Fund - Class A | |
$48,133 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Co-Managers Asher Anolic and Jason Weiner: For the fiscal year ending November 30, 2020, the fund's share classes gained about 42% to 43% (excluding sales charges, if applicable), outperforming the 35.73% result of the benchmark Russell 3000® Growth index. Versus the benchmark, security selection was the primary contributor, especially within the information technology sector. Stock picking and an underweighting in the industrials sector, primarily driven by the capital goods industry, also boosted performance. Also helping were stock picks in the health care sector, especially within the health care equipment & services industry. The fund's largest individual relative contributor was an outsized stake in Nvidia, which gained roughly 146% the past 12 months. The company was among our biggest holdings. Another key contributor was our out-of-benchmark position in Shopify (+212%). We decreased our position the past year. Another notable relative contributor was an underweighting in index component Boeing (-53%), a stake we established the past 12 months. In contrast, the primary detractor from performance versus the benchmark was stock selection and underweighting in the consumer discretionary sector, primarily within the automobiles & components industry. An overweighting in energy also hampered the fund's relative performance. Also hurting the fund's relative result was security selection in the financials sector, especially within the diversified financials industry. The biggest individual relative detractor was an underweight position in Tesla (+372%). The company was not held at period end. Also hindering performance was an underweighting in Apple, which gained approximately 79%. The company was among our largest holdings. Avoiding PayPal, a benchmark component that gained 98%, also hurt performance. Notable changes in positioning include a higher allocation to the health care and industrials sectors.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp. | 8.7 |
Alphabet, Inc. Class A | 6.1 |
Amazon.com, Inc. | 5.5 |
Facebook, Inc. Class A | 5.0 |
Apple, Inc. | 4.7 |
Qualcomm, Inc. | 3.8 |
NVIDIA Corp. | 3.5 |
UnitedHealth Group, Inc. | 3.1 |
Adobe, Inc. | 2.9 |
Tencent Holdings Ltd. | 2.1 |
45.4 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 35.3 |
Health Care | 17.6 |
Communication Services | 15.4 |
Consumer Discretionary | 12.5 |
Industrials | 8.3 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 99.7% | |
Convertible Securities | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments – 16.9%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 15.4% | |||
Diversified Telecommunication Services - 0.4% | |||
Cellnex Telecom SA (a) | 309,500 | $19,606 | |
Entertainment - 1.2% | |||
Activision Blizzard, Inc. | 323,266 | 25,693 | |
CD Projekt RED SA (b) | 209,200 | 21,724 | |
DouYu International Holdings Ltd. ADR (b) | 325,000 | 4,310 | |
51,727 | |||
Interactive Media & Services - 13.8% | |||
Alphabet, Inc. Class A (b) | 148,748 | 260,963 | |
Facebook, Inc. Class A (b) | 777,231 | 215,270 | |
Match Group, Inc. (b) | 63,744 | 8,874 | |
Tencent Holdings Ltd. | 1,242,583 | 90,581 | |
Wise Talent Information Technology Co. Ltd. (b) | 1,834,800 | 4,621 | |
Zoominfo Technologies, Inc. | 246,400 | 12,628 | |
592,937 | |||
TOTAL COMMUNICATION SERVICES | 664,270 | ||
CONSUMER DISCRETIONARY - 12.5% | |||
Automobiles - 0.7% | |||
Ferrari NV | 132,375 | 27,946 | |
XPeng, Inc. ADR (b)(c) | 42,700 | 2,509 | |
30,455 | |||
Diversified Consumer Services - 0.6% | |||
Laureate Education, Inc. Class A (b) | 1,823,744 | 25,897 | |
Hotels, Restaurants & Leisure - 0.5% | |||
Compass Group PLC | 137,100 | 2,412 | |
Dalata Hotel Group PLC | 446,100 | 2,014 | |
Hilton Worldwide Holdings, Inc. | 192,100 | 19,907 | |
24,333 | |||
Household Durables - 1.6% | |||
Blu Investments LLC (d)(e) | 12,123,162 | 4 | |
D.R. Horton, Inc. | 446,997 | 33,301 | |
NVR, Inc. (b) | 4,661 | 18,631 | |
Purple Innovation, Inc. (b) | 78,400 | 2,338 | |
Toll Brothers, Inc. | 300,200 | 14,214 | |
68,488 | |||
Internet & Direct Marketing Retail - 7.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 231,166 | 60,880 | |
Amazon.com, Inc. (b) | 75,393 | 238,848 | |
Delivery Hero AG (a)(b) | 43,000 | 5,228 | |
Pinduoduo, Inc. ADR (b) | 14,756 | 2,048 | |
307,004 | |||
Specialty Retail - 0.6% | |||
Aritzia LP (b) | 89,600 | 1,610 | |
Ulta Beauty, Inc. (b) | 84,200 | 23,189 | |
24,799 | |||
Textiles, Apparel & Luxury Goods - 1.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 71,479 | 41,057 | |
Prada SpA (b) | 3,040,300 | 15,065 | |
Samsonite International SA (a)(b) | 2,253,000 | 3,643 | |
59,765 | |||
TOTAL CONSUMER DISCRETIONARY | 540,741 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 1.7% | |||
Fever-Tree Drinks PLC | 575 | 18 | |
Kweichow Moutai Co. Ltd. (A Shares) | 132,729 | 34,578 | |
Monster Beverage Corp. (b) | 441,000 | 37,388 | |
71,984 | |||
Household Products - 1.1% | |||
Energizer Holdings, Inc. (c) | 559,014 | 23,417 | |
Reckitt Benckiser Group PLC | 289,971 | 25,311 | |
48,728 | |||
Personal Products - 0.5% | |||
Herbalife Nutrition Ltd. (b) | 461,900 | 22,130 | |
Tobacco - 0.5% | |||
Swedish Match Co. AB | 255,600 | 20,679 | |
TOTAL CONSUMER STAPLES | 163,521 | ||
ENERGY - 1.4% | |||
Oil, Gas & Consumable Fuels - 1.4% | |||
Enterprise Products Partners LP | 111,500 | 2,163 | |
EOG Resources, Inc. | 43,700 | 2,049 | |
Reliance Industries Ltd. | 1,883,261 | 48,736 | |
Reliance Industries Ltd. | 130,164 | 1,835 | |
Valero Energy Corp. | 95,500 | 5,135 | |
59,918 | |||
FINANCIALS - 3.1% | |||
Banks - 1.1% | |||
Comerica, Inc. | 276,800 | 13,619 | |
Fortress Value Acquisition Corp. (b)(c) | 25,900 | 557 | |
HDFC Bank Ltd.(b) | 135,292 | 2,615 | |
HDFC Bank Ltd. sponsored ADR (b) | 244,681 | 16,883 | |
M&T Bank Corp. | 11,000 | 1,281 | |
Metro Bank PLC (b)(c) | 48,280 | 77 | |
Wintrust Financial Corp. | 186,800 | 10,179 | |
45,211 | |||
Capital Markets - 0.9% | |||
CME Group, Inc. | 203,049 | 35,540 | |
JMP Group, Inc. | 135,516 | 407 | |
MSCI, Inc. | 6,411 | 2,625 | |
38,572 | |||
Consumer Finance - 0.6% | |||
Capital One Financial Corp. | 309,300 | 26,488 | |
Insurance - 0.5% | |||
American Financial Group, Inc. | 70,800 | 6,330 | |
Arthur J. Gallagher & Co. | 68,700 | 7,929 | |
RenaissanceRe Holdings Ltd. | 46,700 | 7,689 | |
21,948 | |||
TOTAL FINANCIALS | 132,219 | ||
HEALTH CARE - 17.5% | |||
Biotechnology - 4.5% | |||
ACADIA Pharmaceuticals, Inc. (b) | 167,000 | 9,462 | |
Affimed NV (b) | 337,485 | 1,802 | |
Alnylam Pharmaceuticals, Inc. (b) | 28,200 | 3,663 | |
Applied Therapeutics, Inc. (b) | 227,100 | 5,260 | |
Atara Biotherapeutics, Inc. (b) | 232,900 | 5,401 | |
Biogen, Inc. (b) | 11,400 | 2,738 | |
BioNTech SE ADR (b)(c) | 150,707 | 18,724 | |
CRISPR Therapeutics AG (b)(c) | 54,700 | 6,943 | |
Gamida Cell Ltd. (b)(c) | 755,868 | 5,442 | |
Global Blood Therapeutics, Inc. (b) | 22,200 | 1,019 | |
Hookipa Pharma, Inc. (b) | 42,400 | 492 | |
Innovent Biologics, Inc. (a)(b) | 615,500 | 4,043 | |
Insmed, Inc. (b) | 614,389 | 23,967 | |
Neurocrine Biosciences, Inc. (b) | 280,700 | 26,650 | |
Prelude Therapeutics, Inc. | 17,000 | 875 | |
Regeneron Pharmaceuticals, Inc. (b) | 91,500 | 47,217 | |
Rubius Therapeutics, Inc. (b) | 30,796 | 193 | |
Sarepta Therapeutics, Inc. (b) | 12,600 | 1,775 | |
Seres Therapeutics, Inc. (b) | 77,300 | 2,134 | |
Vertex Pharmaceuticals, Inc. (b) | 109,359 | 24,907 | |
Viela Bio, Inc. (b) | 31,000 | 1,189 | |
193,896 | |||
Health Care Equipment & Supplies - 3.9% | |||
Axonics Modulation Technologies, Inc. (b) | 134,800 | 5,916 | |
Danaher Corp. | 188,297 | 42,297 | |
Haemonetics Corp. (b) | 213,107 | 24,049 | |
Hologic, Inc. (b) | 541,400 | 37,427 | |
Intuitive Surgical, Inc. (b) | 54,791 | 39,781 | |
Nevro Corp. (b) | 49,700 | 8,014 | |
Outset Medical, Inc. | 30,933 | 1,980 | |
Penumbra, Inc. (b) | 34,886 | 7,741 | |
167,205 | |||
Health Care Providers & Services - 3.8% | |||
Centene Corp. (b) | 245,500 | 15,135 | |
Guardant Health, Inc. (b) | 19,915 | 2,412 | |
HealthEquity, Inc. (b)(c) | 178,100 | 12,768 | |
UnitedHealth Group, Inc. | 391,392 | 131,641 | |
161,956 | |||
Health Care Technology - 1.4% | |||
Inspire Medical Systems, Inc. (b) | 127,011 | 23,591 | |
MultiPlan Corp. (d) | 738,622 | 5,126 | |
MultiPlan Corp.: | |||
Class A (b)(c) | 120,800 | 838 | |
warrants (b)(d) | 36,565 | 66 | |
Schrodinger, Inc. | 58,100 | 4,043 | |
Simulations Plus, Inc. | 48,200 | 2,698 | |
Veeva Systems, Inc. Class A (b) | 85,103 | 23,562 | |
59,924 | |||
Life Sciences Tools & Services - 1.8% | |||
10X Genomics, Inc. (b) | 62,996 | 9,645 | |
Berkeley Lights, Inc. (b)(c) | 156,100 | 12,934 | |
Bio-Rad Laboratories, Inc. Class A (b) | 9,000 | 4,847 | |
Bio-Techne Corp. | 8,000 | 2,426 | |
Bruker Corp. | 319,037 | 16,146 | |
Charles River Laboratories International, Inc. (b) | 48,600 | 11,398 | |
Codexis, Inc. (b)(c) | 341,204 | 6,319 | |
Fluidigm Corp. (b)(c) | 575,300 | 3,601 | |
Nanostring Technologies, Inc. (b) | 168,500 | 8,364 | |
Sotera Health Co. | 76,100 | 2,059 | |
77,739 | |||
Pharmaceuticals - 2.1% | |||
AstraZeneca PLC sponsored ADR | 537,830 | 28,473 | |
Eli Lilly & Co. | 385,000 | 56,075 | |
Reata Pharmaceuticals, Inc. (b) | 21,500 | 3,284 | |
Revance Therapeutics, Inc. (b) | 203,300 | 4,908 | |
92,740 | |||
TOTAL HEALTH CARE | 753,460 | ||
INDUSTRIALS - 8.3% | |||
Aerospace & Defense - 0.8% | |||
The Boeing Co. | 40,000 | 8,428 | |
TransDigm Group, Inc. | 42,282 | 24,489 | |
32,917 | |||
Airlines - 0.7% | |||
Ryanair Holdings PLC sponsored ADR (b) | 286,700 | 29,751 | |
Building Products - 0.4% | |||
Builders FirstSource, Inc. (b) | 124,600 | 4,661 | |
Fortune Brands Home & Security, Inc. | 150,500 | 12,567 | |
17,228 | |||
Electrical Equipment - 0.7% | |||
Bloom Energy Corp. Class A (b)(c) | 99,000 | 2,427 | |
Generac Holdings, Inc. (b) | 137,300 | 29,602 | |
32,029 | |||
Industrial Conglomerates - 1.5% | |||
General Electric Co. | 6,270,300 | 63,832 | |
Machinery - 1.0% | |||
Ingersoll Rand, Inc. (b) | 700,772 | 31,023 | |
Woodward, Inc. | 96,800 | 10,825 | |
41,848 | |||
Professional Services - 1.5% | |||
Dun & Bradstreet Holdings, Inc. (b)(c) | 128,500 | 3,445 | |
Equifax, Inc. | 229,036 | 38,226 | |
Upwork, Inc. (b) | 649,095 | 21,238 | |
62,909 | |||
Road & Rail - 1.6% | |||
Rumo SA (b) | 2,004,500 | 7,094 | |
Uber Technologies, Inc. (b) | 1,292,672 | 64,194 | |
71,288 | |||
Trading Companies & Distributors - 0.1% | |||
BMC Stock Holdings, Inc. (b) | 96,000 | 4,698 | |
Fastenal Co. | 41,600 | 2,057 | |
6,755 | |||
TOTAL INDUSTRIALS | 358,557 | ||
INFORMATION TECHNOLOGY - 35.3% | |||
Electronic Equipment & Components - 0.4% | |||
II-VI, Inc. (b) | 213,900 | 14,470 | |
Novanta, Inc. (b) | 7,300 | 876 | |
15,346 | |||
IT Services - 4.0% | |||
Adyen BV (a)(b) | 5,900 | 11,270 | |
Black Knight, Inc. (b) | 219,196 | 20,083 | |
CACI International, Inc. Class A (b) | 19,100 | 4,532 | |
Edenred SA | 1,503 | 86 | |
MasterCard, Inc. Class A | 45,927 | 15,455 | |
MongoDB, Inc. Class A (b) | 114,000 | 32,753 | |
Okta, Inc. (b) | 51,389 | 12,592 | |
Shopify, Inc. Class A (b) | 23,778 | 25,592 | |
Square, Inc. (b) | 186,800 | 39,407 | |
Visa, Inc. Class A | 42,589 | 8,959 | |
170,729 | |||
Semiconductors & Semiconductor Equipment - 10.8% | |||
Allegro MicroSystems LLC (b) | 25,000 | 599 | |
Array Technologies, Inc. | 135,300 | 6,167 | |
ASML Holding NV | 80,667 | 35,310 | |
Enphase Energy, Inc. (b) | 122,800 | 16,771 | |
MediaTek, Inc. | 84,000 | 2,070 | |
NVIDIA Corp. | 278,399 | 149,239 | |
NXP Semiconductors NV | 301,336 | 47,738 | |
Qualcomm, Inc. | 1,117,360 | 164,442 | |
SiTime Corp. | 52,900 | 4,601 | |
SolarEdge Technologies, Inc. (b) | 40,500 | 11,258 | |
Universal Display Corp. | 125,800 | 28,813 | |
467,008 | |||
Software - 14.5% | |||
Adobe, Inc. (b) | 262,796 | 125,740 | |
Agora, Inc. ADR (b)(c) | 5,200 | 200 | |
Cloudflare, Inc. (b) | 73,054 | 5,485 | |
Datadog, Inc. Class A (b) | 7,577 | 750 | |
Duck Creek Technologies, Inc. (b) | 4,200 | 167 | |
Elastic NV (b) | 3,012 | 373 | |
FireEye, Inc. (b) | 938,400 | 14,104 | |
JFrog Ltd. (c) | 5,200 | 366 | |
Manhattan Associates, Inc. (b) | 152,227 | 15,564 | |
Microsoft Corp. | 1,738,032 | 372,063 | |
NICE Systems Ltd. sponsored ADR (b) | 50,600 | 12,332 | |
Salesforce.com, Inc. (b) | 317,990 | 78,162 | |
Volue A/S | 104,600 | 419 | |
625,725 | |||
Technology Hardware, Storage & Peripherals - 5.6% | |||
Apple, Inc. | 1,718,900 | 204,635 | |
Samsung Electronics Co. Ltd. | 627,710 | 37,770 | |
242,405 | |||
TOTAL INFORMATION TECHNOLOGY | 1,521,213 | ||
MATERIALS - 1.7% | |||
Chemicals - 1.4% | |||
Albemarle Corp. U.S. (c) | 83,800 | 11,394 | |
DuPont de Nemours, Inc. | 47,800 | 3,032 | |
LG Chemical Ltd. | 27,640 | 19,947 | |
Sherwin-Williams Co. | 36,831 | 27,536 | |
61,909 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 116,200 | 10,573 | |
TOTAL MATERIALS | 72,482 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
Simon Property Group, Inc. | 232,800 | 19,222 | |
Real Estate Management & Development - 0.2% | |||
CBRE Group, Inc. (b) | 78,000 | 4,769 | |
KE Holdings, Inc. ADR (b) | 83,700 | 5,468 | |
10,237 | |||
TOTAL REAL ESTATE | 29,459 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,374,192) | 4,295,840 | ||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
Nuvation Bio, Inc. Series A (b)(d) | 951,500 | 1,599 | |
Health Care Technology - 0.1% | |||
Vor Biopharma, Inc. (d)(e) | 3,438,619 | 1,788 | |
TOTAL HEALTH CARE | 3,387 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (b)(d)(e) | 105,425 | 3 | |
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (d)(e) | 76,285 | 2,098 | |
Series C3 (d)(e) | 95,356 | 2,622 | |
4,720 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $7,290) | 8,110 | ||
Money Market Funds - 1.2% | |||
Fidelity Cash Central Fund 0.09% (f) | 8,751,599 | 8,753 | |
Fidelity Securities Lending Cash Central Fund 0.09% (f)(g) | 42,346,209 | 42,350 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $51,103) | 51,103 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $2,432,585) | 4,355,053 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (48,878) | ||
NET ASSETS - 100% | $4,306,175 |
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 $43,790,000 or 1.0% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) 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 $13,306,000 or 0.3% of net assets.
(e) Level 3 security
(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) |
AppNexus, Inc. Series E (Escrow) | 8/1/14 | $0 |
Blu Investments LLC | 5/21/20 | $21 |
Illuminated Holdings, Inc. Series C2 | 7/7/20 | $1,907 |
Illuminated Holdings, Inc. Series C3 | 7/7/20 | $2,861 |
MultiPlan Corp. | 10/8/20 | $7,313 |
MultiPlan Corp. warrants | 10/8/20 | $0 |
Nuvation Bio, Inc. Series A | 6/17/19 | $734 |
Vor Biopharma, Inc. | 6/30/20 | $1,788 |
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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $80 |
Fidelity Securities Lending Cash Central Fund | 602 |
Total | $682 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $664,270 | $527,738 | $136,532 | $-- |
Consumer Discretionary | 540,741 | 471,318 | 69,419 | 4 |
Consumer Staples | 163,521 | 117,513 | 46,008 | -- |
Energy | 59,918 | 9,347 | 50,571 | -- |
Financials | 132,219 | 129,527 | 2,692 | -- |
Health Care | 756,847 | 749,351 | 5,708 | 1,788 |
Industrials | 358,557 | 358,557 | -- | -- |
Information Technology | 1,521,216 | 1,509,438 | 11,775 | 3 |
Materials | 77,202 | 72,482 | -- | 4,720 |
Real Estate | 29,459 | 29,459 | -- | -- |
Money Market Funds | 51,103 | 51,103 | -- | -- |
Total Investments in Securities: | $4,355,053 | $4,025,833 | $322,705 | $6,515 |
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 | 83.1% |
Cayman Islands | 4.5% |
Netherlands | 2.9% |
India | 1.6% |
Korea (South) | 1.3% |
France | 1.0% |
Others (Individually Less Than 1%) | 5.6% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $43,776) — See accompanying schedule: Unaffiliated issuers (cost $2,381,482) | $4,303,950 | |
Fidelity Central Funds (cost $51,103) | 51,103 | |
Total Investment in Securities (cost $2,432,585) | $4,355,053 | |
Receivable for fund shares sold | 2,234 | |
Dividends receivable | 1,860 | |
Distributions receivable from Fidelity Central Funds | 14 | |
Prepaid expenses | 5 | |
Other receivables | 89 | |
Total assets | 4,359,255 | |
Liabilities | ||
Payable for investments purchased | $2,326 | |
Payable for fund shares redeemed | 2,178 | |
Accrued management fee | 1,863 | |
Distribution and service plan fees payable | 1,124 | |
Other affiliated payables | 636 | |
Other payables and accrued expenses | 2,608 | |
Collateral on securities loaned | 42,345 | |
Total liabilities | 53,080 | |
Net Assets | $4,306,175 | |
Net Assets consist of: | ||
Paid in capital | $1,913,926 | |
Total accumulated earnings (loss) | 2,392,249 | |
Net Assets | $4,306,175 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($1,476,920 ÷ 86,576.4 shares)(a) | $17.06 | |
Maximum offering price per share (100/94.25 of $17.06) | $18.10 | |
Class M: | ||
Net Asset Value and redemption price per share ($1,746,957 ÷ 105,253.4 shares)(a) | $16.60 | |
Maximum offering price per share (100/96.50 of $16.60) | $17.20 | |
Class C: | ||
Net Asset Value and offering price per share ($131,436 ÷ 9,494.6 shares)(a) | $13.84 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($770,445 ÷ 40,347.8 shares) | $19.10 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($180,417 ÷ 9,349.5 shares) | $19.30 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $22,696 | |
Income from Fidelity Central Funds (including $602 from security lending) | 682 | |
Total income | 23,378 | |
Expenses | ||
Management fee | $18,965 | |
Transfer agent fees | 5,834 | |
Distribution and service plan fees | 11,639 | |
Accounting fees | 988 | |
Custodian fees and expenses | 99 | |
Independent trustees' fees and expenses | 19 | |
Registration fees | 120 | |
Audit | 70 | |
Legal | 10 | |
Interest | 9 | |
Miscellaneous | 93 | |
Total expenses before reductions | 37,846 | |
Expense reductions | (196) | |
Total expenses after reductions | 37,650 | |
Net investment income (loss) | (14,272) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 525,887 | |
Fidelity Central Funds | 4 | |
Foreign currency transactions | (121) | |
Total net realized gain (loss) | 525,770 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,889) | 788,999 | |
Assets and liabilities in foreign currencies | 5 | |
Total change in net unrealized appreciation (depreciation) | 789,004 | |
Net gain (loss) | 1,314,774 | |
Net increase (decrease) in net assets resulting from operations | $1,300,502 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(14,272) | $(7,326) |
Net realized gain (loss) | 525,770 | 363,791 |
Change in net unrealized appreciation (depreciation) | 789,004 | 175,101 |
Net increase (decrease) in net assets resulting from operations | 1,300,502 | 531,566 |
Distributions to shareholders | (289,806) | (189,976) |
Share transactions - net increase (decrease) | 68,144 | (272,517) |
Total increase (decrease) in net assets | 1,078,840 | 69,073 |
Net Assets | ||
Beginning of period | 3,227,335 | 3,158,262 |
End of period | $4,306,175 | $3,227,335 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Equity Growth Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 A | 2017 A | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.07 | $11.84 | $12.26 | $9.61 | $9.88 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.05) | (.02) | (.01) | (.01) | (.02) |
Net realized and unrealized gain (loss) | 5.22 | 1.97 | .93 | 3.24 | (.01) |
Total from investment operations | 5.17 | 1.95 | .92 | 3.23 | (.03) |
Distributions from net realized gain | (1.18) | (.72) | (1.34) | (.58) | (.24) |
Total distributions | (1.18) | (.72) | (1.34) | (.58) | (.24) |
Net asset value, end of period | $17.06 | $13.07 | $11.84 | $12.26 | $9.61 |
Total ReturnC,D | 42.92% | 18.34% | 8.38% | 35.72% | (.39)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .99% | 1.01% | 1.02% | 1.03% | 1.05% |
Expenses net of fee waivers, if any | .99% | 1.01% | 1.01% | 1.03% | 1.05% |
Expenses net of all reductions | .99% | 1.01% | 1.01% | 1.03% | 1.05% |
Net investment income (loss) | (.33)% | (.16)% | (.09)% | (.12)% | (.25)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,477 | $1,049 | $865 | $843 | $803 |
Portfolio turnover rateG | 52% | 49%H | 37% | 48% | 60% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Growth Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 A | 2017 A | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.78 | $11.61 | $12.05 | $9.47 | $9.77 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.08) | (.05) | (.04) | (.04) | (.04) |
Net realized and unrealized gain (loss) | 5.08 | 1.94 | .91 | 3.20 | (.02) |
Total from investment operations | 5.00 | 1.89 | .87 | 3.16 | (.06) |
Distributions from net realized gain | (1.18) | (.72) | (1.31) | (.58) | (.24) |
Total distributions | (1.18) | (.72) | (1.31) | (.58) | (.24) |
Net asset value, end of period | $16.60 | $12.78 | $11.61 | $12.05 | $9.47 |
Total ReturnC,D | 42.54% | 18.18% | 8.07% | 35.41% | (.62)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.23% | 1.25% | 1.25% | 1.26% | 1.28% |
Expenses net of fee waivers, if any | 1.23% | 1.25% | 1.25% | 1.26% | 1.27% |
Expenses net of all reductions | 1.23% | 1.24% | 1.24% | 1.26% | 1.27% |
Net investment income (loss) | (.57)% | (.40)% | (.32)% | (.36)% | (.48)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,747 | $1,417 | $1,332 | $1,353 | $1,129 |
Portfolio turnover rateG | 52% | 49%H | 37% | 48% | 60% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Growth Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 A | 2017 A | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.90 | $10.07 | $10.63 | $8.47 | $8.80 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.13) | (.09) | (.09) | (.08) | (.08) |
Net realized and unrealized gain (loss) | 4.25 | 1.64 | .80 | 2.82 | (.01) |
Total from investment operations | 4.12 | 1.55 | .71 | 2.74 | (.09) |
Distributions from net realized gain | (1.18) | (.72) | (1.27) | (.58) | (.24) |
Total distributions | (1.18) | (.72) | (1.27) | (.58) | (.24) |
Net asset value, end of period | $13.84 | $10.90 | $10.07 | $10.63 | $8.47 |
Total ReturnC,D | 41.73% | 17.53% | 7.50% | 34.70% | (1.15)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.78% | 1.80% | 1.78% | 1.79% | 1.81% |
Expenses net of fee waivers, if any | 1.77% | 1.80% | 1.78% | 1.79% | 1.81% |
Expenses net of all reductions | 1.77% | 1.79% | 1.77% | 1.79% | 1.81% |
Net investment income (loss) | (1.12)% | (.95)% | (.85)% | (.89)% | (1.01)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $131 | $101 | $196 | $200 | $161 |
Portfolio turnover rateG | 52% | 49%H | 37% | 48% | 60% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Growth Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 A | 2017 A | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $14.46 | $12.98 | $13.32 | $10.36 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)B | (.01) | .01 | .02 | .02 | –C |
Net realized and unrealized gain (loss) | 5.83 | 2.19 | 1.01 | 3.52 | (.01) |
Total from investment operations | 5.82 | 2.20 | 1.03 | 3.54 | (.01) |
Distributions from net realized gain | (1.18) | (.72) | (1.37) | (.58) | (.24) |
Total distributions | (1.18) | (.72) | (1.37) | (.58) | (.24) |
Net asset value, end of period | $19.10 | $14.46 | $12.98 | $13.32 | $10.36 |
Total ReturnD | 43.32% | 18.68% | 8.65% | 36.08% | (.12)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .74% | .75% | .75% | .77% | .78% |
Expenses net of fee waivers, if any | .73% | .75% | .75% | .76% | .78% |
Expenses net of all reductions | .73% | .75% | .75% | .76% | .77% |
Net investment income (loss) | (.07)% | .10% | .17% | .14% | .02% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $770 | $548 | $679 | $677 | $434 |
Portfolio turnover rateG | 52% | 49%H | 37% | 48% | 60% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Growth Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 A | 2017 A | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $14.59 | $13.07 | $13.40 | $10.41 | $10.64 |
Income from Investment Operations | |||||
Net investment income (loss)B | .01 | .03 | .04 | .03 | .02 |
Net realized and unrealized gain (loss) | 5.88 | 2.21 | 1.02 | 3.54 | (.01) |
Total from investment operations | 5.89 | 2.24 | 1.06 | 3.57 | .01 |
Distributions from net realized gain | (1.18) | (.72) | (1.39) | (.58) | (.24) |
Total distributions | (1.18) | (.72) | (1.39) | (.58) | (.24) |
Net asset value, end of period | $19.30 | $14.59 | $13.07 | $13.40 | $10.41 |
Total ReturnC | 43.43% | 18.87% | 8.80% | 36.27% | .02% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .61% | .62% | .62% | .63% | .64% |
Expenses net of fee waivers, if any | .61% | .62% | .62% | .63% | .63% |
Expenses net of all reductions | .61% | .62% | .62% | .63% | .63% |
Net investment income (loss) | .05% | .23% | .30% | .28% | .16% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $180 | $112 | $87 | $59 | $33 |
Portfolio turnover rateF | 52% | 49%G | 37% | 48% | 60% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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.
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 | $43 |
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, 2020, 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 & 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, deferred trustees compensation, net operating losses 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 | $1,953,790 |
Gross unrealized depreciation | (34,880) |
Net unrealized appreciation (depreciation) | $1,918,910 |
Tax Cost | $2,436,143 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $19,204 |
Undistributed long-term capital gain | $456,686 |
Net unrealized appreciation (depreciation) on securities and other investments | $1,918,911 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Long-term Capital Gains | $289,806 | $ 189,976 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Growth Fund | 1,848,857 | 2,056,533 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% 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 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% | $2,996 | $86 |
Class M | .25% | .25% | 7,535 | 178 |
Class C | .75% | .25% | 1,108 | 127 |
$11,639 | $391 |
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 | $232 |
Class M | 28 |
Class C(a) | 12 |
$272 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $2,075 | .17 |
Class M | 2,452 | .16 |
Class C | 227 | .20 |
Class I | 1,022 | .16 |
Class Z | 58 | .04 |
$5,834 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Equity Growth Fund | .03 |
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 | $43 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $8,925 | .76% | $9 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 6,447 shares of the Fund were redeemed in-kind for investments and cash with a value of $87,354. The Fund had a net realized gain of $40,130 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $17.
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 as follows:
Amount | |
Fidelity Advisor Equity Growth Fund | $8 |
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 Income 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 | $60 | $2 | $– |
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 Equity Growth Fund | $6,370 | .59% | $–(a) |
(a) In the amount of less than five hundred dollars.
9. 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 $167 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, custodian credits reduced the Fund's expenses by $1.
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 $13.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $15 for an operational error which is included in the accompanying Statement of Operations.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $94,509 | $51,863 |
Class M | 130,485 | 82,195 |
Class C | 10,905 | 13,683 |
Class I | 44,885 | 37,411 |
Class Z | 9,022 | 4,824 |
Total | $289,806 | $189,976 |
11. 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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 12,402 | 15,045 | $169,105 | $176,639 |
Reinvestment of distributions | 7,084 | 4,812 | 88,264 | 48,074 |
Shares redeemed | (13,182) | (12,652) | (178,516) | (148,629) |
Net increase (decrease) | 6,304 | 7,205 | $78,853 | $76,084 |
Class M | ||||
Shares sold | 12,320 | 9,056 | $163,111 | $104,106 |
Reinvestment of distributions | 10,499 | 8,220 | 127,561 | 80,395 |
Shares redeemed | (28,497) | (21,083) | (372,328) | (243,349) |
Net increase (decrease) | (5,678) | (3,807) | $(81,656) | $(58,848) |
Class C | ||||
Shares sold | 2,208 | 2,475 | $24,218 | $23,916 |
Reinvestment of distributions | 1,040 | 1,605 | 10,589 | 13,465 |
Shares redeemed | (3,034) | (14,231) | (33,247) | (139,351) |
Net increase (decrease) | 214 | (10,151) | $1,560 | $(101,970) |
Class I | ||||
Shares sold | 14,257 | 10,757 | $221,694 | $139,214 |
Reinvestment of distributions | 2,963 | 3,224 | 41,212 | 35,532 |
Shares redeemed | (14,738) | (28,423)(a) | (222,116) | (373,732)(a) |
Net increase (decrease) | 2,482 | (14,442) | $40,790 | $(198,986) |
Class Z | ||||
Shares sold | 3,582 | 2,726 | $56,572 | $35,347 |
Reinvestment of distributions | 612 | 420 | 8,598 | 4,662 |
Shares redeemed | (2,498) | (2,127) | (36,573) | (28,806) |
Net increase (decrease) | 1,696 | 1,019 | $28,597 | $11,203 |
(a) Amount includes in-kind redemptions (see Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
12. 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.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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 Advisor Series I, including the schedule of investments, as of November 30, 2020, 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, 2020, 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, 2020, 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, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Equity Growth Fund | ||||
Class A | .99% | |||
Actual | $1,000.00 | $1,282.70 | $5.65 | |
Hypothetical-C | $1,000.00 | $1,020.05 | $5.00 | |
Class M | 1.23% | |||
Actual | $1,000.00 | $1,281.90 | $7.02 | |
Hypothetical-C | $1,000.00 | $1,018.85 | $6.21 | |
Class C | 1.77% | |||
Actual | $1,000.00 | $1,277.90 | $10.08 | |
Hypothetical-C | $1,000.00 | $1,016.15 | $8.92 | |
Class I | .73% | |||
Actual | $1,000.00 | $1,284.50 | $4.17 | |
Hypothetical-C | $1,000.00 | $1,021.35 | $3.69 | |
Class Z | .61% | |||
Actual | $1,000.00 | $1,285.80 | $3.49 | |
Hypothetical-C | $1,000.00 | $1,021.95 | $3.08 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Equity Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor Equity Growth Fund | |||
Class A | 12/30/20 | 12/29/20 | $1.911 |
Class M | 12/30/20 | 12/29/20 | $1.874 |
Class C | 12/30/20 | 12/29/20 | $1.830 |
Class I | 12/30/20 | 12/29/20 | $1.944 |
Class Z | 12/30/20 | 12/29/20 | $1.964 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $457,006,402, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 776,233,751.209 | 40.817 |
Against | 131,264,816.708 | 6.902 |
Abstain | 87,295,322.784 | 4.590 |
Broker Non-Vote | 906,961,296.840 | 47.691 |
TOTAL | 1,901,755,187.541 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
EPG-ANN-0121
1.539469.123
Fidelity Advisor® Equity Value Fund
November 30, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (0.39)% | 6.43% | 9.76% |
Class M (incl. 3.50% sales charge) | 1.68% | 6.66% | 9.74% |
Class C (incl. contingent deferred sales charge) | 3.78% | 6.86% | 9.56% |
Class I | 5.95% | 8.00% | 10.73% |
Class Z | 6.09% | 8.12% | 10.79% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Value Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959306_740.jpg)
Period Ending Values | ||
$25,371 | Fidelity Advisor® Equity Value Fund - Class A | |
$27,779 | Russell 3000® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Sean Gavin: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 5% to 6%, outperforming the 1.60% result of the benchmark Russell 3000® Value index. The top contributor to performance versus the benchmark was security selection in communication services. Stock picking and an overweighting in the consumer discretionary sector, primarily driven by the retailing industry, also bolstered performance. Also lifting the fund's relative result were stock picks in materials. Our non-benchmark stake in Vestas Wind Systems was the fund's top individual relative contributor, driven by a roughly 117% rise. Also boosting value was our overweighting in Newmont, which gained about 55%. Another notable relative contributor was our lighter-than-benchmark stake in Exxon Mobil (-22%), a position not held at period end. In contrast, the primary detractor from performance versus the benchmark was stock selection in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Weak picks in the consumer staples sector, especially within the food, beverage & tobacco industry, also hindered the fund's relative result. Also hurting the fund's relative performance were stock picks and an underweighting in the financials sector, primarily within the banks industry. The fund's biggest individual relative detractor was our outsized stake in Wells Fargo, which returned -55%. This is a position that was sold the past 12 months. Also hurting performance was an underweighting in Procter & Gamble, which gained 17%. This was a position we established the past year. Another notable relative detractor was an out-of-benchmark stake in BP (-55%). This was a position that was not held at the end of the period. Also, the fund’s foreign holdings detracted, despite the tailwind of a broadly weaker U.S. dollar. Notable changes in positioning include a higher allocation to the industrials and utilities sectors.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Berkshire Hathaway, Inc. Class B | 4.4 |
Comcast Corp. Class A | 3.3 |
Cigna Corp. | 2.3 |
Samsung Electronics Co. Ltd. | 2.2 |
Bristol-Myers Squibb Co. | 2.1 |
UnitedHealth Group, Inc. | 2.1 |
Bank of America Corp. | 2.0 |
Cisco Systems, Inc. | 2.0 |
Verizon Communications, Inc. | 2.0 |
Centene Corp. | 1.9 |
24.3 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Financials | 17.8 |
Health Care | 16.4 |
Communication Services | 11.7 |
Industrials | 10.8 |
Utilities | 10.7 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 98.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2% |
* Foreign investments – 16.8%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 96.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.7% | |||
Diversified Telecommunication Services - 2.0% | |||
Verizon Communications, Inc. | 39,800 | $2,404,318 | |
Entertainment - 0.5% | |||
Electronic Arts, Inc. | 2,400 | 306,600 | |
Lions Gate Entertainment Corp. Class B (a) | 33,603 | 301,755 | |
608,355 | |||
Interactive Media & Services - 2.7% | |||
Alphabet, Inc. Class A (a) | 1,309 | 2,296,510 | |
Facebook, Inc. Class A (a) | 3,700 | 1,024,789 | |
3,321,299 | |||
Media - 5.4% | |||
Comcast Corp. Class A | 81,596 | 4,099,383 | |
Fox Corp. Class A | 13,055 | 376,506 | |
Interpublic Group of Companies, Inc. | 70,986 | 1,581,568 | |
WPP PLC | 65,600 | 632,106 | |
6,689,563 | |||
Wireless Telecommunication Services - 1.1% | |||
T-Mobile U.S., Inc. | 10,547 | 1,402,118 | |
TOTAL COMMUNICATION SERVICES | 14,425,653 | ||
CONSUMER DISCRETIONARY - 7.3% | |||
Auto Components - 0.8% | |||
Lear Corp. | 7,087 | 1,013,087 | |
Household Durables - 0.8% | |||
Newell Brands, Inc. | 17,300 | 367,798 | |
Whirlpool Corp. | 3,300 | 642,213 | |
1,010,011 | |||
Multiline Retail - 1.0% | |||
Dollar General Corp. | 5,361 | 1,171,807 | |
Specialty Retail - 2.7% | |||
Best Buy Co., Inc. | 12,700 | 1,381,760 | |
Dick's Sporting Goods, Inc. | 8,600 | 488,566 | |
Lowe's Companies, Inc. | 7,100 | 1,106,322 | |
Williams-Sonoma, Inc. | 2,900 | 317,463 | |
3,294,111 | |||
Textiles, Apparel & Luxury Goods - 2.0% | |||
PVH Corp. | 20,015 | 1,590,992 | |
Tapestry, Inc. | 32,845 | 930,170 | |
2,521,162 | |||
TOTAL CONSUMER DISCRETIONARY | 9,010,178 | ||
CONSUMER STAPLES - 6.7% | |||
Beverages - 0.5% | |||
C&C Group PLC (United Kingdom) | 199,366 | 583,122 | |
Food & Staples Retailing - 1.9% | |||
Kroger Co. | 38,100 | 1,257,300 | |
U.S. Foods Holding Corp. (a) | 34,970 | 1,100,856 | |
2,358,156 | |||
Food Products - 1.5% | |||
Mondelez International, Inc. | 27,200 | 1,562,640 | |
Tyson Foods, Inc. Class A | 5,000 | 326,000 | |
1,888,640 | |||
Household Products - 2.1% | |||
Procter & Gamble Co. | 16,600 | 2,305,242 | |
Spectrum Brands Holdings, Inc. | 4,800 | 320,784 | |
2,626,026 | |||
Tobacco - 0.7% | |||
Altria Group, Inc. | 21,300 | 848,379 | |
TOTAL CONSUMER STAPLES | 8,304,323 | ||
ENERGY - 2.1% | |||
Energy Equipment & Services - 0.2% | |||
Hoegh LNG Partners LP | 20,346 | 271,009 | |
Oil, Gas & Consumable Fuels - 1.9% | |||
Cabot Oil & Gas Corp. | 34,800 | 609,696 | |
Golar LNG Partners LP | 24,167 | 66,943 | |
Parex Resources, Inc. (a) | 88,700 | 1,215,723 | |
Teekay LNG Partners LP | 41,433 | 490,981 | |
2,383,343 | |||
TOTAL ENERGY | 2,654,352 | ||
FINANCIALS - 17.8% | |||
Banks - 5.7% | |||
Bank of America Corp. | 88,400 | 2,489,344 | |
Cullen/Frost Bankers, Inc. | 3,900 | 327,249 | |
JPMorgan Chase & Co. | 13,700 | 1,614,956 | |
M&T Bank Corp. | 10,456 | 1,218,019 | |
PNC Financial Services Group, Inc. | 10,300 | 1,422,121 | |
7,071,689 | |||
Capital Markets - 1.3% | |||
Affiliated Managers Group, Inc. | 6,769 | 589,715 | |
BlackRock, Inc. Class A | 700 | 488,845 | |
Invesco Ltd. | 12,976 | 210,600 | |
State Street Corp. | 4,761 | 335,555 | |
1,624,715 | |||
Consumer Finance - 3.2% | |||
Capital One Financial Corp. | 19,244 | 1,648,056 | |
Discover Financial Services | 30,066 | 2,290,127 | |
3,938,183 | |||
Diversified Financial Services - 4.4% | |||
Berkshire Hathaway, Inc. Class B (a) | 23,603 | 5,402,965 | |
Insurance - 3.2% | |||
Allstate Corp. | 3,497 | 357,918 | |
American International Group, Inc. | 14,500 | 557,380 | |
Chubb Ltd. | 10,238 | 1,513,484 | |
The Travelers Companies, Inc. | 12,117 | 1,570,969 | |
3,999,751 | |||
TOTAL FINANCIALS | 22,037,303 | ||
HEALTH CARE - 16.4% | |||
Biotechnology - 3.1% | |||
Alexion Pharmaceuticals, Inc. (a) | 8,500 | 1,037,935 | |
Amgen, Inc. | 7,979 | 1,771,657 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,000 | 1,032,060 | |
3,841,652 | |||
Health Care Providers & Services - 8.9% | |||
Anthem, Inc. | 4,474 | 1,393,740 | |
Centene Corp. (a) | 38,597 | 2,379,505 | |
Cigna Corp. | 13,693 | 2,863,754 | |
CVS Health Corp. | 20,201 | 1,369,426 | |
Humana, Inc. | 1,178 | 471,813 | |
UnitedHealth Group, Inc. | 7,556 | 2,541,385 | |
11,019,623 | |||
Pharmaceuticals - 4.4% | |||
Bristol-Myers Squibb Co. | 41,352 | 2,580,365 | |
Bristol-Myers Squibb Co. rights (a) | 26,404 | 31,157 | |
Roche Holding AG (participation certificate) | 5,221 | 1,714,822 | |
Sanofi SA sponsored ADR | 23,122 | 1,160,724 | |
5,487,068 | |||
TOTAL HEALTH CARE | 20,348,343 | ||
INDUSTRIALS - 10.8% | |||
Air Freight & Logistics - 0.6% | |||
Deutsche Post AG | 9,000 | 434,144 | |
XPO Logistics, Inc. (a) | 3,200 | 341,376 | |
775,520 | |||
Building Products - 1.9% | |||
Carrier Global Corp. | 10,100 | 384,507 | |
Owens Corning | 12,900 | 940,023 | |
Trane Technologies PLC | 7,329 | 1,071,793 | |
2,396,323 | |||
Electrical Equipment - 2.1% | |||
Regal Beloit Corp. | 9,300 | 1,107,072 | |
Siemens Energy AG (a) | 5,350 | 158,270 | |
Vestas Wind Systems A/S | 6,232 | 1,270,166 | |
2,535,508 | |||
Industrial Conglomerates - 1.2% | |||
Siemens AG | 10,600 | 1,414,830 | |
Machinery - 3.2% | |||
ITT, Inc. | 8,900 | 646,407 | |
Oshkosh Corp. | 14,800 | 1,191,400 | |
Otis Worldwide Corp. | 9,950 | 666,053 | |
Pentair PLC | 11,900 | 616,658 | |
Stanley Black & Decker, Inc. | 4,400 | 810,964 | |
3,931,482 | |||
Trading Companies & Distributors - 1.8% | |||
Beacon Roofing Supply, Inc. (a) | 4,100 | 149,199 | |
HD Supply Holdings, Inc. (a) | 28,271 | 1,576,956 | |
United Rentals, Inc. (a) | 2,400 | 544,752 | |
2,270,907 | |||
TOTAL INDUSTRIALS | 13,324,570 | ||
INFORMATION TECHNOLOGY - 7.0% | |||
Communications Equipment - 2.1% | |||
Cisco Systems, Inc. | 57,025 | 2,453,216 | |
CommScope Holding Co., Inc. (a) | 12,900 | 152,865 | |
2,606,081 | |||
Electronic Equipment & Components - 1.5% | |||
TE Connectivity Ltd. | 15,892 | 1,811,211 | |
IT Services - 2.0% | |||
Amdocs Ltd. | 10,162 | 668,761 | |
Capgemini SA | 3,800 | 528,678 | |
Cognizant Technology Solutions Corp. Class A | 15,721 | 1,228,282 | |
2,425,721 | |||
Semiconductors & Semiconductor Equipment - 1.1% | |||
Broadcom, Inc. | 400 | 160,632 | |
NXP Semiconductors NV | 6,300 | 998,046 | |
ON Semiconductor Corp. (a) | 6,800 | 195,500 | |
1,354,178 | |||
Software - 0.3% | |||
Nortonlifelock, Inc. | 23,572 | 429,718 | |
TOTAL INFORMATION TECHNOLOGY | 8,626,909 | ||
MATERIALS - 3.7% | |||
Chemicals - 1.7% | |||
Albemarle Corp. U.S. | 6,700 | 910,999 | |
DuPont de Nemours, Inc. | 18,200 | 1,154,608 | |
2,065,607 | |||
Metals & Mining - 2.0% | |||
BHP Billiton Ltd. sponsored ADR | 2,200 | 122,738 | |
Lundin Mining Corp. | 107,500 | 859,205 | |
Newmont Corp. | 25,771 | 1,515,850 | |
2,497,793 | |||
TOTAL MATERIALS | 4,563,400 | ||
REAL ESTATE - 2.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
Simon Property Group, Inc. | 7,806 | 644,541 | |
Real Estate Management & Development - 1.9% | |||
CBRE Group, Inc. (a) | 38,428 | 2,349,488 | |
TOTAL REAL ESTATE | 2,994,029 | ||
UTILITIES - 10.7% | |||
Electric Utilities - 7.7% | |||
Duke Energy Corp. | 16,400 | 1,519,624 | |
Evergy, Inc. | 22,500 | 1,246,725 | |
Exelon Corp. | 38,194 | 1,568,628 | |
FirstEnergy Corp. | 3,400 | 90,304 | |
PG&E Corp. (a) | 121,200 | 1,539,240 | |
Portland General Electric Co. | 15,313 | 633,652 | |
PPL Corp. | 24,800 | 704,816 | |
Southern Co. | 37,724 | 2,257,781 | |
9,560,770 | |||
Gas Utilities - 0.7% | |||
Atmos Energy Corp. | 8,400 | 805,476 | |
Independent Power and Renewable Electricity Producers - 0.8% | |||
The AES Corp. | 13,200 | 269,808 | |
Vistra Corp. | 40,500 | 756,540 | |
1,026,348 | |||
Multi-Utilities - 1.5% | |||
Dominion Energy, Inc. | 14,800 | 1,161,652 | |
NiSource, Inc. | 25,900 | 626,780 | |
1,788,432 | |||
TOTAL UTILITIES | 13,181,026 | ||
TOTAL COMMON STOCKS | |||
(Cost $95,150,016) | 119,470,086 | ||
Nonconvertible Preferred Stocks - 2.2% | |||
INFORMATION TECHNOLOGY - 2.2% | |||
Technology Hardware, Storage & Peripherals - 2.2% | |||
Samsung Electronics Co. Ltd. | |||
(Cost $1,977,396) | 48,390 | 2,667,186 | |
Money Market Funds - 1.1% | |||
Fidelity Cash Central Fund 0.09% (b) | |||
(Cost $1,383,493) | 1,383,216 | 1,383,493 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $98,510,905) | 123,520,765 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 127,442 | ||
NET ASSETS - 100% | $123,648,207 |
Legend
(a) Non-income producing
(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
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 | $6,271 |
Fidelity Securities Lending Cash Central Fund | 123 |
Total | $6,394 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 | $14,425,653 | $13,793,547 | $632,106 | $-- |
Consumer Discretionary | 9,010,178 | 9,010,178 | -- | -- |
Consumer Staples | 8,304,323 | 7,721,201 | 583,122 | -- |
Energy | 2,654,352 | 2,654,352 | -- | -- |
Financials | 22,037,303 | 22,037,303 | -- | -- |
Health Care | 20,348,343 | 18,633,521 | 1,714,822 | -- |
Industrials | 13,324,570 | 10,047,160 | 3,277,410 | -- |
Information Technology | 11,294,095 | 10,765,417 | 528,678 | -- |
Materials | 4,563,400 | 4,563,400 | -- | -- |
Real Estate | 2,994,029 | 2,994,029 | -- | -- |
Utilities | 13,181,026 | 13,181,026 | -- | -- |
Money Market Funds | 1,383,493 | 1,383,493 | -- | -- |
Total Investments in Securities: | $123,520,765 | $116,784,627 | $6,736,138 | $-- |
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 | 83.2% |
Switzerland | 4.3% |
Korea (South) | 2.2% |
Canada | 1.9% |
Ireland | 1.9% |
Germany | 1.5% |
France | 1.3% |
Denmark | 1.0% |
Others (Individually Less Than 1%) | 2.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $97,127,412) | $122,137,272 | |
Fidelity Central Funds (cost $1,383,493) | 1,383,493 | |
Total Investment in Securities (cost $98,510,905) | $123,520,765 | |
Receivable for fund shares sold | 64,016 | |
Dividends receivable | 224,991 | |
Distributions receivable from Fidelity Central Funds | 91 | |
Prepaid expenses | 173 | |
Other receivables | 3,528 | |
Total assets | 123,813,564 | |
Liabilities | ||
Payable for fund shares redeemed | $31,831 | |
Accrued management fee | 60,846 | |
Transfer agent fee payable | 19,014 | |
Distribution and service plan fees payable | 33,557 | |
Other affiliated payables | 3,913 | |
Other payables and accrued expenses | 16,196 | |
Total liabilities | 165,357 | |
Net Assets | $123,648,207 | |
Net Assets consist of: | ||
Paid in capital | $104,414,570 | |
Total accumulated earnings (loss) | 19,233,637 | |
Net Assets | $123,648,207 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($67,290,815 ÷ 3,566,507 shares)(a) | $18.87 | |
Maximum offering price per share (100/94.25 of $18.87) | $20.02 | |
Class M: | ||
Net Asset Value and redemption price per share ($25,905,496 ÷ 1,374,232 shares)(a) | $18.85 | |
Maximum offering price per share (100/96.50 of $18.85) | $19.53 | |
Class C: | ||
Net Asset Value and offering price per share ($11,554,917 ÷ 630,288 shares)(a) | $18.33 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($16,290,541 ÷ 839,939 shares) | $19.39 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($2,606,438 ÷ 135,339 shares) | $19.26 |
(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
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $2,533,472 | |
Special dividends | 419,664 | |
Income from Fidelity Central Funds (including $123 from security lending) | 6,394 | |
Total income | 2,959,530 | |
Expenses | ||
Management fee | ||
Basic fee | $620,960 | |
Performance adjustment | (66,232) | |
Transfer agent fees | 233,130 | |
Distribution and service plan fees | 399,607 | |
Accounting fees | 45,469 | |
Custodian fees and expenses | 22,560 | |
Independent trustees' fees and expenses | 673 | |
Registration fees | 69,564 | |
Audit | 61,390 | |
Legal | 2,288 | |
Miscellaneous | 4,982 | |
Total expenses before reductions | 1,394,391 | |
Expense reductions | (20,992) | |
Total expenses after reductions | 1,373,399 | |
Net investment income (loss) | 1,586,131 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (6,521,998) | |
Fidelity Central Funds | (184) | |
Foreign currency transactions | (312) | |
Total net realized gain (loss) | (6,522,494) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,098) | 9,077,087 | |
Assets and liabilities in foreign currencies | 4,113 | |
Total change in net unrealized appreciation (depreciation) | 9,081,200 | |
Net gain (loss) | 2,558,706 | |
Net increase (decrease) in net assets resulting from operations | $4,144,837 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,586,131 | $3,266,981 |
Net realized gain (loss) | (6,522,494) | 23,116,891 |
Change in net unrealized appreciation (depreciation) | 9,081,200 | (10,584,737) |
Net increase (decrease) in net assets resulting from operations | 4,144,837 | 15,799,135 |
Distributions to shareholders | (6,894,201) | (18,933,474) |
Share transactions - net increase (decrease) | (12,517,702) | (101,653,211) |
Total increase (decrease) in net assets | (15,267,066) | (104,787,550) |
Net Assets | ||
Beginning of period | 138,915,273 | 243,702,823 |
End of period | $123,648,207 | $138,915,273 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Equity Value Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.81 | $18.77 | $18.84 | $16.46 | $15.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .24B | .26 | .26 | .21 | .17 |
Net realized and unrealized gain (loss) | .80 | 1.25 | (.16) | 2.30 | 1.00 |
Total from investment operations | 1.04 | 1.51 | .10 | 2.51 | 1.17 |
Distributions from net investment income | (.45) | (.28) | (.13) | (.13) | (.24)C |
Distributions from net realized gain | (.53) | (1.19) | (.05) | – | (.13)C |
Total distributions | (.98) | (1.47) | (.17)D | (.13) | (.37) |
Net asset value, end of period | $18.87 | $18.81 | $18.77 | $18.84 | $16.46 |
Total ReturnE,F | 5.68% | 9.75% | .53% | 15.35% | 7.75% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.11% | 1.00% | 1.00% | 1.10% | 1.19% |
Expenses net of fee waivers, if any | 1.10% | 1.00% | 1.00% | 1.09% | 1.19% |
Expenses net of all reductions | 1.09% | .99% | 1.00% | 1.08% | 1.19% |
Net investment income (loss) | 1.44%B | 1.47% | 1.39% | 1.18% | 1.08% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $67,291 | $71,916 | $67,457 | $81,229 | $77,787 |
Portfolio turnover rateI | 75% | 43%J | 33% | 42% | 46% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Value Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.79 | $18.73 | $18.80 | $16.43 | $15.62 |
Income from Investment Operations | |||||
Net investment income (loss)A | .20B | .21 | .21 | .16 | .12 |
Net realized and unrealized gain (loss) | .79 | 1.26 | (.16) | 2.30 | 1.01 |
Total from investment operations | .99 | 1.47 | .05 | 2.46 | 1.13 |
Distributions from net investment income | (.40) | (.23) | (.07) | (.09) | (.19)C |
Distributions from net realized gain | (.53) | (1.19) | (.05) | – | (.13)C |
Total distributions | (.93) | (1.41)D | (.12) | (.09) | (.32) |
Net asset value, end of period | $18.85 | $18.79 | $18.73 | $18.80 | $16.43 |
Total ReturnE,F | 5.37% | 9.51% | .25% | 15.02% | 7.49% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.37% | 1.26% | 1.27% | 1.36% | 1.46% |
Expenses net of fee waivers, if any | 1.36% | 1.26% | 1.27% | 1.35% | 1.46% |
Expenses net of all reductions | 1.35% | 1.26% | 1.26% | 1.35% | 1.45% |
Net investment income (loss) | 1.19%B | 1.21% | 1.12% | .91% | .81% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $25,905 | $28,791 | $30,030 | $38,976 | $38,565 |
Portfolio turnover rateI | 75% | 43%J | 33% | 42% | 46% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Value Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.29 | $18.25 | $18.33 | $16.04 | $15.27 |
Income from Investment Operations | |||||
Net investment income (loss)A | .10B | .12 | .11 | .07 | .05 |
Net realized and unrealized gain (loss) | .76 | 1.24 | (.16) | 2.24 | .98 |
Total from investment operations | .86 | 1.36 | (.05) | 2.31 | 1.03 |
Distributions from net investment income | (.29) | (.13) | – | (.02) | (.13)C |
Distributions from net realized gain | (.53) | (1.19) | (.03) | – | (.13)C |
Total distributions | (.82) | (1.32) | (.03) | (.02) | (.26) |
Net asset value, end of period | $18.33 | $18.29 | $18.25 | $18.33 | $16.04 |
Total ReturnD,E | 4.78% | 8.95% | (.29)% | 14.44% | 6.95% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.91% | 1.79% | 1.78% | 1.87% | 1.96% |
Expenses net of fee waivers, if any | 1.90% | 1.79% | 1.78% | 1.86% | 1.96% |
Expenses net of all reductions | 1.89% | 1.79% | 1.78% | 1.86% | 1.95% |
Net investment income (loss) | .64%B | .68% | .61% | .40% | .31% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $11,555 | $15,819 | $21,206 | $25,427 | $34,006 |
Portfolio turnover rateH | 75% | 43%I | 33% | 42% | 46% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Value Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.16 | $19.09 | $19.18 | $16.74 | $15.93 |
Income from Investment Operations | |||||
Net investment income (loss)A | .30B | .31 | .32 | .26 | .21 |
Net realized and unrealized gain (loss) | .81 | 1.28 | (.17) | 2.35 | 1.02 |
Total from investment operations | 1.11 | 1.59 | .15 | 2.61 | 1.23 |
Distributions from net investment income | (.35) | (.34) | (.19) | (.17) | (.29)C |
Distributions from net realized gain | (.53) | (1.19) | (.05) | – | (.13)C |
Total distributions | (.88) | (1.52)D | (.24) | (.17) | (.42) |
Net asset value, end of period | $19.39 | $19.16 | $19.09 | $19.18 | $16.74 |
Total ReturnE | 5.95% | 10.12% | .75% | 15.73% | 8.02% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .77% | .72% | .73% | .82% | .91% |
Expenses net of fee waivers, if any | .76% | .72% | .72% | .82% | .91% |
Expenses net of all reductions | .75% | .72% | .72% | .82% | .91% |
Net investment income (loss) | 1.78%B | 1.75% | 1.66% | 1.45% | 1.36% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $16,291 | $18,538 | $122,603 | $136,750 | $22,972 |
Portfolio turnover rateH | 75% | 43%I | 33% | 42% | 46% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
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 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Equity Value Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $19.18 | $19.12 | $19.20 | $17.46 |
Income from Investment Operations | ||||
Net investment income (loss)B | .32C | .33 | .34 | .24 |
Net realized and unrealized gain (loss) | .82 | 1.28 | (.16) | 1.50 |
Total from investment operations | 1.14 | 1.61 | .18 | 1.74 |
Distributions from net investment income | (.52) | (.37) | (.21) | – |
Distributions from net realized gain | (.53) | (1.19) | (.05) | – |
Total distributions | (1.06)D | (1.55)D | (.26) | – |
Net asset value, end of period | $19.26 | $19.18 | $19.12 | $19.20 |
Total ReturnE,F | 6.09% | 10.27% | .91% | 9.97% |
Ratios to Average Net AssetsG,H | ||||
Expenses before reductions | .70% | .58% | .59% | .69%I |
Expenses net of fee waivers, if any | .69% | .58% | .59% | .69%I |
Expenses net of all reductions | .68% | .58% | .58% | .68%I |
Net investment income (loss) | 1.86%C | 1.89% | 1.80% | 1.59%I |
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $2,606 | $3,852 | $2,406 | $581 |
Portfolio turnover rateJ | 75% | 43%K | 33% | 42% |
A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.
B Calculated based on average shares outstanding during the period.
C Net 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%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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. As of November 30, 2020, 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 foreign currency transactions, certain foreign taxes, 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 | $28,207,882 |
Gross unrealized depreciation | (3,534,059) |
Net unrealized appreciation (depreciation) | $24,673,823 |
Tax Cost | $98,846,942 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $1,149,105 |
Capital loss carryforward | $(6,592,692) |
Net unrealized appreciation (depreciation) on securities and other investments | $24,677,223 |
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.
No expiration | |
Short-term | $(2,171,223) |
Long-term | (4,421,469) |
Total capital loss carryforward | $(6,592,692) |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $3,002,890 | $ 3,727,381 |
Long-term Capital Gains | 3,891,311 | 15,206,093 |
Total | $6,894,201 | $ 18,933,474 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Value Fund | 86,938,512 | 102,178,760 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Class I of the Fund as compared to its benchmark index, the Russell 3000 Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .48% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $155,518 | $2,687 |
Class M | .25% | .25% | 120,920 | 1,979 |
Class C | .75% | .25% | 123,169 | 8,840 |
$399,607 | $13,506 |
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 | $12,362 |
Class M | 2,300 |
Class C(a) | 544 |
$15,206 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $130,260 | .21 |
Class M | 51,887 | .21 |
Class C | 31,342 | .25 |
Class I | 18,469 | .12 |
Class Z | 1,172 | .04 |
$233,130 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Equity Value Fund | .04 |
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 | $2,879 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 5,066,023 shares of the Fund were redeemed in-kind for investments and cash with a value of $91,298,847. The Fund had a net realized gain of $15,857,287 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,220.
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 as follows:
Amount | |
Fidelity Advisor Equity Value Fund | $291 |
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 Income 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 | $11 | $– | $– |
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 $11,274 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, custodian credits reduced the Fund's expenses by $10.
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 $558.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $9,150 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $3,759,647 | $5,220,713 |
Class M | 1,389,000 | 2,271,102 |
Class C | 686,184 | 1,505,420 |
Class I | 848,755 | 9,737,158 |
Class Z | 210,615 | 199,081 |
Total | $6,894,201 | $18,933,474 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 404,813 | 706,645 | $6,728,890 | $12,195,411 |
Reinvestment of distributions | 195,838 | 328,286 | 3,595,585 | 5,062,178 |
Shares redeemed | (856,402) | (806,687) | (13,656,866) | (13,913,663) |
Net increase (decrease) | (255,751) | 228,244 | $(3,332,391) | $3,343,926 |
Class M | ||||
Shares sold | 93,950 | 154,552 | $1,515,259 | $2,634,157 |
Reinvestment of distributions | 74,509 | 145,711 | 1,370,213 | 2,248,322 |
Shares redeemed | (326,419) | (371,205) | (5,334,827) | (6,347,420) |
Net increase (decrease) | (157,960) | (70,942) | $(2,449,355) | $(1,464,941) |
Class C | ||||
Shares sold | 95,407 | 175,881 | $1,552,348 | $2,938,116 |
Reinvestment of distributions | 37,097 | 96,159 | 666,633 | 1,452,001 |
Shares redeemed | (367,217) | (568,894) | (5,908,459) | (9,543,988) |
Net increase (decrease) | (234,713) | (296,854) | $(3,689,478) | $(5,153,871) |
Class I | ||||
Shares sold | 136,802 | 886,122 | $2,250,542 | $15,260,551 |
Reinvestment of distributions | 40,391 | 583,943 | 760,152 | 9,144,546 |
Shares redeemed | (304,984) | (6,923,103)(a) | (4,914,087) | (124,061,130)(a) |
Net increase (decrease) | (127,791) | (5,453,038) | $(1,903,393) | $(99,656,033) |
Class Z | ||||
Shares sold | 40,256 | 90,632 | $640,402 | $1,579,109 |
Reinvestment of distributions | 9,538 | 10,508 | 178,071 | 164,552 |
Shares redeemed | (115,287) | (26,132) | (1,961,558) | (465,953) |
Net increase (decrease) | (65,493) | 75,008 | $(1,143,085) | $1,277,708 |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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 Advisor Series I, including the schedule of investments, as of November 30, 2020, 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, 2020, 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, 2020, 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 12, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Equity Value Fund | ||||
Class A | 1.11% | |||
Actual | $1,000.00 | $1,206.50 | $6.12 | |
Hypothetical-C | $1,000.00 | $1,019.45 | $5.60 | |
Class M | 1.37% | |||
Actual | $1,000.00 | $1,204.50 | $7.55 | |
Hypothetical-C | $1,000.00 | $1,018.15 | $6.91 | |
Class C | 1.91% | |||
Actual | $1,000.00 | $1,201.20 | $10.51 | |
Hypothetical-C | $1,000.00 | $1,015.45 | $9.62 | |
Class I | .79% | |||
Actual | $1,000.00 | $1,207.30 | $4.36 | |
Hypothetical-C | $1,000.00 | $1,021.05 | $3.99 | |
Class Z | .70% | |||
Actual | $1,000.00 | $1,208.30 | $3.86 | |
Hypothetical-C | $1,000.00 | $1,021.50 | $3.54 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
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% 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 38,562,108.345 | 57.132 |
Against | 6,712,842.364 | 9.946 |
Abstain | 1,093,683.705 | 1.620 |
Broker Non-Vote | 21,127,458.470 | 31.302 |
TOTAL | 67,496,092.884 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
AEV-ANN-0121
1.767075.119
Fidelity Advisor® Growth Opportunities Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 53.74% | 26.14% | 20.79% |
Class M (incl. 3.50% sales charge) | 57.02% | 26.44% | 20.81% |
Class C (incl. contingent deferred sales charge) | 60.89% | 26.68% | 20.60% |
Class I | 63.52% | 27.98% | 21.85% |
Class Z | 63.72% | 28.15% | 21.97% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth Opportunities Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959731_740.jpg)
Period Ending Values | ||
$66,107 | Fidelity Advisor® Growth Opportunities Fund - Class A | |
$49,355 | Russell 1000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Kyle Weaver: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 62% to 64%, outperforming the 36.40% result of the benchmark Russell 1000 Growth index. The top contributor to performance versus the benchmark was stock picks in consumer discretionary, especially in the retailing industry. Strong choices in the information technology sector, primarily driven by the software & services industry, also helped. Also bolstering the fund's relative result was stock selection in the communication services sector, especially within media & entertainment. The fund's top individual relative contributor was an overweighting in Carvana, which gained roughly 169% the past year. The company was among our biggest holdings. The fund's non-benchmark stake in Sea gained 392%. Another key contributor was our out-of-benchmark position in Pinduoduo (+287%). In contrast, the primary detractor from performance versus the benchmark was an overweighting in the lagging energy sector. Stock selection in consumer staples and an underweighting in information technology also hurt relative performance. The fund's largest individual relative detractor was our lighter-than-benchmark stake in Apple, which gained 80% the past 12 months. Despite the underweighting, the company was among the fund's biggest holdings. Also hampering performance was our outsized stake in LendingTree, which returned -29%. The fund's non-benchmark stake in JUUL Labs returned -55%.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp. | 7.6 |
Amazon.com, Inc. | 5.5 |
Apple, Inc. | 3.9 |
Alphabet, Inc. Class C | 3.5 |
Tesla, Inc. | 3.3 |
Facebook, Inc. Class A | 3.1 |
Roku, Inc. Class A | 2.3 |
Carvana Co. Class A | 2.2 |
NVIDIA Corp. | 2.2 |
T-Mobile U.S., Inc. | 1.9 |
35.5 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 38.1 |
Consumer Discretionary | 18.2 |
Communication Services | 17.3 |
Health Care | 13.3 |
Industrials | 4.2 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 98.1% | |
Convertible Securities | 1.1% | |
Other Investments | 0.8% |
* Foreign investments – 14.4%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 17.3% | |||
Entertainment - 6.0% | |||
Activision Blizzard, Inc. | 1,021,280 | $81,171 | |
Netflix, Inc. (a) | 494,500 | 242,651 | |
Roku, Inc. Class A (a) | 1,432,920 | 420,662 | |
Sea Ltd. ADR (a)(b) | 1,689,384 | 304,714 | |
The Walt Disney Co. | 358,973 | 53,132 | |
1,102,330 | |||
Interactive Media & Services - 9.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 130,258 | 228,525 | |
Class C (a) | 366,839 | 645,908 | |
Facebook, Inc. Class A (a) | 2,035,485 | 563,768 | |
InterActiveCorp (a) | 117,500 | 16,684 | |
Match Group, Inc. (a) | 253,612 | 35,305 | |
Snap, Inc. Class A (a) | 1,169,100 | 51,931 | |
Zoominfo Technologies, Inc. (b) | 2,584,600 | 132,461 | |
1,674,582 | |||
Media - 0.3% | |||
Comcast Corp. Class A | 1,289,592 | 64,789 | |
Wireless Telecommunication Services - 1.9% | |||
T-Mobile U.S., Inc. | 2,689,325 | 357,519 | |
TOTAL COMMUNICATION SERVICES | 3,199,220 | ||
CONSUMER DISCRETIONARY - 17.9% | |||
Automobiles - 3.4% | |||
DiamondPeak Holdings Corp. (c) | 828,055 | 19,352 | |
Neutron Holdings, Inc. warrants (a)(c)(d) | 474,927 | 0 | |
Tesla, Inc. (a) | 1,081,280 | 613,735 | |
633,087 | |||
Diversified Consumer Services - 0.2% | |||
Arco Platform Ltd. Class A (a) | 695,128 | 30,412 | |
FSN Ecommerce Ventures Pvt Ltd. (c)(d) | 77,510 | 6,347 | |
36,759 | |||
Household Durables - 0.2% | |||
Purple Innovation, Inc. (a) | 1,445,100 | 43,093 | |
Internet & Direct Marketing Retail - 10.6% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 960,223 | 252,884 | |
Amazon.com, Inc. (a) | 322,767 | 1,022,539 | |
Chewy, Inc. (a)(b) | 1,039,100 | 80,613 | |
Etsy, Inc. (a) | 181,500 | 29,167 | |
HelloFresh AG (a) | 449,700 | 26,538 | |
MercadoLibre, Inc. (a) | 64,289 | 99,862�� | |
Pinduoduo, Inc. ADR (a) | 2,348,716 | 326,025 | |
The Booking Holdings, Inc. (a) | 27,931 | 56,657 | |
THG Holdings Ltd. | 591,400 | 4,938 | |
Wayfair LLC Class A (a) | 223,814 | 56,929 | |
1,956,152 | |||
Leisure Products - 0.5% | |||
Peloton Interactive, Inc. Class A (a) | 726,400 | 84,517 | |
Specialty Retail - 2.8% | |||
Carvana Co. Class A (a)(b) | 1,625,812 | 406,794 | |
Cazoo Holdings Ltd. (c)(d) | 128,891 | 1,826 | |
Floor & Decor Holdings, Inc. Class A (a) | 446,482 | 35,759 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 32,000 | 9,258 | |
Shift Technologies, Inc. (c) | 1,679,100 | 14,978 | |
Shift Technologies, Inc. Class A (a)(b) | 1,193,283 | 11,205 | |
Vroom, Inc. (b) | 739,800 | 26,529 | |
506,349 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Allbirds, Inc. (a)(c)(d) | 23,730 | 274 | |
Deckers Outdoor Corp. (a) | 14,000 | 3,564 | |
lululemon athletica, Inc. (a) | 100,410 | 37,174 | |
41,012 | |||
TOTAL CONSUMER DISCRETIONARY | 3,300,969 | ||
CONSUMER STAPLES - 1.5% | |||
Beverages - 0.0% | |||
Boston Beer Co., Inc. Class A (a) | 3,700 | 3,444 | |
Food & Staples Retailing - 1.3% | |||
Costco Wholesale Corp. | 438,100 | 171,634 | |
Performance Food Group Co. (a) | 1,226,247 | 53,195 | |
Walmart, Inc. | 110,800 | 16,929 | |
241,758 | |||
Food Products - 0.2% | |||
Beyond Meat, Inc. (a)(b) | 176,744 | 24,726 | |
Freshpet, Inc. (a) | 99,500 | 13,620 | |
38,346 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(c)(d) | 2,772 | 178 | |
TOTAL CONSUMER STAPLES | 283,726 | ||
ENERGY - 1.1% | |||
Oil, Gas & Consumable Fuels - 1.1% | |||
Reliance Industries Ltd. | 497,403 | 7,014 | |
Reliance Industries Ltd. | 7,461,049 | 193,081 | |
200,095 | |||
FINANCIALS - 2.0% | |||
Capital Markets - 0.4% | |||
London Stock Exchange Group PLC | 427,252 | 46,080 | |
MSCI, Inc. | 19,079 | 7,811 | |
XP, Inc. Class A (a) | 678,336 | 27,819 | |
81,710 | |||
Consumer Finance - 1.3% | |||
American Express Co. | 147,100 | 17,445 | |
Capital One Financial Corp. | 691,500 | 59,220 | |
LendingTree, Inc. (a)(b) | 382,588 | 97,782 | |
Synchrony Financial | 1,988,500 | 60,590 | |
235,037 | |||
Diversified Financial Services - 0.2% | |||
Novus Capital Corp. (a) | 156,900 | 2,008 | |
Triterras, Inc. (a) | 2,126,891 | 25,331 | |
27,339 | |||
Insurance - 0.1% | |||
Goosehead Insurance | 152,100 | 18,725 | |
Palomar Holdings, Inc. (a) | 34,800 | 2,300 | |
21,025 | |||
TOTAL FINANCIALS | 365,111 | ||
HEALTH CARE - 13.3% | |||
Biotechnology - 4.5% | |||
AbbVie, Inc. | 207,700 | 21,721 | |
ACADIA Pharmaceuticals, Inc. (a) | 595,700 | 33,752 | |
Acceleron Pharma, Inc. (a) | 89,200 | 10,532 | |
ADC Therapeutics SA (a) | 240,774 | 8,983 | |
Alexion Pharmaceuticals, Inc. (a) | 709,421 | 86,627 | |
Alnylam Pharmaceuticals, Inc. (a) | 211,035 | 27,416 | |
Applied Therapeutics, Inc. (a) | 199,900 | 4,630 | |
Arcutis Biotherapeutics, Inc. (a) | 188,300 | 5,107 | |
Argenx SE ADR (a) | 28,529 | 8,183 | |
Ascendis Pharma A/S sponsored ADR (a) | 67,662 | 11,417 | |
BeiGene Ltd. (a) | 127,913 | 2,726 | |
Black Diamond Therapeutics, Inc. (a) | 47,900 | 1,597 | |
Crinetics Pharmaceuticals, Inc. (a) | 570,461 | 7,627 | |
Exelixis, Inc. (a) | 186,500 | 3,573 | |
FibroGen, Inc. (a) | 893,401 | 36,906 | |
Forma Therapeutics Holdings, Inc. | 59,600 | 2,607 | |
Fusion Pharmaceuticals, Inc. (a) | 141,767 | 1,915 | |
G1 Therapeutics, Inc. (a) | 95,316 | 1,740 | |
Global Blood Therapeutics, Inc. (a) | 65,300 | 2,998 | |
Gritstone Oncology, Inc. (a) | 875,708 | 2,671 | |
Insmed, Inc. (a) | 1,726,919 | 67,367 | |
Intercept Pharmaceuticals, Inc. (a) | 521,872 | 18,532 | |
Keros Therapeutics, Inc. | 277,800 | 21,004 | |
Kymera Therapeutics, Inc. (a) | 24,300 | 1,133 | |
Moderna, Inc. (a) | 398,300 | 60,836 | |
Morphic Holding, Inc. (a) | 208,036 | 6,526 | |
Neurocrine Biosciences, Inc. (a) | 766,702 | 72,791 | |
Novavax, Inc. (a) | 101,900 | 14,215 | |
ORIC Pharmaceuticals, Inc. (a) | 81,899 | 2,777 | |
Passage Bio, Inc. | 291,200 | 5,973 | |
Poseida Therapeutics, Inc. (a) | 61,100 | 709 | |
Prelude Therapeutics, Inc. | 67,000 | 3,448 | |
Protagonist Therapeutics, Inc. (a) | 61,900 | 1,496 | |
PTC Therapeutics, Inc. (a) | 58,900 | 3,685 | |
Regeneron Pharmaceuticals, Inc. (a) | 294,353 | 151,895 | |
Relay Therapeutics, Inc. (a) | 58,700 | 3,129 | |
Repare Therapeutics, Inc. | 22,200 | 663 | |
Revolution Medicines, Inc. | 511,000 | 22,295 | |
Sage Therapeutics, Inc. (a) | 53,547 | 3,967 | |
Sarepta Therapeutics, Inc. (a) | 274,493 | 38,665 | |
TG Therapeutics, Inc. (a) | 102,200 | 2,999 | |
Vaxcyte, Inc. | 268,600 | 8,622 | |
Viela Bio, Inc. (a) | 237,700 | 9,113 | |
Zentalis Pharmaceuticals, Inc. | 545,300 | 27,788 | |
Zymeworks, Inc. (a) | 77,800 | 4,096 | |
836,452 | |||
Health Care Equipment & Supplies - 3.2% | |||
Becton, Dickinson & Co. | 251,400 | 59,039 | |
Boston Scientific Corp. (a) | 3,215,674 | 106,600 | |
Danaher Corp. | 300,800 | 67,569 | |
DexCom, Inc. (a) | 192,026 | 61,387 | |
Hologic, Inc. (a) | 320,800 | 22,177 | |
Insulet Corp. (a) | 146,810 | 37,834 | |
Intuitive Surgical, Inc. (a) | 34,657 | 25,163 | |
Masimo Corp. (a) | 87,826 | 22,351 | |
Novocure Ltd. (a) | 381,324 | 47,913 | |
Outset Medical, Inc. | 82,900 | 5,306 | |
Penumbra, Inc. (a) | 171,663 | 38,092 | |
SmileDirectClub, Inc. (a)(b) | 5,600,828 | 68,890 | |
TransMedics Group, Inc. (a)(e) | 2,103,279 | 31,276 | |
593,597 | |||
Health Care Providers & Services - 4.3% | |||
1Life Healthcare, Inc. (a) | 3,980,163 | 130,828 | |
Centene Corp. (a) | 1,549,144 | 95,505 | |
Cigna Corp. | 423,405 | 88,551 | |
Humana, Inc. | 301,560 | 120,781 | |
Oak Street Health, Inc. (a)(b) | 1,390,700 | 65,599 | |
UnitedHealth Group, Inc. | 836,667 | 281,405 | |
782,669 | |||
Health Care Technology - 0.3% | |||
GoodRx Holdings, Inc. (b) | 639,800 | 24,120 | |
Inspire Medical Systems, Inc. (a) | 145,400 | 27,007 | |
Veeva Systems, Inc. Class A (a) | 23,900 | 6,617 | |
57,744 | |||
Life Sciences Tools & Services - 0.3% | |||
10X Genomics, Inc. (a) | 38,840 | 5,947 | |
Bruker Corp. | 335,445 | 16,977 | |
Sartorius Stedim Biotech | 86,300 | 31,117 | |
Sotera Health Co. | 318,300 | 8,613 | |
62,654 | |||
Pharmaceuticals - 0.7% | |||
AstraZeneca PLC sponsored ADR | 292,575 | 15,489 | |
Bristol-Myers Squibb Co. rights (a) | 125,816 | 148 | |
Horizon Therapeutics PLC (a) | 186,300 | 13,121 | |
IMARA, Inc. | 246,819 | 6,296 | |
Intra-Cellular Therapies, Inc. (a) | 132,600 | 3,135 | |
Nabriva Therapeutics PLC (a)(b)(e) | 11,265,029 | 4,810 | |
Nabriva Therapeutics PLC warrants 6/1/22 (a) | 6,814,048 | 195 | |
Nektar Therapeutics (a) | 1,220,771 | 20,008 | |
Roche Holding AG (participation certificate) | 167,740 | 55,094 | |
Theravance Biopharma, Inc. (a) | 172,927 | 2,869 | |
121,165 | |||
TOTAL HEALTH CARE | 2,454,281 | ||
INDUSTRIALS - 4.0% | |||
Aerospace & Defense - 0.3% | |||
Axon Enterprise, Inc. (a) | 226,500 | 28,469 | |
Northrop Grumman Corp. | 70,516 | 21,314 | |
49,783 | |||
Building Products - 0.1% | |||
The AZEK Co., Inc. | 233,100 | 8,326 | |
Electrical Equipment - 0.8% | |||
Sunrun, Inc. (a) | 1,495,272 | 95,817 | |
Vestas Wind Systems A/S | 294,160 | 59,954 | |
155,771 | |||
Professional Services - 0.5% | |||
Boa Vista Servicos SA (a) | 3,492,200 | 8,018 | |
Clarivate Analytics PLC (a) | 1,689,900 | 46,371 | |
TransUnion Holding Co., Inc. | 473,496 | 43,131 | |
97,520 | |||
Road & Rail - 2.3% | |||
Lyft, Inc. (a) | 2,832,913 | 108,132 | |
Uber Technologies, Inc. (a) | 6,361,981 | 315,936 | |
424,068 | |||
TOTAL INDUSTRIALS | 735,468 | ||
INFORMATION TECHNOLOGY - 37.8% | |||
Electronic Equipment & Components - 0.7% | |||
CDW Corp. | 88,800 | 11,588 | |
Flextronics International Ltd. (a) | 2,055,400 | 33,359 | |
II-VI, Inc. (a) | 875,800 | 59,248 | |
Jabil, Inc. | 539,500 | 20,620 | |
124,815 | |||
IT Services - 7.2% | |||
Alliance Data Systems Corp. | 357,300 | 26,133 | |
EPAM Systems, Inc. (a) | 70,473 | 22,716 | |
Fidelity National Information Services, Inc. | 417,646 | 61,983 | |
Genpact Ltd. | 868,658 | 35,311 | |
Global Payments, Inc. | 638,612 | 124,651 | |
GoDaddy, Inc. (a) | 2,051,004 | 163,137 | |
MasterCard, Inc. Class A | 346,712 | 116,672 | |
MongoDB, Inc. Class A (a) | 180,212 | 51,777 | |
Nuvei Corp. (a)(f) | 48,600 | 2,284 | |
PayPal Holdings, Inc. (a) | 576,677 | 123,478 | |
Repay Holdings Corp. (a) | 818,800 | 19,758 | |
Riskified Ltd. (a)(c)(d) | 641,425 | 7,376 | |
Riskified Ltd. warrants (a)(c)(d) | 818 | 0 | |
Snowflake Computing, Inc. | 5,700 | 1,857 | |
Snowflake Computing, Inc. Class B | 6,644 | 1,948 | |
Square, Inc. (a) | 327,300 | 69,047 | |
Twilio, Inc. Class A (a) | 506,891 | 162,251 | |
Visa, Inc. Class A | 726,761 | 152,874 | |
Wix.com Ltd. (a) | 691,646 | 176,667 | |
1,319,920 | |||
Semiconductors & Semiconductor Equipment - 8.6% | |||
Applied Materials, Inc. | 1,493,401 | 123,176 | |
Array Technologies, Inc. | 932,600 | 42,508 | |
Cirrus Logic, Inc. (a) | 75,400 | 6,040 | |
Enphase Energy, Inc. (a) | 463,000 | 63,232 | |
Inphi Corp. (a) | 117,200 | 18,181 | |
Lam Research Corp. | 260,476 | 117,907 | |
Marvell Technology Group Ltd. | 2,115,879 | 97,944 | |
Micron Technology, Inc. (a) | 4,502,472 | 288,563 | |
NVIDIA Corp. | 755,468 | 404,976 | |
NXP Semiconductors NV | 1,626,472 | 257,666 | |
ON Semiconductor Corp. (a) | 2,619,761 | 75,318 | |
Semtech Corp. (a) | 119,300 | 8,049 | |
SolarEdge Technologies, Inc. (a) | 252,160 | 70,095 | |
Universal Display Corp. | 57,500 | 13,170 | |
1,586,825 | |||
Software - 17.1% | |||
Adobe, Inc. (a) | 362,730 | 173,555 | |
Anaplan, Inc. (a) | 679,800 | 47,579 | |
Autodesk, Inc. (a) | 287,565 | 80,584 | |
Bill.Com Holdings, Inc. (a) | 16,300 | 2,000 | |
Cerence, Inc. (a)(b) | 240,400 | 21,816 | |
Ceridian HCM Holding, Inc. (a) | 82,300 | 7,935 | |
Cloudflare, Inc. (a) | 368,441 | 27,663 | |
Coupa Software, Inc. (a) | 148,498 | 48,842 | |
Datadog, Inc. Class A (a) | 41,600 | 4,115 | |
Digital Turbine, Inc. (a) | 3,322,800 | 149,460 | |
DocuSign, Inc. (a) | 195,378 | 44,523 | |
Dynatrace, Inc. (a) | 2,666,900 | 101,396 | |
Elastic NV (a) | 505,240 | 62,549 | |
Epic Games, Inc. (c)(d) | 13,300 | 7,648 | |
Everbridge, Inc. (a) | 68,500 | 8,695 | |
HubSpot, Inc. (a) | 312,749 | 123,326 | |
Intuit, Inc. | 322,608 | 113,564 | |
Lightspeed POS, Inc. | 477,000 | 24,828 | |
Lightspeed POS, Inc. (Canada) (a) | 2,242,973 | 116,630 | |
Microsoft Corp. | 6,585,415 | 1,409,738 | |
RingCentral, Inc. (a) | 58,191 | 17,286 | |
Salesforce.com, Inc. (a) | 1,184,438 | 291,135 | |
ServiceNow, Inc. (a) | 213,958 | 114,371 | |
The Trade Desk, Inc. (a) | 33,351 | 30,052 | |
Workday, Inc. Class A (a) | 373,072 | 83,863 | |
Zendesk, Inc. (a) | 154,000 | 20,559 | |
Zoom Video Communications, Inc. Class A (a) | 61,100 | 29,228 | |
3,162,940 | |||
Technology Hardware, Storage & Peripherals - 4.2% | |||
Apple, Inc. | 6,037,160 | 718,724 | |
Samsung Electronics Co. Ltd. | 1,063,600 | 63,997 | |
782,721 | |||
TOTAL INFORMATION TECHNOLOGY | 6,977,221 | ||
MATERIALS - 0.9% | |||
Chemicals - 0.9% | |||
LG Chemical Ltd. | 154,022 | 111,155 | |
The Chemours Co. LLC | 1,894,892 | 46,103 | |
157,258 | |||
REAL ESTATE - 0.8% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
American Tower Corp. | 380,703 | 88,019 | |
Crown Castle International Corp. | 40,000 | 6,703 | |
94,722 | |||
Real Estate Management & Development - 0.3% | |||
KE Holdings, Inc. ADR (a) | 314,600 | 20,553 | |
Redfin Corp. (a) | 566,604 | 27,135 | |
47,688 | |||
TOTAL REAL ESTATE | 142,410 | ||
UTILITIES - 1.4% | |||
Electric Utilities - 1.3% | |||
American Electric Power Co., Inc. | 87,900 | 7,462 | |
Edison International | 1,467,421 | 90,041 | |
Evergy, Inc. | 147,600 | 8,179 | |
FirstEnergy Corp. | 772,600 | 20,520 | |
NextEra Energy, Inc. | 584,312 | 43,000 | |
ORSTED A/S (f) | 436,356 | 78,512 | |
247,714 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Brookfield Renewable Corp. | 254,100 | 19,937 | |
TOTAL UTILITIES | 267,651 | ||
TOTAL COMMON STOCKS | |||
(Cost $10,223,472) | 18,083,410 | ||
Preferred Stocks - 1.2% | |||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series D (a)(c)(d) | 1,493,700 | 2,136 | |
CONSUMER DISCRETIONARY - 0.2% | |||
Automobiles - 0.1% | |||
Rivian Automotive, Inc. Series E (c)(d) | 1,336,833 | 20,708 | |
Internet & Direct Marketing Retail - 0.1% | |||
Instacart, Inc. Series H (c)(d) | 267,054 | 16,023 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (a)(c)(d) | 9,365 | 108 | |
Series B (a)(c)(d) | 1,645 | 19 | |
Series C (a)(c)(d) | 15,730 | 182 | |
Series Seed (a)(c)(d) | 5,030 | 58 | |
367 | |||
TOTAL CONSUMER DISCRETIONARY | 37,098 | ||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.0% | |||
Blink Health LLC Series C (c)(d) | 143,212 | 5,468 | |
Sweetgreen, Inc.: | |||
Series C (a)(c)(d) | 3,842 | 57 | |
Series D (a)(c)(d) | 61,801 | 918 | |
Series I (a)(c)(d) | 145,657 | 2,163 | |
8,606 | |||
Tobacco - 0.2% | |||
JUUL Labs, Inc.: | |||
Series C (a)(c)(d) | 566,439 | 36,337 | |
Series D (a)(c)(d) | 3,671 | 235 | |
36,572 | |||
TOTAL CONSUMER STAPLES | 45,178 | ||
FINANCIALS - 0.2% | |||
Diversified Financial Services - 0.2% | |||
Alkami Technology, Inc. Series F (c)(d) | 899,637 | 14,394 | |
Sonder Holdings, Inc.: | |||
Series D1 (c)(d) | 126,152 | 1,358 | |
Series E (c)(d) | 757,018 | 8,151 | |
23,903 | |||
Insurance - 0.0% | |||
Clover Health Series D (a)(c) | 282,226 | 5,148 | |
TOTAL FINANCIALS | 29,051 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Nuvation Bio, Inc. Series A (a)(c) | 1,839,200 | 3,090 | |
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp.: | |||
Series I (a)(c)(d) | 16,438 | 4,438 | |
Series N (c)(d) | 51,400 | 13,878 | |
18,316 | |||
Road & Rail - 0.1% | |||
Convoy, Inc. Series D (a)(c)(d) | 1,038,289 | 15,927 | |
TOTAL INDUSTRIALS | 34,243 | ||
INFORMATION TECHNOLOGY - 0.3% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (c)(d)(g) | 116,411 | 12,756 | |
Riskified Ltd. Series E (a)(c)(d) | 97,500 | 1,121 | |
Yanka Industries, Inc. Series E (c)(d) | 341,047 | 4,120 | |
17,997 | |||
Software - 0.2% | |||
ACV Auctions, Inc.: | |||
Series E (a)(c)(d) | 2,543,049 | 15,065 | |
Series E1 (c)(d) | 701,600 | 4,156 | |
DoubleVerify, Inc. Series A (c)(d) | 3,247,671 | 18,632 | |
37,853 | |||
TOTAL INFORMATION TECHNOLOGY | 55,850 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 206,646 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (c)(d) | 6,477,300 | 130 | |
Waymo LLC Series A2 (c)(d) | 47,838 | 4,108 | |
4,238 | |||
Specialty Retail - 0.1% | |||
Cazoo Holdings Ltd.: | |||
Series A (c)(d) | 4,209 | 60 | |
Series B (c)(d) | 73,670 | 1,044 | |
Series C (c)(d) | 1,497 | 21 | |
Series D (c)(d) | 263,176 | 3,728 | |
4,853 | |||
TOTAL CONSUMER DISCRETIONARY | 9,091 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $171,591) | 215,737 | ||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (c)(d) | 843 | 843 | |
4% 6/12/27 (c)(d) | 232 | 232 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $1,075) | 1,075 | ||
Preferred Securities - 0.0% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. 3%(c)(d)(h) | |||
(Cost $6,184) | 6,184 | 6,229 | |
Shares | Value (000s) | ||
Money Market Funds - 3.8% | |||
Fidelity Cash Central Fund 0.09% (i) | 32,251,093 | 32,258 | |
Fidelity Securities Lending Cash Central Fund 0.09% (i)(j) | 666,261,064 | 666,328 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $698,586) | 698,586 | ||
Equity Funds - 0.8% | |||
Domestic Equity Funds - 0.8% | |||
iShares Russell 1000 Growth Index ETF (b) | |||
(Cost $144,896) | 636,100 | 147,092 | |
TOTAL INVESTMENT IN SECURITIES - 103.8% | |||
(Cost $11,245,804) | 19,152,129 | ||
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (695,176) | ||
NET ASSETS - 100% | $18,456,953 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $281,020,000 or 1.5% of net assets.
(d) Level 3 security
(e) Affiliated company
(f) 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 $80,796,000 or 0.4% of net assets.
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Security is perpetual in nature with no stated maturity date.
(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) |
ACV Auctions, Inc. Series E | 11/6/19 | $14,064 |
ACV Auctions, Inc. Series E1 | 9/4/20 | $4,156 |
Alkami Technology, Inc. Series F | 9/24/20 | $14,394 |
Allbirds, Inc. | 10/9/18 | $260 |
Allbirds, Inc. Series A | 10/9/18 | $103 |
Allbirds, Inc. Series B | 10/9/18 | $18 |
Allbirds, Inc. Series C | 10/9/18 | $173 |
Allbirds, Inc. Series Seed | 10/9/18 | $55 |
Blink Health LLC Series C | 11/7/19 | $5,467 |
ByteDance Ltd. Series E1 | 11/18/20 | $12,756 |
Cazoo Holdings Ltd. | 9/30/20 | $1,767 |
Cazoo Holdings Ltd. Series A | 9/30/20 | $58 |
Cazoo Holdings Ltd. Series B | 9/30/20 | $1,010 |
Cazoo Holdings Ltd. Series C | 9/30/20 | $21 |
Cazoo Holdings Ltd. Series D | 9/30/20 | $3,608 |
Clover Health Series D | 6/7/17 | $2,647 |
Convoy, Inc. Series D | 10/30/19 | $14,058 |
DiamondPeak Holdings Corp. | 10/23/20 | $8,281 |
DoubleVerify, Inc. Series A | 11/18/20 | $18,632 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $7,648 |
FSN Ecommerce Ventures Pvt Ltd. | 10/7/20 - 10/26/20 | $6,381 |
Instacart, Inc. Series H | 11/13/20 | $16,023 |
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 |
Neutron Holdings, Inc. Series 1C | 7/3/18 | $1,184 |
Neutron Holdings, Inc. warrants | 6/4/20 | $0 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/4/20 | $843 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | $232 |
Nuvation Bio, Inc. Series A | 6/17/19 | $1,419 |
Riskified Ltd. | 12/20/19 - 4/15/20 | $5,803 |
Riskified Ltd. Series E | 10/28/19 | $928 |
Riskified Ltd. warrants | 10/28/19 | $0 |
Rivian Automotive, Inc. Series E | 7/10/20 | $20,708 |
Shift Technologies, Inc. | 10/13/20 | $16,791 |
Sonder Holdings, Inc. Series D1 | 12/20/19 | $1,324 |
Sonder Holdings, Inc. Series E | 4/3/20 - 5/6/20 | $8,150 |
Space Exploration Technologies Corp. Series I | 4/5/18 | $2,778 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $13,878 |
Starry, Inc. Series D | 7/30/20 | $2,136 |
Starry, Inc. 3% | 9/4/20 | $6,184 |
Sweetgreen, Inc. Series C | 9/13/19 | $66 |
Sweetgreen, Inc. Series D | 9/13/19 | $1,057 |
Sweetgreen, Inc. Series I | 9/13/19 | $2,491 |
Waymo LLC Series A2 | 5/8/20 | $4,108 |
Yanka Industries, Inc. Series E | 5/15/20 | $4,120 |
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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $808 |
Fidelity Securities Lending Cash Central Fund | 11,458 |
Total | $12,266 |
Amounts in the 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. Amount 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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
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 |
Nabriva Therapeutics PLC | $7,777 | $7,077 | $-- | $-- | $-- | $(10,044) | $4,810 |
SmileDirectClub, Inc. | 58,222 | 13,881 | 18,916 | -- | (6,945) | 22,648 | -- |
TransMedics Group, Inc. | 11,927 | 22,933 | -- | -- | -- | (3,584) | 31,276 |
Total | $77,926 | $43,891 | $18,916 | $-- | $(6,945) | $9,020 | $36,086 |
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $3,201,356 | $3,199,220 | $-- | $2,136 |
Consumer Discretionary | 3,347,158 | 3,226,716 | 65,806 | 54,636 |
Consumer Staples | 328,904 | 283,548 | -- | 45,356 |
Energy | 200,095 | -- | 200,095 | -- |
Financials | 394,162 | 319,031 | 51,228 | 23,903 |
Health Care | 2,457,371 | 2,365,149 | 92,222 | -- |
Industrials | 769,711 | 675,514 | 59,954 | 34,243 |
Information Technology | 7,033,071 | 6,960,249 | 1,948 | 70,874 |
Materials | 157,258 | 157,258 | -- | -- |
Real Estate | 142,410 | 142,410 | -- | -- |
Utilities | 267,651 | 189,139 | 78,512 | -- |
Corporate Bonds | 1,075 | -- | -- | 1,075 |
Preferred Securities | 6,229 | -- | -- | 6,229 |
Money Market Funds | 698,586 | 698,586 | -- | -- |
Equity Funds | 147,092 | 147,092 | -- | -- |
Total Investments in Securities: | $19,152,129 | $18,363,912 | $549,765 | $238,452 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Beginning Balance | $129,409 |
Net Realized Gain (Loss) on Investment Securities | (4) |
Net Unrealized Gain (Loss) on Investment Securities | (41,188) |
Cost of Purchases | 152,619 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | 2,895 |
Transfers out of Level 3 | (5,279) |
Ending Balance | $238,452 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $(41,188) |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
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 | 85.6% |
Cayman Islands | 5.2% |
Netherlands | 1.8% |
India | 1.1% |
Israel | 1.0% |
Others (Individually Less Than 1%) | 5.3% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $656,343) — See accompanying schedule: Unaffiliated issuers (cost $10,492,888) | $18,417,457 | |
Fidelity Central Funds (cost $698,586) | 698,586 | |
Other affiliated issuers (cost $54,330) | 36,086 | |
Total Investment in Securities (cost $11,245,804) | $19,152,129 | |
Receivable for investments sold | 3,727 | |
Receivable for fund shares sold | 46,986 | |
Dividends receivable | 6,187 | |
Interest receivable | 21 | |
Distributions receivable from Fidelity Central Funds | 114 | |
Prepaid expenses | 19 | |
Other receivables | 123 | |
Total assets | 19,209,306 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $31,429 | |
Delayed delivery | 12,756 | |
Payable for fund shares redeemed | 17,129 | |
Accrued management fee | 8,866 | |
Distribution and service plan fees payable | 2,763 | |
Other affiliated payables | 2,143 | |
Other payables and accrued expenses | 10,959 | |
Collateral on securities loaned | 666,308 | |
Total liabilities | 752,353 | |
Net Assets | $18,456,953 | |
Net Assets consist of: | ||
Paid in capital | $9,607,698 | |
Total accumulated earnings (loss) | 8,849,255 | |
Net Assets | $18,456,953 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($3,036,885 ÷ 21,529.554 shares)(a) | $141.06 | |
Maximum offering price per share (100/94.25 of $141.06) | $149.67 | |
Class M: | ||
Net Asset Value and redemption price per share ($3,152,662 ÷ 22,660.402 shares)(a) | $139.13 | |
Maximum offering price per share (100/96.50 of $139.13) | $144.18 | |
Class C: | ||
Net Asset Value and offering price per share ($1,159,114 ÷ 9,811.590 shares)(a) | $118.14 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($8,281,862 ÷ 53,857.012 shares) | $153.77 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($2,826,430 ÷ 18,188.329 shares) | $155.40 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $52,102 | |
Interest | 47 | |
Income from Fidelity Central Funds (including $11,458 from security lending) | 12,266 | |
Total income | 64,415 | |
Expenses | ||
Management fee | ||
Basic fee | $63,780 | |
Performance adjustment | 10,641 | |
Transfer agent fees | 17,526 | |
Distribution and service plan fees | 24,653 | |
Accounting fees | 1,369 | |
Custodian fees and expenses | 253 | |
Independent trustees' fees and expenses | 60 | |
Registration fees | 695 | |
Audit | 86 | |
Legal | 15 | |
Interest | 7 | |
Miscellaneous | 296 | |
Total expenses before reductions | 119,381 | |
Expense reductions | (531) | |
Total expenses after reductions | 118,850 | |
Net investment income (loss) | (54,435) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,138,300 | |
Fidelity Central Funds | 16 | |
Other affiliated issuers | (6,945) | |
Foreign currency transactions | (193) | |
Futures contracts | (11,475) | |
Total net realized gain (loss) | 1,119,703 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $7,578) | 5,455,615 | |
Other affiliated issuers | 9,020 | |
Assets and liabilities in foreign currencies | 32 | |
Total change in net unrealized appreciation (depreciation) | 5,464,667 | |
Net gain (loss) | 6,584,370 | |
Net increase (decrease) in net assets resulting from operations | $6,529,935 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations�� | ||
Net investment income (loss) | $(54,435) | $(12,611) |
Net realized gain (loss) | 1,119,703 | 418,629 |
Change in net unrealized appreciation (depreciation) | 5,464,667 | 1,078,373 |
Net increase (decrease) in net assets resulting from operations | 6,529,935 | 1,484,391 |
Distributions to shareholders | (317,586) | (375,736) |
Share transactions - net increase (decrease) | 4,384,792 | 3,226,621 |
Total increase (decrease) in net assets | 10,597,141 | 4,335,276 |
Net Assets | ||
Beginning of period | 7,859,812 | 3,524,536 |
End of period | $18,456,953 | $7,859,812 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Growth Opportunities Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $90.00 | $76.87 | $68.76 | $58.24 | $66.87 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.56) | (.18)B | (.25) | .04 | .07 |
Net realized and unrealized gain (loss) | 55.26 | 21.21 | 13.33 | 17.86 | (1.46) |
Total from investment operations | 54.70 | 21.03 | 13.08 | 17.90 | (1.39) |
Distributions from net realized gain | (3.64) | (7.90) | (4.97) | (7.38) | (7.24) |
Total distributions | (3.64) | (7.90) | (4.97) | (7.38) | (7.24) |
Net asset value, end of period | $141.06 | $90.00 | $76.87 | $68.76 | $58.24 |
Total ReturnC,D | 63.12% | 31.29% | 20.35% | 34.64% | (2.37)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.06% | 1.11% | 1.05% | .91% | .86% |
Expenses net of fee waivers, if any | 1.06% | 1.11% | 1.05% | .91% | .86% |
Expenses net of all reductions | 1.06% | 1.10% | 1.05% | .91% | .86% |
Net investment income (loss) | (.52)% | (.22)%B | (.33)% | .06% | .13% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,037 | $1,349 | $673 | $540 | $502 |
Portfolio turnover rateG | 47% | 37%H | 46% | 52% | 66% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.42)%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth Opportunities Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $89.03 | $76.28 | $68.27 | $57.99 | $66.75 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.79) | (.37)B | (.41) | (.10) | (.06) |
Net realized and unrealized gain (loss) | 54.53 | 21.02 | 13.24 | 17.76 | (1.46) |
Total from investment operations | 53.74 | 20.65 | 12.83 | 17.66 | (1.52) |
Distributions from net realized gain | (3.64) | (7.90) | (4.82) | (7.38) | (7.24) |
Total distributions | (3.64) | (7.90) | (4.82) | (7.38) | (7.24) |
Net asset value, end of period | $139.13 | $89.03 | $76.28 | $68.27 | $57.99 |
Total ReturnC,D | 62.71% | 31.01% | 20.07% | 34.34% | (2.59)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.30% | 1.34% | 1.28% | 1.14% | 1.09% |
Expenses net of fee waivers, if any | 1.30% | 1.34% | 1.28% | 1.14% | 1.09% |
Expenses net of all reductions | 1.30% | 1.34% | 1.28% | 1.13% | 1.09% |
Net investment income (loss) | (.76)% | (.46)%B | (.57)% | (.17)% | (.10)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,153 | $2,094 | $1,671 | $1,492 | $1,250 |
Portfolio turnover rateG | 47% | 37%H | 46% | 52% | 66% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.65)%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth Opportunities Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $76.50 | $67.03 | $60.60 | $52.52 | $61.42 |
Income from Investment Operations | |||||
Net investment income (loss)A | (1.15) | (.67)B | (.70) | (.37) | (.32) |
Net realized and unrealized gain (loss) | 46.43 | 18.04 | 11.68 | 15.83 | (1.34) |
Total from investment operations | 45.28 | 17.37 | 10.98 | 15.46 | (1.66) |
Distributions from net realized gain | (3.64) | (7.90) | (4.55) | (7.38) | (7.24) |
Total distributions | (3.64) | (7.90) | (4.55) | (7.38) | (7.24) |
Net asset value, end of period | $118.14 | $76.50 | $67.03 | $60.60 | $52.52 |
Total ReturnC,D | 61.89% | 30.31% | 19.44% | 33.64% | (3.10)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.81% | 1.86% | 1.81% | 1.66% | 1.61% |
Expenses net of fee waivers, if any | 1.81% | 1.86% | 1.81% | 1.66% | 1.61% |
Expenses net of all reductions | 1.81% | 1.86% | 1.80% | 1.66% | 1.61% |
Net investment income (loss) | (1.27)% | (.98)%B | (1.09)% | (.69)% | (.62)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,159 | $483 | $244 | $201 | $178 |
Portfolio turnover rateG | 47% | 37%H | 46% | 52% | 66% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (1.17)%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth Opportunities Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $97.56 | $82.42 | $73.38 | $61.52 | $70.05 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.31) | .03B | (.05) | .22 | .25 |
Net realized and unrealized gain (loss) | 60.16 | 23.01 | 14.25 | 19.02 | (1.54) |
Total from investment operations | 59.85 | 23.04 | 14.20 | 19.24 | (1.29) |
Distributions from net realized gain | (3.64) | (7.90) | (5.16) | (7.38) | (7.24) |
Total distributions | (3.64) | (7.90) | (5.16) | (7.38) | (7.24) |
Net asset value, end of period | $153.77 | $97.56 | $82.42 | $73.38 | $61.52 |
Total ReturnC | 63.52% | 31.66% | 20.67% | 35.01% | (2.09)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .80% | .84% | .78% | .63% | .58% |
Expenses net of fee waivers, if any | .80% | .84% | .78% | .63% | .58% |
Expenses net of all reductions | .80% | .84% | .78% | .63% | .58% |
Net investment income (loss) | (.26)% | .04%B | (.06)% | .34% | .41% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $8,282 | $2,819 | $850 | $642 | $562 |
Portfolio turnover rateF | 47% | 37%G | 46% | 52% | 66% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.15)%.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth Opportunities Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $98.44 | $83.00 | $73.88 | $61.82 | $70.27 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.17) | .14B | .04 | .32 | .33 |
Net realized and unrealized gain (loss) | 60.77 | 23.20 | 14.35 | 19.12 | (1.54) |
Total from investment operations | 60.60 | 23.34 | 14.39 | 19.44 | (1.21) |
Distributions from net investment income | – | – | (.05) | – | – |
Distributions from net realized gain | (3.64) | (7.90) | (5.22) | (7.38) | (7.24) |
Total distributions | (3.64) | (7.90) | (5.27) | (7.38) | (7.24) |
Net asset value, end of period | $155.40 | $98.44 | $83.00 | $73.88 | $61.82 |
Total ReturnC | 63.72% | 31.81% | 20.82% | 35.18% | (1.96)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .69% | .72% | .66% | .51% | .45% |
Expenses net of fee waivers, if any | .68% | .72% | .66% | .50% | .45% |
Expenses net of all reductions | .68% | .72% | .65% | .50% | .45% |
Net investment income (loss) | (.15)% | .16%B | .06% | .47% | .54% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $2,826 | $1,114 | $88 | $152 | $7 |
Portfolio turnover rateF | 47% | 37%G | 46% | 52% | 66% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.03)%.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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 vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors 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 vendors. 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 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 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(a) |
Equities | $ 231,148 | Market comparable | Enterprise value/Sales multiple (EV/S) | 6.5 – 15.3/9.1 | Increase |
Discount rate | 32.5% | Decrease | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Market approach | Transaction Price | $0.00 – $575.00/$80.07 | Increase | ||
Corporate Bonds | $ 1,075 | Market approach | Transaction Price | $100.00 | Increase |
Preferred Securities | $ 6,229 | Market approach | Transaction Price | $100.00 | 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, 2020, 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. 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.
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.
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 Growth Opportunities Fund | $21 |
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, 2020, 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 & 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, futures transactions, passive foreign investment companies (PFIC), deferred trustees compensation, net operating losses, 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 | $8,034,212 |
Gross unrealized depreciation | (174,231) |
Net unrealized appreciation (depreciation) | $7,859,981 |
Tax Cost | $11,292,148 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $170,531 |
Undistributed long-term capital gain | $829,550 |
Net unrealized appreciation (depreciation) on securities and other investments | $7,860,010 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Long-term Capital Gains | $317,586 | $ 375,736 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth Opportunities Fund | 9,706,397 | 5,566,671 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes, as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .62% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $5,014 | $333 |
Class M | .25% | .25% | 12,105 | 344 |
Class C | .75% | .25% | 7,534 | 3,304 |
$24,653 | $3,981 |
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 | $2,297 |
Class M | 216 |
Class C(a) | 261 |
$2,774 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $3,412 | .17 |
Class M | 3,850 | .16 |
Class C | 1,315 | .17 |
Class I | 8,154 | .16 |
Class Z | 795 | .04 |
$17,526 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Growth Opportunities Fund | .01 |
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 Opportunities Fund | $149 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $19,815 | .36% | $7 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 714 shares of the Fund were redeemed in-kind for investments and cash with a value of $63,177. The Fund had a net realized gain of $37,752 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $28.
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 as follows:
Amount | |
Fidelity Advisor Growth Opportunities Fund | $24 |
During the period, there were no borrowings on this line of credit.
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 Income 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 | $1,162 | $114 | $– |
9. 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 $475 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, 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 $32.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $20 for an operational error which is included in the accompanying Statement of Operations.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $55,553 | $69,056 |
Class M | 85,325 | 172,195 |
Class C | 23,768 | 28,420 |
Class I | 109,950 | 81,919 |
Class Z | 42,990 | 24,146 |
Total | $317,586 | $375,736 |
11. 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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 11,689 | 8,598 | $1,219,407 | $684,846 |
Reinvestment of distributions | 587 | 1,004 | 52,509 | 65,327 |
Shares redeemed | (5,737) | (3,360) | (605,901) | (270,268) |
Net increase (decrease) | 6,539 | 6,242 | $666,015 | $479,905 |
Class M | ||||
Shares sold | 3,754 | 2,869 | $379,705 | $223,333 |
Reinvestment of distributions | 931 | 2,574 | 82,318 | 165,967 |
Shares redeemed | (5,548) | (3,822) | (555,845) | (299,591) |
Net increase (decrease) | (863) | 1,621 | $(93,822) | $89,709 |
Class C | ||||
Shares sold | 5,570 | 4,254 | $478,062 | $289,250 |
Reinvestment of distributions | 291 | 482 | 21,939 | 26,865 |
Shares redeemed | (2,360) | (2,061) | (207,656) | (139,159) |
Net increase (decrease) | 3,501 | 2,675 | $292,345 | $176,956 |
Class I | ||||
Shares sold | 42,729 | 25,181 | $4,757,625 | $2,186,583 |
Reinvestment of distributions | 950 | 845 | 92,340 | 59,435 |
Shares redeemed | (18,720) | (7,438)(a) | (2,085,597) | (646,852)(a) |
Net increase (decrease) | 24,959 | 18,588 | $2,764,368 | $1,599,166 |
Class Z | ||||
Shares sold | 13,629 | 13,616 | $1,517,673 | $1,190,747 |
Reinvestment of distributions | 398 | 324 | 39,102 | 22,945 |
Shares redeemed | (7,159) | (3,679) | (800,889) | (332,807) |
Net increase (decrease) | 6,868 | 10,261 | $755,886 | $880,885 |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
12. 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.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 Growth Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth Opportunities Fund (the "Fund"), a fund of Advisor Series I, including the schedule of investments, as of November 30, 2020, 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, 2020, 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, 2020, 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, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Growth Opportunities Fund | ||||
Class A | 1.05% | |||
Actual | $1,000.00 | $1,427.30 | $6.37 | |
Hypothetical-C | $1,000.00 | $1,019.75 | $5.30 | |
Class M | 1.28% | |||
Actual | $1,000.00 | $1,425.50 | $7.76 | |
Hypothetical-C | $1,000.00 | $1,018.60 | $6.46 | |
Class C | 1.81% | |||
Actual | $1,000.00 | $1,421.80 | $10.96 | |
Hypothetical-C | $1,000.00 | $1,015.95 | $9.12 | |
Class I | .80% | |||
Actual | $1,000.00 | $1,429.00 | $4.86 | |
Hypothetical-C | $1,000.00 | $1,021.00 | $4.04 | |
Class Z | .67% | |||
Actual | $1,000.00 | $1,429.90 | $4.07 | |
Hypothetical-C | $1,000.00 | $1,021.65 | $3.39 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Growth Opportunities Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor Growth Opportunities Fund | |||
Class A | 12/30/20 | 12/29/20 | $7.730 |
Class M | 12/30/20 | 12/29/20 | $7.410 |
Class C | 12/30/20 | 12/29/20 | $7.227 |
Class I | 12/30/20 | 12/29/20 | $7.966 |
Class Z | 12/30/20 | 12/29/20 | $8.071 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $829,687,513, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 2,013,720,447.893 | 32.504 |
Against | 900,372,619.680 | 14.533 |
Abstain | 278,599,666.015 | 4.497 |
Broker Non-Vote | 3,002,570,150.730 | 48.466 |
TOTAL | 6,195,262,884.318 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
GO-ANN-0121
1.704314.123
Fidelity Advisor® Growth & Income Fund
November 30, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (1.17)% | 8.33% | 10.81% |
Class M (incl. 3.50% sales charge) | 0.95% | 8.58% | 10.81% |
Class C (incl. contingent deferred sales charge) | 3.09% | 8.80% | 10.65% |
Class I | 5.16% | 9.92% | 11.81% |
Class Z | 5.26% | 10.03% | 11.86% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth & Income Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657960071_740.jpg)
Period Ending Values | ||
$27,917 | Fidelity Advisor® Growth & Income Fund - Class A | |
$37,703 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Matthew Fruhan: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained about 4% to 5%, trailing the 17.46% result of the benchmark S&P 500® index. The largest detractor from performance versus the benchmark was an overweight in energy. Stock picking and an overweight in the financials sector, primarily within the banks industry, also hampered the fund's relative result. Also hurting our result was stock selection in the health care sector, especially within the pharmaceuticals, biotechnology & life sciences industry. The fund's largest individual relative detractor was an outsized stake in Exxon Mobil, which returned about -40% the past year. The company was among our biggest holdings. Also holding back performance was our overweight in Wells Fargo, which returned -48%. Wells Fargo was one of the fund's largest holdings. Avoiding Amazon.com, a benchmark component that gained 76%, also hurt performance. Conversely, the top contributor to performance versus the benchmark was an underweight and stock selection in real estate. Security selection in consumer discretionary and an underweight in utilities also boosted the fund's relative performance. The fund's biggest individual relative contributor was an outsized stake in Qualcomm, which gained about 81% the past 12 months. The company was among the biggest holdings as of November 30. Also lifting performance was our overweight in United Parcel Service, which gained roughly 48%. Another notable relative contributor was an underweight in AT&T (-18%), a position not held at period end. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp.(a) | 6.3 |
General Electric Co. | 5.7 |
Comcast Corp. Class A | 3.9 |
Apple, Inc.(a) | 3.4 |
Exxon Mobil Corp. | 3.2 |
Wells Fargo & Co. | 3.2 |
Altria Group, Inc. | 3.1 |
Bank of America Corp. | 3.0 |
Qualcomm, Inc.(a) | 2.9 |
Bristol-Myers Squibb Co. | 2.3 |
37.0 |
(a) Security or a portion of the security is pledged as collateral for call options written.
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 20.8 |
Financials | 16.4 |
Health Care | 16.4 |
Industrials | 16.2 |
Communication Services | 8.3 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020*,** | ||
Stocks | 99.4% | |
Convertible Securities | 0.4% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 13.9%
** Written options - (0.0%)
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 99.4% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 8.3% | |||
Diversified Telecommunication Services - 1.0% | |||
Verizon Communications, Inc. | 89,309 | $5,395 | |
Entertainment - 2.8% | |||
Activision Blizzard, Inc. | 32,800 | 2,607 | |
Nintendo Co. Ltd. ADR | 16,600 | 1,178 | |
The Walt Disney Co. | 38,300 | 5,669 | |
Vivendi SA | 155,200 | 4,653 | |
Warner Music Group Corp. Class A (a) | 17,200 | 511 | |
14,618 | |||
Media - 4.5% | |||
Comcast Corp. Class A | 399,658 | 20,079 | |
Interpublic Group of Companies, Inc. | 116,000 | 2,584 | |
Omnicom Group, Inc. | 6,300 | 397 | |
23,060 | |||
TOTAL COMMUNICATION SERVICES | 43,073 | ||
CONSUMER DISCRETIONARY - 3.6% | |||
Auto Components - 0.8% | |||
BorgWarner, Inc. | 102,600 | 3,986 | |
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 25,900 | 1,044 | |
Hotels, Restaurants & Leisure - 0.3% | |||
Marriott International, Inc. Class A | 3,200 | 406 | |
Starbucks Corp. | 14,100 | 1,382 | |
1,788 | |||
Household Durables - 0.9% | |||
Mohawk Industries, Inc. (b) | 200 | 25 | |
Sony Corp. sponsored ADR | 9,800 | 914 | |
Whirlpool Corp. | 18,700 | 3,639 | |
4,578 | |||
Specialty Retail - 1.2% | |||
Lowe's Companies, Inc. (c) | 39,957 | 6,226 | |
TJX Companies, Inc. | 2,900 | 184 | |
6,410 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
NIKE, Inc. Class B (c) | 4,500 | 606 | |
Puma AG | 2,460 | 244 | |
Tapestry, Inc. (c) | 9,300 | 263 | |
1,113 | |||
TOTAL CONSUMER DISCRETIONARY | 18,919 | ||
CONSUMER STAPLES - 7.7% | |||
Beverages - 2.1% | |||
Anheuser-Busch InBev SA NV ADR (a) | 12,500 | 834 | |
Diageo PLC sponsored ADR | 11,500 | 1,782 | |
Keurig Dr. Pepper, Inc. | 35,800 | 1,090 | |
Pernod Ricard SA | 4,400 | 841 | |
Remy Cointreau SA | 3,023 | 538 | |
The Coca-Cola Co. | 113,384 | 5,851 | |
10,936 | |||
Food & Staples Retailing - 0.7% | |||
Sysco Corp. | 50,600 | 3,607 | |
Food Products - 0.3% | |||
JDE Peet's BV | 33,300 | 1,286 | |
Lamb Weston Holdings, Inc. | 5,600 | 405 | |
1,691 | |||
Household Products - 0.5% | |||
Colgate-Palmolive Co. | 5,600 | 480 | |
Energizer Holdings, Inc. | 18,400 | 771 | |
Spectrum Brands Holdings, Inc. | 21,200 | 1,417 | |
2,668 | |||
Personal Products - 0.2% | |||
Unilever PLC | 13,500 | 815 | |
Tobacco - 3.9% | |||
Altria Group, Inc. | 406,220 | 16,180 | |
British American Tobacco PLC sponsored ADR | 110,480 | 3,901 | |
20,081 | |||
TOTAL CONSUMER STAPLES | 39,798 | ||
ENERGY - 6.5% | |||
Oil, Gas & Consumable Fuels - 6.5% | |||
Cabot Oil & Gas Corp. | 25,900 | 454 | |
Cenovus Energy, Inc. | 2,300 | 11 | |
Cenovus Energy, Inc. (Canada) | 655,800 | 3,252 | |
Equinor ASA sponsored ADR | 145,600 | 2,234 | |
Exxon Mobil Corp. | 437,200 | 16,670 | |
Hess Corp. | 117,300 | 5,534 | |
Kosmos Energy Ltd. | 408,800 | 719 | |
Phillips 66 Co. | 23,900 | 1,448 | |
Royal Dutch Shell PLC Class B sponsored ADR | 51,500 | 1,671 | |
Total SA sponsored ADR | 35,667 | 1,503 | |
33,496 | |||
FINANCIALS - 16.4% | |||
Banks - 10.7% | |||
Bank of America Corp. | 554,942 | 15,627 | |
JPMorgan Chase & Co. | 52,843 | 6,229 | |
M&T Bank Corp. | 9,500 | 1,107 | |
PNC Financial Services Group, Inc. | 46,616 | 6,436 | |
Truist Financial Corp. | 118,549 | 5,503 | |
U.S. Bancorp | 91,130 | 3,938 | |
Wells Fargo & Co. | 608,650 | 16,647 | |
55,487 | |||
Capital Markets - 3.9% | |||
Brookfield Asset Management, Inc. Class A (a) | 26,401 | 1,069 | |
KKR & Co. LP | 51,513 | 1,954 | |
Morgan Stanley | 34,830 | 2,154 | |
Northern Trust Corp. | 75,937 | 7,071 | |
Raymond James Financial, Inc. | 22,500 | 2,046 | |
S&P Global, Inc. | 200 | 70 | |
State Street Corp. | 80,570 | 5,679 | |
20,043 | |||
Consumer Finance - 0.4% | |||
Discover Financial Services | 28,400 | 2,163 | |
Shriram Transport Finance Co. Ltd. | 15,726 | 226 | |
2,389 | |||
Insurance - 0.9% | |||
Chubb Ltd. | 12,400 | 1,833 | |
Marsh & McLennan Companies, Inc. | 14,366 | 1,647 | |
Old Republic International Corp. | 15,200 | 272 | |
The Travelers Companies, Inc. | 8,700 | 1,128 | |
4,880 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
AGNC Investment Corp. | 20,800 | 318 | |
Thrifts & Mortgage Finance - 0.4% | |||
Essent Group Ltd. | 22,900 | 1,004 | |
Radian Group, Inc. | 65,990 | 1,246 | |
2,250 | |||
TOTAL FINANCIALS | 85,367 | ||
HEALTH CARE - 16.0% | |||
Biotechnology - 0.9% | |||
AbbVie, Inc. | 12,700 | 1,328 | |
Alexion Pharmaceuticals, Inc. (b) | 21,300 | 2,601 | |
Intercept Pharmaceuticals, Inc. (b) | 19,495 | 692 | |
4,621 | |||
Health Care Equipment & Supplies - 0.8% | |||
Becton, Dickinson & Co. | 8,675 | 2,037 | |
Boston Scientific Corp. (b) | 35,200 | 1,167 | |
GN Store Nord A/S | 4,000 | 326 | |
Sonova Holding AG Class B | 2,053 | 510 | |
4,040 | |||
Health Care Providers & Services - 7.1% | |||
AmerisourceBergen Corp. | 18,400 | 1,897 | |
Cardinal Health, Inc. | 66,900 | 3,652 | |
Cigna Corp. | 36,300 | 7,592 | |
CVS Health Corp. | 106,151 | 7,196 | |
McKesson Corp. (c) | 37,233 | 6,699 | |
Patterson Companies, Inc. | 50,700 | 1,407 | |
United Drug PLC (United Kingdom) | 15,300 | 161 | |
UnitedHealth Group, Inc. | 24,400 | 8,207 | |
36,811 | |||
Pharmaceuticals - 7.2% | |||
Bayer AG | 102,773 | 5,921 | |
Bristol-Myers Squibb Co. | 189,800 | 11,844 | |
GlaxoSmithKline PLC sponsored ADR | 196,209 | 7,219 | |
Johnson & Johnson | 70,001 | 10,128 | |
Novartis AG sponsored ADR | 501 | 46 | |
Royalty Pharma PLC | 1,100 | 47 | |
Sanofi SA sponsored ADR | 50,500 | 2,535 | |
37,740 | |||
TOTAL HEALTH CARE | 83,212 | ||
INDUSTRIALS - 16.2% | |||
Aerospace & Defense - 1.3% | |||
Airbus Group NV | 1,500 | 157 | |
General Dynamics Corp. | 11,500 | 1,718 | |
Huntington Ingalls Industries, Inc. | 8,200 | 1,314 | |
MTU Aero Engines Holdings AG | 200 | 47 | |
Raytheon Technologies Corp. | 15,731 | 1,128 | |
Safran SA (b) | 7,200 | 1,050 | |
The Boeing Co. | 6,000 | 1,264 | |
6,678 | |||
Air Freight & Logistics - 2.9% | |||
DSV Panalpina A/S | 2,000 | 315 | |
Expeditors International of Washington, Inc. | 700 | 63 | |
FedEx Corp. | 12,700 | 3,640 | |
United Parcel Service, Inc. Class B | 64,979 | 11,116 | |
15,134 | |||
Building Products - 0.4% | |||
A.O. Smith Corp. | 5,400 | 304 | |
Johnson Controls International PLC | 33,200 | 1,529 | |
1,833 | |||
Commercial Services & Supplies - 0.4% | |||
Healthcare Services Group, Inc. (a) | 60,700 | 1,437 | |
HNI Corp. | 9,300 | 339 | |
Interface, Inc. | 40,100 | 335 | |
Ritchie Bros. Auctioneers, Inc. | 1,300 | 94 | |
2,205 | |||
Electrical Equipment - 1.2% | |||
Acuity Brands, Inc. | 9,500 | 1,128 | |
Hubbell, Inc. Class B | 11,812 | 1,909 | |
Rockwell Automation, Inc. | 1,600 | 409 | |
Vertiv Holdings Co. | 1,700 | 32 | |
Vertiv Holdings LLC (d) | 160,000 | 2,994 | |
6,472 | |||
Industrial Conglomerates - 6.1% | |||
3M Co. | 11,500 | 1,986 | |
General Electric Co. | 2,902,393 | 29,546 | |
31,532 | |||
Machinery - 1.9% | |||
Caterpillar, Inc. | 5,100 | 885 | |
Cummins, Inc. | 4,500 | 1,040 | |
Donaldson Co., Inc. | 48,400 | 2,577 | |
Epiroc AB Class A | 12,400 | 206 | |
Flowserve Corp. | 23,800 | 811 | |
Fortive Corp. | 19,000 | 1,332 | |
Kardex AG | 550 | 108 | |
Nordson Corp. | 2,000 | 408 | |
Otis Worldwide Corp. | 7,265 | 486 | |
Stanley Black & Decker, Inc. | 5,000 | 922 | |
Westinghouse Air Brake Co. | 16,531 | 1,212 | |
9,987 | |||
Professional Services - 0.2% | |||
Equifax, Inc. | 4,900 | 818 | |
RELX PLC (London Stock Exchange) | 15,100 | 349 | |
Robert Half International, Inc. | 800 | 51 | |
1,218 | |||
Road & Rail - 0.8% | |||
J.B. Hunt Transport Services, Inc. | 5,620 | 760 | |
Knight-Swift Transportation Holdings, Inc. Class A | 75,600 | 3,122 | |
3,882 | |||
Trading Companies & Distributors - 1.0% | |||
Brenntag AG | 2,900 | 222 | |
Fastenal Co. | 12,300 | 608 | |
MSC Industrial Direct Co., Inc. Class A | 600 | 50 | |
Watsco, Inc. | 18,264 | 4,153 | |
5,033 | |||
TOTAL INDUSTRIALS | 83,974 | ||
INFORMATION TECHNOLOGY - 20.8% | |||
Electronic Equipment & Components - 0.3% | |||
CDW Corp. | 8,000 | 1,044 | |
Vontier Corp. (b) | 7,600 | 252 | |
1,296 | |||
IT Services - 4.7% | |||
Amadeus IT Holding SA Class A | 40,400 | 2,778 | |
DXC Technology Co. | 10,300 | 226 | |
Edenred SA | 19,500 | 1,114 | |
Fidelity National Information Services, Inc. | 39,100 | 5,803 | |
Genpact Ltd. | 39,000 | 1,585 | |
IBM Corp. | 16,100 | 1,989 | |
MasterCard, Inc. Class A | 2,200 | 740 | |
Unisys Corp. (b) | 75,492 | 1,101 | |
Visa, Inc. Class A | 43,040 | 9,053 | |
24,389 | |||
Semiconductors & Semiconductor Equipment - 4.5% | |||
Analog Devices, Inc. | 12,300 | 1,711 | |
Applied Materials, Inc. | 15,695 | 1,295 | |
Intel Corp. | 9,900 | 479 | |
Lam Research Corp. | 1,800 | 815 | |
Marvell Technology Group Ltd. | 21,400 | 991 | |
NXP Semiconductors NV | 17,600 | 2,788 | |
Qualcomm, Inc. (c) | 103,298 | 15,202 | |
23,281 | |||
Software - 7.7% | |||
Microsoft Corp. (c) | 153,473 | 32,846 | |
Open Text Corp. | 13,700 | 605 | |
SAP SE sponsored ADR (a) | 47,100 | 5,707 | |
Temenos Group AG | 7,410 | 935 | |
40,093 | |||
Technology Hardware, Storage & Peripherals - 3.6% | |||
Apple, Inc. (c) | 150,092 | 17,868 | |
Samsung Electronics Co. Ltd. | 13,520 | 814 | |
18,682 | |||
TOTAL INFORMATION TECHNOLOGY | 107,741 | ||
MATERIALS - 1.9% | |||
Chemicals - 1.3% | |||
DuPont de Nemours, Inc. | 64,100 | 4,067 | |
Nutrien Ltd. | 33,180 | 1,638 | |
PPG Industries, Inc. | 8,200 | 1,204 | |
6,909 | |||
Metals & Mining - 0.6% | |||
BHP Billiton Ltd. sponsored ADR (a) | 56,200 | 3,135 | |
TOTAL MATERIALS | 10,044 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
American Tower Corp. | 7,700 | 1,780 | |
CoreSite Realty Corp. | 7,400 | 928 | |
Equinix, Inc. | 810 | 565 | |
Public Storage | 200 | 45 | |
Simon Property Group, Inc. | 17,900 | 1,478 | |
4,796 | |||
UTILITIES - 1.1% | |||
Electric Utilities - 0.8% | |||
Duke Energy Corp. | 9,300 | 862 | |
Entergy Corp. | 11,200 | 1,219 | |
Exelon Corp. | 11,900 | 489 | |
Southern Co. | 28,300 | 1,694 | |
4,264 | |||
Multi-Utilities - 0.3% | |||
CenterPoint Energy, Inc. | 21,600 | 501 | |
Sempra Energy | 5,700 | 727 | |
1,228 | |||
TOTAL UTILITIES | 5,492 | ||
TOTAL COMMON STOCKS | |||
(Cost $389,663) | 515,912 | ||
Convertible Preferred Stocks - 0.3% | |||
HEALTH CARE - 0.3% | |||
Health Care Equipment & Supplies - 0.3% | |||
Becton, Dickinson & Co. 6.50% | 12,900 | 674 | |
Boston Scientific Corp. Series A 5.50% | 7,700 | 775 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $1,415) | 1,449 | ||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.1% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Intercept Pharmaceuticals, Inc. 2% 5/15/26 (Cost $850) | 1,093 | 697 | |
Shares | Value (000s) | ||
Other - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f) | |||
(Cost $1,470) | 1,469,796 | 649 | |
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund 0.09% (g) | 462,775 | 463 | |
Fidelity Securities Lending Cash Central Fund 0.09% (g)(h) | 8,018,393 | 8,019 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $8,482) | 8,482 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% | |||
(Cost $401,880) | 527,189 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (8,315) | ||
NET ASSETS - 100% | $518,874 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount (000s) | Exercise Price | Expiration Date | Value (000s) | |
Call Options | ||||||
Apple, Inc. | Chicago Board Options Exchange | 148 | $1,762 | $135.00 | 1/15/21 | $(24) |
Lowe's Companies, Inc. | Chicago Board Options Exchange | 39 | 608 | 195.00 | 1/15/21 | (1) |
McKesson Corp. | Chicago Board Options Exchange | 33 | 594 | 190.00 | 1/15/21 | (15) |
Microsoft Corp. | Chicago Board Options Exchange | 74 | 1,584 | 240.00 | 1/15/21 | (10) |
NIKE, Inc. | Chicago Board Options Exchange | 44 | 593 | 140.00 | 1/15/21 | (18) |
Qualcomm, Inc. | Chicago Board Options Exchange | 102 | 1,501 | 140.00 | 1/15/21 | (115) |
Qualcomm, Inc. | Chicago Board Options Exchange | 39 | 574 | 165.00 | 3/19/21 | (21) |
Qualcomm, Inc. | Chicago Board Options Exchange | 39 | 574 | 165.00 | 1/15/21 | (7) |
Tapestry, Inc. | Chicago Board Options Exchange | 90 | 255 | 27.50 | 1/15/21 | (23) |
TOTAL WRITTEN OPTIONS | $(234) |
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 on loan at period end.
(b) Non-income producing
(c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $8,045,000.
(d) 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 $3,643,000 or 0.7% of net assets.
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) Level 3 security
(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) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $1,470 |
Vertiv Holdings LLC | 2/6/20 | $1,600 |
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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $101 |
Fidelity Securities Lending Cash Central Fund | 66 |
Total | $167 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $43,073 | $38,420 | $4,653 | $-- |
Consumer Discretionary | 18,919 | 18,675 | 244 | -- |
Consumer Staples | 39,798 | 36,318 | 3,480 | -- |
Energy | 33,496 | 33,496 | -- | -- |
Financials | 85,367 | 85,141 | 226 | -- |
Health Care | 84,661 | 76,294 | 8,367 | -- |
Industrials | 83,974 | 81,520 | 2,454 | -- |
Information Technology | 107,741 | 102,914 | 4,827 | -- |
Materials | 10,044 | 10,044 | -- | -- |
Real Estate | 4,796 | 4,796 | -- | -- |
Utilities | 5,492 | 5,492 | -- | -- |
Corporate Bonds | 697 | -- | 697 | -- |
Other | 649 | -- | -- | 649 |
Money Market Funds | 8,482 | 8,482 | -- | -- |
Total Investments in Securities: | $527,189 | $501,592 | $24,948 | $649 |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | $(234) | $(234) | $-- | $-- |
Total Liabilities | $(234) | $(234) | $-- | $-- |
Total Derivative Instruments: | $(234) | $(234) | $-- | $-- |
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, 2020. 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 | |
(Amounts in thousands) | ||
Equity Risk | ||
Written Options(a) | $0 | $(234) |
Total Equity Risk | 0 | (234) |
Total Value of Derivatives | $0 | $(234) |
(a) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
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 | 86.1% |
United Kingdom | 3.1% |
France | 2.4% |
Germany | 2.3% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 4.9% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $7,751) — See accompanying schedule: Unaffiliated issuers (cost $393,398) | $518,707 | |
Fidelity Central Funds (cost $8,482) | 8,482 | |
Total Investment in Securities (cost $401,880) | $527,189 | |
Restricted cash | 1 | |
Receivable for investments sold | 538 | |
Receivable for fund shares sold | 239 | |
Dividends receivable | 1,401 | |
Interest receivable | 1 | |
Distributions receivable from Fidelity Central Funds | 3 | |
Prepaid expenses | 1 | |
Other receivables | 5 | |
Total assets | 529,378 | |
Liabilities | ||
Payable for investments purchased | $513 | |
Payable for fund shares redeemed | 1,298 | |
Accrued management fee | 181 | |
Distribution and service plan fees payable | 146 | |
Written options, at value (premium received $271) | 234 | |
Other affiliated payables | 93 | |
Other payables and accrued expenses | 18 | |
Collateral on securities loaned | 8,021 | |
Total liabilities | 10,504 | |
Net Assets | $518,874 | |
Net Assets consist of: | ||
Paid in capital | $371,228 | |
Total accumulated earnings (loss) | 147,646 | |
Net Assets | $518,874 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($276,591 ÷ 9,981.5 shares)(a) | $27.71 | |
Maximum offering price per share (100/94.25 of $27.71) | $29.40 | |
Class M: | ||
Net Asset Value and redemption price per share ($152,934 ÷ 5,519.2 shares)(a) | $27.71 | |
Maximum offering price per share (100/96.50 of $27.71) | $28.72 | |
Class C: | ||
Net Asset Value and offering price per share ($34,231 ÷ 1,339.3 shares)(a) | $25.56 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($44,514 ÷ 1,564.8 shares) | $28.45 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($10,604 ÷ 371.8 shares) | $28.52 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $13,377 | |
Interest | 20 | |
Income from Fidelity Central Funds (including $66 from security lending) | 167 | |
Total income | 13,564 | |
Expenses | ||
Management fee | $2,149 | |
Transfer agent fees | 948 | |
Distribution and service plan fees | 1,728 | |
Accounting fees | 192 | |
Custodian fees and expenses | 26 | |
Independent trustees' fees and expenses | 3 | |
Registration fees | 82 | |
Audit | 65 | |
Legal | 3 | |
Interest | 1 | |
Miscellaneous | 18 | |
Total expenses before reductions | 5,215 | |
Expense reductions | (28) | |
Total expenses after reductions | 5,187 | |
Net investment income (loss) | 8,377 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 20,164 | |
Fidelity Central Funds | 1 | |
Foreign currency transactions | (1) | |
Written options | 698 | |
Total net realized gain (loss) | 20,862 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $2) | (7,979) | |
Assets and liabilities in foreign currencies | 10 | |
Written options | 366 | |
Total change in net unrealized appreciation (depreciation) | (7,603) | |
Net gain (loss) | 13,259 | |
Net increase (decrease) in net assets resulting from operations | $21,636 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,377 | $9,512 |
Net realized gain (loss) | 20,862 | 32,611 |
Change in net unrealized appreciation (depreciation) | (7,603) | 22,642 |
Net increase (decrease) in net assets resulting from operations | 21,636 | 64,765 |
Distributions to shareholders | (37,408) | (62,774) |
Share transactions - net increase (decrease) | (21,275) | (7,551) |
Total increase (decrease) in net assets | (37,047) | (5,560) |
Net Assets | ||
Beginning of period | 555,921 | 561,481 |
End of period | $518,874 | $555,921 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Growth & Income Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.32 | $28.69 | $30.29 | $26.89 | $26.36 |
Income from Investment Operations | |||||
Net investment income (loss)A | .44 | .49 | .43 | .41 | .37 |
Net realized and unrealized gain (loss) | .90 | 2.48 | .58 | 3.83 | 2.12 |
Total from investment operations | 1.34 | 2.97 | 1.01 | 4.24 | 2.49 |
Distributions from net investment income | (.48) | (.47) | (.36) | (.39)B | (.39) |
Distributions from net realized gain | (1.47) | (2.87) | (2.26) | (.45)B | (1.57) |
Total distributions | (1.95) | (3.34) | (2.61)C | (.84) | (1.96) |
Net asset value, end of period | $27.71 | $28.32 | $28.69 | $30.29 | $26.89 |
Total ReturnD,E | 4.86% | 13.65% | 3.42% | 16.15% | 10.59% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .95% | .96% | .96% | .97% | .99% |
Expenses net of fee waivers, if any | .95% | .96% | .96% | .97% | .99% |
Expenses net of all reductions | .95% | .95% | .95% | .97% | .99% |
Net investment income (loss) | 1.78% | 1.93% | 1.49% | 1.47% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $277 | $288 | $243 | $255 | $253 |
Portfolio turnover rateH | 28% | 29% | 40% | 36% | 31% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth & Income Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $28.31 | $28.67 | $30.26 | $26.87 | $26.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | .38 | .43 | .36 | .34 | .31 |
Net realized and unrealized gain (loss) | .89 | 2.47 | .59 | 3.82 | 2.12 |
Total from investment operations | 1.27 | 2.90 | .95 | 4.16 | 2.43 |
Distributions from net investment income | (.40) | (.39) | (.28) | (.32)B | (.32) |
Distributions from net realized gain | (1.47) | (2.87) | (2.26) | (.45)B | (1.57) |
Total distributions | (1.87) | (3.26) | (2.54) | (.77) | (1.88)C |
Net asset value, end of period | $27.71 | $28.31 | $28.67 | $30.26 | $26.87 |
Total ReturnD,E | 4.61% | 13.33% | 3.19% | 15.85% | 10.36% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.20% | 1.21% | 1.21% | 1.23% | 1.24% |
Expenses net of fee waivers, if any | 1.20% | 1.21% | 1.21% | 1.22% | 1.24% |
Expenses net of all reductions | 1.20% | 1.20% | 1.20% | 1.22% | 1.24% |
Net investment income (loss) | 1.53% | 1.68% | 1.24% | 1.22% | 1.26% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $153 | $172 | $175 | $186 | $176 |
Portfolio turnover rateH | 28% | 29% | 40% | 36% | 31% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth & Income Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $26.22 | $26.79 | $28.45 | $25.33 | $24.92 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .27 | .20 | .19 | .17 |
Net realized and unrealized gain (loss) | .82 | 2.28 | .55 | 3.60 | 2.01 |
Total from investment operations | 1.05 | 2.55 | .75 | 3.79 | 2.18 |
Distributions from net investment income | (.24) | (.26) | (.15) | (.22)B | (.21) |
Distributions from net realized gain | (1.47) | (2.87) | (2.26) | (.45)B | (1.57) |
Total distributions | (1.71) | (3.12)C | (2.41) | (.67) | (1.77)C |
Net asset value, end of period | $25.56 | $26.22 | $26.79 | $28.45 | $25.33 |
Total ReturnD,E | 4.07% | 12.74% | 2.64% | 15.28% | 9.81% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.73% | 1.73% | 1.72% | 1.73% | 1.74% |
Expenses net of fee waivers, if any | 1.73% | 1.73% | 1.71% | 1.73% | 1.74% |
Expenses net of all reductions | 1.73% | 1.73% | 1.71% | 1.72% | 1.74% |
Net investment income (loss) | 1.00% | 1.15% | .73% | .72% | .76% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $34 | $41 | $75 | $86 | $80 |
Portfolio turnover rateH | 28% | 29% | 40% | 36% | 31% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth & Income Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.01 | $29.33 | $30.91 | $27.41 | $26.85 |
Income from Investment Operations | |||||
Net investment income (loss)A | .52 | .57 | .52 | .50 | .44 |
Net realized and unrealized gain (loss) | .93 | 2.52 | .60 | 3.90 | 2.16 |
Total from investment operations | 1.45 | 3.09 | 1.12 | 4.40 | 2.60 |
Distributions from net investment income | (.54) | (.54) | (.44) | (.45)B | (.48) |
Distributions from net realized gain | (1.47) | (2.87) | (2.26) | (.45)B | (1.57) |
Total distributions | (2.01) | (3.41) | (2.70) | (.90) | (2.04)C |
Net asset value, end of period | $28.45 | $29.01 | $29.33 | $30.91 | $27.41 |
Total ReturnD | 5.16% | 13.89% | 3.71% | 16.45% | 10.91% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .70% | .70% | .69% | .70% | .73% |
Expenses net of fee waivers, if any | .70% | .69% | .69% | .70% | .73% |
Expenses net of all reductions | .69% | .69% | .69% | .70% | .73% |
Net investment income (loss) | 2.03% | 2.19% | 1.75% | 1.74% | 1.77% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $45 | $48 | $47 | $53 | $35 |
Portfolio turnover rateG | 28% | 29% | 40% | 36% | 31% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Growth & Income Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $29.09 | $29.35 | $30.94 | $27.35 |
Income from Investment Operations | ||||
Net investment income (loss)B | .55 | .62 | .56 | .51 |
Net realized and unrealized gain (loss) | .93 | 2.53 | .59 | 3.08 |
Total from investment operations | 1.48 | 3.15 | 1.15 | 3.59 |
Distributions from net investment income | (.58) | (.54) | (.49) | – |
Distributions from net realized gain | (1.47) | (2.87) | (2.26) | – |
Total distributions | (2.05) | (3.41) | (2.74)C | – |
Net asset value, end of period | $28.52 | $29.09 | $29.35 | $30.94 |
Total ReturnD,E | 5.26% | 14.11% | 3.84% | 13.13% |
Ratios to Average Net AssetsF,G | ||||
Expenses before reductions | .55% | .56% | .56% | .57%H |
Expenses net of fee waivers, if any | .55% | .56% | .56% | .57%H |
Expenses net of all reductions | .55% | .55% | .55% | .57%H |
Net investment income (loss) | 2.18% | 2.33% | 1.89% | 2.13%H |
Supplemental Data | ||||
Net assets, end of period (in millions) | $11 | $7 | $22 | $16 |
Portfolio turnover rateI | 28% | 29% | 40% | 36% |
A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total distributions per share do not sum due to rounding.
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 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.
G Expense 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.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, changes in interest rates and credit quality. 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. 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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, 2020 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. 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.
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. As of November 30, 2020, 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 & 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, passive foreign investment companies (PFIC), market discount, certain conversion ratio adjustments 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 | $173,317 |
Gross unrealized depreciation | (50,184) |
Net unrealized appreciation (depreciation) | $123,133 |
Tax Cost | $403,822 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $7,912 |
Undistributed long-term capital gain | $16,598 |
Net unrealized appreciation (depreciation) on securities and other investments | $123,139 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $8,663 | $ 8,127 |
Long-term Capital Gains | 28,745 | 54,647 |
Total | $37,408 | $ 62,774 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
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 & Income Fund | 650 | .13 |
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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. Counterparty credit risk related to exchange-traded options 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.
The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the 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, the 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 on 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 the Fund will realize a gain or loss 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth & Income Fund | 134,411 | 157,798 |
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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .43% 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 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% | $645 | $15 |
Class M | .25% | .25% | 736 | 20 |
Class C | .75% | .25% | 347 | 35 |
$1,728 | $ 70 |
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 | $48 |
Class M | 12 |
Class C(a) | 3 |
$63 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $499 | .19 |
Class M | 280 | .19 |
Class C | 76 | .22 |
Class I | 87 | .19 |
Class Z | 6 | .04 |
$948 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Growth & Income Fund | .04 |
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 | $4 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $4,800 | .33% | $1 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $8.
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 as follows:
Amount | |
Fidelity Advisor Growth & Income Fund | $1 |
During the period, there were no borrowings on this line of credit.
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 Income 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 | $6 | $–(a) | $– |
(a) Amount represents less than five-hundred dollars.
9. 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 Growth & Income Fund | $428 | .59% | $–(a) |
(a) Amount represents less than five-hundred dollars.
10. 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 $15 for the period.
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 $2.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $11 for an operational error which is included in the accompanying Statement of Operations.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $19,645 | $28,125 |
Class M | 11,240 | 19,861 |
Class C | 2,639 | 8,665 |
Class I | 3,375 | 5,384 |
Class Z | 509 | 739 |
Total | $37,408 | $62,774 |
12. 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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 838 | 2,141 | $20,649 | $53,751 |
Reinvestment of distributions | 680 | 1,185 | 18,480 | 26,128 |
Shares redeemed | (1,707) | (1,629) | (42,354) | (41,300) |
Net increase (decrease) | (189) | 1,697 | $(3,225) | $38,579 |
Class M | ||||
Shares sold | 298 | 389 | $7,357 | $9,907 |
Reinvestment of distributions | 404 | 879 | 10,998 | 19,427 |
Shares redeemed | (1,272) | (1,276) | (31,461) | (32,309) |
Net increase (decrease) | (570) | (8) | $(13,106) | $(2,975) |
Class C | ||||
Shares sold | 161 | 325 | $3,660 | $7,678 |
Reinvestment of distributions | 102 | 415 | 2,577 | 8,532 |
Shares redeemed | (469) | (2,002) | (10,502) | (46,928) |
Net increase (decrease) | (206) | (1,262) | $(4,265) | $(30,718) |
Class I | ||||
Shares sold | 933 | 637 | $23,094 | $16,618 |
Reinvestment of distributions | 109 | 212 | 3,021 | 4,787 |
Shares redeemed | (1,123) | (796) | (28,359) | (20,915) |
Net increase (decrease) | (81) | 53 | $(2,244) | $490 |
Class Z | ||||
Shares sold | 768 | 253 | $18,165 | $6,620 |
Reinvestment of distributions | 13 | 19 | 358 | 425 |
Shares redeemed | (659) | (759) | (16,958) | (19,972) |
Net increase (decrease) | 122 | (487) | $1,565 | $(12,927) |
13. 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.
14. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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, 2020, 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, 2020, 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, 2020, 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 12, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Growth & Income Fund | ||||
Class A | .95% | |||
Actual | $1,000.00 | $1,182.70 | $5.18 | |
Hypothetical-C | $1,000.00 | $1,020.25 | $4.80 | |
Class M | 1.19% | |||
Actual | $1,000.00 | $1,181.20 | $6.49 | |
Hypothetical-C | $1,000.00 | $1,019.05 | $6.01 | |
Class C | 1.72% | |||
Actual | $1,000.00 | $1,178.40 | $9.37 | |
Hypothetical-C | $1,000.00 | $1,016.40 | $8.67 | |
Class I | .70% | |||
Actual | $1,000.00 | $1,184.40 | $3.82 | |
Hypothetical-C | $1,000.00 | $1,021.50 | $3.54 | |
Class Z | .55% | |||
Actual | $1,000.00 | $1,184.90 | $3.00 | |
Hypothetical-C | $1,000.00 | $1,022.25 | $2.78 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Growth & Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Growth & Income Fund | ||||
Class A | 12/30/20 | 12/29/20 | $0.484 | $0.889 |
Class M | 12/30/20 | 12/29/20 | $0.416 | $0.889 |
Class C | 12/30/20 | 12/29/20 | $0.284 | $0.889 |
Class I | 12/30/20 | 12/29/20 | $0.545 | $0.889 |
Class Z | 12/30/20 | 12/29/20 | $0.585 | $0.889 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $20,670,341, 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 in December 2019, 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 133,366,644.715 | 45.983 |
Against | 35,778,016.197 | 12.336 |
Abstain | 25,307,272.509 | 8.726 |
Broker Non-Vote | 95,582,805.380 | 32.956 |
TOTAL | 290,034,738.801 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
AGAI-ANN-0121
1.539472.123
Fidelity Advisor® Small Cap Fund
November 30, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 5.36% | 6.12% | 8.42% |
Class M (incl. 3.50% sales charge) | 7.59% | 6.37% | 8.43% |
Class C (incl. contingent deferred sales charge) | 9.87% | 6.55% | 8.23% |
Class I | 12.07% | 7.67% | 9.37% |
Class Z | 12.23% | 7.83% | 9.48% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Small Cap Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657960496_740.jpg)
Period Ending Values | ||
$22,441 | Fidelity Advisor® Small Cap Fund - Class A | |
$28,731 | Russell 2000® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 11% to 12%, underperforming the 13.59% result of the benchmark, the Russell 2000® Index. Versus the benchmark, security selection detracted, especially in the industrials and information technology sectors, as did an underweighting in health care. Not owning Teladoc Health, a benchmark component that gained 131%, detracted more than any other fund position. Outsized stakes in two banks – Connectone Bancorp (-28%) and Essent Group (-18%) – also hurt on a relative basis. Conversely an underweighting in real estate and picks among banks and the food & staples retailing industry helped the fund's relative result. Overweighted stakes in backup power generator provider Generac Holdings (+117%) and retailer BJ's Wholesale Club (+73%) added notable value, as did an out-of-benchmark stake in Charles River Labs International (+60%), which offers laboratory services to pharmaceutical companies, medical device firms and the biotechnology industry. We increased the fund’s exposure to the health care sector and reduced our allocation to financials by period end.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
BJ's Wholesale Club Holdings, Inc. | 1.8 |
SYNNEX Corp. | 1.5 |
First Citizens Bancshares, Inc. | 1.4 |
Element Solutions, Inc. | 1.4 |
Gray Television, Inc. | 1.4 |
iShares Russell 2000 Index ETF | 1.4 |
Aaron's Holdings Co., Inc. | 1.4 |
Chemed Corp. | 1.4 |
KBR, Inc. | 1.3 |
Atkore International Group, Inc. | 1.3 |
14.3 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 17.7 |
Information Technology | 17.3 |
Health Care | 16.8 |
Consumer Discretionary | 16.0 |
Financials | 13.8 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 99.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7% |
* Foreign investments – 13.7%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 3.1% | |||
Media - 3.1% | |||
Cogeco Communications, Inc. | 96,100 | $6,956 | |
Gray Television, Inc. (a) | 1,352,000 | 23,876 | |
TechTarget, Inc. (a) | 293,300 | 15,398 | |
The New York Times Co. Class A (b) | 154,000 | 6,608 | |
52,838 | |||
CONSUMER DISCRETIONARY - 16.0% | |||
Auto Components - 0.9% | |||
Patrick Industries, Inc. | 252,664 | 15,928 | |
Diversified Consumer Services - 0.3% | |||
Grand Canyon Education, Inc. (a) | 61,600 | 5,142 | |
Hotels, Restaurants & Leisure - 2.1% | |||
Brinker International, Inc. | 259,100 | 12,984 | |
Churchill Downs, Inc. | 121,600 | 21,878 | |
34,862 | |||
Household Durables - 4.0% | |||
Cavco Industries, Inc. (a) | 5,839 | 1,051 | |
Purple Innovation, Inc. (a) | 86,300 | 2,573 | |
Skyline Champion Corp. (a) | 658,186 | 20,226 | |
Taylor Morrison Home Corp. (a) | 419,400 | 10,602 | |
Tempur Sealy International, Inc. (a) | 397,600 | 10,016 | |
TopBuild Corp. (a) | 70,800 | 12,335 | |
TRI Pointe Homes, Inc. (a) | 647,100 | 11,311 | |
68,114 | |||
Internet & Direct Marketing Retail - 0.5% | |||
Kogan.Com Ltd. | 723,943 | 8,715 | |
Leisure Products - 1.8% | |||
Brunswick Corp. | 147,900 | 11,039 | |
Clarus Corp. | 544,916 | 7,847 | |
YETI Holdings, Inc. (a) | 168,100 | 10,619 | |
29,505 | |||
Multiline Retail - 0.6% | |||
Max Stock Ltd. | 346,400 | 1,475 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 94,800 | 8,348 | |
9,823 | |||
Specialty Retail - 4.5% | |||
Aaron's Holdings Co., Inc. | 363,414 | 22,870 | |
American Eagle Outfitters, Inc. | 411,700 | 7,406 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 41,100 | 11,890 | |
Murphy U.S.A., Inc. | 148,900 | 19,089 | |
Musti Group OYJ | 526,793 | 13,677 | |
74,932 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Crocs, Inc. (a) | 363,421 | 21,402 | |
TOTAL CONSUMER DISCRETIONARY | 268,423 | ||
CONSUMER STAPLES - 2.9% | |||
Food & Staples Retailing - 1.8% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 737,630 | 30,238 | |
Food Products - 1.1% | |||
Nomad Foods Ltd. (a) | 762,800 | 18,422 | |
TOTAL CONSUMER STAPLES | 48,660 | ||
ENERGY - 1.3% | |||
Oil, Gas & Consumable Fuels - 1.3% | |||
Enviva Partners LP | 170,600 | 7,616 | |
Hess Midstream LP | 298,448 | 5,381 | |
Renewable Energy Group, Inc. (a) | 147,600 | 8,573 | |
21,570 | |||
FINANCIALS - 13.8% | |||
Banks - 5.4% | |||
ConnectOne Bancorp, Inc. | 1,118,300 | 19,827 | |
First Citizens Bancshares, Inc. | 46,100 | 24,368 | |
First Interstate Bancsystem, Inc. | 421,200 | 16,027 | |
Independent Bank Corp., Massachusetts | 138,300 | 9,355 | |
ServisFirst Bancshares, Inc. | 298,500 | 11,277 | |
Trico Bancshares | 317,000 | 10,385 | |
91,239 | |||
Capital Markets - 2.8% | |||
Blucora, Inc. (a) | 296,440 | 3,866 | |
LPL Financial | 215,400 | 19,552 | |
Morningstar, Inc. | 111,509 | 22,313 | |
StepStone Group, Inc. Class A | 23,200 | 629 | |
46,360 | |||
Consumer Finance - 0.9% | |||
First Cash Financial Services, Inc. | 244,300 | 15,694 | |
Insurance - 2.3% | |||
Enstar Group Ltd. (a) | 49,102 | 9,294 | |
Old Republic International Corp. | 491,500 | 8,808 | |
Primerica, Inc. | 153,800 | 20,036 | |
38,138 | |||
Thrifts & Mortgage Finance - 2.4% | |||
Essent Group Ltd. | 473,423 | 20,764 | |
WSFS Financial Corp. | 536,500 | 20,457 | |
41,221 | |||
TOTAL FINANCIALS | 232,652 | ||
HEALTH CARE - 16.8% | |||
Biotechnology - 5.6% | |||
Acceleron Pharma, Inc. (a) | 45,800 | 5,408 | |
ADC Therapeutics SA (a) | 67,797 | 2,530 | |
Agios Pharmaceuticals, Inc. (a) | 47,200 | 2,186 | |
FibroGen, Inc. (a) | 174,300 | 7,200 | |
G1 Therapeutics, Inc. (a) | 57,500 | 1,050 | |
Global Blood Therapeutics, Inc. (a) | 54,900 | 2,520 | |
Keros Therapeutics, Inc. | 58,000 | 4,385 | |
Kezar Life Sciences, Inc. (a) | 164,200 | 1,080 | |
Kura Oncology, Inc. (a) | 195,500 | 7,097 | |
Mirati Therapeutics, Inc. (a) | 45,400 | 10,798 | |
Novavax, Inc. (a) | 82,900 | 11,565 | |
Passage Bio, Inc. | 131,900 | 2,705 | |
PTC Therapeutics, Inc. (a) | 111,200 | 6,958 | |
Revolution Medicines, Inc. | 147,600 | 6,440 | |
Stoke Therapeutics, Inc. (a) | 80,138 | 4,174 | |
TG Therapeutics, Inc. (a) | 218,000 | 6,396 | |
Vaxcyte, Inc. | 68,700 | 2,205 | |
Viela Bio, Inc. (a) | 114,400 | 4,386 | |
Xenon Pharmaceuticals, Inc. (a) | 209,800 | 2,495 | |
Zentalis Pharmaceuticals, Inc. | 48,346 | 2,464 | |
94,042 | |||
Health Care Equipment & Supplies - 3.5% | |||
BioLife Solutions, Inc. (a) | 170,900 | 6,151 | |
CryoPort, Inc. (a)(b) | 188,600 | 9,175 | |
Haemonetics Corp. (a) | 118,300 | 13,350 | |
Integra LifeSciences Holdings Corp. (a) | 154,600 | 8,461 | |
Masimo Corp. (a) | 32,900 | 8,373 | |
Pulmonx Corp. | 1,700 | 92 | |
Tandem Diabetes Care, Inc. (a) | 125,300 | 11,763 | |
TransMedics Group, Inc. (a) | 146,600 | 2,180 | |
59,545 | |||
Health Care Providers & Services - 2.8% | |||
Andlauer Healthcare Group, Inc. | 74,900 | 2,299 | |
Chemed Corp. | 47,400 | 22,669 | |
Encompass Health Corp. | 119,800 | 9,653 | |
LHC Group, Inc. (a) | 61,577 | 12,089 | |
46,710 | |||
Health Care Technology - 1.1% | |||
HMS Holdings Corp. (a) | 257,600 | 8,094 | |
Phreesia, Inc. (a) | 250,600 | 11,066 | |
19,160 | |||
Life Sciences Tools & Services - 3.0% | |||
10X Genomics, Inc. (a) | 15,000 | 2,297 | |
Charles River Laboratories International, Inc. (a) | 84,800 | 19,887 | |
ICON PLC (a) | 100,100 | 19,507 | |
Sotera Health Co. | 29,700 | 804 | |
Syneos Health, Inc. (a) | 107,000 | 7,045 | |
49,540 | |||
Pharmaceuticals - 0.8% | |||
Arvinas Holding Co. LLC (a) | 67,400 | 1,631 | |
Horizon Therapeutics PLC (a) | 91,700 | 6,458 | |
IMARA, Inc. | 50,600 | 1,291 | |
Intra-Cellular Therapies, Inc. (a) | 116,800 | 2,761 | |
Nektar Therapeutics (a) | 116,500 | 1,909 | |
14,050 | |||
TOTAL HEALTH CARE | 283,047 | ||
INDUSTRIALS - 17.7% | |||
Aerospace & Defense - 0.5% | |||
Vectrus, Inc. (a) | 169,697 | 8,089 | |
Building Products - 1.7% | |||
Gibraltar Industries, Inc. (a) | 174,512 | 11,424 | |
Masonite International Corp. (a) | 164,900 | 16,498 | |
27,922 | |||
Commercial Services & Supplies - 1.7% | |||
Knoll, Inc. | 645,300 | 8,815 | |
Tetra Tech, Inc. | 162,800 | 19,414 | |
28,229 | |||
Construction & Engineering - 1.2% | |||
EMCOR Group, Inc. | 240,000 | 20,683 | |
Electrical Equipment - 2.3% | |||
Atkore International Group, Inc. (a) | 575,000 | 22,414 | |
Generac Holdings, Inc. (a) | 74,800 | 16,127 | |
38,541 | |||
Machinery - 4.9% | |||
ESCO Technologies, Inc. | 130,300 | 12,887 | |
ITT, Inc. | 219,200 | 15,920 | |
Kornit Digital Ltd. (a) | 52,300 | 4,413 | |
Luxfer Holdings PLC sponsored | 932,800 | 14,020 | |
Oshkosh Corp. | 254,600 | 20,495 | |
SPX Flow, Inc. (a) | 259,324 | 13,895 | |
81,630 | |||
Professional Services - 4.1% | |||
ASGN, Inc. (a) | 156,900 | 12,266 | |
FTI Consulting, Inc. (a) | 166,000 | 17,433 | |
ICF International, Inc. | 162,179 | 11,747 | |
Insperity, Inc. | 205,100 | 17,536 | |
TriNet Group, Inc. (a) | 125,700 | 9,428 | |
68,410 | |||
Road & Rail - 0.7% | |||
TFI International, Inc. | 239,100 | 12,149 | |
Trading Companies & Distributors - 0.6% | |||
GMS, Inc. (a) | 352,118 | 10,997 | |
TOTAL INDUSTRIALS | 296,650 | ||
INFORMATION TECHNOLOGY - 17.3% | |||
Electronic Equipment & Components - 4.3% | |||
CDW Corp. | 64,200 | 8,377 | |
ePlus, Inc. (a) | 167,989 | 14,163 | |
Insight Enterprises, Inc. (a) | 245,572 | 17,553 | |
Napco Security Technolgies, Inc. (a)(b) | 214,551 | 6,544 | |
SYNNEX Corp. | 159,541 | 25,576 | |
72,213 | |||
IT Services - 4.4% | |||
Booz Allen Hamilton Holding Corp. Class A | 153,600 | 13,331 | |
Endava PLC ADR (a) | 121,308 | 7,617 | |
Genpact Ltd. | 268,100 | 10,898 | |
Grid Dynamics Holdings, Inc. (a)(b) | 701,400 | 7,568 | |
KBR, Inc. (b) | 810,600 | 22,510 | |
Repay Holdings Corp. (a) | 506,660 | 12,226 | |
74,150 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Allegro MicroSystems LLC (a) | 9,500 | 228 | |
Array Technologies, Inc. | 117,200 | 5,342 | |
Entegris, Inc. | 151,500 | 14,032 | |
Ichor Holdings Ltd. (a) | 419,400 | 13,379 | |
Onto Innovation, Inc. (a) | 266,700 | 11,791 | |
Synaptics, Inc. (a) | 176,250 | 13,707 | |
58,479 | |||
Software - 5.1% | |||
Digital Turbine, Inc. (a) | 325,300 | 14,632 | |
Everbridge, Inc. (a) | 42,700 | 5,420 | |
Five9, Inc. (a) | 83,500 | 12,959 | |
j2 Global, Inc. (a)(b) | 180,300 | 16,157 | |
LivePerson, Inc. (a) | 230,100 | 13,442 | |
Pluralsight, Inc. (a) | 431,600 | 7,070 | |
Proofpoint, Inc. (a) | 90,600 | 9,376 | |
RealPage, Inc. (a) | 99,209 | 6,844 | |
85,900 | |||
TOTAL INFORMATION TECHNOLOGY | 290,742 | ||
MATERIALS - 4.3% | |||
Chemicals - 2.0% | |||
Ashland Global Holdings, Inc. | 135,300 | 10,171 | |
Element Solutions, Inc. | 1,762,100 | 24,335 | |
34,506 | |||
Construction Materials - 0.9% | |||
Eagle Materials, Inc. | 158,700 | 14,440 | |
Containers & Packaging - 1.0% | |||
Aptargroup, Inc. | 128,700 | 16,257 | |
Metals & Mining - 0.4% | |||
ERO Copper Corp. (a) | 361,700 | 6,205 | |
TOTAL MATERIALS | 71,408 | ||
REAL ESTATE - 3.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
Americold Realty Trust | 430,800 | 14,703 | |
CoreSite Realty Corp. | 80,300 | 10,069 | |
Essential Properties Realty Trust, Inc. | 209,201 | 4,297 | |
Summit Industrial Income REIT | 447,200 | 4,563 | |
33,632 | |||
Real Estate Management & Development - 1.5% | |||
CBRE Group, Inc. (a) | 134,200 | 8,205 | |
Cushman& Wakefield PLC (a) | 1,116,600 | 16,637 | |
24,842 | |||
TOTAL REAL ESTATE | 58,474 | ||
UTILITIES - 1.2% | |||
Gas Utilities - 0.6% | |||
Star Gas Partners LP | 1,013,900 | 9,703 | |
Multi-Utilities - 0.6% | |||
Telecom Plus PLC | 550,808 | 10,487 | |
TOTAL UTILITIES | 20,190 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,220,386) | 1,644,654 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund 0.09% (c) | 14,712,865 | 14,716 | |
Fidelity Securities Lending Cash Central Fund 0.09% (c)(d) | 32,590,144 | 32,593 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $47,309) | 47,309 | ||
Equity Funds - 1.4% | |||
Small Blend Funds - 1.4% | |||
iShares Russell 2000 Index ETF (b) | |||
(Cost $18,503) | 126,800 | 22,953 | |
TOTAL INVESTMENT IN SECURITIES - 102.1% | |||
(Cost $1,286,198) | 1,714,916 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (34,503) | ||
NET ASSETS - 100% | $1,680,413 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
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, 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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $55 |
Fidelity Securities Lending Cash Central Fund | 74 |
Total | $129 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $52,838 | $52,838 | $-- | $-- |
Consumer Discretionary | 268,423 | 254,746 | 13,677 | -- |
Consumer Staples | 48,660 | 48,660 | -- | -- |
Energy | 21,570 | 21,570 | -- | -- |
Financials | 232,652 | 232,652 | -- | -- |
Health Care | 283,047 | 283,047 | -- | -- |
Industrials | 296,650 | 296,650 | -- | -- |
Information Technology | 290,742 | 290,742 | -- | -- |
Materials | 71,408 | 71,408 | -- | -- |
Real Estate | 58,474 | 58,474 | -- | -- |
Utilities | 20,190 | 9,703 | 10,487 | -- |
Money Market Funds | 47,309 | 47,309 | -- | -- |
Equity Funds | 22,953 | 22,953 | -- | -- |
Total Investments in Securities: | $1,714,916 | $1,690,752 | $24,164 | $-- |
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 | 86.3% |
Canada | 3.0% |
United Kingdom | 2.9% |
Bermuda | 2.4% |
Ireland | 1.6% |
British Virgin Islands | 1.1% |
Others (Individually Less Than 1%) | 2.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $32,182) — See accompanying schedule: Unaffiliated issuers (cost $1,238,889) | $1,667,607 | |
Fidelity Central Funds (cost $47,309) | 47,309 | |
Total Investment in Securities (cost $1,286,198) | $1,714,916 | |
Receivable for fund shares sold | 811 | |
Dividends receivable | 948 | |
Distributions receivable from Fidelity Central Funds | 6 | |
Prepaid expenses | 2 | |
Other receivables | 29 | |
Total assets | 1,716,712 | |
Liabilities | ||
Payable for fund shares redeemed | $2,103 | |
Accrued management fee | 863 | |
Distribution and service plan fees payable | 399 | |
Other affiliated payables | 290 | |
Other payables and accrued expenses | 53 | |
Collateral on securities loaned | 32,591 | |
Total liabilities | 36,299 | |
Net Assets | $1,680,413 | |
Net Assets consist of: | ||
Paid in capital | $1,215,302 | |
Total accumulated earnings (loss) | 465,111 | |
Net Assets | $1,680,413 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($638,177 ÷ 24,464 shares)(a) | $26.09 | |
Maximum offering price per share (100/94.25 of $26.09) | $27.68 | |
Class M: | ||
Net Asset Value and redemption price per share ($503,474 ÷ 21,349 shares)(a) | $23.58 | |
Maximum offering price per share (100/96.50 of $23.58) | $24.44 | |
Class C: | ||
Net Asset Value and offering price per share ($81,465 ÷ 4,535 shares)(a) | $17.96 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($378,036 ÷ 12,884 shares) | $29.34 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($79,261 ÷ 2,691 shares) | $29.45 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $13,097 | |
Income from Fidelity Central Funds (including $74 from security lending) | 129 | |
Total income | 13,226 | |
Expenses | ||
Management fee | ||
Basic fee | $10,572 | |
Performance adjustment | 486 | |
Transfer agent fees | 2,982 | |
Distribution and service plan fees | 4,553 | |
Accounting fees | 484 | |
Custodian fees and expenses | 42 | |
Independent trustees' fees and expenses | 9 | |
Registration fees | 105 | |
Audit | 68 | |
Legal | 7 | |
Interest | 4 | |
Miscellaneous | 74 | |
Total expenses before reductions | 19,386 | |
Expense reductions | (118) | |
Total expenses after reductions | 19,268 | |
Net investment income (loss) | (6,042) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 50,640 | |
Fidelity Central Funds | 4 | |
Foreign currency transactions | 11 | |
Total net realized gain (loss) | 50,655 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 91,254 | |
Assets and liabilities in foreign currencies | 7 | |
Total change in net unrealized appreciation (depreciation) | 91,261 | |
Net gain (loss) | 141,916 | |
Net increase (decrease) in net assets resulting from operations | $135,874 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(6,042) | $(3,037) |
Net realized gain (loss) | 50,655 | 73,344 |
Change in net unrealized appreciation (depreciation) | 91,261 | 155,042 |
Net increase (decrease) in net assets resulting from operations | 135,874 | 225,349 |
Distributions to shareholders | (70,606) | (233,679) |
Share transactions - net increase (decrease) | (226,782) | (240,341) |
Total increase (decrease) in net assets | (161,514) | (248,671) |
Net Assets | ||
Beginning of period | 1,841,927 | 2,090,598 |
End of period | $1,680,413 | $1,841,927 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Small Cap Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $24.25 | $24.46 | $29.35 | $25.52 | $27.56 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.08) | (.03) | (.04) | .03 | .12B |
Net realized and unrealized gain (loss) | 2.85 | 2.56 | (1.28) | 4.18 | .05 |
Total from investment operations | 2.77 | 2.53 | (1.32) | 4.21 | .17 |
Distributions from net investment income | – | – | – | (.08) | – |
Distributions from net realized gain | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Total distributions | (.93) | (2.74) | (3.57) | (.38) | (2.21) |
Net asset value, end of period | $26.09 | $24.25 | $24.46 | $29.35 | $25.52 |
Total ReturnC,D | 11.78% | 13.97% | (5.18)% | 16.68% | 1.31% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.22% | .98% | .97% | 1.05% | 1.32% |
Expenses net of fee waivers, if any | 1.22% | .98% | .97% | 1.05% | 1.32% |
Expenses net of all reductions | 1.22% | .98% | .96% | 1.04% | 1.31% |
Net investment income (loss) | (.36)% | (.13)% | (.13)% | .10% | .52%B |
Supplemental Data | |||||
Net assets, end of period (in millions) | $638 | $654 | $640 | $805 | $932 |
Portfolio turnover rateG | 47% | 56% | 74% | 84% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Small Cap Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $22.06 | $22.58 | $27.43 | $23.88 | $25.99 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.12) | (.07) | (.09) | (.03) | .07B |
Net realized and unrealized gain (loss) | 2.57 | 2.29 | (1.19) | 3.91 | .03 |
Total from investment operations | 2.45 | 2.22 | (1.28) | 3.88 | .10 |
Distributions from net investment income | – | – | – | (.03) | – |
Distributions from net realized gain | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Total distributions | (.93) | (2.74) | (3.57) | (.33) | (2.21) |
Net asset value, end of period | $23.58 | $22.06 | $22.58 | $27.43 | $23.88 |
Total ReturnC,D | 11.49% | 13.73% | (5.42)% | 16.41% | 1.10% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.45% | 1.22% | 1.20% | 1.28% | 1.54% |
Expenses net of fee waivers, if any | 1.45% | 1.22% | 1.20% | 1.28% | 1.54% |
Expenses net of all reductions | 1.45% | 1.21% | 1.19% | 1.27% | 1.54% |
Net investment income (loss) | (.59)% | (.36)% | (.37)% | (.13)% | .29%B |
Supplemental Data | |||||
Net assets, end of period (in millions) | $503 | $542 | $580 | $734 | $756 |
Portfolio turnover rateG | 47% | 56% | 74% | 84% | 81% |
A Calculated based on average shares outstanding during the period.
B Net 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 (.16)%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Small Cap Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.11 | $18.32 | $23.02 | $20.17 | $22.44 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.18) | (.15) | (.18) | (.14) | (.05)B |
Net realized and unrealized gain (loss) | 1.96 | 1.68 | (.95) | 3.29 | (.01) |
Total from investment operations | 1.78 | 1.53 | (1.13) | 3.15 | (.06) |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Total distributions | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Net asset value, end of period | $17.96 | $17.11 | $18.32 | $23.02 | $20.17 |
Total ReturnC,D | 10.87% | 13.05% | (5.88)% | 15.80% | .50% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 2.04% | 1.79% | 1.74% | 1.81% | 2.08% |
Expenses net of fee waivers, if any | 2.04% | 1.79% | 1.74% | 1.81% | 2.08% |
Expenses net of all reductions | 2.03% | 1.78% | 1.73% | 1.80% | 2.07% |
Net investment income (loss) | (1.18)% | (.93)% | (.90)% | (.66)% | (.24)%B |
Supplemental Data | |||||
Net assets, end of period (in millions) | $81 | $96 | $196 | $273 | $274 |
Portfolio turnover rateG | 47% | 56% | 74% | 84% | 81% |
A Calculated based on average shares outstanding during the period.
B Net 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 (.69)%.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Small Cap Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.09 | $26.89 | $31.84 | $27.65 | $29.59 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.02) | .03 | .04 | .11 | .20B |
Net realized and unrealized gain (loss) | 3.20 | 2.91 | (1.42) | 4.54 | .07 |
Total from investment operations | 3.18 | 2.94 | (1.38) | 4.65 | .27 |
Distributions from net investment income | – | – | – | (.15) | – |
Distributions from net realized gain | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Total distributions | (.93) | (2.74) | (3.57) | (.46)C | (2.21) |
Net asset value, end of period | $29.34 | $27.09 | $26.89 | $31.84 | $27.65 |
Total ReturnD | 12.07% | 14.26% | (4.93)% | 17.01% | 1.58% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .96% | .72% | .71% | .78% | 1.05% |
Expenses net of fee waivers, if any | .95% | .72% | .71% | .78% | 1.04% |
Expenses net of all reductions | .95% | .72% | .70% | .77% | 1.04% |
Net investment income (loss) | (.09)% | .14% | .12% | .37% | .79%B |
Supplemental Data | |||||
Net assets, end of period (in millions) | $378 | $434 | $604 | $758 | $652 |
Portfolio turnover rateG | 47% | 56% | 74% | 84% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .34%.
C Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Small Cap Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $27.15 | $26.90 | $31.81 | $27.63 | $29.53 |
Income from Investment Operations | |||||
Net investment income (loss)A | .01 | .07 | .08 | .15 | .24B |
Net realized and unrealized gain (loss) | 3.22 | 2.92 | (1.42) | 4.53 | .07 |
Total from investment operations | 3.23 | 2.99 | (1.34) | 4.68 | .31 |
Distributions from net investment income | – | – | – | (.20) | – |
Distributions from net realized gain | (.93) | (2.74) | (3.57) | (.30) | (2.21) |
Total distributions | (.93) | (2.74) | (3.57) | (.50) | (2.21) |
Net asset value, end of period | $29.45 | $27.15 | $26.90 | $31.81 | $27.63 |
Total ReturnC | 12.23% | 14.46% | (4.80)% | 17.17% | 1.73% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .81% | .57% | .56% | .63% | .89% |
Expenses net of fee waivers, if any | .81% | .57% | .56% | .63% | .89% |
Expenses net of all reductions | .80% | .57% | .55% | .62% | .89% |
Net investment income (loss) | .05% | .29% | .28% | .51% | .94%B |
Supplemental Data | |||||
Net assets, end of period (in millions) | $79 | $117 | $71 | $57 | $44 |
Portfolio turnover rateF | 47% | 56% | 74% | 84% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .50%.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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 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 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, 2020 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. 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.
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. As of November 30, 2020, 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, net operating losses 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 | $470,890 |
Gross unrealized depreciation | (44,074) |
Net unrealized appreciation (depreciation) | $426,816 |
Tax Cost | $1,288,100 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed long-term capital gain | $47,808 |
Net unrealized appreciation (depreciation) on securities and other investments | $423,926 |
The Fund intends to elect to defer to its next fiscal year $6,623 of ordinary losses recognized during the period January 1, 2020 to November 30, 2020.
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Long-term Capital Gains | $70,606 | $233,679 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Small Cap Fund | 732,128 | 1,037,443 |
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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $1,434 | $20 |
Class M | .25% | .25% | 2,326 | 21 |
Class C | .75% | .25% | 793 | 53 |
$4,553 | $94 |
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 | $60 |
Class M | 10 |
Class C(a) | 7 |
$77 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,188 | .21 |
Class M | 875 | .19 |
Class C | 216 | .27 |
Class I | 667 | .19 |
Class Z | 36 | .04 |
$2,982 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Small Cap Fund | .03 |
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 | $33 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $19,902 | 1.30% | $4 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $3.
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 as follows:
Amount | |
Fidelity Advisor Small Cap Fund | $4 |
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 Income 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 | $8 | $–(a) | $– |
(a) Amount represents less than five hundred dollars.
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 $93 for the period.
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 $7.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $18 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $24,709 | $70,409 |
Class M | 22,581 | 69,540 |
Class C | 5,121 | 28,270 |
Class I | 14,130 | 58,773 |
Class Z | 4,065 | 6,687 |
Total | $70,606 | $233,679 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 2,249 | 5,398 | $48,811 | $117,576 |
Reinvestment of distributions | 1,006 | 3,724 | 23,936 | 68,215 |
Shares redeemed | (5,744) | (8,332) | (125,770) | (183,112) |
Net increase (decrease) | (2,489) | 790 | $(53,023) | $2,679 |
Class M | ||||
Shares sold | 2,550 | 2,649 | $49,900 | $52,736 |
Reinvestment of distributions | 1,035 | 4,110 | 22,299 | 68,624 |
Shares redeemed | (6,793) | (7,883) | (133,734) | (157,565) |
Net increase (decrease) | (3,208) | (1,124) | $(61,535) | $(36,205) |
Class C | ||||
Shares sold | 354 | 637 | $5,349 | $9,759 |
Reinvestment of distributions | 302 | 2,131 | 4,988 | 27,737 |
Shares redeemed | (1,737) | (7,879) | (26,156) | (121,637) |
Net increase (decrease) | (1,081) | (5,111) | $(15,819) | $(84,141) |
Class I | ||||
Shares sold | 2,867 | 2,794 | $70,175 | $67,982 |
Reinvestment of distributions | 491 | 2,665 | 13,113 | 54,406 |
Shares redeemed | (6,484) | (11,902) | (157,609) | (288,598) |
Net increase (decrease) | (3,126) | (6,443) | $(74,321) | $(166,210) |
Class Z | ||||
Shares sold | 2,960 | 3,553 | $72,922 | $90,450 |
Reinvestment of distributions | 129 | 290 | 3,452 | 5,933 |
Shares redeemed | (4,708) | (2,166) | (98,458) | (52,848) |
Net increase (decrease) | (1,619) | 1,677 | $(22,084) | $43,535 |
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 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, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 12, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Small Cap Fund | ||||
Class A | 1.23% | |||
Actual | $1,000.00 | $1,240.60 | $6.89 | |
Hypothetical-C | $1,000.00 | $1,018.85 | $6.21 | |
Class M | 1.46% | |||
Actual | $1,000.00 | $1,238.40 | $8.17 | |
Hypothetical-C | $1,000.00 | $1,017.70 | $7.36 | |
Class C | 2.05% | |||
Actual | $1,000.00 | $1,235.20 | $11.46 | |
Hypothetical-C | $1,000.00 | $1,014.75 | $10.33 | |
Class I | .96% | |||
Actual | $1,000.00 | $1,241.60 | $5.38 | |
Hypothetical-C | $1,000.00 | $1,020.20 | $4.85 | |
Class Z | .81% | |||
Actual | $1,000.00 | $1,242.60 | $4.54 | |
Hypothetical-C | $1,000.00 | $1,020.95 | $4.09 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Small Cap Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities.
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor Small Cap Fund | |||
Class A | 12/30/20 | 12/29/20 | $0.731 |
Class M | 12/30/20 | 12/29/20 | $0.731 |
Class C | 12/30/20 | 12/29/20 | $0.731 |
Class I | 12/30/20 | 12/29/20 | $0.731 |
Class Z | 12/30/20 | 12/29/20 | $0.731 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $53,110,874, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 343,513,919.745 | 39.980 |
Against | 74,157,258.841 | 8.631 |
Abstain | 55,109,775.011 | 6.414 |
Broker Non-Vote | 386,440,281.260 | 44.976 |
TOTAL | 859,221,234.856 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
ASCF-ANN-0121
1.713164.123
Fidelity Advisor® Stock Selector Mid Cap Fund
November 30, 2020
Includes Fidelity and Fidelity Advisor share classes
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 2.72% | 8.66% | 9.85% |
Class M (incl. 3.50% sales charge) | 4.90% | 8.91% | 9.86% |
Class C (incl. contingent deferred sales charge) | 7.10% | 9.12% | 9.66% |
Fidelity® Stock Selector Mid Cap Fund | 9.24% | 10.19% | 10.76% |
Class I | 9.23% | 10.22% | 10.77% |
Class Z | 9.39% | 10.35% | 10.84% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Fidelity Stock Selector Mid Cap Fund took place on June 6, 2012. Returns prior to June 6 2012, are those of Class I.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Stock Selector Mid Cap Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959901_740.jpg)
Period Ending Values | ||
$25,578 | Fidelity Advisor® Stock Selector Mid Cap Fund - Class A | |
$29,733 | S&P MidCap 400® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Co-Managers Robert Stansky and Pierre Sorel: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 8% to 9%, underperforming the 9.70% result of the benchmark S&P MidCap 400® Index. Versus the benchmark, security selection was the primary detractor, especially within the retailing area of the consumer discretionary sector. Picks in consumer staples also hurt. Also hindering our result were stock picks in the communication services sector, especially within the media & entertainment industry. Our biggest individual relative detractor was an out-of-benchmark stake in MRC Global (-57%). We increased our position this period. Our second-largest relative detractor this period was avoiding Etsy, a benchmark component that gained roughly 158%. Another notable relative detractor was an outsized stake in First Horizon (-20%), which was among our largest holdings this period. In contrast, the biggest contributor to performance versus the benchmark was our security selection in real estate. Picks in the health care sector, especially within the health care equipment & services industry, also bolstered the fund's relative result. Also boosting the fund's relative performance was stock selection and an underweighting in financials. Quidel, a stake we established this period, was the fund's biggest individual relative contributor, increasing 171%. The fund's non-benchmark stake in HD Supply Holdings, one of our biggest positions, gained 41%. The fund's non-benchmark stake in Discover Financial Services, a position not held at period end, gained 129%. Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to real estate.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On November 1, 2020, Nicola Stafford joined Fidelity's Stock Selector Mid Cap team, succeeding Gordon Scott as co-manager responsible for the fund's consumer discretionary, consumer staples and communication services sleeves.Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Curtiss-Wright Corp. | 2.0 |
HD Supply Holdings, Inc. | 1.9 |
AECOM | 1.7 |
Sensata Technologies, Inc. PLC | 1.4 |
Caesars Entertainment, Inc. | 1.4 |
Nielsen Holdings PLC | 1.3 |
Ceridian HCM Holding, Inc. | 1.2 |
Kirby Corp. | 1.2 |
Jeld-Wen Holding, Inc. | 1.2 |
Allison Transmission Holdings, Inc. | 1.2 |
14.5 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 18.9 |
Information Technology | 16.1 |
Financials | 14.5 |
Consumer Discretionary | 12.9 |
Health Care | 9.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks and Equity Futures | 97.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6% |
* Foreign investments - 9.6%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 1.6% | |||
Diversified Telecommunication Services - 0.1% | |||
GCI Liberty, Inc. (a) | 24,724 | $2,253 | |
Entertainment - 0.3% | |||
Cinemark Holdings, Inc. | 28,500 | 440 | |
Liberty Media Corp.: | |||
Liberty Formula One Group Series C (a) | 22,200 | 928 | |
Liberty SiriusXM Series A (a) | 54,000 | 2,211 | |
Live Nation Entertainment, Inc. (a) | 14,700 | 965 | |
Warner Music Group Corp. Class A | 31,600 | 939 | |
5,483 | |||
Interactive Media & Services - 0.0% | |||
InterActiveCorp (a) | 9,300 | 1,321 | |
Media - 1.2% | |||
Cable One, Inc. | 4,600 | 9,111 | |
Discovery Communications, Inc. Class A (a)(b) | 55,280 | 1,488 | |
Interpublic Group of Companies, Inc. | 119,751 | 2,668 | |
Nexstar Broadcasting Group, Inc. Class A | 24,900 | 2,621 | |
Omnicom Group, Inc. | 21,582 | 1,360 | |
S4 Capital PLC (a) | 109,000 | 692 | |
The New York Times Co. Class A | 111,500 | 4,784 | |
22,724 | |||
TOTAL COMMUNICATION SERVICES | 31,781 | ||
CONSUMER DISCRETIONARY - 12.6% | |||
Auto Components - 1.3% | |||
BorgWarner, Inc. | 217,250 | 8,440 | |
Lear Corp. | 112,753 | 16,118 | |
24,558 | |||
Automobiles - 0.7% | |||
Harley-Davidson, Inc. | 345,272 | 13,911 | |
Distributors - 0.6% | |||
LKQ Corp. (a) | 311,598 | 10,974 | |
Diversified Consumer Services - 0.0% | |||
Cairo Mezz PLC (a) | 4,444,132 | 518 | |
Hotels, Restaurants & Leisure - 3.5% | |||
Aristocrat Leisure Ltd. | 219,980 | 5,177 | |
Caesars Entertainment, Inc. (a) | 392,302 | 26,724 | |
Churchill Downs, Inc. | 90,047 | 16,201 | |
Darden Restaurants, Inc. | 81,955 | 8,850 | |
Wyndham Hotels & Resorts, Inc. | 194,833 | 11,203 | |
68,155 | |||
Household Durables - 2.4% | |||
Leggett & Platt, Inc. | 130,540 | 5,626 | |
Mohawk Industries, Inc. (a) | 86,640 | 10,902 | |
NVR, Inc. (a) | 2,778 | 11,104 | |
Taylor Morrison Home Corp. (a) | 404,764 | 10,232 | |
Whirlpool Corp. | 42,920 | 8,353 | |
46,217 | |||
Leisure Products - 0.7% | |||
Mattel, Inc. (a) | 898,576 | 13,919 | |
Multiline Retail - 0.4% | |||
Nordstrom, Inc. (b) | 267,234 | 6,927 | |
Textiles, Apparel & Luxury Goods - 3.0% | |||
Capri Holdings Ltd. (a) | 303,264 | 10,729 | |
Columbia Sportswear Co. | 83,904 | 6,874 | |
Gildan Activewear, Inc. (b) | 218,302 | 5,704 | |
PVH Corp. | 176,554 | 14,034 | |
Ralph Lauren Corp. | 67,969 | 5,828 | |
Tapestry, Inc. | 546,049 | 15,464 | |
58,633 | |||
TOTAL CONSUMER DISCRETIONARY | 243,812 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 0.3% | |||
Boston Beer Co., Inc. Class A (a) | 5,800 | 5,399 | |
Molson Coors Beverage Co. Class B | 30,500 | 1,403 | |
6,802 | |||
Food & Staples Retailing - 1.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 310,205 | 12,715 | |
Casey's General Stores, Inc. | 11,900 | 2,162 | |
Grocery Outlet Holding Corp. (a) | 32,484 | 1,255 | |
Sprouts Farmers Market LLC (a) | 180,900 | 3,830 | |
U.S. Foods Holding Corp. (a) | 350,020 | 11,019 | |
30,981 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 22,300 | 1,313 | |
Darling Ingredients, Inc. (a) | 141,200 | 6,817 | |
Ingredion, Inc. | 47,700 | 3,680 | |
Lamb Weston Holdings, Inc. | 34,100 | 2,468 | |
Nomad Foods Ltd. (a) | 125,800 | 3,038 | |
Post Holdings, Inc. (a) | 34,500 | 3,259 | |
TreeHouse Foods, Inc. (a) | 90,500 | 3,722 | |
24,297 | |||
Household Products - 0.7% | |||
Energizer Holdings, Inc. | 157,600 | 6,602 | |
Reynolds Consumer Products, Inc. | 88,600 | 2,688 | |
Spectrum Brands Holdings, Inc. | 52,807 | 3,529 | |
12,819 | |||
TOTAL CONSUMER STAPLES | 74,899 | ||
ENERGY - 1.3% | |||
Energy Equipment & Services - 0.1% | |||
Dril-Quip, Inc. (a) | 39,700 | 1,128 | |
Liberty Oilfield Services, Inc. Class A | 179,700 | 1,671 | |
2,799 | |||
Oil, Gas & Consumable Fuels - 1.2% | |||
Cimarex Energy Co. | 196,500 | 7,064 | |
EQT Corp. | 439,000 | 6,532 | |
Hess Midstream LP | 120,300 | 2,169 | |
HollyFrontier Corp. | 99,300 | 2,323 | |
Parsley Energy, Inc. Class A | 223,300 | 2,798 | |
WPX Energy, Inc. (a) | 192,900 | 1,373 | |
22,259 | |||
TOTAL ENERGY | 25,058 | ||
FINANCIALS - 14.5% | |||
Banks - 4.6% | |||
First Horizon National Corp. | 1,596,900 | 19,514 | |
Huntington Bancshares, Inc. | 795,706 | 9,612 | |
Live Oak Bancshares, Inc. (b) | 115,600 | 4,753 | |
PacWest Bancorp | 841,900 | 19,583 | |
Piraeus Bank SA (a) | 1,177,100 | 1,561 | |
Signature Bank | 119,200 | 13,373 | |
TCF Financial Corp. | 376,500 | 12,650 | |
Wintrust Financial Corp. | 140,200 | 7,639 | |
88,685 | |||
Capital Markets - 0.7% | |||
AllianceBernstein Holding LP | 115,100 | 3,668 | |
Lazard Ltd. Class A | 82,400 | 3,075 | |
Virtu Financial, Inc. Class A | 285,470 | 6,506 | |
13,249 | |||
Consumer Finance - 2.9% | |||
Ally Financial, Inc. | 167,400 | 4,963 | |
First Cash Financial Services, Inc. | 147,466 | 9,473 | |
Navient Corp. | 1,001,300 | 9,382 | |
OneMain Holdings, Inc. | 528,814 | 20,618 | |
SLM Corp. | 1,072,262 | 11,377 | |
55,813 | |||
Diversified Financial Services - 0.8% | |||
Jaws Acquisition Corp. (a) | 580,000 | 6,629 | |
Triterras, Inc. (a) | 31,005 | 369 | |
Voya Financial, Inc. | 148,000 | 8,529 | |
15,527 | |||
Insurance - 4.8% | |||
American Financial Group, Inc. | 181,923 | 16,266 | |
Assurant, Inc. | 116,800 | 15,081 | |
BRP Group, Inc. (a) | 374,966 | 11,043 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 24,400 | 8,368 | |
First American Financial Corp. | 140,600 | 6,811 | |
Reinsurance Group of America, Inc. | 174,800 | 20,151 | |
RenaissanceRe Holdings Ltd. | 68,300 | 11,245 | |
Talanx AG | 112,600 | 4,126 | |
93,091 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Redwood Trust, Inc. | 347,900 | 3,009 | |
Thrifts & Mortgage Finance - 0.6% | |||
Essent Group Ltd. | 149,400 | 6,553 | |
MGIC Investment Corp. | 478,700 | 5,725 | |
12,278 | |||
TOTAL FINANCIALS | 281,652 | ||
HEALTH CARE - 9.6% | |||
Biotechnology - 1.5% | |||
Exelixis, Inc. (a) | 600,000 | 11,496 | |
Neurocrine Biosciences, Inc. (a) | 109,000 | 10,348 | |
Sarepta Therapeutics, Inc. (a) | 48,000 | 6,761 | |
28,605 | |||
Health Care Equipment & Supplies - 5.1% | |||
Hologic, Inc. (a) | 180,000 | 12,443 | |
Insulet Corp. (a) | 62,000 | 15,978 | |
Masimo Corp. (a) | 86,000 | 21,886 | |
Nanosonics Ltd. (a) | 2,474,000 | 12,095 | |
Nevro Corp. (a) | 42,800 | 6,902 | |
Penumbra, Inc. (a) | 88,000 | 19,527 | |
Quidel Corp. (a) | 8,000 | 1,560 | |
Tandem Diabetes Care, Inc. (a) | 95,000 | 8,919 | |
99,310 | |||
Health Care Providers & Services - 2.1% | |||
LHC Group, Inc. (a) | 92,000 | 18,061 | |
Molina Healthcare, Inc. (a) | 110,000 | 22,454 | |
40,515 | |||
Life Sciences Tools & Services - 0.6% | |||
Bruker Corp. | 218,000 | 11,033 | |
Pharmaceuticals - 0.3% | |||
Nektar Therapeutics (a)(b) | 400,000 | 6,556 | |
TOTAL HEALTH CARE | 186,019 | ||
INDUSTRIALS - 18.9% | |||
Aerospace & Defense - 2.0% | |||
Curtiss-Wright Corp. | 331,400 | 38,198 | |
Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 296,500 | 4,474 | |
Building Products - 1.2% | |||
Jeld-Wen Holding, Inc. (a) | 972,309 | 23,520 | |
Construction & Engineering - 4.4% | |||
AECOM (a) | 628,937 | 32,636 | |
Arcadis NV | 332,584 | 10,158 | |
Fluor Corp. | 1,129,400 | 19,505 | |
Granite Construction, Inc. (b) | 921,680 | 22,692 | |
84,991 | |||
Electrical Equipment - 1.4% | |||
Sensata Technologies, Inc. PLC (a) | 563,019 | 27,492 | |
Machinery - 1.9% | |||
Allison Transmission Holdings, Inc. | 554,363 | 22,757 | |
Colfax Corp. (a) | 373,907 | 13,491 | |
36,248 | |||
Marine - 2.2% | |||
A.P. Moller - Maersk A/S Series B | 9,646 | 19,665 | |
Kirby Corp. (a) | 466,800 | 23,620 | |
43,285 | |||
Professional Services - 1.3% | |||
Nielsen Holdings PLC | 1,537,699 | 24,865 | |
Road & Rail - 1.2% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 300,400 | 12,404 | |
Ryder System, Inc. | 177,683 | 10,522 | |
22,926 | |||
Trading Companies & Distributors - 3.1% | |||
Beacon Roofing Supply, Inc. (a) | 149,631 | 5,445 | |
HD Supply Holdings, Inc. (a) | 667,319 | 37,223 | |
MRC Global, Inc. (a) | 2,905,430 | 16,793 | |
59,461 | |||
TOTAL INDUSTRIALS | 365,460 | ||
INFORMATION TECHNOLOGY - 16.1% | |||
Electronic Equipment & Components - 3.4% | |||
Avnet, Inc. | 401,900 | 12,198 | |
Cognex Corp. | 254,700 | 19,138 | |
Jabil, Inc. | 113,200 | 4,327 | |
Trimble, Inc. (a) | 333,700 | 19,979 | |
TTM Technologies, Inc. (a) | 466,200 | 6,089 | |
Vishay Intertechnology, Inc. | 259,000 | 5,014 | |
66,745 | |||
IT Services - 3.3% | |||
Akamai Technologies, Inc. (a) | 73,300 | 7,587 | |
CACI International, Inc. Class A (a) | 59,600 | 14,142 | |
ExlService Holdings, Inc. (a) | 77,173 | 6,425 | |
Gartner, Inc. (a) | 50,388 | 7,659 | |
GoDaddy, Inc. (a) | 132,000 | 10,499 | |
Liveramp Holdings, Inc. (a) | 72,800 | 4,260 | |
WEX, Inc. (a) | 79,300 | 13,738 | |
64,310 | |||
Semiconductors & Semiconductor Equipment - 1.3% | |||
Cirrus Logic, Inc. (a) | 178,300 | 14,282 | |
ON Semiconductor Corp. (a) | 373,600 | 10,741 | |
25,023 | |||
Software - 7.7% | |||
Anaplan, Inc. (a) | 116,300 | 8,140 | |
Aspen Technology, Inc. (a) | 57,600 | 7,744 | |
Blackbaud, Inc. | 174,000 | 9,586 | |
Ceridian HCM Holding, Inc. (a) | 247,900 | 23,903 | |
Citrix Systems, Inc. | 52,000 | 6,444 | |
Elastic NV (a) | 53,200 | 6,586 | |
Guidewire Software, Inc. (a) | 48,000 | 5,879 | |
Nortonlifelock, Inc. | 372,400 | 6,789 | |
Nuance Communications, Inc. (a) | 228,000 | 9,834 | |
Parametric Technology Corp. (a) | 176,500 | 19,036 | |
Pluralsight, Inc. (a) | 386,100 | 6,324 | |
Proofpoint, Inc. (a) | 65,100 | 6,737 | |
RealPage, Inc. (a) | 154,100 | 10,631 | |
Slack Technologies, Inc. Class A (a)(b) | 294,000 | 12,607 | |
Tenable Holdings, Inc. (a) | 244,500 | 8,804 | |
149,044 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Western Digital Corp. | 149,000 | 6,687 | |
TOTAL INFORMATION TECHNOLOGY | 311,809 | ||
MATERIALS - 5.9% | |||
Chemicals - 2.4% | |||
Ashland Global Holdings, Inc. | 177,800 | 13,365 | |
RPM International, Inc. | 176,400 | 15,525 | |
The Chemours Co. LLC | 372,900 | 9,073 | |
Valvoline, Inc. | 378,804 | 8,633 | |
46,596 | |||
Construction Materials - 0.6% | |||
Eagle Materials, Inc. | 133,000 | 12,102 | |
Containers & Packaging - 1.0% | |||
Aptargroup, Inc. | 149,600 | 18,897 | |
Metals & Mining - 1.3% | |||
Steel Dynamics, Inc. | 449,800 | 16,287 | |
Yamana Gold, Inc. | 1,845,100 | 9,631 | |
25,918 | |||
Paper & Forest Products - 0.6% | |||
Louisiana-Pacific Corp. | 336,800 | 11,529 | |
TOTAL MATERIALS | 115,042 | ||
REAL ESTATE - 8.9% | |||
Equity Real Estate Investment Trusts (REITs) - 8.2% | |||
CoreSite Realty Corp. | 124,300 | 15,586 | |
CubeSmart | 224,172 | 7,292 | |
Douglas Emmett, Inc. | 545,500 | 16,894 | |
Duke Realty Corp. | 379,874 | 14,458 | |
Four Corners Property Trust, Inc. | 472,672 | 13,240 | |
Healthcare Realty Trust, Inc. | 526,254 | 15,524 | |
Highwoods Properties, Inc. (SBI) | 182,000 | 6,971 | |
Invitation Homes, Inc. | 226,800 | 6,482 | |
Lamar Advertising Co. Class A | 17,800 | 1,417 | |
Mid-America Apartment Communities, Inc. | 50,600 | 6,384 | |
Postal Realty Trust, Inc. | 349,800 | 5,639 | |
Potlatch Corp. | 139,528 | 6,494 | |
Sunstone Hotel Investors, Inc. | 789,600 | 8,291 | |
Terreno Realty Corp. | 101,500 | 5,881 | |
UDR, Inc. | 162,063 | 6,235 | |
Ventas, Inc. | 287,400 | 13,769 | |
VICI Properties, Inc. | 297,400 | 7,521 | |
158,078 | |||
Real Estate Management & Development - 0.7% | |||
Cushman & Wakefield PLC (a) | 603,211 | 8,988 | |
The RMR Group, Inc. | 134,156 | 4,969 | |
13,957 | |||
TOTAL REAL ESTATE | 172,035 | ||
UTILITIES - 3.5% | |||
Electric Utilities - 1.4% | |||
IDACORP, Inc. | 53,292 | 4,827 | |
OGE Energy Corp. | 400,600 | 12,975 | |
PNM Resources, Inc. | 78,800 | 3,870 | |
Portland General Electric Co. | 149,100 | 6,170 | |
27,842 | |||
Gas Utilities - 0.3% | |||
Southwest Gas Holdings, Inc. | 94,000 | 6,040 | |
Independent Power and Renewable Electricity Producers - 0.2% | |||
Clearway Energy, Inc. Class C | 142,600 | 4,174 | |
Multi-Utilities - 0.8% | |||
Black Hills Corp. | 110,300 | 6,710 | |
MDU Resources Group, Inc. | 270,539 | 6,747 | |
NiSource, Inc. | 58,500 | 1,416 | |
14,873 | |||
Water Utilities - 0.8% | |||
Essential Utilities, Inc. | 328,015 | 14,853 | |
TOTAL UTILITIES | 67,782 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,543,628) | 1,875,349 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
CONSUMER DISCRETIONARY - 0.3% | |||
Automobiles - 0.3% | |||
Porsche Automobil Holding SE (Germany) | |||
(Cost $6,904) | 102,342 | 6,500 | |
Principal Amount (000s) | Value (000s) | ||
U.S. Treasury Obligations - 0.4% | |||
U.S. Treasury Bills, yield at date of purchase 0.09% 12/24/20 to 1/7/21(c) | |||
(Cost $6,619) | 6,620 | 6,620 | |
Shares | Value (000s) | ||
Money Market Funds - 4.0% | |||
Fidelity Cash Central Fund 0.09% (d) | 49,342,573 | $49,352 | |
Fidelity Securities Lending Cash Central Fund 0.09% (d)(e) | 28,360,049 | 28,363 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $77,712) | 77,715 | ||
TOTAL INVESTMENT IN SECURITIES - 101.5% | |||
(Cost $1,634,863) | 1,966,184 | ||
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (28,557) | ||
NET ASSETS - 100% | $1,937,627 |
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) | 24 | Dec. 2020 | $5,204 | $427 | $427 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $20,932,000.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $351,000.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $287 |
Fidelity Securities Lending Cash Central Fund | 85 |
Total | $372 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $31,781 | $31,089 | $692 | $-- |
Consumer Discretionary | 250,312 | 243,294 | 7,018 | -- |
Consumer Staples | 74,899 | 74,899 | -- | -- |
Energy | 25,058 | 25,058 | -- | -- |
Financials | 281,652 | 275,965 | 5,687 | -- |
Health Care | 186,019 | 186,019 | -- | -- |
Industrials | 365,460 | 335,637 | 29,823 | -- |
Information Technology | 311,809 | 311,809 | -- | -- |
Materials | 115,042 | 115,042 | -- | -- |
Real Estate | 172,035 | 172,035 | -- | -- |
Utilities | 67,782 | 67,782 | -- | -- |
U.S. Government and Government Agency Obligations | 6,620 | -- | 6,620 | -- |
Money Market Funds | 77,715 | 77,715 | -- | -- |
Total Investments in Securities: | $1,966,184 | $1,916,344 | $49,840 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $427 | $427 | $-- | $-- |
Total Assets | $427 | $427 | $-- | $-- |
Total Derivative Instruments: | $427 | $427 | $-- | $-- |
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, 2020. 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 | |
(Amounts in thousands) | ||
Equity Risk | ||
Futures Contracts(a) | $427 | $0 |
Total Equity Risk | 427 | 0 |
Total Value of Derivatives | $427 | $0 |
(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).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $27,100) — See accompanying schedule: Unaffiliated issuers (cost $1,557,151) | $1,888,469 | |
Fidelity Central Funds (cost $77,712) | 77,715 | |
Total Investment in Securities (cost $1,634,863) | $1,966,184 | |
Cash | 58 | |
Receivable for investments sold | 934 | |
Receivable for fund shares sold | 708 | |
Dividends receivable | 2,358 | |
Distributions receivable from Fidelity Central Funds | 8 | |
Prepaid expenses | 3 | |
Other receivables | 72 | |
Total assets | 1,970,325 | |
Liabilities | ||
Payable for investments purchased | $1,280 | |
Payable for fund shares redeemed | 1,210 | |
Accrued management fee | 1,080 | |
Distribution and service plan fees payable | 353 | |
Payable for daily variation margin on futures contracts | 89 | |
Other affiliated payables | 306 | |
Other payables and accrued expenses | 21 | |
Collateral on securities loaned | 28,359 | |
Total liabilities | 32,698 | |
Net Assets | $1,937,627 | |
Net Assets consist of: | ||
Paid in capital | $1,569,637 | |
Total accumulated earnings (loss) | 367,990 | |
Net Assets | $1,937,627 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($626,278 ÷ 16,596.07 shares)(a) | $37.74 | |
Maximum offering price per share (100/94.25 of $37.74) | $40.04 | |
Class M: | ||
Net Asset Value and redemption price per share ($496,186 ÷ 13,061.53 shares)(a) | $37.99 | |
Maximum offering price per share (100/96.50 of $37.99) | $39.37 | |
Class C: | ||
Net Asset Value and offering price per share ($30,300 ÷ 902.23 shares)(a) | $33.58 | |
Fidelity Stock Selector Mid Cap Fund: | ||
Net Asset Value, offering price and redemption price per share ($341,925 ÷ 8,569.79 shares) | $39.90 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($293,177 ÷ 7,328.03 shares) | $40.01 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($149,761 ÷ 3,746.38 shares) | $39.97 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $32,433 | |
Special dividends | 5,174 | |
Interest | 7 | |
Income from Fidelity Central Funds (including $85 from security lending) | 372 | |
Total income | 37,986 | |
Expenses | ||
Management fee | ||
Basic fee | $9,800 | |
Performance adjustment | 2,258 | |
Transfer agent fees | 3,118 | |
Distribution and service plan fees | 3,971 | |
Accounting fees | 564 | |
Custodian fees and expenses | 45 | |
Independent trustees' fees and expenses | 10 | |
Registration fees | 120 | |
Audit | 65 | |
Legal | 16 | |
Miscellaneous | 66 | |
Total expenses before reductions | 20,033 | |
Expense reductions | (258) | |
Total expenses after reductions | 19,775 | |
Net investment income (loss) | 18,211 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 23,859 | |
Fidelity Central Funds | 1 | |
Foreign currency transactions | 22 | |
Futures contracts | 6,790 | |
Total net realized gain (loss) | 30,672 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 82,969 | |
Fidelity Central Funds | (1) | |
Assets and liabilities in foreign currencies | 13 | |
Futures contracts | 276 | |
Total change in net unrealized appreciation (depreciation) | 83,257 | |
Net gain (loss) | 113,929 | |
Net increase (decrease) in net assets resulting from operations | $132,140 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $18,211 | $15,414 |
Net realized gain (loss) | 30,672 | 72,632 |
Change in net unrealized appreciation (depreciation) | 83,257 | 147,761 |
Net increase (decrease) in net assets resulting from operations | 132,140 | 235,807 |
Distributions to shareholders | (85,310) | (314,397) |
Share transactions - net increase (decrease) | (230,032) | 218,415 |
Total increase (decrease) in net assets | (183,202) | 139,825 |
Net Assets | ||
Beginning of period | 2,120,829 | 1,981,004 |
End of period | $1,937,627 | $2,120,829 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Stock Selector Mid Cap Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $36.07 | $39.28 | $39.74 | $33.13 | $32.01 |
Income from Investment Operations | |||||
Net investment income (loss)A | .30B | .25 | .26 | .13 | .20 |
Net realized and unrealized gain (loss) | 2.85 | 2.80C | 1.04 | 6.68 | 1.49 |
Total from investment operations | 3.15 | 3.05 | 1.30 | 6.81 | 1.69 |
Distributions from net investment income | (.21) | (.25) | (.11) | (.19) | (.04) |
Distributions from net realized gain | (1.27) | (6.01) | (1.65) | (.01) | (.53) |
Total distributions | (1.48) | (6.26) | (1.76) | (.20) | (.57) |
Net asset value, end of period | $37.74 | $36.07 | $39.28 | $39.74 | $33.13 |
Total ReturnD,E | 8.99% | 12.13%C | 3.36% | 20.64% | 5.49% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.14% | 1.14% | .93% | .87% | .88% |
Expenses net of fee waivers, if any | 1.14% | 1.14% | .92% | .87% | .88% |
Expenses net of all reductions | 1.13% | 1.14% | .91% | .86% | .88% |
Net investment income (loss) | .94%B | .75% | .64% | .36% | .64% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $626 | $623 | $532 | $564 | $546 |
Portfolio turnover rateH | 86% | 57% | 81% | 84% | 98% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.95%.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Stock Selector Mid Cap Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $36.30 | $39.43 | $39.89 | $33.25 | $32.16 |
Income from Investment Operations | |||||
Net investment income (loss)A | .22B | .17 | .16 | .04 | .13 |
Net realized and unrealized gain (loss) | 2.86 | 2.85C | 1.04 | 6.71 | 1.49 |
Total from investment operations | 3.08 | 3.02 | 1.20 | 6.75 | 1.62 |
Distributions from net investment income | (.12) | (.14) | (.01) | (.11) | – |
Distributions from net realized gain | (1.27) | (6.01) | (1.65) | (.01) | (.53) |
Total distributions | (1.39) | (6.15) | (1.66) | (.11)D | (.53) |
Net asset value, end of period | $37.99 | $36.30 | $39.43 | $39.89 | $33.25 |
Total ReturnE,F | 8.71% | 11.88%C | 3.10% | 20.37% | 5.22% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | 1.38% | 1.38% | 1.17% | 1.11% | 1.12% |
Expenses net of fee waivers, if any | 1.38% | 1.38% | 1.17% | 1.11% | 1.12% |
Expenses net of all reductions | 1.37% | 1.38% | 1.15% | 1.10% | 1.11% |
Net investment income (loss) | .70%B | .51% | .39% | .11% | .41% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $496 | $544 | $536 | $606 | $591 |
Portfolio turnover rateI | 86% | 57% | 81% | 84% | 98% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 11.70%.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees 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.
H Expense 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.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Stock Selector Mid Cap Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $32.15 | $35.67 | $36.25 | $30.28 | $29.48 |
Income from Investment Operations | |||||
Net investment income (loss)A | .04B | (.01) | (.05) | (.13) | (.03) |
Net realized and unrealized gain (loss) | 2.50 | 2.46C | .96 | 6.10 | 1.36 |
Total from investment operations | 2.54 | 2.45 | .91 | 5.97 | 1.33 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | (1.11) | (5.97) | (1.49) | – | (.53) |
Total distributions | (1.11) | (5.97) | (1.49) | – | (.53) |
Net asset value, end of period | $33.58 | $32.15 | $35.67 | $36.25 | $30.28 |
Total ReturnD,E | 8.10% | 11.27%C | 2.59% | 19.72% | 4.71% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.93% | 1.93% | 1.69% | 1.63% | 1.63% |
Expenses net of fee waivers, if any | 1.93% | 1.93% | 1.69% | 1.63% | 1.63% |
Expenses net of all reductions | 1.92% | 1.93% | 1.67% | 1.62% | 1.63% |
Net investment income (loss) | .15%B | (.04)% | (.12)% | (.40)% | (.11)% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $30 | $35 | $114 | $142 | $140 |
Portfolio turnover rateH | 86% | 57% | 81% | 84% | 98% |
A Calculated based on average shares outstanding during the period.
B Net 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) %.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 11.09%.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector Mid Cap Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $38.00 | $41.00 | $41.43 | $34.53 | $33.34 |
Income from Investment Operations | |||||
Net investment income (loss)A | .40B | .34 | .33 | .20 | .28 |
Net realized and unrealized gain (loss) | 3.01 | 2.99C | 1.09 | 6.96 | 1.55 |
Total from investment operations | 3.41 | 3.33 | 1.42 | 7.16 | 1.83 |
Distributions from net investment income | (.24) | (.32) | (.20) | (.26) | (.12) |
Distributions from net realized gain | (1.27) | (6.01) | (1.65) | (.01) | (.53) |
Total distributions | (1.51) | (6.33) | (1.85) | (.26)D | (.64)D |
Net asset value, end of period | $39.90 | $38.00 | $41.00 | $41.43 | $34.53 |
Total ReturnE | 9.24% | 12.38%C | 3.53% | 20.87% | 5.73% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .89% | .94% | .77% | .70% | .64% |
Expenses net of fee waivers, if any | .89% | .94% | .76% | .70% | .64% |
Expenses net of all reductions | .88% | .94% | .75% | .69% | .63% |
Net investment income (loss) | 1.19%B | .95% | .80% | .53% | .89% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $342 | $362 | $502 | $545 | $222 |
Portfolio turnover rateH | 86% | 57% | 81% | 84% | 98% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.20%.
D Total distributions per share do not sum due to rounding.
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 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Stock Selector Mid Cap Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $38.15 | $41.11 | $41.51 | $34.60 | $33.39 |
Income from Investment Operations | |||||
Net investment income (loss)A | .40B | .35 | .36 | .23 | .28 |
Net realized and unrealized gain (loss) | 3.02 | 3.01C | 1.10 | 6.96 | 1.56 |
Total from investment operations | 3.42 | 3.36 | 1.46 | 7.19 | 1.84 |
Distributions from net investment income | (.29) | (.31) | (.21) | (.27) | (.11) |
Distributions from net realized gain | (1.27) | (6.01) | (1.65) | (.01) | (.53) |
Total distributions | (1.56) | (6.32) | (1.86) | (.28) | (.63)D |
Net asset value, end of period | $40.01 | $38.15 | $41.11 | $41.51 | $34.60 |
Total ReturnE | 9.23% | 12.41%C | 3.62% | 20.92% | 5.75% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .90% | .91% | .69% | .63% | .64% |
Expenses net of fee waivers, if any | .90% | .91% | .69% | .63% | .64% |
Expenses net of all reductions | .89% | .91% | .67% | .62% | .64% |
Net investment income (loss) | 1.18%B | .98% | .87% | .60% | .88% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $293 | $312 | $279 | $683 | $523 |
Portfolio turnover rateH | 86% | 57% | 81% | 84% | 98% |
A Calculated based on average shares outstanding during the period.
B Net 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%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.23%.
D Total distributions per share do not sum due to rounding.
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 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Stock Selector Mid Cap Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $38.12 | $41.15 | $41.57 | $35.79 |
Income from Investment Operations | ||||
Net investment income (loss)B | .44C | .41 | .43 | .23 |
Net realized and unrealized gain (loss) | 3.03 | 2.99D | 1.08 | 5.55 |
Total from investment operations | 3.47 | 3.40 | 1.51 | 5.78 |
Distributions from net investment income | (.35) | (.42) | (.28) | – |
Distributions from net realized gain | (1.27) | (6.01) | (1.65) | – |
Total distributions | (1.62) | (6.43) | (1.93) | – |
Net asset value, end of period | $39.97 | $38.12 | $41.15 | $41.57 |
Total ReturnE,F | 9.39% | 12.59%D | 3.75% | 16.15% |
Ratios to Average Net AssetsG,H | ||||
Expenses before reductions | .75% | .75% | .53% | .48%I |
Expenses net of fee waivers, if any | .75% | .75% | .53% | .47%I |
Expenses net of all reductions | .73% | .75% | .52% | .46%I |
Net investment income (loss) | 1.33%C | 1.14% | 1.03% | .69%I |
Supplemental Data | ||||
Net assets, end of period (in millions) | $150 | $245 | $18 | $9 |
Portfolio turnover rateJ | 86% | 57% | 81% | 84% |
A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.
B Calculated based on average shares outstanding during the period.
C Net 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%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 12.41%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, changes in interest rates and credit quality. 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. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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, 2020 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.
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. As of November 30, 2020, 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, 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 | $411,354 |
Gross unrealized depreciation | (85,036) |
Net unrealized appreciation (depreciation) | $326,318 |
Tax Cost | $1,639,866 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $16,523 |
Undistributed long-term capital gain | $25,142 |
Net unrealized appreciation (depreciation) on securities and other investments | $326,327 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $21,178 | $ 31,377 |
Long-term Capital Gains | 64,132 | 283,020 |
Total | $85,310 | $ 314,397 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Stock Selector Mid Cap Fund | 1,538,561 | 1,788,167 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .65% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $1,373 | $27 |
Class M | .25% | .25% | 2,308 | 39 |
Class C | .75% | .25% | 290 | 29 |
$3,971 | $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 | $53 |
Class M | 12 |
Class C(a) | 3 |
$68 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $1,020 | .19 |
Class M | 810 | .18 |
Class C | 65 | .23 |
Fidelity Stock Selector Mid Cap Fund | 591 | .19 |
Class I | 538 | .20 |
Class Z | 94 | .04 |
$3,118 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Stock Selector Mid Cap Fund | .03 |
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 | $56 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2.
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 as follows:
Amount | |
Fidelity Advisor Stock Selector Mid Cap Fund | $4 |
During the period, there were no borrowings on this line of credit.
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 Income 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 | $9 | $– | $– |
9. 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 $239 for the period.
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 $8.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $11 for an operational error which is included in the accompanying Statement of Operations.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $25,261 | $84,647 |
Class M | 20,788 | 83,088 |
Class C | 1,203 | 18,993 |
Fidelity Stock Selector Mid Cap Fund | 14,538 | 82,532 |
Class I | 12,973 | 42,535 |
Class Z | 10,547 | 2,602 |
Total | $85,310 | $314,397 |
11. 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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 1,946 | 3,779 | $60,114 | $125,147 |
Reinvestment of distributions | 663 | 2,756 | 23,541 | 78,073 |
Shares redeemed | (3,286) | (2,815) | (103,394) | (93,979) |
Net increase (decrease) | (677) | 3,720 | $(19,739) | $109,241 |
Class M | ||||
Shares sold | 1,204 | 1,917 | $38,954 | $63,921 |
Reinvestment of distributions | 565 | 2,831 | 20,270 | 80,879 |
Shares redeemed | (3,685) | (3,357) | (116,444) | (113,233) |
Net increase (decrease) | (1,916) | 1,391 | $(57,220) | $31,567 |
Class C | ||||
Shares sold | 146 | 276 | $4,091 | $8,212 |
Reinvestment of distributions | 37 | 737 | 1,171 | 18,739 |
Shares redeemed | (377) | (3,110) | (10,339) | (92,128) |
Net increase (decrease) | (194) | (2,097) | $(5,077) | $(65,177) |
Fidelity Stock Selector Mid Cap Fund | ||||
Shares sold | 1,599 | 4,085 | $54,538 | $146,301 |
Reinvestment of distributions | 376 | 2,719 | 14,097 | 81,003 |
Shares redeemed | (2,921) | (9,537) | (94,539) | (335,660) |
Net increase (decrease) | (946) | (2,733) | $(25,904) | $(108,356) |
Class I | ||||
Shares sold | 1,451 | 2,002 | $47,436 | $69,438 |
Reinvestment of distributions | 334 | 1,375 | 12,548 | 41,120 |
Shares redeemed | (2,636) | (1,982) | (88,147) | (69,771) |
Net increase (decrease) | (851) | 1,395 | $(28,163) | $40,787 |
Class Z | ||||
Shares sold | 2,717 | 6,216 | $86,380 | $219,042 |
Reinvestment of distributions | 277 | 76 | 10,383 | 2,264 |
Shares redeemed | (5,681) | (297) | (190,692) | (10,953) |
Net increase (decrease) | (2,687) | 5,995 | $(93,929) | $210,353 |
12. 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.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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 Advisor Series I, including the schedule of investments, as of November 30, 2020, 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, 2020, 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, 2020, 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, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||||
Class A | 1.11% | |||
Actual | $1,000.00 | $1,274.60 | $6.31 | |
Hypothetical-C | $1,000.00 | $1,019.45 | $5.60 | |
Class M | 1.34% | |||
Actual | $1,000.00 | $1,273.10 | $7.61 | |
Hypothetical-C | $1,000.00 | $1,018.30 | $6.76 | |
Class C | 1.90% | |||
Actual | $1,000.00 | $1,269.60 | $10.78 | |
Hypothetical-C | $1,000.00 | $1,015.50 | $9.57 | |
Fidelity Stock Selector Mid Cap Fund | .86% | |||
Actual | $1,000.00 | $1,276.00 | $4.89 | |
Hypothetical-C | $1,000.00 | $1,020.70 | $4.34 | |
Class I | .87% | |||
Actual | $1,000.00 | $1,276.20 | $4.95 | |
Hypothetical-C | $1,000.00 | $1,020.65 | $4.39 | |
Class Z | .70% | |||
Actual | $1,000.00 | $1,277.00 | $3.98 | |
Hypothetical-C | $1,000.00 | $1,021.50 | $3.54 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Stock Selector Mid Cap Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||||
Class A | 12/30/20 | 12/29/20 | $0.347 | $0.536 |
Class M | 12/30/20 | 12/29/20 | $0.254 | $0.536 |
Class C | 12/30/20 | 12/29/20 | $0.103 | $0.536 |
Fidelity Stock Selector Mid Cap Fund | 12/30/20 | 12/29/20 | $0.422 | $0.536 |
Class I | 12/30/20 | 12/29/20 | $0.420 | $0.536 |
Class Z | 12/30/20 | 12/29/20 | $0.469 | $0.536 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $25,141,775, 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 0%; Fidelity Stock Selector Mid Cap Fund designates 100%; Class I designates 100% and Class Z designates 93% of the dividends distributed in December 2019, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A designates 100%; Class M designates 100%; Class C designates 0%; Fidelity Stock Selector Mid Cap Fund designates 100%; Class I designates 100% and Class Z designates 100%; of the dividends distributed in December 2019, respectively 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 617,254,534.224 | 58.238 |
Against | 97,872,244.293 | 9.234 |
Abstain | 73,431,474.835 | 6.928 |
Broker Non-Vote | 271,317,053.100 | 25.599 |
TOTAL | 1,059,875,306.452 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
MC-ANN-0121
1.539186.123
Fidelity Advisor® Large Cap Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (0.18)% | 9.14% | 11.77% |
Class M (incl. 3.50% sales charge) | 1.92% | 9.38% | 11.74% |
Class C (incl. contingent deferred sales charge) | 4.13% | 9.60% | 11.58% |
Class I | 6.17% | 10.73% | 12.74% |
Class Z | 6.30% | 10.84% | 12.80% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Large Cap Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657959816_740.jpg)
Period Ending Values | ||
$30,416 | Fidelity Advisor® Large Cap Fund - Class A | |
$37,703 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Matthew Fruhan: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained roughly 5% to 6%, underperforming the 17.46% result of the benchmark S&P 500® index. The primary detractor from performance versus the benchmark was our stock selection in health care. An overweight in energy also hindered performance. Also hampering our result were stock picks and an overweight in the financials sector, especially within the banks industry. The biggest individual relative detractor was an overweight position in Exxon Mobil (-40%). Exxon Mobil was among the fund's largest holdings. Another notable relative detractor was an outsized stake in Wells Fargo (-48%), which was among our biggest holdings. Avoiding Amazon.com, a benchmark component that gained 76%, also hurt performance. Conversely, the biggest contributor to performance versus the benchmark was an underweight in real estate. Stock selection in information technology and an underweight in utilities also helped. The biggest individual relative contributor was an overweight position in Qualcomm (+81%). Qualcomm was among the fund's largest holdings. Also adding value was our overweight in United Parcel Service, which gained about 47%. Another notable relative contributor was an outsized stake in FedEx (+82%). Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to consumer staples.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
General Electric Co. | 6.5 |
Microsoft Corp. | 6.4 |
Comcast Corp. Class A | 3.8 |
Apple, Inc. | 3.4 |
Wells Fargo & Co. | 3.2 |
Bank of America Corp. | 3.1 |
Exxon Mobil Corp. | 3.1 |
Altria Group, Inc. | 2.9 |
Qualcomm, Inc. | 2.8 |
Bristol-Myers Squibb Co. | 2.3 |
37.5 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 19.5 |
Financials | 16.8 |
Health Care | 16.8 |
Industrials | 15.5 |
Communication Services | 8.7 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 99.0% | |
Other Investments | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.8% |
* Foreign investments - 10.7%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 8.7% | |||
Diversified Telecommunication Services - 0.7% | |||
Verizon Communications, Inc. | 92,776 | $5,604,598 | |
Entertainment - 2.7% | |||
Activision Blizzard, Inc. | 38,611 | 3,068,802 | |
Nintendo Co. Ltd. ADR | 44,400 | 3,150,180 | |
The Walt Disney Co. | 65,075 | 9,631,751 | |
Vivendi SA | 236,534 | 7,090,935 | |
Warner Music Group Corp. Class A | 20,900 | 621,357 | |
23,563,025 | |||
Interactive Media & Services - 1.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,884 | 3,305,290 | |
Class C (a) | 1,762 | 3,102,424 | |
Match Group, Inc. (a) | 23,735 | 3,304,149 | |
9,711,863 | |||
Media - 4.2% | |||
Comcast Corp. Class A | 657,023 | 33,008,836 | |
Discovery Communications, Inc. Class A (a) | 12,737 | 342,753 | |
Interpublic Group of Companies, Inc. | 136,020 | 3,030,526 | |
36,382,115 | |||
TOTAL COMMUNICATION SERVICES | 75,261,601 | ||
CONSUMER DISCRETIONARY - 5.6% | |||
Auto Components - 0.6% | |||
BorgWarner, Inc. | 138,816 | 5,393,002 | |
Automobiles - 0.8% | |||
General Motors Co. | 161,200 | 7,067,008 | |
Distributors - 0.1% | |||
LKQ Corp. (a) | 27,002 | 951,010 | |
Hotels, Restaurants & Leisure - 0.3% | |||
Marriott International, Inc. Class A | 5,200 | 659,724 | |
Starbucks Corp. | 19,100 | 1,872,182 | |
2,531,906 | |||
Household Durables - 1.4% | |||
Mohawk Industries, Inc. (a) | 38,906 | 4,895,542 | |
Sony Corp. sponsored ADR | 14,500 | 1,352,705 | |
Whirlpool Corp. | 31,634 | 6,156,293 | |
12,404,540 | |||
Internet & Direct Marketing Retail - 1.1% | |||
Expedia, Inc. | 18,800 | 2,340,412 | |
Ocado Group PLC (a) | 6,400 | 188,168 | |
The Booking Holdings, Inc. (a) | 3,464 | 7,026,551 | |
9,555,131 | |||
Specialty Retail - 1.2% | |||
Lowe's Companies, Inc. | 65,330 | 10,179,721 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
NIKE, Inc. Class B | 3,600 | 484,920 | |
Tapestry, Inc. | 19,446 | 550,711 | |
1,035,631 | |||
TOTAL CONSUMER DISCRETIONARY | 49,117,949 | ||
CONSUMER STAPLES - 6.3% | |||
Beverages - 1.5% | |||
Anheuser-Busch InBev SA NV ADR | 12,400 | 826,832 | |
Diageo PLC sponsored ADR | 18,000 | 2,789,100 | |
Keurig Dr. Pepper, Inc. | 36,900 | 1,123,605 | |
The Coca-Cola Co. | 161,181 | 8,316,940 | |
13,056,477 | |||
Food & Staples Retailing - 0.9% | |||
Performance Food Group Co. (a) | 40,500 | 1,756,890 | |
Sysco Corp. | 77,600 | 5,532,104 | |
7,288,994 | |||
Food Products - 0.0% | |||
Lamb Weston Holdings, Inc. | 3,500 | 253,330 | |
Household Products - 0.2% | |||
Colgate-Palmolive Co. | 1,000 | 85,640 | |
Spectrum Brands Holdings, Inc. | 28,167 | 1,882,401 | |
1,968,041 | |||
Personal Products - 0.1% | |||
Unilever PLC | 17,400 | 1,050,580 | |
Tobacco - 3.6% | |||
Altria Group, Inc. | 637,280 | 25,382,862 | |
British American Tobacco PLC sponsored ADR | 153,647 | 5,425,276 | |
30,808,138 | |||
TOTAL CONSUMER STAPLES | 54,425,560 | ||
ENERGY - 6.6% | |||
Energy Equipment & Services - 0.2% | |||
Subsea 7 SA (a) | 130,000 | 1,231,252 | |
Oil, Gas & Consumable Fuels - 6.4% | |||
Cabot Oil & Gas Corp. | 36,500 | 639,480 | |
Cenovus Energy, Inc. (Canada) | 1,084,562 | 5,378,131 | |
Equinor ASA sponsored ADR | 255,375 | 3,917,453 | |
Exxon Mobil Corp. | 698,468 | 26,632,585 | |
Hess Corp. | 221,635 | 10,456,739 | |
Kosmos Energy Ltd. | 1,052,016 | 1,851,548 | |
Phillips 66 Co. | 37,800 | 2,289,924 | |
Royal Dutch Shell PLC Class B sponsored ADR | 79,700 | 2,586,265 | |
Total SA sponsored ADR | 49,355 | 2,079,820 | |
55,831,945 | |||
TOTAL ENERGY | 57,063,197 | ||
FINANCIALS - 16.8% | |||
Banks - 10.7% | |||
Bank of America Corp. | 970,514 | 27,329,674 | |
JPMorgan Chase & Co. | 107,118 | 12,627,070 | |
M&T Bank Corp. | 12,828 | 1,494,334 | |
PNC Financial Services Group, Inc. | 73,041 | 10,084,771 | |
Truist Financial Corp. | 163,727 | 7,600,207 | |
U.S. Bancorp | 140,990 | 6,092,178 | |
Wells Fargo & Co. | 1,005,903 | 27,511,447 | |
92,739,681 | |||
Capital Markets - 3.6% | |||
KKR & Co. LP | 108,991 | 4,134,029 | |
Morgan Stanley | 76,525 | 4,731,541 | |
Northern Trust Corp. | 113,291 | 10,549,658 | |
Raymond James Financial, Inc. | 20,062 | 1,824,639 | |
State Street Corp. | 140,019 | 9,868,539 | |
31,108,406 | |||
Consumer Finance - 0.6% | |||
Discover Financial Services | 68,100 | 5,187,177 | |
Encore Capital Group, Inc. (a) | 400 | 13,656 | |
5,200,833 | |||
Diversified Financial Services - 0.5% | |||
KKR Renaissance Co-Invest LP unit (a)(b) | 9,037 | 4,844,080 | |
Insurance - 0.3% | |||
Chubb Ltd. | 14,695 | 2,172,362 | |
The Travelers Companies, Inc. | 5,600 | 726,040 | |
2,898,402 | |||
Thrifts & Mortgage Finance - 1.1% | |||
MGIC Investment Corp. | 152,476 | 1,823,613 | |
Radian Group, Inc. | 412,031 | 7,779,145 | |
9,602,758 | |||
TOTAL FINANCIALS | 146,394,160 | ||
HEALTH CARE - 16.8% | |||
Biotechnology - 1.9% | |||
AbbVie, Inc. | 17,226 | 1,801,495 | |
ADC Therapeutics SA (a) | 14,200 | 529,802 | |
Alexion Pharmaceuticals, Inc. (a) | 48,756 | 5,953,595 | |
Alnylam Pharmaceuticals, Inc. (a) | 11,419 | 1,483,442 | |
Crinetics Pharmaceuticals, Inc. (a) | 18,200 | 243,334 | |
Gritstone Oncology, Inc. (a) | 49,240 | 150,182 | |
Heron Therapeutics, Inc. (a) | 9,716 | 168,378 | |
Insmed, Inc. (a) | 80,886 | 3,155,363 | |
Intercept Pharmaceuticals, Inc. (a)(c) | 66,750 | 2,370,293 | |
United Therapeutics Corp. (a) | 2,600 | 344,864 | |
Vaxcyte, Inc. | 11,800 | 378,780 | |
16,579,528 | |||
Health Care Equipment & Supplies - 1.1% | |||
Becton, Dickinson & Co. | 11,197 | 2,629,503 | |
Boston Scientific Corp. (a) | 192,626 | 6,385,552 | |
Intuitive Surgical, Inc. (a) | 100 | 72,605 | |
9,087,660 | |||
Health Care Providers & Services - 6.8% | |||
AmerisourceBergen Corp. | 27,979 | 2,884,915 | |
Cardinal Health, Inc. | 98,382 | 5,370,673 | |
Centene Corp. (a) | 16,400 | 1,011,060 | |
Cigna Corp. | 60,003 | 12,549,027 | |
Covetrus, Inc. (a) | 36,821 | 994,719 | |
CVS Health Corp. | 176,198 | 11,944,462 | |
McKesson Corp. | 61,606 | 11,083,535 | |
UnitedHealth Group, Inc. | 39,399 | 13,251,460 | |
59,089,851 | |||
Health Care Technology - 0.0% | |||
Castlight Health, Inc. Class B (a) | 114,062 | 143,718 | |
Pharmaceuticals - 7.0% | |||
Bayer AG | 170,356 | 9,814,846 | |
Bristol-Myers Squibb Co. | 324,617 | 20,256,101 | |
GlaxoSmithKline PLC sponsored ADR | 312,738 | 11,505,631 | |
Intra-Cellular Therapies, Inc. (a) | 9,500 | 224,580 | |
Johnson & Johnson | 99,084 | 14,335,473 | |
Pliant Therapeutics, Inc. | 16,400 | 451,328 | |
Sanofi SA sponsored ADR | 73,500 | 3,689,700 | |
TherapeuticsMD, Inc. (a)(c) | 513,152 | 687,624 | |
60,965,283 | |||
TOTAL HEALTH CARE | 145,866,040 | ||
INDUSTRIALS - 15.5% | |||
Aerospace & Defense - 1.2% | |||
Airbus Group NV | 14,900 | 1,557,758 | |
General Dynamics Corp. | 13,129 | 1,960,816 | |
Huntington Ingalls Industries, Inc. | 9,319 | 1,492,811 | |
MTU Aero Engines Holdings AG | 400 | 94,197 | |
Raytheon Technologies Corp. | 16,392 | 1,175,634 | |
Safran SA (a) | 6,200 | 903,799 | |
The Boeing Co. | 16,467 | 3,469,762 | |
10,654,777 | |||
Air Freight & Logistics - 3.3% | |||
FedEx Corp. | 30,992 | 8,881,687 | |
United Parcel Service, Inc. Class B | 114,763 | 19,632,506 | |
28,514,193 | |||
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR (a) | 9,000 | 933,930 | |
Building Products - 0.1% | |||
Johnson Controls International PLC | 26,000 | 1,197,040 | |
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 16,956 | 2,013,016 | |
Hubbell, Inc. Class B | 12,385 | 2,001,292 | |
Vertiv Holdings Co. | 36,100 | 675,431 | |
Vertiv Holdings LLC (b) | 350,000 | 6,548,500 | |
11,238,239 | |||
Industrial Conglomerates - 6.9% | |||
3M Co. | 17,059 | 2,946,601 | |
General Electric Co. | 5,551,508 | 56,514,348 | |
59,460,949 | |||
Machinery - 1.3% | |||
Caterpillar, Inc. | 4,100 | 711,719 | |
Cummins, Inc. | 6,400 | 1,479,488 | |
Epiroc AB Class A | 20,700 | 344,076 | |
Flowserve Corp. | 50,119 | 1,708,056 | |
Fortive Corp. | 27,900 | 1,956,627 | |
Otis Worldwide Corp. | 19,696 | 1,318,450 | |
Stanley Black & Decker, Inc. | 9,300 | 1,714,083 | |
Westinghouse Air Brake Co. | 33,045 | 2,422,199 | |
11,654,698 | |||
Professional Services - 0.1% | |||
Acacia Research Corp. (a) | 36,900 | 136,161 | |
Equifax, Inc. | 3,700 | 617,530 | |
753,691 | |||
Road & Rail - 1.2% | |||
J.B. Hunt Transport Services, Inc. | 10,415 | 1,408,941 | |
Knight-Swift Transportation Holdings, Inc. Class A | 128,958 | 5,324,676 | |
Lyft, Inc. (a) | 29,716 | 1,134,260 | |
Ryder System, Inc. | 39,200 | 2,321,424 | |
10,189,301 | |||
Trading Companies & Distributors - 0.0% | |||
Beijer Ref AB (B Shares) | 5,300 | 181,361 | |
TOTAL INDUSTRIALS | 134,778,179 | ||
INFORMATION TECHNOLOGY - 19.5% | |||
Electronic Equipment & Components - 0.1% | |||
CDW Corp. | 3,300 | 430,617 | |
Vontier Corp. (a) | 11,180 | 370,841 | |
801,458 | |||
IT Services - 3.9% | |||
Amadeus IT Holding SA Class A | 14,100 | 969,579 | |
Edenred SA | 23,600 | 1,348,625 | |
Fidelity National Information Services, Inc. | 39,700 | 5,891,877 | |
Gartner, Inc. (a) | 600 | 91,200 | |
Genpact Ltd. | 39,100 | 1,589,415 | |
IBM Corp. | 11,200 | 1,383,424 | |
MasterCard, Inc. Class A | 8,015 | 2,697,128 | |
Snowflake Computing, Inc. | 1,700 | 553,928 | |
Twilio, Inc. Class A (a) | 1,900 | 608,171 | |
Unisys Corp. (a) | 150,162 | 2,189,362 | |
Visa, Inc. Class A | 78,827 | 16,581,259 | |
33,903,968 | |||
Semiconductors & Semiconductor Equipment - 3.6% | |||
Analog Devices, Inc. | 11,118 | 1,546,291 | |
Applied Materials, Inc. | 25,816 | 2,129,304 | |
Intel Corp. | 12,700 | 614,045 | |
Lam Research Corp. | 2,800 | 1,267,448 | |
Marvell Technology Group Ltd. | 30,601 | 1,416,520 | |
NVIDIA Corp. | 207 | 110,964 | |
Qualcomm, Inc. | 166,001 | 24,430,367 | |
31,514,939 | |||
Software - 8.3% | |||
Autodesk, Inc. (a) | 9,741 | 2,729,720 | |
Dynatrace, Inc. (a) | 28,365 | 1,078,437 | |
Elastic NV (a) | 18,500 | 2,290,300 | |
Microsoft Corp. | 259,153 | 55,476,883 | |
Parametric Technology Corp. (a) | 12,700 | 1,369,695 | |
SAP SE sponsored ADR | 70,817 | 8,580,188 | |
Workday, Inc. Class A (a) | 3,900 | 876,681 | |
72,401,904 | |||
Technology Hardware, Storage & Peripherals - 3.6% | |||
Apple, Inc. | 248,368 | 29,568,210 | |
Samsung Electronics Co. Ltd. | 22,520 | 1,355,036 | |
30,923,246 | |||
TOTAL INFORMATION TECHNOLOGY | 169,545,515 | ||
MATERIALS - 2.3% | |||
Chemicals - 1.3% | |||
DuPont de Nemours, Inc. | 107,600 | 6,826,144 | |
Intrepid Potash, Inc. (a) | 28,081 | 363,368 | |
Livent Corp. (a) | 4,400 | 66,748 | |
Nutrien Ltd. | 51,805 | 2,556,942 | |
PPG Industries, Inc. | 11,300 | 1,658,501 | |
11,471,703 | |||
Metals & Mining - 1.0% | |||
BHP Billiton Ltd. sponsored ADR (c) | 73,165 | 4,081,875 | |
Freeport-McMoRan, Inc. | 186,704 | 4,367,007 | |
8,448,882 | |||
TOTAL MATERIALS | 19,920,585 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
American Tower Corp. | 8,409 | 1,944,161 | |
Equinix, Inc. | 1,542 | 1,075,992 | |
Simon Property Group, Inc. | 17,400 | 1,436,718 | |
4,456,871 | |||
UTILITIES - 0.4% | |||
Electric Utilities - 0.3% | |||
Entergy Corp. | 8,900 | 968,765 | |
Southern Co. | 22,900 | 1,370,565 | |
2,339,330 | |||
Multi-Utilities - 0.1% | |||
CenterPoint Energy, Inc. | 31,100 | 721,209 | |
Sempra Energy | 2,434 | 310,286 | |
1,031,495 | |||
TOTAL UTILITIES | 3,370,825 | ||
TOTAL COMMON STOCKS | |||
(Cost $652,525,427) | 860,200,482 | ||
Other - 0.2% | |||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
Utica Shale Drilling Program (non-operating revenue interest) (b)(d)(e) | |||
(Cost $3,301,608) | 3,301,608 | 1,457,330 | |
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund 0.09% (f) | 6,187,418 | 6,188,656 | |
Fidelity Securities Lending Cash Central Fund 0.09% (f)(g) | 6,939,237 | 6,939,931 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $13,128,587) | 13,128,587 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $668,955,622) | 874,786,399 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (6,401,805) | ||
NET ASSETS - 100% | $868,384,594 |
Legend
(a) Non-income producing
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,849,909 or 1.5% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Level 3 security
(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 |
KKR Renaissance Co-Invest LP unit | 7/25/13 | $934,403 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $3,301,608 |
Vertiv Holdings LLC | 2/6/20 | $3,500,000 |
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 | $64,397 |
Fidelity Securities Lending Cash Central Fund | 247,628 |
Total | $312,025 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 | $75,261,601 | $68,170,666 | $7,090,935 | $-- |
Consumer Discretionary | 49,117,949 | 48,929,781 | 188,168 | -- |
Consumer Staples | 54,425,560 | 53,374,980 | 1,050,580 | -- |
Energy | 57,063,197 | 55,831,945 | 1,231,252 | -- |
Financials | 146,394,160 | 141,550,080 | 4,844,080 | -- |
Health Care | 145,866,040 | 136,051,194 | 9,814,846 | -- |
Industrials | 134,778,179 | 131,696,988 | 3,081,191 | -- |
Information Technology | 169,545,515 | 167,227,311 | 2,318,204 | -- |
Materials | 19,920,585 | 19,920,585 | -- | -- |
Real Estate | 4,456,871 | 4,456,871 | -- | -- |
Utilities | 3,370,825 | 3,370,825 | -- | -- |
Other | 1,457,330 | -- | -- | 1,457,330 |
Money Market Funds | 13,128,587 | 13,128,587 | -- | -- |
Total Investments in Securities: | $874,786,399 | $843,709,813 | $29,619,256 | $1,457,330 |
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 | 89.3% |
United Kingdom | 2.7% |
Germany | 2.1% |
France | 1.6% |
Others (Individually Less Than 1%) | 4.3% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $6,509,472) — See accompanying schedule: Unaffiliated issuers (cost $655,827,035) | $861,657,812 | |
Fidelity Central Funds (cost $13,128,587) | 13,128,587 | |
Total Investment in Securities (cost $668,955,622) | $874,786,399 | |
Restricted cash | 2,594 | |
Receivable for investments sold | 521,708 | |
Receivable for fund shares sold | 686,118 | |
Dividends receivable | 2,113,112 | |
Distributions receivable from Fidelity Central Funds | 7,259 | |
Prepaid expenses | 1,306 | |
Other receivables | 12,026 | |
Total assets | 878,130,522 | |
Liabilities | ||
Payable for investments purchased | $357,591 | |
Payable for fund shares redeemed | 1,889,065 | |
Accrued management fee | 186,534 | |
Distribution and service plan fees payable | 213,027 | |
Other affiliated payables | 143,468 | |
Other payables and accrued expenses | 14,168 | |
Collateral on securities loaned | 6,942,075 | |
Total liabilities | 9,745,928 | |
Net Assets | $868,384,594 | |
Net Assets consist of: | ||
Paid in capital | $620,472,862 | |
Total accumulated earnings (loss) | 247,911,732 | |
Net Assets | $868,384,594 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($389,142,749 ÷ 12,168,466 shares)(a) | $31.98 | |
Maximum offering price per share (100/94.25 of $31.98) | $33.93 | |
Class M: | ||
Net Asset Value and redemption price per share ($153,918,456 ÷ 4,831,225 shares)(a) | $31.86 | |
Maximum offering price per share (100/96.50 of $31.86) | $33.02 | |
Class C: | ||
Net Asset Value and offering price per share ($88,926,093 ÷ 3,166,939 shares)(a) | $28.08 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($206,089,611 ÷ 6,071,542 shares) | $33.94 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($30,307,685 ÷ 893,183 shares) | $33.93 |
(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
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $21,358,369 | |
Income from Fidelity Central Funds (including $247,628 from security lending) | 312,025 | |
Total income | 21,670,394 | |
Expenses | ||
Management fee | ||
Basic fee | $4,605,349 | |
Performance adjustment | (2,363,781) | |
Transfer agent fees | 1,550,559 | |
Distribution and service plan fees | 2,613,629 | |
Accounting fees | 295,381 | |
Custodian fees and expenses | 23,914 | |
Independent trustees' fees and expenses | 4,965 | |
Registration fees | 81,767 | |
Audit | 61,326 | |
Legal | 3,929 | |
Miscellaneous | 32,183 | |
Total expenses before reductions | 6,909,221 | |
Expense reductions | (46,058) | |
Total expenses after reductions | 6,863,163 | |
Net investment income (loss) | 14,807,231 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 43,901,367 | |
Fidelity Central Funds | 1,997 | |
Foreign currency transactions | (1,359) | |
Total net realized gain (loss) | 43,902,005 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (30,704,636) | |
Assets and liabilities in foreign currencies | 14,554 | |
Total change in net unrealized appreciation (depreciation) | (30,690,082) | |
Net gain (loss) | 13,211,923 | |
Net increase (decrease) in net assets resulting from operations | $28,019,154 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,807,231 | $18,853,743 |
Net realized gain (loss) | 43,902,005 | 122,681,695 |
Change in net unrealized appreciation (depreciation) | (30,690,082) | (5,212,247) |
Net increase (decrease) in net assets resulting from operations | 28,019,154 | 136,323,191 |
Distributions to shareholders | (84,162,150) | (156,407,970) |
Share transactions - net increase (decrease) | (122,671,067) | (143,854,088) |
Total increase (decrease) in net assets | (178,814,063) | (163,938,867) |
Net Assets | ||
Beginning of period | 1,047,198,657 | 1,211,137,524 |
End of period | $868,384,594 | $1,047,198,657 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Large Cap Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $32.80 | $33.76 | $34.98 | $30.27 | $28.12 |
Income from Investment Operations | |||||
Net investment income (loss)A | .50 | .51 | .40 | .39 | .34 |
Net realized and unrealized gain (loss) | 1.36 | 2.97 | .89 | 4.93 | 2.64 |
Total from investment operations | 1.86 | 3.48 | 1.29 | 5.32 | 2.98 |
Distributions from net investment income | (.60) | (.45) | (.38) | (.33) | (.23) |
Distributions from net realized gain | (2.08) | (3.99) | (2.13) | (.27) | (.60) |
Total distributions | (2.68) | (4.44) | (2.51) | (.61)B | (.83) |
Net asset value, end of period | $31.98 | $32.80 | $33.76 | $34.98 | $30.27 |
Total ReturnC,D | 5.91% | 14.19% | 3.77% | 17.84% | 11.09% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .75% | .91% | .92% | .91% | .92% |
Expenses net of fee waivers, if any | .75% | .91% | .92% | .91% | .92% |
Expenses net of all reductions | .75% | .90% | .92% | .90% | .91% |
Net investment income (loss) | 1.76% | 1.71% | 1.17% | 1.22% | 1.25% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $389,143 | $423,325 | $401,495 | $461,949 | $455,182 |
Portfolio turnover rateG | 22% | 28%H | 37% | 31% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Large Cap Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $32.69 | $33.63 | $34.86 | $30.17 | $28.02 |
Income from Investment Operations | |||||
Net investment income (loss)A | .42 | .43 | .31 | .31 | .27 |
Net realized and unrealized gain (loss) | 1.35 | 2.98 | .89 | 4.91 | 2.64 |
Total from investment operations | 1.77 | 3.41 | 1.20 | 5.22 | 2.91 |
Distributions from net investment income | (.52) | (.36) | (.29) | (.26) | (.16) |
Distributions from net realized gain | (2.08) | (3.99) | (2.13) | (.27) | (.60) |
Total distributions | (2.60) | (4.35) | (2.43)B | (.53) | (.76) |
Net asset value, end of period | $31.86 | $32.69 | $33.63 | $34.86 | $30.17 |
Total ReturnC,D | 5.62% | 13.93% | 3.50% | 17.54% | 10.81% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.01% | 1.17% | 1.18% | 1.17% | 1.18% |
Expenses net of fee waivers, if any | 1.01% | 1.16% | 1.18% | 1.17% | 1.18% |
Expenses net of all reductions | 1.00% | 1.16% | 1.18% | 1.17% | 1.18% |
Net investment income (loss) | 1.50% | 1.46% | .92% | .96% | .99% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $153,918 | $175,139 | $173,195 | $193,882 | $173,119 |
Portfolio turnover rateG | 22% | 28%H | 37% | 31% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Large Cap Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $29.09 | $30.44 | $31.78 | $27.58 | $25.70 |
Income from Investment Operations | |||||
Net investment income (loss)A | .25 | .25 | .13 | .14 | .12 |
Net realized and unrealized gain (loss) | 1.18 | 2.60 | .81 | 4.49 | 2.40 |
Total from investment operations | 1.43 | 2.85 | .94 | 4.63 | 2.52 |
Distributions from net investment income | (.36) | (.21) | (.15) | (.15) | (.04) |
Distributions from net realized gain | (2.08) | (3.99) | (2.13) | (.27) | (.60) |
Total distributions | (2.44) | (4.20) | (2.28) | (.43)B | (.64) |
Net asset value, end of period | $28.08 | $29.09 | $30.44 | $31.78 | $27.58 |
Total ReturnC,D | 5.10% | 13.33% | 3.01% | 16.97% | 10.21% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.53% | 1.67% | 1.69% | 1.67% | 1.67% |
Expenses net of fee waivers, if any | 1.52% | 1.67% | 1.69% | 1.67% | 1.67% |
Expenses net of all reductions | 1.52% | 1.67% | 1.68% | 1.66% | 1.67% |
Net investment income (loss) | .98% | .95% | .41% | .46% | .49% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $88,926 | $119,072 | $158,775 | $194,553 | $169,524 |
Portfolio turnover rateG | 22% | 28%H | 37% | 31% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Large Cap Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $34.63 | $35.37 | $36.53 | $31.57 | $29.30 |
Income from Investment Operations | |||||
Net investment income (loss)A | .61 | .62 | .51 | .50 | .43 |
Net realized and unrealized gain (loss) | 1.44 | 3.17 | .93 | 5.14 | 2.74 |
Total from investment operations | 2.05 | 3.79 | 1.44 | 5.64 | 3.17 |
Distributions from net investment income | (.66) | (.54) | (.47) | (.40) | (.30) |
Distributions from net realized gain | (2.08) | (3.99) | (2.13) | (.27) | (.60) |
Total distributions | (2.74) | (4.53) | (2.60) | (.68)B | (.90) |
Net asset value, end of period | $33.94 | $34.63 | $35.37 | $36.53 | $31.57 |
Total ReturnC | 6.17% | 14.54% | 4.05% | 18.16% | 11.34% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .48% | .64% | .66% | .64% | .65% |
Expenses net of fee waivers, if any | .48% | .64% | .66% | .64% | .65% |
Expenses net of all reductions | .48% | .64% | .66% | .64% | .65% |
Net investment income (loss) | 2.03% | 1.98% | 1.44% | 1.48% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $206,090 | $301,067 | $459,962 | $520,465 | $433,079 |
Portfolio turnover rateF | 22% | 28%G | 37% | 31% | 28% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Large Cap Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $34.64 | $35.41 | $36.57 | $32.04 |
Income from Investment Operations | ||||
Net investment income (loss)B | .64 | .66 | .56 | .51 |
Net realized and unrealized gain (loss) | 1.45 | 3.16 | .93 | 4.02 |
Total from investment operations | 2.09 | 3.82 | 1.49 | 4.53 |
Distributions from net investment income | (.72) | (.60) | (.52) | – |
Distributions from net realized gain | (2.08) | (3.99) | (2.13) | – |
Total distributions | (2.80) | (4.59) | (2.65) | – |
Net asset value, end of period | $33.93 | $34.64 | $35.41 | $36.57 |
Total ReturnC,D | 6.30% | 14.67% | 4.19% | 14.14% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .36% | .51% | .53% | .51%G |
Expenses net of fee waivers, if any | .36% | .51% | .53% | .51%G |
Expenses net of all reductions | .36% | .51% | .53% | .51%G |
Net investment income (loss) | 2.15% | 2.11% | 1.57% | 1.80%G |
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $30,308 | $28,596 | $17,711 | $13,966 |
Portfolio turnover rateH | 22% | 28%I | 37% | 31% |
A For the period February 1, 2017 (commencement of sale of shares) to November 30, 2017.
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 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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. As of November 30, 2020, 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 | $301,289,030 |
Gross unrealized depreciation | (98,776,604) |
Net unrealized appreciation (depreciation) | $202,512,426 |
Tax Cost | $672,273,973 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $13,705,246 |
Undistributed long-term capital gain | $31,681,766 |
Net unrealized appreciation (depreciation) on securities and other investments | $202,524,718 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $18,171,713 | $ 15,497,287 |
Long-term Capital Gains | 65,990,437 | 140,910,683 |
Total | $84,162,150 | $ 156,407,970 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
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 Large Cap Fund | 1,459,924 | .17 |
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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Large Cap Fund | 190,268,666 | 362,146,749 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .26% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $918,860 | $15,735 |
Class M | .25% | .25% | 745,226 | 7,254 |
Class C | .75% | .25% | 949,543 | 58,448 |
$2,613,629 | $81,437 |
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 | $99,393 |
Class M | 7,909 |
Class C(a) | 8,488 |
$115,790 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for and Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $685,512 | .19 |
Class M | 284,907 | .19 |
Class C | 195,572 | .21 |
Class I | 372,705 | .16 |
Class Z | 11,863 | .04 |
$1,550,559 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Large Cap Fund | .03 |
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 | $6,755 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 3,448,450 shares of the Fund were redeemed in-kind for investments and cash with a value of $109,171,715. The Fund had a net realized gain of $38,293,813 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,450.
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 as follows:
Amount | |
Fidelity Advisor Large Cap Fund | $2,139 |
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 Income 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 | $22,919 | $3,316 | $235,036 |
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 $31,001 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, custodian credits reduced the Fund's expenses by $221.
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 $4,206.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $10,630 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $34,539,981 | $52,574,860 |
Class M | 13,794,564 | 22,422,377 |
Class C | 9,862,974 | 21,365,837 |
Class I | 23,630,124 | 57,066,246 |
Class Z | 2,334,507 | 2,978,650 |
Total | $84,162,150 | $156,407,970 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 2,030,020 | 2,411,911 | $56,410,173 | $70,596,919 |
Reinvestment of distributions | 1,075,735 | 2,012,376 | 33,444,611 | 50,953,371 |
Shares redeemed | (3,842,229) | (3,413,311) | (106,888,446) | (100,437,805) |
Net increase (decrease) | (736,474) | 1,010,976 | $(17,033,662) | $21,112,485 |
Class M | ||||
Shares sold | 603,292 | 632,380 | $16,514,633 | $18,471,672 |
Reinvestment of distributions | 437,667 | 869,758 | 13,589,553 | 21,996,189 |
Shares redeemed | (1,567,961) | (1,294,413) | (43,675,826) | (37,697,052) |
Net increase (decrease) | (527,002) | 207,725 | $(13,571,640) | $2,770,809 |
Class C | ||||
Shares sold | 340,889 | 697,792 | $8,352,577 | $17,629,082 |
Reinvestment of distributions | 326,534 | 880,159 | 8,979,690 | 19,900,399 |
Shares redeemed | (1,593,364) | (2,701,896) | (38,927,057) | (70,243,190) |
Net increase (decrease) | (925,941) | (1,123,945) | $(21,594,790) | $(32,713,709) |
Class I | ||||
Shares sold | 1,435,759 | 2,258,206 | $43,567,070 | $68,580,970 |
Reinvestment of distributions | 649,329 | 1,992,530 | 21,375,913 | 53,120,853 |
Shares redeemed | (4,708,120) | (8,559,302)(a) | (137,486,804) | (266,670,865)(a) |
Net increase (decrease) | (2,623,032) | (4,308,566) | $(72,543,821) | $(144,969,042) |
Class Z | ||||
Shares sold | 286,711 | 663,462 | $8,452,674 | $20,709,858 |
Reinvestment of distributions | 65,037 | 97,118 | 2,137,756 | 2,587,220 |
Shares redeemed | (284,136) | (435,227) | (8,517,584) | (13,351,709) |
Net increase (decrease) | 67,612 | 325,353 | $2,072,846 | $9,945,369 |
(a) Amount includes in-kind redemptions (see the Prior Year Affiliated Redemptions In-Kind note for additional details).
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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, 2020, 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, 2020, 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, 2020, 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, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Large Cap Fund | ||||
Class A | .75% | |||
Actual | $1,000.00 | $1,205.40 | $4.14 | |
Hypothetical-C | $1,000.00 | $1,021.25 | $3.79 | |
Class M | 1.00% | |||
Actual | $1,000.00 | $1,204.10 | $5.51 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.05 | |
Class C | 1.52% | |||
Actual | $1,000.00 | $1,201.00 | $8.36 | |
Hypothetical-C | $1,000.00 | $1,017.40 | $7.67 | |
Class I | .47% | |||
Actual | $1,000.00 | $1,207.00 | $2.59 | |
Hypothetical-C | $1,000.00 | $1,022.65 | $2.38 | |
Class Z | .35% | |||
Actual | $1,000.00 | $1,207.90 | $1.93 | |
Hypothetical-C | $1,000.00 | $1,023.25 | $1.77 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Large Cap Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Large Cap Fund | ||||
Class A | 12/30/20 | 12/29/20 | $0.570 | $1.183 |
Class M | 12/30/20 | 12/29/20 | $0.488 | $1.183 |
Class C | 12/30/20 | 12/29/20 | $0.339 | $1.183 |
Class I | 12/30/20 | 12/29/20 | $0.643 | $1.183 |
Class Z | 12/30/20 | 12/29/20 | $0.688 | $1.183 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $41,772,551, 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 204,797,497.430 | 45.271 |
Against | 38,892,379.723 | 8.597 |
Abstain | 22,561,614.991 | 4.987 |
Broker Non-Vote | 186,126,727.350 | 41.144 |
TOTAL | 452,378,219.494 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
LC-ANN-0121
1.539156.123
Fidelity® Real Estate High Income Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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 (collect) 1-401-292-6402 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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Real Estate High Income Fund | (7.06)% | 2.35% | 5.88% |
$1,000,000 Over 10 Years
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. CMBS ex AAA Index performed over the same period.
Let's say hypothetically that $1,000,000 was invested in Fidelity® Real Estate High Income Fund on November 30, 2010.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657961686_740.jpg)
Period Ending Values | ||
$1,770,551 | Fidelity® Real Estate High Income Fund | |
$1,680,257 | Bloomberg Barclays U.S. CMBS ex AAA Index |
Management's Discussion of Fund Performance
Market Recap: Commercial mortgage-backed securities, as measured by the Bloomberg Barclays U.S. CMBS ex AAA Index, gained 1.12% for the 12 months ending November 30, 2020. Commercial real estate was severely impacted by the COVID-19 pandemic, which caused broad-based contraction in economic activity and extreme volatility and dislocation in the financial markets. This dislocation included a return of -11.47% for the Bloomberg Barclays index in March, as spreads widened significantly. A historically rapid and expansive U.S. monetary- and fiscal-policy response helped mitigate the most acute near-term liquidity issues, and provided a partial offset to the economic disruption. Within commercial real estate, retail and lodging were particularly weak, as lockdown conditions pushed shoppers to online platforms and also caused a significant drop in hotel occupancy rates. However, rent collections remained strong at industrial, multifamily and office buildings. Delinquency rates for commercial property loans rose sharply in the second quarter but then trended gently lower from elevated levels over the balance of the period. Starting in May, credit spreads recovered a portion of their previous widening amid risk-on investor sentiment and a tailwind from low new-issue supply.Comments from Co-Portfolio Managers Stephen Rosen and William Maclay: For the fiscal year ending November 30, 2020, the fund returned -7.06%, considerably trailing its Bloomberg Barclays benchmark. The volatile month of March, when credit spreads blew wide open amid the outbreak and spread of the COVID-19 crisis, accounted for most of the fund’s underperformance of the benchmark. In general, securities with higher credit ratings held up better than lower-rated paper under these unusually challenging conditions, and – unlike the fund – our benchmark contained only investment-grade securities. The largest detractor from the fund’s performance in absolute terms was CHC 2019-CHC F, a CMBS backed by health care properties. Also working against the fund’s result were COMM 2012-CR2-F and JPMCC 2012-CBX F, two CMBS with exposure to malls. Conversely, the portfolio’s top contributor was COLONY LLC CONV, a convertible bond that rallied along with the issuer’s common stock. Bank 2019-BN19 D, a CMBS purchased in May near the market low, also lifted performance.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Quality Diversification (% of fund's net assets)
As of November 30, 2020 | ||
AAA,AA,A | 3.6% | |
BBB | 12.7% | |
BB | 13.7% | |
B | 12.6% | |
CCC,CC,C | 2.6% | |
D | 0.6% | |
Not Rated | 46.5% | |
Equities | 3.5% | |
Short-Term Investments and Net Other Assets | 4.2% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. Where neither Moody's nor S&P ratings are available, we have used Fitch® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of November 30, 2020 | ||
CMOs and Other Mortgage Related Securities | 80.0% | |
Asset-Backed Securities | 5.1% | |
Nonconvertible Bonds | 2.9% | |
Convertible Bonds, Preferred Stocks | 3.6% | |
Common Stocks | 0.5% | |
Bank Loan Obligations | 3.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.2% |
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Corporate Bonds - 3.5% | |||
Principal Amount | Value | ||
Convertible Bonds - 0.6% | |||
Diversified Financial Services - 0.4% | |||
Colony Capital Operating Co. LLC 5.75% 7/15/25 (a) | $1,540,000 | $3,115,447 | |
Homebuilders/Real Estate - 0.2% | |||
PennyMac Corp. 5.5% 11/1/24 | 1,699,000 | 1,631,040 | |
TOTAL CONVERTIBLE BONDS | 4,746,487 | ||
Nonconvertible Bonds - 2.9% | |||
Consumer Products - 0.1% | |||
Nordstrom, Inc. 8.75% 5/15/25 (a) | 545,000 | 607,675 | |
Gaming - 0.2% | |||
Caesars Entertainment, Inc. 6.25% 7/1/25 (a) | 1,690,000 | 1,802,368 | |
Healthcare - 0.3% | |||
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 1,433,000 | 1,486,766 | |
Sabra Health Care LP 3.9% 10/15/29 | 795,000 | 822,636 | |
2,309,402 | |||
Homebuilders/Real Estate - 1.4% | |||
Adams Homes, Inc. 7.5% 2/15/25 (a) | 1,215,000 | 1,251,450 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (a) | 685,000 | 742,369 | |
Hospitality Properties Trust 7.5% 9/15/25 | 1,095,000 | 1,220,126 | |
iStar Financial, Inc.: | |||
4.25% 8/1/25 | 3,630,000 | 3,530,175 | |
4.75% 10/1/24 | 2,805,000 | 2,805,000 | |
MPT Operating Partnership LP/MPT Finance Corp. 5.25% 8/1/26 | 333,000 | 348,052 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 7.625% 6/15/25 (a) | 310,000 | 335,798 | |
10,232,970 | |||
Hotels - 0.7% | |||
Marriott Ownership Resorts, Inc. 4.75% 1/15/28 | 3,250,000 | 3,274,375 | |
Times Square Hotel Trust 8.528% 8/1/26 (a) | 2,193,093 | 2,384,537 | |
5,658,912 | |||
Telecommunications - 0.2% | |||
Uniti Group, Inc. 7.875% 2/15/25 (a) | 1,195,000 | 1,270,082 | |
TOTAL NONCONVERTIBLE BONDS | 21,881,409 | ||
TOTAL CORPORATE BONDS | |||
(Cost $24,513,810) | 26,627,896 | ||
Asset-Backed Securities - 5.1% | |||
American Homes 4 Rent: | |||
Series 2014-SFR3 Class E, 6.418% 12/17/36 (a) | 1,553,000 | 1,743,184 | |
Series 2015-SFR1 Class E, 5.639% 4/17/52 (a) | 3,096,223 | 3,403,697 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (a) | 3,728,000 | 4,202,177 | |
Class XS, 0% 10/17/52 (a)(b)(c)(d) | 2,604,734 | 26 | |
Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 1 month U.S. LIBOR + 4.200% 4.1491% 6/26/34 (a)(b)(e) | 52,010 | 183,424 | |
Capital Trust RE CDO Ltd. Series 2005-1A: | |||
Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (a)(b)(d)(e) | 750,000 | 75 | |
Class E, 1 month U.S. LIBOR + 2.100% 3.9464% 3/20/50 (a)(b)(d)(e) | 2,670,000 | 267 | |
Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 4.6814% 1/28/40 (a)(b)(d)(e) | 2,874,502 | 287 | |
Home Partners America Trust Series 2019-2 Class F, 3.866% 10/19/39 (a) | 2,160,001 | 2,218,298 | |
Home Partners of America Credit Trust Series 2017-1: | |||
Class E, 1 month U.S. LIBOR + 2.650% 2.7864% 7/17/34 (a)(b)(e) | 772,000 | 772,988 | |
Class F, 1 month U.S. LIBOR + 3.530% 3.6754% 7/17/34 (a)(b)(e) | 1,912,000 | 1,915,569 | |
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 2.4864% 7/17/37 (a)(b)(e) | 2,045,000 | 2,023,532 | |
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 2.3909% 6/17/37 (a)(b)(e) | 1,710,993 | 1,693,210 | |
Merit Securities Corp. Series 13 Class M1, 7.7764% 12/28/33 (b) | 963,227 | 998,477 | |
Progress Residential Trust: | |||
Series 2018-SFR2 Class F, 4.953% 8/17/35 (a) | 567,000 | 573,871 | |
Series 2019-SFR3 Class G, 4.116% 9/17/36 (a) | 998,000 | 990,191 | |
Series 2019-SFR4 Class F, 3.684% 10/17/36 (a) | 4,527,000 | 4,620,157 | |
Series 2020-SFR1: | |||
Class G, 4.028% 4/17/37 (a) | 1,638,000 | 1,605,255 | |
Class H, 5.268% 4/17/37 (a) | 462,000 | 448,720 | |
Series 2020-SFR3 Class H, 6.234% 10/17/27 (a) | 966,000 | 965,914 | |
Starwood Waypoint Homes Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.400% 3.5409% 1/17/35 (a)(b)(e) | 2,935,000 | 2,926,224 | |
Taberna Preferred Funding III Ltd. Series 2005-3A: | |||
Class D, 3 month U.S. LIBOR + 2.650% 3.1909% 2/5/36 (a)(b)(d)(e) | 2,843,097 | 213 | |
Class E, 3 month U.S. LIBOR + 4.500% 5.0409% 2/5/36 (a)(b)(d)(e) | 1,070,536 | 80 | |
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 3 month U.S. LIBOR + 4.500% 4.7248% 12/5/36 (a)(b)(d)(e) | 5,274,859 | 396 | |
Tricon American Homes: | |||
Series 2017-SFR2 Class F, 5.104% 1/17/36 (a) | 664,000 | 697,684 | |
Series 2018-SFR1 Class F, 4.96% 5/17/37 (a) | 1,440,000 | 1,530,842 | |
Series 2019-SFR1 Class F, 3.745% 3/17/38 (a) | 2,121,000 | 2,179,805 | |
Series 2020-SFR1 Class F, 4.882% 7/17/38 (a) | 574,000 | 615,984 | |
VB-S1 Issuer LLC Series 2018-1A Class F, 5.25% 2/15/48 (a) | 2,142,000 | 2,193,058 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $45,644,629) | 38,503,605 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Private Sponsor - 0.0% | |||
Countrywide Home Loans, Inc. Series 2003-R1 Class 2B4, 3.3614% 2/25/43 (a)(b)(d) | 33,507 | 4,971 | |
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6561% 2/25/42 (a)(b) | 33,775 | 9,629 | |
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 3.9557% 1/25/42 (a)(b)(d) | 25,711 | 700 | |
Series 2003-W10 subordinate REMIC pass thru certificates: | |||
Class 2B4, 3.632% 6/25/43 (b)(d)(f) | 121,854 | 31,437 | |
Class 2B5, 3.632% 6/25/43 (b)(d)(f) | 207 | 0 | |
TOTAL U.S. GOVERNMENT AGENCY | 41,766 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $63,818) | 46,737 | ||
Commercial Mortgage Securities - 80.0% | |||
Ashford Hospitality Trust floater Series 2018-ASHF Class E, 1 month U.S. LIBOR + 3.100% 3.2409% 4/15/35 (a)(b)(e) | 1,456,000 | 1,275,512 | |
Atrium Hotel Portfolio Trust floater Series 2018-ATRM Class D, 1 month U.S. LIBOR + 2.300% 2.4409% 6/15/35 (a)(b)(e) | 663,000 | 596,185 | |
BAMLL Commercial Mortgage Securities Trust: | |||
floater: | |||
Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 2.1409% 3/15/34 (a)(b)(e) | 910,000 | 837,082 | |
Series 2019-RLJ Class D, 1 month U.S. LIBOR + 1.950% 2.0909% 4/15/36 (a)(b)(e) | 4,028,000 | 3,782,902 | |
Series 2015-200P Class F, 3.7157% 4/14/33 (a)(b) | 2,588,000 | 2,590,113 | |
BANK: | |||
sequential payer Series 2019-BN23 Class E, 2.5% 12/15/52 (a) | 1,638,000 | 1,261,567 | |
Series 2017-BNK4 Class D, 3.357% 5/15/50 (a) | 4,416,000 | 4,234,554 | |
Series 2017-BNK6 Class D, 3.1% 7/15/60 (a) | 2,593,000 | 2,109,160 | |
Series 2017-BNK8: | |||
Class D, 2.6% 11/15/50 (a) | 4,653,000 | 3,753,972 | |
Class E, 2.8% 11/15/50 (a) | 2,625,000 | 1,495,051 | |
Series 2018-BN12 Class D, 3% 5/15/61 (a) | 2,082,000 | 1,433,314 | |
Series 2019-BN18: | |||
Class D, 3% 5/15/62 (a) | 4,284,000 | 3,837,759 | |
Class E, 3% 5/15/62 (a) | 1,302,000 | 1,050,794 | |
Series 2019-BN19: | |||
Class D, 3% 8/15/61 (a) | 3,753,000 | 3,420,169 | |
Class E, 3% 8/15/61 (a) | 612,000 | 487,069 | |
Series 2019-BN20 Class D, 2.5% 9/15/62(a) | 3,994,000 | 3,541,617 | |
Series 2019-BN21: | |||
Class E, 2.5% 10/17/52 (a) | 2,210,000 | 1,737,118 | |
Class F, 2.6818% 10/17/52 (a) | 3,234,000 | 1,447,456 | |
Series 2019-BN22 Class D, 2.5% 11/15/62 (a) | 2,465,000 | 2,123,985 | |
Series 2020-BN26 Class D, 2.5% 3/15/63 (a) | 1,269,000 | 1,090,475 | |
Series 2020-BN27 Class D, 2.5% 4/15/63 (a) | 921,000 | 809,595 | |
Series 2020-BN28 Class E, 2.5% 3/15/63 (a) | 903,000 | 747,840 | |
Series 2020-BN29 Class E, 2.5% 11/15/53 (a) | 1,064,000 | 843,827 | |
Bank of America Commercial Mortgage Securities Trust Series 2017-BNK3 Class D, 3.25% 2/15/50 (a) | 2,201,000 | 1,772,179 | |
Barclays Commercial Mortgage Securities LLC Series 2019-C5: | |||
Class D, 2.5% 11/15/52 (a) | 726,000 | 623,102 | |
Class E, 2.5% 11/15/52 (a) | 2,545,000 | 1,789,739 | |
Class F, 2.7297% 11/15/52 (a)(b) | 1,322,000 | 575,540 | |
BBCMS Mortgage Trust: | |||
sequential payer Series 2020-C8 Class E, 2.25% 10/15/53 (a) | 3,013,000 | 2,180,576 | |
Series 2016-ETC Class D, 3.7292% 8/14/36 (a)(b) | 1,749,000 | 1,341,446 | |
Series 2020-C6 Class E, 2.4% 2/15/53 (a) | 1,512,000 | 1,050,873 | |
Series 2020-C7 Class D, 3.7186% 4/15/53 (a)(b) | 840,000 | 731,916 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (a)(b) | 1,680,000 | 1,565,757 | |
Class 225E, 3.4041% 12/15/62 (a)(b) | 1,132,000 | 993,433 | |
Series 2020-B20 Class E, 2% 10/15/53 (a) | 2,100,000 | 1,576,030 | |
Series 2018-B7: | |||
Class D, 3% 5/15/53 (a)(b) | 833,000 | 676,899 | |
Class E, 3% 5/15/53 (a)(b) | 833,000 | 604,732 | |
Class F, 3.7661% 5/15/53 (a)(b) | 3,065,000 | 1,666,512 | |
Series 2019-B12 Class D, 3% 8/15/52 (a) | 1,562,000 | 1,427,564 | |
Series 2020-B18: | |||
Class AGNG, 4.5348% 7/15/53 (a)(b) | 4,074,000 | 3,831,261 | |
Class D, 2.25% 7/15/53 (a) | 1,500,000 | 1,294,026 | |
Series 2020-B21: | |||
Class D, 2% 12/15/53 (a) | 1,638,000 | 1,333,466 | |
Class E, 2% 12/15/53 (a) | 1,533,000 | 1,066,170 | |
Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (a)(b) | 3,049,000 | 2,313,593 | |
BFLD Trust floater Series 2020-EYP Class G, 1 month U.S. LIBOR + 4.850% 4.9909% 10/15/35 (a)(b)(e) | 2,019,000 | 1,988,489 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2018-BIOA: | |||
Class E, 1 month U.S. LIBOR + 1.950% 2.0919% 3/15/37 (a)(b)(e) | 3,260,000 | 3,237,520 | |
Class F, 1 month U.S. LIBOR + 2.470% 2.6119% 3/15/37 (a)(b)(e) | 1,801,000 | 1,762,512 | |
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 2.1409% 11/15/32 (a)(b)(e) | 819,000 | 778,913 | |
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 2.6409% 12/15/36 (a)(b)(e) | 4,645,748 | 4,511,919 | |
Series 2020-FOX Class G, 1 month U.S. LIBOR + 4.750% 4.8909% 11/15/32 (a)(b)(e) | 1,000,000 | 1,004,405 | |
Series 2020-VIV2 Class C, 3.6605% 3/9/44 (a)(b) | 3,675,000 | 3,579,995 | |
Series 2020-VIVA: | |||
Class D, 3.667% 3/9/44 (a)(b) | 3,667,000 | 3,446,887 | |
Class E, 3.667% 3/9/44 (a)(b) | 2,357,000 | 2,024,982 | |
BX Trust: | |||
floater: | |||
Series 2017-APPL Class F, 1 month U.S. LIBOR + 4.250% 4.3909% 7/15/34 (a)(b)(e) | 2,444,600 | 2,377,216 | |
Series 2018-IND: | |||
Class G, 1 month U.S. LIBOR + 2.050% 2.1909% 11/15/35 (a)(b)(e) | 683,900 | 677,048 | |
Class H, 1 month U.S. LIBOR + 3.000% 3.1409% 11/15/35 (a)(b)(e) | 1,271,900 | 1,259,155 | |
Series 2019-ATL Class E, 1 month U.S. LIBOR + 2.230% 2.3775% 10/15/36 (a)(b)(e) | 1,974,000 | 1,736,674 | |
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 3.7409% 4/15/34 (a)(b)(e) | 3,255,000 | 2,635,308 | |
Series 2019-XL: | |||
Class F, 1 month U.S. LIBOR + 2.000% 2.1409% 10/15/36 (a)(b)(e) | 1,307,183 | 1,290,810 | |
Class J, 1 month U.S. LIBOR + 2.650% 2.7909% 10/15/36 (a)(b)(e) | 14,023,977 | 13,690,234 | |
Series 2019-OC11: | |||
Class C, 3.856% 12/9/41 (a) | 2,405,000 | 2,404,218 | |
Class E, 4.0755% 12/9/41 (a)(b) | 7,251,000 | 6,681,021 | |
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (a)(b) | 3,093,000 | 2,925,317 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 3.3909% 12/15/37 (a)(b)(e) | 8,756,000 | 8,357,557 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (a) | 4,073,000 | 3,167,482 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-375P Class E, 3.6348% 5/10/35 (a)(b) | 4,069,000 | 3,904,100 | |
Series 2013-GC15 Class D, 5.3541% 9/10/46 (a)(b) | 7,323,000 | 6,982,486 | |
Series 2016-C3 Class D, 3% 11/15/49 (a) | 4,412,000 | 2,985,847 | |
Series 2019-GC41: | |||
Class D, 3% 8/10/56 (a) | 2,273,000 | 2,073,292 | |
Class E, 3% 8/10/56 (a) | 1,848,000 | 1,461,178 | |
Series 2019-GC43 Class E, 3% 11/10/52 (a) | 2,772,000 | 2,203,851 | |
Series 2020-420K Class E, 3.3118% 11/10/42 (a) | 2,081,000 | 1,907,646 | |
Series 2020-GC46: | |||
Class D, 2.6% 2/15/53 (a) | 2,756,000 | 2,331,187 | |
Class E, 2.6% 2/15/53 (a) | 329,000 | 227,810 | |
COMM Mortgage Trust: | |||
floater: | |||
Series 2018-HCLV Class G, 1 month U.S. LIBOR + 5.050% 5.1972% 9/15/33 (a)(b)(e) | 1,487,000 | 1,128,741 | |
Series 2019-521F Class F, 1 month U.S. LIBOR + 2.390% 2.5348% 6/15/34 (a)(b)(e) | 2,772,000 | 2,258,980 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (a) | 2,840,000 | 1,662,366 | |
Series 2012-CR1: | |||
Class D, 5.4966% 5/15/45 (a)(b) | 7,226,000 | 5,155,254 | |
Class G, 2.462% 5/15/45 (a)(d) | 2,322,000 | 369,135 | |
Series 2013-CR10 Class D, 4.9488% 8/10/46 (a)(b) | 3,673,000 | 3,526,405 | |
Series 2013-CR12 Class D, 5.2405% 10/10/46 (a)(b) | 1,759,000 | 883,064 | |
Series 2013-LC6 Class D, 4.4546% 1/10/46 (a)(b) | 5,644,000 | 4,985,219 | |
Series 2014-CR15 Class D, 4.8912% 2/10/47 (a)(b) | 1,060,000 | 1,064,872 | |
Series 2014-CR17 Class E, 5.0086% 5/10/47 (a)(b)(d) | 589,000 | 300,010 | |
Series 2014-LC17 Class C, 4.7048% 10/10/47 (b) | 752,000 | 765,199 | |
Series 2014-UBS2 Class D, 5.1592% 3/10/47 (a)(b) | 3,454,000 | 2,534,675 | |
Series 2015-3BP Class F, 3.3463% 2/10/35 (a)(b) | 4,405,000 | 4,162,460 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (a) | 3,234,000 | 2,725,449 | |
Series 2019-CD4 Class C, 4.349% 5/10/50 (b) | 3,977,000 | 3,815,122 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (a) | 1,146,000 | 973,493 | |
Commercial Mortgage Trust Series 2016-CD2 Class D, 2.9078% 11/10/49 (b) | 1,680,000 | 1,277,587 | |
Commercial Mortgage Trust pass-thru certificates: | |||
Series 2012-CR2: | |||
Class D, 4.9918% 8/15/45 (a)(b) | 789,000 | 697,358 | |
Class E, 4.9918% 8/15/45 (a)(b) | 5,385,400 | 3,786,753 | |
Class F, 4.25% 8/15/45 (a) | 7,162,000 | 3,870,434 | |
Series 2014-CR2 Class G, 4.25% 8/15/45 (a) | 1,556,000 | 435,138 | |
Core Industrial Trust floater Series 2019-CORE Class E, 1 month U.S. LIBOR + 1.900% 2.0409% 12/15/31 (a)(b)(e) | 2,982,000 | 2,922,208 | |
CPT Mortgage Trust sequential payer Series 2019-CPT Class F, 3.0967% 11/13/39 (a)(b) | 2,772,000 | 2,399,042 | |
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class H, 6% 5/17/40 (a) | 546,848 | 336,646 | |
Credit Suisse Mortgage Trust: | |||
floater: | |||
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 2.7909% 5/15/36 (a)(b)(e) | 1,512,000 | 1,489,269 | |
Series 2020-FACT Class F, 1 month U.S. LIBOR + 6.150% 6.306% 10/15/37 (a)(b)(e) | 2,100,000 | 2,100,080 | |
Series 2019-UVIL Class E, 3.3928% 12/15/41 (a)(b) | 2,289,000 | 1,719,666 | |
CSAIL Commercial Mortgage Trust: | |||
Series 2017-C8 Class D, 4.4701% 6/15/50 (a) | 3,902,000 | 2,967,302 | |
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (a)(b) | 1,890,000 | 1,777,853 | |
Series 2017-CX9 Class D, 4.2876% 9/15/50 (a)(b) | 1,615,000 | 1,182,708 | |
Series 2019-C15 Class C, 5.1461% 3/15/52 (b) | 3,132,000 | 3,219,125 | |
CSMC Trust: | |||
floater Series 2017-CHOP Class F, 1 month U.S. LIBOR + 4.350% 4.4909% 7/15/32 (a)(b)(e) | 2,686,000 | 1,968,931 | |
Series 2017-MOON Class E, 3.303% 7/10/34 (a)(b) | 1,007,000 | 963,447 | |
DBCCRE Mortgage Trust Series 2014-ARCP: | |||
Class D, 5.099% 1/10/34 (a)(b) | 833,000 | 848,739 | |
Class E, 5.099% 1/10/34 (a)(b) | 4,264,000 | 4,242,676 | |
DBGS Mortgage Trust: | |||
Series 2018-C1: | |||
Class C, 4.7843% 10/15/51 (b) | 777,000 | 793,416 | |
Class D, 3.0343% 10/15/51 (a)(b) | 3,459,000 | 3,053,277 | |
Series 2019-1735 Class F, 4.3344% 4/10/37 (a)(b) | 1,000,000 | 765,873 | |
DBUBS Mortgage Trust Series 2011-LC1A: | |||
Class F, 5.7673% 11/10/46 (a)(b) | 7,292,000 | 7,224,089 | |
Class G, 4.652% 11/10/46 (a) | 7,812,000 | 7,510,972 | |
DC Office Trust Series 2019-MTC Class E, 3.1744% 9/15/45 (a)(b) | 1,029,000 | 796,907 | |
Freddie Mac: | |||
pass-thru certificates Series K013 Class X3, 2.9107% 1/25/43 (b)(c) | 4,473,000 | 326 | |
Series KAIV Class X2, 3.5908% 6/25/41 (b)(c) | 2,316,000 | 20,857 | |
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 3.0934% 11/21/35 (a)(b)(e) | 1,227,000 | 1,159,613 | |
Grace Mortgage Trust Series 2014-GRCE Class G, 3.7098% 6/10/28 (a)(b) | 2,093,000 | 2,092,814 | |
GS Mortgage Securities Corp. II Series 2010-C1 Class B, 5.148% 8/10/43 (a) | 1,311,000 | 1,209,812 | |
GS Mortgage Securities Corp. Trust floater: | |||
Series 2019-70P Class F, 1 month U.S. LIBOR + 2.650% 2.7909% 10/15/36 (a)(b)(e) | 2,550,000 | 2,193,030 | |
Series 2019-SOHO Class E, 1 month U.S. LIBOR + 1.870% 2.0155% 6/15/36 (a)(b)(e) | 4,894,000 | 4,555,114 | |
GS Mortgage Securities Trust: | |||
Series 2011-GC5: | |||
Class D, 5.5547% 8/10/44 (a)(b) | 1,929,752 | 1,610,968 | |
Class E, 5.5547% 8/10/44 (a)(b) | 2,432,000 | 1,507,845 | |
Class F, 4.5% 8/10/44 (a) | 4,308,000 | 1,811,304 | |
Series 2012-GC6: | |||
Class D, 5.839% 1/10/45 (a)(b) | 3,753,000 | 3,069,940 | |
Class E, 5% 1/10/45 (a)(b) | 2,984,000 | 1,886,331 | |
Series 2012-GC6I Class F, 5% 1/10/45 (b)(d) | 1,508,000 | 613,323 | |
Series 2012-GCJ7: | |||
Class D, 5.8158% 5/10/45 (a)(b) | 8,756,500 | 7,757,570 | |
Class F, 5% 5/10/45 (a)(d) | 3,433,000 | 929,651 | |
Series 2012-GCJ9 Class D, 4.898% 11/10/45 (a)(b) | 4,238,000 | 4,135,484 | |
Series 2013-GC12 Class D, 4.5886% 6/10/46 (a)(b) | 869,000 | 711,955 | |
Series 2013-GC13 Class D, 4.22% 7/10/46 (a)(b) | 5,470,000 | 4,360,190 | |
Series 2013-GC16: | |||
Class D, 5.4877% 11/10/46 (a)(b) | 3,923,000 | 3,772,413 | |
Class F, 3.5% 11/10/46 (a) | 2,530,000 | 1,665,573 | |
Series 2016-GS2 Class D, 2.753% 5/10/49 (a) | 2,058,050 | 1,600,225 | |
Series 2017-GS6 Class D, 3.243% 5/10/50 (a) | 4,676,000 | 4,194,608 | |
Series 2019-GC38 Class D, 3% 2/10/52 (a) | 1,162,000 | 1,049,758 | |
Series 2019-GC39 Class D, 3% 5/10/52 (a) | 2,830,000 | 2,464,698 | |
Series 2019-GC40: | |||
Class D, 3% 7/10/52 (a) | 2,079,000 | 1,933,395 | |
Class DBF, 3.668% 7/10/52 (a)(b) | 2,523,000 | 2,168,564 | |
Series 2019-GC42: | |||
Class D, 2.8% 9/1/52 (a) | 4,807,000 | 4,325,302 | |
Class E, 2.8% 9/1/52 (a) | 2,519,000 | 1,950,032 | |
Series 2019-GS5 Class C, 4.299% 3/10/50 (b) | 2,499,000 | 2,557,163 | |
Series 2019-GSA1 Class E, 2.8% 11/10/52 (a) | 1,655,000 | 1,112,615 | |
Series 2020-GC45: | |||
Class D, 2.85% 2/13/53 (a) | 2,289,000 | 1,846,481 | |
Class SWD, 3.3258% 12/13/39 (a)(b) | 1,764,000 | 1,466,691 | |
Series 2020-GC47 Class D, 3.5707% 5/12/53 (a)(b) | 756,000 | 703,966 | |
Hilton U.S.A. Trust: | |||
Series 2016-HHV Class F, 4.3333% 11/5/38 (a)(b) | 5,550,000 | 5,093,801 | |
Series 2016-SFP: | |||
Class D, 4.9269% 11/5/35 (a) | 1,556,000 | 1,555,449 | |
Class F, 6.1552% 11/5/35 (a) | 3,595,000 | 3,570,515 | |
Home Partners of America Trust Series 2019-1: | |||
Class E, 3.604% 9/17/39 (a) | 1,549,998 | 1,596,883 | |
Class F, 4.101% 9/17/39 (a) | 251,506 | 256,871 | |
Hudson Yards Mortgage Trust: | |||
Series 2019-30HY Class E, 3.5579% 7/10/39 (a)(b) | 1,947,000 | 1,926,820 | |
Series 2019-55HY Class F, 3.0409% 12/10/41 (a)(b) | 1,617,000 | 1,479,406 | |
IMT Trust Series 2017-APTS: | |||
Class EFL, 1 month U.S. LIBOR + 2.150% 2.2909% 6/15/34 (a)(b)(e) | 1,704,469 | 1,668,087 | |
Class FFL, 1 month U.S. LIBOR + 2.850% 2.9909% 6/15/34 (a)(b)(e) | 699,501 | 643,368 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (a) | 2,083,000 | 2,030,707 | |
Invitation Homes Trust floater Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 2.3864% 7/17/37 (a)(b)(e) | 459,572 | 453,529 | |
JP Morgan Chase Commercial Mortgage Securities Trust: | |||
floater: | |||
Series 2018-LAQ Class C, 1 month U.S. LIBOR + 1.600% 1.7409% 6/15/32 (a)(b)(e) | 1,528,800 | 1,454,127 | |
Series 2019-MFP: | |||
Class E, 1 month U.S. LIBOR + 2.160% 2.3009% 7/15/36 (a)(b)(e) | 2,292,000 | 2,131,226 | |
Class F, 1 month U.S. LIBOR + 3.000% 3.1409% 7/15/36 (a)(b)(e) | 777,000 | 706,929 | |
Series 2020-NNN: | |||
Class EFX, 3.972% 1/16/37 (a) | 2,771,000 | 2,652,916 | |
Class FFX, 4.6254% 1/16/37 (a) | 2,388,000 | 2,215,030 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (a) | 604,000 | 511,740 | |
Series 2014-C26 Class D, 4.0216% 1/15/48 (a)(b) | 2,329,000 | 2,072,528 | |
Series 2015-C32 Class C, 4.799% 11/15/48 (b) | 1,500,000 | 1,275,357 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5571% 12/15/49 (a)(b) | 2,418,000 | 1,867,529 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2016-C4 Class D, 3.2158% 12/15/49 (a)(b) | 3,867,000 | 3,053,858 | |
Series 2017-C7 Class D, 3% 10/15/50 (a) | 1,813,000 | 1,437,281 | |
Series 2018-C8 Class D, 3.4016% 6/15/51 (a)(b) | 1,171,000 | 908,593 | |
Series 2019-COR6: | |||
Class D, 2.5% 11/13/52 (a) | 1,354,000 | 1,188,216 | |
Class E, 2.5% 11/13/52 (a) | 2,582,000 | 1,844,757 | |
Series 2020-COR7 Class D, 1.75% 5/13/53 (a) | 1,535,000 | 1,270,354 | |
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX: | |||
Class D, 5.3025% 6/15/45 (a)(b) | 3,373,000 | 2,504,463 | |
Class E, 5.3025% 6/15/45 (a)(b) | 3,206,000 | 1,542,784 | |
Class F, 4% 6/15/45 (a) | 3,743,000 | 1,126,663 | |
Class G 4% 6/15/45 (a)(d) | 4,129,000 | 828,164 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
Series 2011-C3: | |||
Class E, 5.9091% 2/15/46 (a)(b) | 3,008,000 | 918,113 | |
Class G, 4.409% 2/15/46 (a)(b)(d) | 1,082,000 | 211,229 | |
Class H, 4.409% 2/15/46 (a)(b)(d) | 2,622,000 | 124,644 | |
Series 2011-C4: | |||
Class C, 5.5253% 7/15/46 (a)(b) | 1,664,000 | 1,673,536 | |
Class D, 5.663% 7/15/46 (a)(b) | 2,500,000 | 2,459,490 | |
Class F, 3.873% 7/15/46 (a) | 494,000 | 469,787 | |
Class H, 3.873% 7/15/46 (a) | 2,683,000 | 2,483,801 | |
Class NR, 3.873% 7/15/46 (a) | 1,322,500 | 1,053,379 | |
Series 2013-LC11: | |||
Class D, 4.306% 4/15/46 (b) | 3,677,000 | 2,584,065 | |
Class E, 3.25% 4/15/46 (a)(b) | 104,000 | 62,997 | |
Class F, 3.25% 4/15/46 (a)(b) | 5,894,000 | 2,814,193 | |
Series 2014-DSTY: | |||
Class D, 3.9314% 6/10/27 (a)(b) | 3,213,000 | 270,306 | |
Class E, 3.9314% 6/10/27 (a)(b)(d) | 4,232,000 | 116,047 | |
Series 2018-AON Class F, 4.767% 7/5/31 (a)(b) | 2,150,000 | 2,116,242 | |
Series 2019-OSB Class E, 3.9089% 6/5/39 (a)(b) | 2,350,000 | 2,145,496 | |
KNDL Mortgage Trust floater Series 2019-KNSQ Class F, 1 month U.S. LIBOR + 2.000% 2.1409% 5/15/36 (a)(b)(e) | 3,483,000 | 3,298,695 | |
Liberty Street Trust Series 2016-225L Class E, 4.8035% 2/10/36 (a)(b) | 2,063,000 | 2,095,477 | |
Market Mortgage Trust Series 2020-525M Class F, 3.0386% 2/12/40 (a)(b) | 1,976,000 | 1,797,407 | |
MOFT Trust Series 2020-ABC: | |||
Class D, 3.5926% 2/10/42 (a)(b) | 1,144,000 | 1,043,412 | |
Class E, 3.5926% 2/10/42 (a)(b) | 841,000 | 713,853 | |
Morgan Stanley BAML Trust: | |||
sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31 | 1,666,000 | 1,521,221 | |
Series 2012-C5 Class E, 4.8309% 8/15/45 (a)(b) | 889,000 | 870,717 | |
Series 2012-C6 Class D, 4.6913% 11/15/45 (a)(b) | 3,633,000 | 3,485,816 | |
Series 2012-C6, Class F, 4.6913% 11/15/45 (a)(b) | 1,575,000 | 945,195 | |
Series 2013-C12 Class D, 4.9217% 10/15/46 (a)(b) | 3,996,000 | 2,764,591 | |
Series 2013-C13: | |||
Class D, 5.0617% 11/15/46 (a)(b) | 5,150,000 | 4,326,209 | |
Class E, 5.0617% 11/15/46 (a)(b) | 1,666,000 | 1,125,838 | |
Series 2013-C7: | |||
Class D, 4.3744% 2/15/46 (a)(b) | 3,450,000 | 2,123,476 | |
Class E, 4.3744% 2/15/46 (a)(b)(d) | 1,316,000 | 771,475 | |
Series 2013-C8 Class D, 4.1911% 12/15/48 (a)(b) | 1,883,000 | 1,711,277 | |
Series 2013-C9: | |||
Class D, 4.2559% 5/15/46 (a)(b) | 4,440,000 | 3,663,942 | |
Class E, 4.2559% 5/15/46 (a)(b) | 1,594,370 | 1,211,422 | |
Series 2016-C30 Class D, 3% 9/15/49 (a) | 798,000 | 474,140 | |
Series 2017-C33 Class D, 3.356% 5/15/50 (a) | 2,932,000 | 2,396,881 | |
Morgan Stanley Capital I Trust: | |||
sequential payer Series 2011-C1 Class F, 4.193% 9/15/47 (a) | 1,886,000 | 1,834,544 | |
Series 1998-CF1 Class G, 7.35% 7/15/32 (a)(b) | 54,147 | 55,051 | |
Series 2011-C2: | |||
Class D, 5.6609% 6/15/44 (a)(b) | 6,083,000 | 4,742,683 | |
Class F, 5.6609% 6/15/44 (a)(b) | 3,015,000 | 1,563,055 | |
Series 2011-C3: | |||
Class C, 5.4191% 7/15/49 (a)(b) | 2,061,000 | 1,956,844 | |
Class D, 5.4191% 7/15/49 (a)(b) | 8,074,000 | 7,247,090 | |
Class E, 5.4191% 7/15/49 (a)(b) | 2,610,000 | 1,957,049 | |
Class F, 5.4191% 7/15/49 (a)(b) | 984,000 | 601,021 | |
Class G, 5.4191% 7/15/49 (a)(b)(d) | 3,536,800 | 1,794,868 | |
Series 2012-C4 Class D, 5.5992% 3/15/45 (a)(b) | 1,624,000 | 1,090,136 | |
Series 2015-MS1 Class D, 4.1656% 5/15/48 (a)(b) | 4,300,000 | 3,645,464 | |
Series 2015-UBS8 Class D, 3.18% 12/15/48 (a) | 2,839,000 | 2,096,916 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (a) | 4,506,000 | 3,534,827 | |
Series 2017-CLS Class F, 1 month U.S. LIBOR + 2.600% 2.7409% 11/15/34 (a)(b)(e) | 916,000 | 890,988 | |
Series 2018-MP Class E, 4.4185% 7/11/40 (a)(b) | 2,499,000 | 1,985,857 | |
Series 2020-CNP Class D, 2.5085% 4/5/42 (a)(b) | 1,043,000 | 876,573 | |
Morgan Stanley Dean Witter Capital I Trust Series 2001-TOP3 Class E, 7.9493% 7/15/33 (a)(b) | 190,255 | 191,554 | |
Motel 6 Trust floater: | |||
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 7.0674% 8/15/24 (a)(b)(e) | 774,767 | 706,190 | |
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 4.3909% 8/15/34 (a)(b)(e) | 8,997,045 | 8,816,697 | |
MRCD Series 2019-PARK: | |||
Class G, 2.7175% 12/15/36 (a) | 10,373,000 | 9,573,546 | |
Class J, 4.25% 12/15/36 (a) | 6,790,000 | 6,221,524 | |
MSCCG Trust Series 2016-SNR: | |||
Class D, 6.55% 11/15/34 (a) | 4,675,416 | 4,627,096 | |
Class E, 6.8087% 11/15/34 (a) | 1,727,200 | 1,616,472 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (a)(b) | 1,014,000 | 778,093 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1: | |||
Class WAN1, 1 month U.S. LIBOR + 2.750% 2.899% 6/15/35 (a)(b)(e) | 262,000 | 240,629 | |
Class WAN2, 1 month U.S. LIBOR + 3.750% 3.899% 6/15/35 (a)(b)(e) | 222,000 | 203,227 | |
Series 2018-285M Class F, 3.9167% 11/15/32 (a)(b) | 909,000 | 875,366 | |
Series 2018-TECH: | |||
Class E, 1 month U.S. LIBOR + 2.250% 2.3909% 11/15/34 (a)(b)(e) | 638,000 | 613,229 | |
Class F, 1 month U.S. LIBOR + 3.000% 3.1409% 11/15/34 (a)(b)(e) | 96,000 | 87,446 | |
Class G, 1 month U.S. LIBOR + 4.000% 4.1409% 11/15/34 (a)(b)(e) | 572,000 | 480,552 | |
Series 2019-10K: | |||
Class E, 4.2724% 5/15/39 (a)(b) | 984,000 | 917,283 | |
Class F, 4.2724% 5/15/39 (a)(b) | 3,014,000 | 2,672,080 | |
Series 2019-1776: | |||
Class E, 3.9017% 10/15/36 (a) | 2,268,000 | 2,209,143 | |
Class F, 4.2988% 10/15/36 (a) | 3,589,000 | 3,371,213 | |
Series 2020-2PAC: | |||
Class AMZ2, 3.6167% 1/15/37 (a)(b) | 1,754,950 | 1,682,829 | |
Class AMZ3, 3.6167% 1/15/37 (a)(b) | 822,675 | 761,313 | |
Class MSK3, 3.3583% 12/15/36 (a)(b) | 855,550 | 767,051 | |
Progress Residential Trust Series 2019-SFR3 Class F, 3.867% 9/17/36 (a) | 1,228,000 | 1,246,047 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (a) | 1,837,475 | 2,132,640 | |
SG Commercial Mortgage Securities Trust: | |||
Series 2019-PREZ Class F, 3.593% 9/15/39 (a)(b) | 3,206,000 | 2,750,383 | |
Series 2020-COVE: | |||
Class F, 3.8518% 3/15/37 (a)(b) | 3,105,000 | 2,824,271 | |
Class G, 3.8518% 3/15/37 (a)(b) | 858,000 | 696,427 | |
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4 Class F, 5.5066% 8/15/39 (b) | 4,452,000 | 4,303,939 | |
UBS Commercial Mortgage Trust: | |||
Series 2012-C1: | |||
Class D, 5.7545% 5/10/45 (a)(b) | 3,272,000 | 2,455,661 | |
Class E, 5% 5/10/45 (a)(b)(d) | 1,911,000 | 957,744 | |
Class F, 5% 5/10/45 (a)(b)(d) | 2,484,000 | 363,124 | |
Series 2018-C8 Class C, 4.8587% 2/15/51 (b) | 756,000 | 742,969 | |
UBS-BAMLL Trust: | |||
Series 12-WRM Class D, 4.3793% 6/10/30 (a)(b)(d) | 2,090,000 | 1,202,935 | |
Series 2012-WRM Class C, 4.3793% 6/10/30 (a)(b) | 890,000 | 750,707 | |
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class C, 6.2519% 1/10/45 (a)(b) | 672,000 | 649,080 | |
Wells Fargo Commercial Mortgage Trust: | |||
floater Series 2020-SOP Class E, 1 month U.S. LIBOR + 2.710% 2.8509% 1/15/35 (a)(b)(e) | 1,066,000 | 996,607 | |
sequential payer Series 2020-C57 Class D, 2.5% 8/15/53 (a) | 2,108,000 | 1,817,681 | |
Series 2010-C1 Class XB, 1.3683% 11/15/43 (a)(b)(c) | 5,108,675 | 233 | |
Series 2012-LC5: | |||
Class D, 4.9171% 10/15/45 (a)(b) | 6,116,000 | 6,099,643 | |
Class E, 4.9171% 10/15/45 (a)(b) | 1,051,000 | 894,256 | |
Class F, 4.9171% 10/15/45 (a)(b) | 588,000 | 409,734 | |
Series 2015-NXS4 Class D, 3.8557% 12/15/48 (b) | 1,834,000 | 1,655,000 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (a) | 1,526,000 | 874,025 | |
Series 2016-C35 Class D, 3.142% 7/15/48 (a) | 3,894,000 | 2,915,783 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (a) | 4,250,000 | 3,142,203 | |
Series 2017-RB1 Class D, 3.401% 3/15/50 (a) | 1,824,000 | 1,622,505 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d) | 1,252,600 | 219,497 | |
Series 2011-C3: | |||
Class D, 5.842% 3/15/44 (a)(b) | 5,103,000 | 2,312,647 | |
Class E, 5% 3/15/44 (a) | 1,258,000 | 249,328 | |
Class F, 5% 3/15/44 (a) | 2,421,350 | 113,348 | |
Series 2011-C4: | |||
Class D, 5.3828% 6/15/44 (a)(b) | 1,616,000 | 1,421,609 | |
Class E, 5.3828% 6/15/44 (a)(b) | 1,274,000 | 798,599 | |
Series 2011-C5: | |||
Class D, 5.8443% 11/15/44 (a)(b) | 2,978,000 | 2,912,340 | |
Class E, 5.8443% 11/15/44 (a)(b) | 4,203,655 | 3,933,485 | |
Class F, 5.25% 11/15/44 (a)(b) | 3,930,000 | 2,975,350 | |
Class G, 5.25% 11/15/44 (a)(b) | 1,255,150 | 894,644 | |
Series 2012-C6 Class D, 5.7651% 4/15/45 (a)(b) | 2,707,000 | 2,721,852 | |
Series 2012-C7: | |||
Class E, 4.9645% 6/15/45 (a)(b) | 1,514,000 | 586,366 | |
Class F, 4.5% 6/15/45 (a) | 1,470,000 | 289,362 | |
Class G, 4.5% 6/15/45 (a)(d) | 4,218,750 | 603,328 | |
Series 2012-C8: | |||
Class D, 5.0479% 8/15/45 (a)(b) | 833,000 | 794,924 | |
Class E, 5.0479% 8/15/45 (a)(b) | 1,167,000 | 877,398 | |
Series 2013-C11: | |||
Class D, 4.3977% 3/15/45 (a)(b) | 1,865,000 | 1,702,301 | |
Class E, 4.3977% 3/15/45 (a)(b) | 4,999,000 | 3,788,238 | |
Series 2013-C13 Class D, 4.2775% 5/15/45 (a)(b) | 1,499,000 | 1,418,748 | |
Series 2013-C16 Class D, 5.1846% 9/15/46 (a)(b) | 668,000 | 502,447 | |
Series 2013-UBS1 Class D, 4.8928% 3/15/46 (a)(b) | 2,638,000 | 2,433,668 | |
Worldwide Plaza Trust Series 2017-WWP Class F, 3.7154% 11/10/36 (a)(b) | 4,695,000 | 4,195,945 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (a)(b) | 1,638,000 | 1,270,597 | |
Class PR2, 3.6332% 6/5/35 (a)(b) | 4,354,000 | 3,308,022 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
(Cost $672,341,789) | 605,459,999 | ||
Shares | Value | ||
Common Stocks - 0.5% | |||
Homebuilders/Real Estate - 0.5% | |||
Colony Capital, Inc. | 400,000 | 1,728,000 | |
iStar Financial, Inc. | 176,200 | 2,484,420 | |
TOTAL COMMON STOCKS | |||
(Cost $3,886,584) | 4,212,420 | ||
Preferred Stocks - 3.0% | |||
Convertible Preferred Stocks - 0.2% | |||
Homebuilders/Real Estate - 0.2% | |||
RLJ Lodging Trust Series A, 1.95% | 70,550 | 1,736,236 | |
Nonconvertible Preferred Stocks - 2.8% | |||
Diversified Financial Services - 0.6% | |||
AGNC Investment Corp. Series E 6.50% (b) | 116,492 | 2,696,778 | |
MFA Financial, Inc. Series B, 7.50% | 80,525 | 1,912,469 | |
4,609,247 | |||
Homebuilders/Real Estate - 2.2% | |||
American Homes 4 Rent Series D, 6.50% | 12,295 | 319,055 | |
Capstead Mortgage Corp. Series E, 7.50% | 87,175 | 2,112,250 | |
Colony Capital, Inc.: | |||
Series H, 7.125% | 76,200 | 1,766,316 | |
Series I, 7.15% | 71,600 | 1,668,280 | |
DiamondRock Hospitality Co. 8.25% | 25,800 | 680,088 | |
Dynex Capital, Inc. Series C 6.90% (b) | 57,707 | 1,382,083 | |
iStar Financial, Inc. Series G, 7.65% | 74,400 | 1,869,672 | |
Rexford Industrial Realty, Inc. Series B, 5.875% | 91,475 | 2,378,259 | |
Taubman Centers, Inc. Series J, 6.50% | 55,202 | 1,393,304 | |
UMH Properties, Inc. Series C, 6.75% | 98,998 | 2,492,770 | |
16,062,077 | |||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 20,671,324 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $22,405,074) | 22,407,560 | ||
Principal Amount | Value | ||
Bank Loan Obligations - 3.7% | |||
Diversified Financial Services - 1.8% | |||
Agellan Portfolio 9% 8/7/25 (b)(d)(g) | 908,000 | 908,000 | |
Extell Boston 5.149% 8/31/21 (b)(d)(g) | 1,170,416 | 1,170,416 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 8.75% 11/15/22 (b)(d)(e)(g) | 11,246,000 | 11,246,000 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,324,416 | ||
Homebuilders/Real Estate - 1.1% | |||
Aragon Junior Mezzanine 1 month U.S. LIBOR + 6.000% 7.25% 1/15/25 (b)(d)(e)(g) | 2,193,648 | 2,193,648 | |
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8955% 8/21/25 (b)(e)(g) | 1,636,949 | 1,583,748 | |
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 1.8455% 2/6/22 (b)(e)(g) | 4,165,000 | 4,107,731 | |
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 2/8/25 (b)(e)(g) | 93,220 | 90,191 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 7,975,318 | ||
Hotels - 0.3% | |||
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (b)(e)(g) | 923,063 | 840,615 | |
Ryman Hospitality Properties, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.15% 5/11/24 (b)(e)(g) | 1,701,485 | 1,633,425 | |
TOTAL HOTELS | 2,474,040 | ||
Services - 0.3% | |||
Airbnb, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.5% 4/17/25 (b)(e)(g) | 354,113 | 382,551 | |
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(e)(g) | 2,050,125 | 1,988,621 | |
TOTAL SERVICES | 2,371,172 | ||
Telecommunications - 0.2% | |||
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.9% 4/11/25 (b)(e)(g) | 1,627,697 | 1,603,135 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $27,923,725) | 27,748,081 | ||
Preferred Securities - 0.0% | |||
Homebuilders/Real Estate - 0.0% | |||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (a)(d) | 3,000,000 | 60,000 | |
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (a)(d) | 3,100,000 | 310 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $6,004,704) | 60,310 | ||
Shares | Value | ||
Money Market Funds - 4.2% | |||
Fidelity Cash Central Fund 0.09% (h) | |||
(Cost $31,880,306) | 31,873,931 | 31,880,306 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $834,664,439) | 756,946,914 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 77,066 | ||
NET ASSETS - 100% | $757,023,980 |
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 $629,186,297 or 83.1% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security represents right to receive 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.
(d) Level 3 security
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) 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 $31,438 or 0.0% of net assets.
(g) 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.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B4, 3.632% 6/25/43 | 9/29/03 | $49,484 |
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B5, 3.632% 6/25/43 | 9/29/03 | $28 |
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 | $297,738 |
Total | $297,738 |
Amounts in the 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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: | ||||
Financials | $8,103,580 | $8,103,580 | $-- | $-- |
Real Estate | 18,516,400 | 16,780,164 | 1,736,236 | -- |
Corporate Bonds | 26,627,896 | -- | 26,627,896 | -- |
Asset-Backed Securities | 38,503,605 | -- | 38,502,261 | 1,344 |
Collateralized Mortgage Obligations | 46,737 | -- | 9,629 | 37,108 |
Commercial Mortgage Securities | 605,459,999 | -- | 596,054,825 | 9,405,174 |
Bank Loan Obligations | 27,748,081 | -- | 12,230,017 | 15,518,064 |
Preferred Securities | 60,310 | -- | -- | 60,310 |
Money Market Funds | 31,880,306 | 31,880,306 | -- | -- |
Total Investments in Securities: | $756,946,914 | $56,764,050 | $675,160,864 | $25,022,000 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Commercial Mortgage Securities | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | (1,518,242) |
Net Unrealized Gain (Loss) on Investment Securities | (11,468,286) |
Cost of Purchases | -- |
Proceeds of Sales | (1,439,600) |
Amortization/Accretion | (653,550) |
Transfers into Level 3 | 24,484,852 |
Transfers out of Level 3 | -- |
Ending Balance | $9,405,174 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $(11,468,286) |
Bank Loan Obligations | |
Beginning Balance | $14,253,974 |
Net Realized Gain (Loss) on Investment Securities | (47,520) |
Net Unrealized Gain (Loss) on Investment Securities | (8,396) |
Cost of Purchases | 14,604,000 |
Proceeds of Sales | (9,035,291) |
Amortization/Accretion | (167,003) |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (4,081,700) |
Ending Balance | $15,518,064 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $(33,462) |
Other Investments in Securities | |
Beginning Balance | $135,213 |
Net Realized Gain (Loss) on Investment Securities | (82,381) |
Net Unrealized Gain (Loss) on Investment Securities | 7,264 |
Cost of Purchases | 644,849 |
Proceeds of Sales | (66,558) |
Amortization/Accretion | (539,625) |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $98,762 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $(60,123) |
The information used in the above reconciliations 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $802,784,133) | $725,066,608 | |
Fidelity Central Funds (cost $31,880,306) | 31,880,306 | |
Total Investment in Securities (cost $834,664,439) | $756,946,914 | |
Cash | 24,136 | |
Receivable for investments sold | 497 | |
Dividends receivable | 96,720 | |
Interest receivable | 3,075,436 | |
Distributions receivable from Fidelity Central Funds | 1,962 | |
Prepaid expenses | 1,050 | |
Total assets | 760,146,715 | |
Liabilities | ||
Payable for investments purchased | $33,745 | |
Payable for fund shares redeemed | 2,220,957 | |
Distributions payable | 224,756 | |
Accrued management fee | 435,809 | |
Other affiliated payables | 37,130 | |
Other payables and accrued expenses | 170,338 | |
Total liabilities | 3,122,735 | |
Net Assets | $757,023,980 | |
Net Assets consist of: | ||
Paid in capital | $851,548,767 | |
Total accumulated earnings (loss) | (94,524,787) | |
Net Assets | $757,023,980 | |
Net Asset Value, offering price and redemption price per share ($757,023,980 ÷ 97,001,670 shares) | $7.80 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $1,472,760 | |
Interest | 36,591,641 | |
Income from Fidelity Central Funds | 297,738 | |
Total income | 38,362,139 | |
Expenses | ||
Management fee | $5,167,484 | |
Transfer agent fees | 110,638 | |
Accounting fees and expenses | 329,868 | |
Custodian fees and expenses | 17,744 | |
Independent trustees' fees and expenses | 4,189 | |
Audit | 186,374 | |
Legal | 1,293 | |
Miscellaneous | 4,668 | |
Total expenses before reductions | 5,822,258 | |
Expense reductions | (7,995) | |
Total expenses after reductions | 5,814,263 | |
Net investment income (loss) | 32,547,876 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (11,963,993) | |
Fidelity Central Funds | 3,279 | |
Total net realized gain (loss) | (11,960,714) | |
Change in net unrealized appreciation (depreciation) on investment securities | (82,855,797) | |
Net gain (loss) | (94,816,511) | |
Net increase (decrease) in net assets resulting from operations | $(62,268,635) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $32,547,876 | $35,127,955 |
Net realized gain (loss) | (11,960,714) | 807,480 |
Change in net unrealized appreciation (depreciation) | (82,855,797) | 26,266,392 |
Net increase (decrease) in net assets resulting from operations | (62,268,635) | 62,201,827 |
Distributions to shareholders | (32,213,221) | (35,999,475) |
Share transactions | ||
Proceeds from sales of shares | 97,052,500 | 130,445,698 |
Reinvestment of distributions | 28,859,411 | 30,268,155 |
Cost of shares redeemed | (95,929,352) | (98,384,669) |
Net increase (decrease) in net assets resulting from share transactions | 29,982,559 | 62,329,184 |
Total increase (decrease) in net assets | (64,499,297) | 88,531,536 |
Net Assets | ||
Beginning of period | 821,523,277 | 732,991,741 |
End of period | $757,023,980 | $821,523,277 |
Other Information | ||
Shares | ||
Sold | 13,099,991 | 14,895,476 |
Issued in reinvestment of distributions | 3,758,479 | 3,499,304 |
Redeemed | (13,487,039) | (11,621,345) |
Net increase (decrease) | 3,371,431 | 6,773,435 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Real Estate High Income Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.77 | $8.44 | $8.60 | $8.51 | $8.80 |
Income from Investment Operations | |||||
Net investment income (loss)A | .341 | .418 | .417 | .433 | .451 |
Net realized and unrealized gain (loss) | (.972) | .338 | (.148) | .064 | (.343) |
Total from investment operations | (.631) | .756 | .269 | .497 | .108 |
Distributions from net investment income | (.339) | (.426) | (.429) | (.407) | (.398) |
Total distributions | (.339) | (.426) | (.429) | (.407) | (.398) |
Net asset value, end of period | $7.80 | $8.77 | $8.44 | $8.60 | $8.51 |
Total ReturnB | (7.06)% | 9.15% | 3.23% | 5.94% | 1.26% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .79% | .80% | .80% | .80% | .80% |
Expenses net of fee waivers, if any | .79% | .80% | .80% | .80% | .80% |
Expenses net of all reductions | .79% | .79% | .80% | .80% | .80% |
Net investment income (loss) | 4.41% | 4.83% | 4.91% | 5.03% | 5.23% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $757,024 | $821,523 | $732,992 | $1,103,106 | $1,033,232 |
Portfolio turnover rateE | 27% | 26% | 13%F | 18% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees 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.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, changes in interest rates and credit quality. 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:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors 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 vendors 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. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy.
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 vendors. 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.
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 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.
The Fund attempts to obtain prices from one or more third party pricing vendors or brokers. For certain securities, independent prices may be unavailable, unreliable or limited to a single third party pricing vendor 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 Input(a) |
Bank Loan Obligations | $15,518,064 | Recovery value Discounted cash flow | Recovery value Yield | 100.0% 7.8% - 9.5% / 9.0% | Increase Decrease |
Preferred Securities | $60,310 | Recovery value | Recovery value | 0.0% - 2.0% / 2.0% | Increase |
Asset-Backed Securities | $1,344 | Recovery value | Recovery value | 0.0% | Increase |
Commercial Mortgage Securities | $9,405,174 | Recovery value Discounted cash flow | Recovery value Spread | 4.8% - 50.1% / 27.7% 28.0% - 434.7% - 83.1% | Increase Decrease |
Collateralized Mortgage Obligations | $37,108 | Recovery value | Recovery value | 0.1% - 25.8% / 23.9% | 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, 2020, 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. 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. 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. 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, 2020, 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 certain conversion ratio adjustments, 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 | $19,610,507 |
Gross unrealized depreciation | (99,352,238) |
Net unrealized appreciation (depreciation) | $(79,741,731) |
Tax Cost | $836,688,645 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $3,471,141 |
Capital loss carryforward | $(18,254,198) |
Net unrealized appreciation (depreciation) on securities and other investments | $(79,741,731) |
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.
No expiration | |
Short-term | $(7,998,229) |
Long-term | (10,255,969) |
Total capital loss carryforward | $(18,254,198) |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $32,213,221 | $ 35,999,475 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Real Estate High Income Fund | 246,252,149 | 190,253,755 |
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. The management fee is the sum of an individual fund fee rate that is 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 is 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 decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .70% of the Fund's average net assets.
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. FIIOC receives an asset-based fee of .02% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Real Estate High Income Fund | .04 |
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 Real Estate High Income Fund | $546 |
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. 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.
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 as follows:
Amount | |
Fidelity Real Estate High Income Fund | $1,776 |
During the period, there were no borrowings on this line of credit.
7. 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 $246 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 by $6,093.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,656.
8. 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.
At the end of the period, two otherwise unaffiliated shareholders were the owners of record of approximately 46% of the total outstanding shares of the Fund.
9. 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.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 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, 2020 by correspondence with the custodian, agent banks 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, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-401-292-6402.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Real Estate High Income Fund | .79% | |||
Actual | $1,000.00 | $1,152.10 | $4.25 | |
Hypothetical-C | $1,000.00 | $1,021.05 | $3.99 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
A total of 0.24% 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 $28,369,770 of distributions paid during the period January 1, 2020 to November 30, 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates 89% of the dividend distributed on December 27, 2019 as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
REHI-ANN-0121
1.734092.121
Fidelity Advisor® Dividend Growth Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (6.31)% | 6.71% | 9.07% |
Class M (incl. 3.50% sales charge) | (4.32)% | 6.95% | 9.06% |
Class C (incl. contingent deferred sales charge) | (2.36)% | 7.14% | 8.89% |
Class I | (0.36)% | 8.24% | 9.99% |
Class Z | (0.22)% | 8.40% | 10.11% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Dividend Growth Fund - Class A on November 30, 2010, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657961941_740.jpg)
Period Ending Values | ||
$23,819 | Fidelity Advisor® Dividend Growth Fund - Class A | |
$37,703 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Co-Managers Gordon Scott and Zach Turner: For the fiscal year ending November 30, 2020, the fund's share classes (excluding sales charges, if applicable) returned roughly -1% to 0%, underperforming the 17.46% result of the benchmark S&P 500® Index. The primary detractor from performance versus the benchmark was an overweighting and stock picks in the financials sector, especially within the banks industry. An underweighting and stock picking in information technology also hampered the fund's relative result. Also hurting our result was stock selection in the communication services sector, primarily within the media & entertainment industry. The biggest individual relative detractor was an overweight position in Wells Fargo (-48%). Also hindering performance was our outsized stake in Exxon Mobil, which returned -39%. Exxon Mobil was one of our biggest holdings this period, though we reduced our stake by period end. Also hampering performance was our overweighting in General Electric, which returned about -12%. We reduced our stake the past 12 months. In contrast, the top contributor to performance versus the benchmark was an underweighting in health care. Also lifting the fund's relative result was an underweighting and stock selection in real estate and utilities. The biggest individual relative contributor was an overweight position in Whirlpool (+41%). Also helping performance was our lighter-than-benchmark stake in Boeing, a stock that returned approximately 99% in the portfolio. This was a position we established the past year. Another notable relative contributor was an outsized stake in United Parcel Service (+49%). This period we decreased our stake. Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On December 31, 2020, Zach Turner assumed sole management responsibilities for the fund, succeeding Gordon Scott, with whom he had served as co-manager since July 1.Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp. | 7.1 |
Visa, Inc. Class A | 3.0 |
Apple, Inc. | 2.3 |
UnitedHealth Group, Inc. | 2.2 |
JPMorgan Chase & Co. | 1.8 |
Fidelity National Information Services, Inc. | 1.6 |
Broadcom, Inc. | 1.6 |
Bank of America Corp. | 1.5 |
Cigna Corp. | 1.5 |
Comcast Corp. Class A | 1.4 |
24.0 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 30.2 |
Consumer Discretionary | 15.9 |
Industrials | 11.5 |
Health Care | 9.9 |
Financials | 9.3 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 99.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.6% |
* Foreign investments - 14.0%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 99.4% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 7.7% | |||
Entertainment - 2.3% | |||
Activision Blizzard, Inc. | 107,200 | $8,520 | |
Liberty Media Corp. Liberty SiriusXM Series C (a) | 1 | 0 | |
The Walt Disney Co. | 93,100 | 13,780 | |
22,300 | |||
Interactive Media & Services - 2.9% | |||
Alphabet, Inc. Class A (a) | 6,100 | 10,702 | |
Facebook, Inc. Class A (a) | 34,800 | 9,639 | |
Tencent Holdings Ltd. | 115,700 | 8,434 | |
28,775 | |||
Media - 2.5% | |||
Comcast Corp. Class A | 280,350 | 14,085 | |
Interpublic Group of Companies, Inc. | 310,100 | 6,909 | |
ViacomCBS, Inc. Class B | 97,000 | 3,422 | |
24,416 | |||
TOTAL COMMUNICATION SERVICES | 75,491 | ||
CONSUMER DISCRETIONARY - 15.9% | |||
Auto Components - 1.4% | |||
BorgWarner, Inc. | 197,600 | 7,677 | |
Lear Corp. | 40,000 | 5,718 | |
13,395 | |||
Automobiles - 1.5% | |||
General Motors Co. | 223,600 | 9,803 | |
Harley-Davidson, Inc. | 131,300 | 5,290 | |
15,093 | |||
Distributors - 0.6% | |||
LKQ Corp. (a) | 166,700 | 5,871 | |
Diversified Consumer Services - 0.5% | |||
H&R Block, Inc. (b) | 245,300 | 4,612 | |
Hotels, Restaurants & Leisure - 4.1% | |||
Aristocrat Leisure Ltd. | 182,196 | 4,288 | |
Cedar Fair LP (depositary unit) | 47,600 | 1,810 | |
Churchill Downs, Inc. | 13,100 | 2,357 | |
Hilton Worldwide Holdings, Inc. | 65,100 | 6,746 | |
Marriott International, Inc. Class A | 58,900 | 7,473 | |
Restaurant Brands International, Inc. | 101,700 | 5,793 | |
Starbucks Corp. | 103,500 | 10,145 | |
Wingstop, Inc. | 9,500 | 1,209 | |
39,821 | |||
Household Durables - 2.8% | |||
Lennar Corp. Class A | 114,800 | 8,709 | |
Sony Corp. | 73,600 | 6,858 | |
Whirlpool Corp. | 63,800 | 12,416 | |
27,983 | |||
Internet & Direct Marketing Retail - 0.7% | |||
Expedia, Inc. | 56,400 | 7,021 | |
Multiline Retail - 1.2% | |||
Dollar General Corp. | 34,100 | 7,454 | |
Target Corp. | 23,600 | 4,237 | |
11,691 | |||
Specialty Retail - 1.2% | |||
Camping World Holdings, Inc. (b) | 110,300 | 3,381 | |
Lowe's Companies, Inc. | 37,000 | 5,765 | |
Williams-Sonoma, Inc. | 28,700 | 3,142 | |
12,288 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
PVH Corp. | 94,800 | 7,536 | |
Tapestry, Inc. | 377,900 | 10,702 | |
18,238 | |||
TOTAL CONSUMER DISCRETIONARY | 156,013 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 0.7% | |||
Keurig Dr. Pepper, Inc. (b) | 220,400 | 6,711 | |
Household Products - 1.4% | |||
Energizer Holdings, Inc. | 127,500 | 5,341 | |
Spectrum Brands Holdings, Inc. | 131,685 | 8,801 | |
14,142 | |||
Tobacco - 2.1% | |||
Altria Group, Inc. | 353,573 | 14,083 | |
Swedish Match Co. AB | 77,900 | 6,302 | |
20,385 | |||
TOTAL CONSUMER STAPLES | 41,238 | ||
ENERGY - 1.6% | |||
Oil, Gas & Consumable Fuels - 1.6% | |||
Equinor ASA sponsored ADR | 193,700 | 2,971 | |
Exxon Mobil Corp. | 184,822 | 7,047 | |
Phillips 66 Co. | 65,700 | 3,980 | |
Reliance Industries Ltd. sponsored GDR (c) | 35,400 | 1,826 | |
15,824 | |||
FINANCIALS - 9.3% | |||
Banks - 4.5% | |||
Bank of America Corp. | 515,203 | 14,508 | |
JPMorgan Chase & Co. | 152,193 | 17,941 | |
Wells Fargo & Co. | 420,290 | 11,495 | |
43,944 | |||
Capital Markets - 2.3% | |||
BlackRock, Inc. Class A | 13,100 | 9,148 | |
Intercontinental Exchange, Inc. | 85,300 | 9,000 | |
Raymond James Financial, Inc. | 46,900 | 4,266 | |
22,414 | |||
Consumer Finance - 1.1% | |||
American Express Co. | 11,900 | 1,411 | |
Discover Financial Services | 131,900 | 10,047 | |
11,458 | |||
Insurance - 1.4% | |||
Arthur J. Gallagher & Co. | 63,400 | 7,317 | |
The Travelers Companies, Inc. | 51,400 | 6,664 | |
13,981 | |||
TOTAL FINANCIALS | 91,797 | ||
HEALTH CARE - 9.9% | |||
Health Care Equipment & Supplies - 0.5% | |||
Envista Holdings Corp. (a) | 149,700 | 4,451 | |
Health Care Providers & Services - 6.8% | |||
Anthem, Inc. | 39,200 | 12,212 | |
Cigna Corp. | 69,100 | 14,452 | |
CVS Health Corp. | 125,100 | 8,481 | |
Humana, Inc. | 24,600 | 9,853 | |
UnitedHealth Group, Inc. | 64,197 | 21,592 | |
66,590 | |||
Life Sciences Tools & Services - 0.5% | |||
Thermo Fisher Scientific, Inc. | 10,900 | 5,068 | |
Pharmaceuticals - 2.1% | |||
AstraZeneca PLC (United Kingdom) | 30,700 | 3,212 | |
Bristol-Myers Squibb Co. | 94,100 | 5,872 | |
Eli Lilly & Co. | 54,500 | 7,938 | |
Roche Holding AG (participation certificate) | 11,750 | 3,859 | |
20,881 | |||
TOTAL HEALTH CARE | 96,990 | ||
INDUSTRIALS - 11.5% | |||
Aerospace & Defense - 0.8% | |||
HEICO Corp. Class A | 34,558 | 3,827 | |
The Boeing Co. | 19,100 | 4,025 | |
7,852 | |||
Air Freight & Logistics - 2.0% | |||
FedEx Corp. | 34,100 | 9,772 | |
United Parcel Service, Inc. Class B | 57,800 | 9,888 | |
19,660 | |||
Airlines - 0.3% | |||
Copa Holdings SA Class A | 31,400 | 2,503 | |
Commercial Services & Supplies - 0.7% | |||
GFL Environmental, Inc. | 252,600 | 6,885 | |
Electrical Equipment - 0.3% | |||
AMETEK, Inc. | 25,200 | 2,987 | |
Industrial Conglomerates - 1.7% | |||
General Electric Co. | 1,202,100 | 12,237 | |
Roper Technologies, Inc. | 10,200 | 4,355 | |
16,592 | |||
Machinery - 3.1% | |||
Allison Transmission Holdings, Inc. | 133,043 | 5,461 | |
Cummins, Inc. | 25,300 | 5,849 | |
Fortive Corp. | 49,700 | 3,485 | |
PACCAR, Inc. | 88,900 | 7,740 | |
Snap-On, Inc. | 18,000 | 3,165 | |
Toro Co. | 51,700 | 4,690 | |
30,390 | |||
Professional Services - 1.4% | |||
Equifax, Inc. | 28,300 | 4,723 | |
IHS Markit Ltd. | 51,100 | 5,082 | |
Robert Half International, Inc. | 56,500 | 3,626 | |
13,431 | |||
Road & Rail - 1.2% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 125,100 | 5,165 | |
Ryder System, Inc. | 48,300 | 2,860 | |
TFI International, Inc. (Canada) | 83,300 | 4,227 | |
12,252 | |||
TOTAL INDUSTRIALS | 112,552 | ||
INFORMATION TECHNOLOGY - 30.2% | |||
Electronic Equipment & Components - 0.5% | |||
TE Connectivity Ltd. | 39,800 | 4,536 | |
IT Services - 8.2% | |||
Amadeus IT Holding SA Class A | 13,700 | 942 | |
Amdocs Ltd. | 59,600 | 3,922 | |
Cognizant Technology Solutions Corp. Class A | 83,400 | 6,516 | |
DXC Technology Co. | 173,300 | 3,797 | |
Fidelity National Information Services, Inc. | 106,300 | 15,776 | |
Genpact Ltd. | 262,700 | 10,679 | |
Global Payments, Inc. | 45,600 | 8,901 | |
Visa, Inc. Class A | 141,400 | 29,743 | |
80,276 | |||
Semiconductors & Semiconductor Equipment - 7.8% | |||
Analog Devices, Inc. | 65,200 | 9,068 | |
Broadcom, Inc. | 38,900 | 15,621 | |
KLA-Tencor Corp. | 29,100 | 7,332 | |
Lam Research Corp. | 28,100 | 12,720 | |
Marvell Technology Group Ltd. | 118,800 | 5,499 | |
NVIDIA Corp. | 4,200 | 2,251 | |
Qualcomm, Inc. | 77,100 | 11,347 | |
SK Hynix, Inc. | 33,100 | 2,911 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 68,800 | 6,675 | |
Universal Display Corp. | 15,000 | 3,436 | |
76,860 | |||
Software - 10.1% | |||
Intuit, Inc. | 32,900 | 11,581 | |
Microsoft Corp. | 326,600 | 69,916 | |
SAP SE | 33,900 | 4,092 | |
SS&C Technologies Holdings, Inc. | 170,700 | 11,760 | |
Temenos Group AG | 15,510 | 1,956 | |
99,305 | |||
Technology Hardware, Storage & Peripherals - 3.6% | |||
Apple, Inc. | 192,696 | 22,940 | |
Samsung Electronics Co. Ltd. | 202,260 | 12,170 | |
35,110 | |||
TOTAL INFORMATION TECHNOLOGY | 296,087 | ||
MATERIALS - 4.6% | |||
Chemicals - 3.2% | |||
DuPont de Nemours, Inc. | 146,400 | 9,288 | |
LG Chemical Ltd. | 7,930 | 5,723 | |
LyondellBasell Industries NV Class A | 97,900 | 8,331 | |
Olin Corp. | 30,760 | 673 | |
The Chemours Co. LLC | 29,882 | 727 | |
Valvoline, Inc. | 148,400 | 3,382 | |
W.R. Grace & Co. | 55,000 | 3,010 | |
31,134 | |||
Metals & Mining - 1.4% | |||
Barrick Gold Corp. | 242,800 | 5,618 | |
Newmont Corp. | 136,300 | 8,017 | |
13,635 | |||
TOTAL MATERIALS | 44,769 | ||
REAL ESTATE - 2.6% | |||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||
American Tower Corp. | 27,500 | 6,358 | |
CoreSite Realty Corp. | 47,500 | 5,956 | |
Four Corners Property Trust, Inc. | 254,000 | 7,115 | |
National Retail Properties, Inc. | 59,400 | 2,239 | |
Simon Property Group, Inc. | 50,400 | 4,162 | |
25,830 | |||
UTILITIES - 1.9% | |||
Electric Utilities - 0.5% | |||
Edison International | 79,200 | 4,860 | |
Independent Power and Renewable Electricity Producers - 0.7% | |||
The AES Corp. | 352,500 | 7,205 | |
Multi-Utilities - 0.7% | |||
CenterPoint Energy, Inc. | 276,500 | 6,412 | |
TOTAL UTILITIES | 18,477 | ||
TOTAL COMMON STOCKS | |||
(Cost $800,583) | 975,068 | ||
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund 0.09% (d) | 2,129,435 | 2,130 | |
Fidelity Securities Lending Cash Central Fund 0.09% (d)(e) | 4,805,020 | 4,806 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,936) | 6,936 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $807,519) | 982,004 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (1,100) | ||
NET ASSETS - 100% | $980,904 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(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 $1,826,000 or 0.2% 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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $33 |
Fidelity Securities Lending Cash Central Fund | 90 |
Total | $123 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $75,491 | $67,057 | $8,434 | $-- |
Consumer Discretionary | 156,013 | 149,155 | 6,858 | -- |
Consumer Staples | 41,238 | 34,936 | 6,302 | -- |
Energy | 15,824 | 13,998 | 1,826 | -- |
Financials | 91,797 | 91,797 | -- | -- |
Health Care | 96,990 | 89,919 | 7,071 | -- |
Industrials | 112,552 | 112,552 | -- | -- |
Information Technology | 296,087 | 289,097 | 6,990 | -- |
Materials | 44,769 | 44,769 | -- | -- |
Real Estate | 25,830 | 25,830 | -- | -- |
Utilities | 18,477 | 18,477 | -- | -- |
Money Market Funds | 6,936 | 6,936 | -- | -- |
Total Investments in Securities: | $982,004 | $944,523 | $37,481 | $-- |
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 | 86.0% |
Canada | 2.3% |
Bermuda | 2.2% |
Korea (South) | 2.2% |
Switzerland | 1.1% |
Others (Individually Less Than 1%) | 6.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | November 30, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $4,621) — See accompanying schedule: Unaffiliated issuers (cost $800,583) | $975,068 | |
Fidelity Central Funds (cost $6,936) | 6,936 | |
Total Investment in Securities (cost $807,519) | $982,004 | |
Foreign currency held at value (cost $37) | 37 | |
Receivable for investments sold | 4,340 | |
Receivable for fund shares sold�� | 1,013 | |
Dividends receivable | 1,577 | |
Distributions receivable from Fidelity Central Funds | 1 | |
Prepaid expenses | 1 | |
Other receivables | 8 | |
Total assets | 988,981 | |
Liabilities | ||
Payable for investments purchased | $1,963 | |
Payable for fund shares redeemed | 581 | |
Accrued management fee | 257 | |
Distribution and service plan fees payable | 250 | |
Other affiliated payables | 166 | |
Other payables and accrued expenses | 54 | |
Collateral on securities loaned | 4,806 | |
Total liabilities | 8,077 | |
Net Assets | $980,904 | |
Net Assets consist of: | ||
Paid in capital | $860,138 | |
Total accumulated earnings (loss) | 120,766 | |
Net Assets | $980,904 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($374,030 ÷ 23,094 shares)(a) | $16.20 | |
Maximum offering price per share (100/94.25 of $16.20) | $17.19 | |
Class M: | ||
Net Asset Value and redemption price per share ($315,976 ÷ 19,651 shares)(a) | $16.08 | |
Maximum offering price per share (100/96.50 of $16.08) | $16.66 | |
Class C: | ||
Net Asset Value and offering price per share ($55,583 ÷ 3,681 shares)(a) | $15.10 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($180,064 ÷ 10,397 shares) | $17.32 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($55,251 ÷ 3,130 shares) | $17.65 |
(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
Amounts in thousands | Year ended November 30, 2020 | |
Investment Income | ||
Dividends | $23,718 | |
Income from Fidelity Central Funds (including $90 from security lending) | 123 | |
Total income | 23,841 | |
Expenses | ||
Management fee | ||
Basic fee | $4,812 | |
Performance adjustment | (2,002) | |
Transfer agent fees | 1,695 | |
Distribution and service plan fees | 3,014 | |
Accounting fees | 306 | |
Custodian fees and expenses | 31 | |
Independent trustees' fees and expenses | 5 | |
Registration fees | 90 | |
Audit | 60 | |
Legal | 12 | |
Interest | 2 | |
Miscellaneous | 32 | |
Total expenses before reductions | 8,057 | |
Expense reductions | (87) | |
Total expenses after reductions | 7,970 | |
Net investment income (loss) | 15,871 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (60,841) | |
Fidelity Central Funds | (1) | |
Foreign currency transactions | 17 | |
Total net realized gain (loss) | (60,825) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 31,296 | |
Assets and liabilities in foreign currencies | 7 | |
Total change in net unrealized appreciation (depreciation) | 31,303 | |
Net gain (loss) | (29,522) | |
Net increase (decrease) in net assets resulting from operations | $(13,651) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended November 30, 2020 | Year ended November 30, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $15,871 | $13,879 |
Net realized gain (loss) | (60,825) | 33,318 |
Change in net unrealized appreciation (depreciation) | 31,303 | 70,218 |
Net increase (decrease) in net assets resulting from operations | (13,651) | 117,415 |
Distributions to shareholders | (46,867) | (142,301) |
Share transactions - net increase (decrease) | (12,562) | 49,687 |
Total increase (decrease) in net assets | (73,080) | 24,801 |
Net Assets | ||
Beginning of period | 1,053,984 | 1,029,183 |
End of period | $980,904 | $1,053,984 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Dividend Growth Fund Class A
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $17.06 | $17.97 | $20.01 | $16.90 | $17.35 |
Income from Investment Operations | |||||
Net investment income (loss)A | .27 | .24B | .28 | .25 | .21 |
Net realized and unrealized gain (loss) | (.35) | 1.39 | .58 | 3.07 | .46 |
Total from investment operations | (.08) | 1.63 | .86 | 3.32 | .67 |
Distributions from net investment income | (.25) | (.27) | (.26) | (.21) | (.18) |
Distributions from net realized gain | (.54) | (2.27) | (2.65) | – | (.94) |
Total distributions | (.78)C | (2.54) | (2.90)C | (.21) | (1.12) |
Net asset value, end of period | $16.20 | $17.06 | $17.97 | $20.01 | $16.90 |
Total ReturnD,E | (.60)% | 12.84% | 4.69% | 19.81% | 4.36% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .81% | .82% | .84% | .85% | .90% |
Expenses net of fee waivers, if any | .81% | .82% | .84% | .85% | .90% |
Expenses net of all reductions | .80% | .81% | .83% | .84% | .90% |
Net investment income (loss) | 1.84% | 1.53%B | 1.58% | 1.36% | 1.33% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $374 | $421 | $353 | $376 | $355 |
Portfolio turnover rateH | 113% | 75% | 110% | 73% | 31% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.28%.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Dividend Growth Fund Class M
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $16.94 | $17.85 | $19.90 | $16.81 | $17.25 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .20B | .24 | .20 | .17 |
Net realized and unrealized gain (loss) | (.35) | 1.39 | .57 | 3.05 | .47 |
Total from investment operations | (.12) | 1.59 | .81 | 3.25 | .64 |
Distributions from net investment income | (.21) | (.23) | (.21) | (.16) | (.14) |
Distributions from net realized gain | (.54) | (2.27) | (2.65) | – | (.94) |
Total distributions | (.74)C | (2.50) | (2.86) | (.16) | (1.08) |
Net asset value, end of period | $16.08 | $16.94 | $17.85 | $19.90 | $16.81 |
Total ReturnD,E | (.85)% | 12.59% | 4.38% | 19.50% | 4.15% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.05% | 1.07% | 1.09% | 1.09% | 1.14% |
Expenses net of fee waivers, if any | 1.05% | 1.07% | 1.09% | 1.09% | 1.14% |
Expenses net of all reductions | 1.04% | 1.06% | 1.08% | 1.09% | 1.14% |
Net investment income (loss) | 1.59% | 1.28%B | 1.33% | 1.11% | 1.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $316 | $376 | $363 | $374 | $351 |
Portfolio turnover rateH | 113% | 75% | 110% | 73% | 31% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.03%.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Dividend Growth Fund Class C
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $15.92 | $16.92 | $19.00 | $16.06 | $16.53 |
Income from Investment Operations | |||||
Net investment income (loss)A | .14 | .11B | .14 | .10 | .09 |
Net realized and unrealized gain (loss) | (.34) | 1.29 | .54 | 2.92 | .44 |
Total from investment operations | (.20) | 1.40 | .68 | 3.02 | .53 |
Distributions from net investment income | (.08) | (.14) | (.12) | (.08) | (.06) |
Distributions from net realized gain | (.54) | (2.27) | (2.65) | – | (.94) |
Total distributions | (.62) | (2.40)C | (2.76)C | (.08) | (1.00) |
Net asset value, end of period | $15.10 | $15.92 | $16.92 | $19.00 | $16.06 |
Total ReturnD,E | (1.41)% | 11.98% | 3.86% | 18.88% | 3.58% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.61% | 1.62% | 1.61% | 1.61% | 1.66% |
Expenses net of fee waivers, if any | 1.61% | 1.61% | 1.61% | 1.61% | 1.66% |
Expenses net of all reductions | 1.60% | 1.61% | 1.60% | 1.61% | 1.66% |
Net investment income (loss) | 1.04% | .73%B | .81% | .59% | .57% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $56 | $71 | $137 | $160 | $154 |
Portfolio turnover rateH | 113% | 75% | 110% | 73% | 31% |
A Calculated based on average shares outstanding during the period.
B Net 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 .48%.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Dividend Growth Fund Class I
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.18 | $18.97 | $20.97 | $17.70 | $18.12 |
Income from Investment Operations | |||||
Net investment income (loss)A | .32 | .29B | .34 | .30 | .26 |
Net realized and unrealized gain (loss) | (.36) | 1.50 | .61 | 3.21 | .49 |
Total from investment operations | (.04) | 1.79 | .95 | 3.51 | .75 |
Distributions from net investment income | (.28) | (.31) | (.30) | (.24) | (.22) |
Distributions from net realized gain | (.54) | (2.27) | (2.65) | – | (.94) |
Total distributions | (.82) | (2.58) | (2.95) | (.24) | (1.17)C |
Net asset value, end of period | $17.32 | $18.18 | $18.97 | $20.97 | $17.70 |
Total ReturnD | (.36)% | 13.13% | 4.93% | 20.07% | 4.60% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .57% | .58% | .60% | .61% | .67% |
Expenses net of fee waivers, if any | .57% | .58% | .60% | .61% | .67% |
Expenses net of all reductions | .56% | .57% | .59% | .60% | .66% |
Net investment income (loss) | 2.08% | 1.77%B | 1.82% | 1.59% | 1.57% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $180 | $173 | $166 | $170 | $123 |
Portfolio turnover rateG | 113% | 75% | 110% | 73% | 31% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.52%.
C Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Dividend Growth Fund Class Z
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.51 | $19.28 | $21.27 | $17.95 | $18.36 |
Income from Investment Operations | |||||
Net investment income (loss)A | .35 | .32B | .38 | .34 | .29 |
Net realized and unrealized gain (loss) | (.37) | 1.52 | .62 | 3.24 | .50 |
Total from investment operations | (.02) | 1.84 | 1.00 | 3.58 | .79 |
Distributions from net investment income | (.31) | (.34) | (.34) | (.26) | (.26) |
Distributions from net realized gain | (.54) | (2.27) | (2.65) | – | (.94) |
Total distributions | (.84)C | (2.61) | (2.99) | (.26) | (1.20) |
Net asset value, end of period | $17.65 | $18.51 | $19.28 | $21.27 | $17.95 |
Total ReturnD | (.22)% | 13.25% | 5.10% | 20.21% | 4.80% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .41% | .43% | .45% | .45% | .49% |
Expenses net of fee waivers, if any | .41% | .43% | .45% | .45% | .49% |
Expenses net of all reductions | .40% | .42% | .44% | .44% | .49% |
Net investment income (loss) | 2.23% | 1.92%B | 1.98% | 1.76% | 1.74% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $55 | $13 | $10 | $7 | $2 |
Portfolio turnover rateG | 113% | 75% | 110% | 73% | 31% |
A Calculated based on average shares outstanding during the period.
B Net 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 1.67%.
C Total distributions per share do not sum due to rounding.
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 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.
F Expense 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
(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. 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 ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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. As of November 30, 2020, 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 | $187,743 |
Gross unrealized depreciation | (14,743) |
Net unrealized appreciation (depreciation) | $173,000 |
Tax Cost | $809,004 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $12,507 |
Capital loss carryforward | $(64,747) |
Net unrealized appreciation (depreciation) on securities and other investments | $173,007 |
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.
No expiration | |
Short-term | $(19,307) |
Long-term | (45,440) |
Total capital loss carryforward | $(64,747) |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $13,930 | $ 34,609 |
Long-term Capital Gains | 32,937 | 107,692 |
Total | $46,867 | $ 142,301 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Dividend Growth Fund | 1,023,026 | 1,066,714 |
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. 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 .23% during the period. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .31% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $889 | $18 |
Class M | .25% | .25% | 1,553 | 17 |
Class C | .75% | .25% | 572 | 51 |
$3,014 | $86 |
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 | $73 |
Class M | 13 |
Class C(a) | 5 |
$91 |
(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. 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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $675 | .19 |
Class M | 563 | .18 |
Class C | 135 | .24 |
Class I | 312 | .20 |
Class Z | 10 | .04 |
$1,695 |
Accounting 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. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Dividend Growth Fund | .03 |
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 | $35 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 Dividend Growth Fund | Borrower | $6,585 | 1.84% | $2 |
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. 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.
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 as follows:
Amount | |
Fidelity Advisor Dividend Growth Fund | $2 |
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 Income 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 | $8 | $– | $– |
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 $71 for the period.
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 $5.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $11 for an operational error which is included in the accompanying Statement of Operations.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Distributions to shareholders | ||
Class A | $19,240 | $49,025 |
Class M | 16,418 | 50,351 |
Class C | 2,743 | 19,304 |
Class I | 7,861 | 22,201 |
Class Z | 605 | 1,419 |
Total | $46,867 | $142,301 |
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 | |
Year ended November 30, 2020 | Year ended November 30, 2019 | Year ended November 30, 2020 | Year ended November 30, 2019 | |
Class A | ||||
Shares sold | 2,996 | 6,265 | $42,921 | $95,563 |
Reinvestment of distributions | 1,076 | 3,375 | 18,007 | 45,399 |
Shares redeemed | (5,647) | (4,633) | (81,015) | (71,279) |
Net increase (decrease) | (1,575) | 5,007 | $(20,087) | $69,683 |
Class M | ||||
Shares sold | 3,657 | 3,142 | $51,971 | $47,904 |
Reinvestment of distributions | 972 | 3,701 | 16,182 | 49,551 |
Shares redeemed | (7,159) | (4,970) | (103,806) | (75,690) |
Net increase (decrease) | (2,530) | 1,873 | $(35,653) | $21,765 |
Class C | ||||
Shares sold | 619 | 847 | $8,466 | $12,122 |
Reinvestment of distributions | 168 | 1,492 | 2,648 | 18,858 |
Shares redeemed | (1,560) | (5,981) | (21,064) | (85,655) |
Net increase (decrease) | (773) | (3,642) | $(9,950) | $(54,675) |
Class I | ||||
Shares sold | 4,472 | 2,088 | $69,423 | $34,451 |
Reinvestment of distributions | 411 | 1,453 | 7,332 | 20,776 |
Shares redeemed | (4,026) | (2,739) | (61,803) | (45,066) |
Net increase (decrease) | 857 | 802 | $14,952 | $10,161 |
Class Z | ||||
Shares sold | 2,916 | 267 | $46,126 | $4,519 |
Reinvestment of distributions | 30 | 90 | 545 | 1,311 |
Shares redeemed | (532) | (184) | (8,495) | (3,077) |
Net increase (decrease) | 2,414 | 173 | $38,176 | $2,753 |
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 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, 2020 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 12, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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 June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Dividend Growth Fund | ||||
Class A | .81% | |||
Actual | $1,000.00 | $1,185.90 | $4.43 | |
Hypothetical-C | $1,000.00 | $1,020.95 | $4.09 | |
Class M | 1.05% | |||
Actual | $1,000.00 | $1,185.00 | $5.74 | |
Hypothetical-C | $1,000.00 | $1,019.75 | $5.30 | |
Class C | 1.60% | |||
Actual | $1,000.00 | $1,181.50 | $8.73 | |
Hypothetical-C | $1,000.00 | $1,017.00 | $8.07 | |
Class I | .56% | |||
Actual | $1,000.00 | $1,187.90 | $3.06 | |
Hypothetical-C | $1,000.00 | $1,022.20 | $2.83 | |
Class Z | .41% | |||
Actual | $1,000.00 | $1,187.80 | $2.24 | |
Hypothetical-C | $1,000.00 | $1,022.95 | $2.07 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends 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 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 244,187,621.839 | 42.238 |
Against | 38,527,099.993 | 6.664 |
Abstain | 42,189,089.547 | 7.298 |
Broker Non-Vote | 253,214,613.870 | 43.800 |
TOTAL | 578,118,425.250 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
Proposal 2 was not approved by shareholders. |
ADGF-ANN-0121
1.733548.121
Fidelity Advisor® Series Small Cap Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Small Cap Fund | 13.21% | 8.43% | 8.22% |
A From November 7, 2013
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Small Cap Fund on November 7, 2013, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657964066_740.jpg)
Period Ending Values | ||
$17,479 | Fidelity Advisor® Series Small Cap Fund | |
$18,589 | Russell 2000® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Jennifer Fo Cardillo: For the fiscal year ending November 30, 2020, the fund gained 13.21%, trailing the 13.59% result of the benchmark, the Russell 2000® Index. Versus the benchmark, security selection detracted, especially in the industrials and information technology sectors, as did an underweighting in health care. Not owning Teladoc Health, a benchmark component that gained 131%, detracted more than any other fund position. Outsized stakes in two banks – Connectone Bancorp (-28%) and Essent Group (-18%) – also hurt on a relative basis. Conversely an underweighting in real estate and picks among banks and the food & staples retailing industry helped the fund's relative result. Overweighted stakes in backup power generator provider Generac Holdings (+116%) and retailer BJs Wholesale Club (+72%) added notable value, as did an out-of-benchmark stake in Charles River Labs International (+60%), which offers laboratory services to pharmaceutical companies, medical device firms and the biotechnology industry. We increased the fund’s exposure to the health care sector and reduced our allocation to financials by period end.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
BJ's Wholesale Club Holdings, Inc. | 1.8 |
SYNNEX Corp. | 1.5 |
Element Solutions, Inc. | 1.5 |
First Citizens Bancshares, Inc. | 1.4 |
Gray Television, Inc. | 1.4 |
Aaron's Holdings Co., Inc. | 1.4 |
Chemed Corp. | 1.4 |
KBR, Inc. | 1.3 |
Atkore International Group, Inc. | 1.3 |
Morningstar, Inc. | 1.3 |
14.3 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 17.7 |
Information Technology | 17.4 |
Health Care | 17.1 |
Consumer Discretionary | 16.1 |
Financials | 13.9 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 99.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7% |
* Foreign investments - 14.0%
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.1% | |||
Media - 3.1% | |||
Cogeco Communications, Inc. | 26,700 | $1,932,754 | |
Gray Television, Inc. (a) | 377,700 | 6,670,182 | |
TechTarget, Inc. (a) | 82,000 | 4,305,000 | |
The New York Times Co. Class A (b) | 42,500 | 1,823,675 | |
14,731,611 | |||
CONSUMER DISCRETIONARY - 16.1% | |||
Auto Components - 0.9% | |||
Patrick Industries, Inc. | 70,581 | 4,449,426 | |
Diversified Consumer Services - 0.3% | |||
Grand Canyon Education, Inc. (a) | 16,800 | 1,402,296 | |
Hotels, Restaurants & Leisure - 2.1% | |||
Brinker International, Inc. | 72,400 | 3,627,964 | |
Churchill Downs, Inc. | 34,000 | 6,117,280 | |
9,745,244 | |||
Household Durables - 4.1% | |||
Cavco Industries, Inc. (a) | 1,861 | 334,999 | |
Purple Innovation, Inc. (a) | 24,900 | 742,518 | |
Skyline Champion Corp. (a) | 183,491 | 5,638,678 | |
Taylor Morrison Home Corp. (a) | 117,200 | 2,962,816 | |
Tempur Sealy International, Inc. (a) | 111,100 | 2,798,609 | |
TopBuild Corp. (a) | 19,800 | 3,449,754 | |
TRI Pointe Homes, Inc. (a) | 180,800 | 3,160,384 | |
19,087,758 | |||
Internet & Direct Marketing Retail - 0.5% | |||
Kogan.Com Ltd. | 202,261 | 2,434,903 | |
Leisure Products - 1.8% | |||
Brunswick Corp. | 41,300 | 3,082,632 | |
Clarus Corp. | 152,290 | 2,192,976 | |
YETI Holdings, Inc. (a) | 47,000 | 2,968,990 | |
8,244,598 | |||
Multiline Retail - 0.6% | |||
Max Stock Ltd. | 100,600 | 428,506 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 26,500 | 2,333,590 | |
2,762,096 | |||
Specialty Retail - 4.5% | |||
Aaron's Holdings Co., Inc. | 101,508 | 6,387,898 | |
American Eagle Outfitters, Inc. | 117,900 | 2,121,021 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 11,500 | 3,326,950 | |
Murphy U.S.A., Inc. | 41,600 | 5,333,120 | |
Musti Group OYJ | 152,579 | 3,961,360 | |
21,130,349 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Crocs, Inc. (a) | 101,582 | 5,982,164 | |
TOTAL CONSUMER DISCRETIONARY | 75,238,834 | ||
CONSUMER STAPLES - 2.9%�� | |||
Food & Staples Retailing - 1.8% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 206,120 | 8,448,859 | |
Food Products - 1.1% | |||
Nomad Foods Ltd. (a) | 213,100 | 5,146,365 | |
TOTAL CONSUMER STAPLES | 13,595,224 | ||
ENERGY - 1.3% | |||
Oil, Gas & Consumable Fuels - 1.3% | |||
Enviva Partners LP | 47,300 | 2,111,472 | |
Hess Midstream LP | 81,599 | 1,471,230 | |
Renewable Energy Group, Inc. (a) | 41,100 | 2,387,088 | |
5,969,790 | |||
FINANCIALS - 13.9% | |||
Banks - 5.4% | |||
ConnectOne Bancorp, Inc. | 312,476 | 5,540,199 | |
First Citizens Bancshares, Inc. | 12,800 | 6,765,952 | |
First Interstate Bancsystem, Inc. | 117,700 | 4,478,485 | |
Independent Bank Corp., Massachusetts | 38,600 | 2,610,904 | |
ServisFirst Bancshares, Inc. | 83,400 | 3,150,852 | |
Trico Bancshares | 88,600 | 2,902,536 | |
25,448,928 | |||
Capital Markets - 2.8% | |||
Blucora, Inc. (a) | 81,071 | 1,057,166 | |
LPL Financial | 60,200 | 5,464,354 | |
Morningstar, Inc. | 31,164 | 6,235,916 | |
StepStone Group, Inc. Class A | 6,700 | 181,704 | |
12,939,140 | |||
Consumer Finance - 0.9% | |||
First Cash Financial Services, Inc. | 68,300 | 4,387,592 | |
Insurance - 2.3% | |||
Enstar Group Ltd. (a) | 13,741 | 2,600,896 | |
Old Republic International Corp. | 137,300 | 2,460,416 | |
Primerica, Inc. | 43,000 | 5,601,610 | |
10,662,922 | |||
Thrifts & Mortgage Finance - 2.5% | |||
Essent Group Ltd. | 132,300 | 5,802,678 | |
WSFS Financial Corp. | 149,900 | 5,715,687 | |
11,518,365 | |||
TOTAL FINANCIALS | 64,956,947 | ||
HEALTH CARE - 17.1% | |||
Biotechnology - 5.7% | |||
Acceleron Pharma, Inc. (a) | 12,500 | 1,475,875 | |
ADC Therapeutics SA (a) | 19,718 | 735,679 | |
Agios Pharmaceuticals, Inc. (a) | 13,300 | 616,056 | |
FibroGen, Inc. (a) | 48,700 | 2,011,797 | |
G1 Therapeutics, Inc. (a) | 16,500 | 301,290 | |
Global Blood Therapeutics, Inc. (a) | 15,900 | 729,969 | |
Keros Therapeutics, Inc. | 16,900 | 1,277,809 | |
Kezar Life Sciences, Inc. (a) | 50,300 | 330,974 | |
Kura Oncology, Inc. (a) | 54,500 | 1,978,350 | |
Mirati Therapeutics, Inc. (a) | 12,700 | 3,020,695 | |
Novavax, Inc. (a) | 23,000 | 3,208,500 | |
Passage Bio, Inc. | 37,900 | 777,329 | |
PTC Therapeutics, Inc. (a) | 32,400 | 2,027,268 | |
Revolution Medicines, Inc. | 40,500 | 1,767,015 | |
Stoke Therapeutics, Inc. (a) | 22,400 | 1,166,816 | |
TG Therapeutics, Inc. (a) | 60,800 | 1,783,872 | |
Vaxcyte, Inc. | 19,900 | 638,790 | |
Viela Bio, Inc. (a) | 33,300 | 1,276,722 | |
Xenon Pharmaceuticals, Inc. (a) | 65,500 | 778,795 | |
Zentalis Pharmaceuticals, Inc. | 13,530 | 689,489 | |
26,593,090 | |||
Health Care Equipment & Supplies - 3.5% | |||
BioLife Solutions, Inc. (a) | 46,900 | 1,687,931 | |
CryoPort, Inc. (a)(b) | 52,700 | 2,563,855 | |
Haemonetics Corp. (a) | 33,100 | 3,735,335 | |
Integra LifeSciences Holdings Corp. (a) | 43,200 | 2,364,336 | |
Masimo Corp. (a) | 9,200 | 2,341,308 | |
Pulmonx Corp. | 500 | 27,100 | |
Tandem Diabetes Care, Inc. (a) | 35,000 | 3,285,800 | |
TransMedics Group, Inc. (a) | 37,300 | 554,651 | |
16,560,316 | |||
Health Care Providers & Services - 2.8% | |||
Andlauer Healthcare Group, Inc. | 22,600 | 693,644 | |
Chemed Corp. | 13,200 | 6,312,900 | |
Encompass Health Corp. | 33,500 | 2,699,430 | |
LHC Group, Inc. (a) | 17,224 | 3,381,416 | |
13,087,390 | |||
Health Care Technology - 1.2% | |||
HMS Holdings Corp. (a) | 72,000 | 2,262,240 | |
Phreesia, Inc. (a) | 70,000 | 3,091,200 | |
5,353,440 | |||
Life Sciences Tools & Services - 3.1% | |||
10X Genomics, Inc. (a) | 9,017 | 1,380,593 | |
Charles River Laboratories International, Inc. (a) | 23,700 | 5,558,124 | |
ICON PLC (a) | 27,800 | 5,417,664 | |
Sotera Health Co. | 8,500 | 230,010 | |
Syneos Health, Inc. (a) | 29,600 | 1,948,864 | |
14,535,255 | |||
Pharmaceuticals - 0.8% | |||
Arvinas Holding Co. LLC (a) | 18,900 | 457,380 | |
Horizon Therapeutics PLC (a) | 25,300 | 1,781,879 | |
IMARA, Inc. | 13,000 | 331,630 | |
Intra-Cellular Therapies, Inc. (a) | 33,600 | 794,304 | |
Nektar Therapeutics (a) | 33,500 | 549,065 | |
3,914,258 | |||
TOTAL HEALTH CARE | 80,043,749 | ||
INDUSTRIALS - 17.7% | |||
Aerospace & Defense - 0.5% | |||
Vectrus, Inc. (a) | 47,400 | 2,259,558 | |
Building Products - 1.7% | |||
Gibraltar Industries, Inc. (a) | 49,173 | 3,218,865 | |
Masonite International Corp. (a) | 46,100 | 4,612,305 | |
7,831,170 | |||
Commercial Services & Supplies - 1.7% | |||
Knoll, Inc. | 180,300 | 2,462,898 | |
Tetra Tech, Inc. | 45,500 | 5,425,875 | |
7,888,773 | |||
Construction & Engineering - 1.2% | |||
EMCOR Group, Inc. | 67,100 | 5,782,678 | |
Electrical Equipment - 2.3% | |||
Atkore International Group, Inc. (a) | 160,700 | 6,264,086 | |
Generac Holdings, Inc. (a) | 20,700 | 4,462,920 | |
10,727,006 | |||
Machinery - 4.8% | |||
ESCO Technologies, Inc. | 36,400 | 3,599,960 | |
ITT, Inc. | 61,300 | 4,452,219 | |
Kornit Digital Ltd. (a) | 15,200 | 1,282,424 | |
Luxfer Holdings PLC sponsored | 234,200 | 3,520,026 | |
Oshkosh Corp. | 71,100 | 5,723,550 | |
SPX Flow, Inc. (a) | 72,510 | 3,885,086 | |
22,463,265 | |||
Professional Services - 4.1% | |||
ASGN, Inc. (a) | 43,800 | 3,424,284 | |
FTI Consulting, Inc. (a) | 46,400 | 4,872,928 | |
ICF International, Inc. | 45,276 | 3,279,341 | |
Insperity, Inc. | 57,300 | 4,899,150 | |
TriNet Group, Inc. (a) | 35,100 | 2,632,500 | |
19,108,203 | |||
Road & Rail - 0.7% | |||
TFI International, Inc. | 66,800 | 3,394,108 | |
Trading Companies & Distributors - 0.7% | |||
GMS, Inc. (a) | 98,400 | 3,073,032 | |
TOTAL INDUSTRIALS | 82,527,793 | ||
INFORMATION TECHNOLOGY - 17.4% | |||
Electronic Equipment & Components - 4.3% | |||
CDW Corp. | 17,900 | 2,335,771 | |
ePlus, Inc. (a) | 46,913 | 3,955,235 | |
Insight Enterprises, Inc. (a) | 68,598 | 4,903,385 | |
Napco Security Technolgies, Inc. (a)(b) | 59,141 | 1,803,801 | |
SYNNEX Corp. | 44,613 | 7,151,910 | |
20,150,102 | |||
IT Services - 4.5% | |||
Booz Allen Hamilton Holding Corp. Class A | 42,900 | 3,723,291 | |
Endava PLC ADR (a) | 33,801 | 2,122,365 | |
Genpact Ltd. | 74,900 | 3,044,685 | |
Grid Dynamics Holdings, Inc. (a)(b) | 194,700 | 2,100,813 | |
KBR, Inc. | 226,500 | 6,289,905 | |
Repay Holdings Corp. (a) | 141,600 | 3,416,808 | |
20,697,867 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Allegro MicroSystems LLC (a) | 2,800 | 67,060 | |
Array Technologies, Inc. | 33,900 | 1,545,162 | |
Entegris, Inc. | 42,300 | 3,917,826 | |
Ichor Holdings Ltd. (a) | 117,200 | 3,738,680 | |
Onto Innovation, Inc. (a) | 75,400 | 3,333,434 | |
Synaptics, Inc. (a) | 49,252 | 3,830,328 | |
16,432,490 | |||
Software - 5.1% | |||
Digital Turbine, Inc. (a) | 90,900 | 4,088,682 | |
Everbridge, Inc. (a) | 11,600 | 1,472,504 | |
Five9, Inc. (a) | 23,300 | 3,616,160 | |
j2 Global, Inc. (a) | 50,384 | 4,514,910 | |
LivePerson, Inc. (a) | 64,300 | 3,756,406 | |
Pluralsight, Inc. (a) | 119,700 | 1,960,686 | |
Proofpoint, Inc. (a) | 25,300 | 2,618,297 | |
RealPage, Inc. (a) | 27,400 | 1,890,326 | |
23,917,971 | |||
TOTAL INFORMATION TECHNOLOGY | 81,198,430 | ||
MATERIALS - 4.3% | |||
Chemicals - 2.1% | |||
Ashland Global Holdings, Inc. | 37,800 | 2,841,426 | |
Element Solutions, Inc. | 492,300 | 6,798,663 | |
9,640,089 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 44,300 | 4,030,857 | |
Containers & Packaging - 1.0% | |||
Aptargroup, Inc. | 36,000 | 4,547,520 | |
Metals & Mining - 0.4% | |||
ERO Copper Corp. (a) | 105,300 | 1,806,486 | |
TOTAL MATERIALS | 20,024,952 | ||
REAL ESTATE - 3.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
Americold Realty Trust | 120,400 | 4,109,252 | |
CoreSite Realty Corp. | 22,400 | 2,808,736 | |
Essential Properties Realty Trust, Inc. | 58,492 | 1,201,426 | |
Summit Industrial Income REIT | 127,600 | 1,301,840 | |
9,421,254 | |||
Real Estate Management & Development - 1.5% | |||
CBRE Group, Inc. (a) | 37,400 | 2,286,636 | |
Cushman & Wakefield PLC (a) | 311,233 | 4,637,372 | |
6,924,008 | |||
TOTAL REAL ESTATE | 16,345,262 | ||
UTILITIES - 1.2% | |||
Gas Utilities - 0.6% | |||
Star Gas Partners LP | 283,278 | 2,710,970 | |
Multi-Utilities - 0.6% | |||
Telecom Plus PLC | 155,829 | 2,966,894 | |
TOTAL UTILITIES | 5,677,864 | ||
TOTAL COMMON STOCKS | |||
(Cost $340,796,269) | 460,310,456 | ||
Money Market Funds - 3.9% | |||
Fidelity Cash Central Fund 0.09% (c) | 10,751,541 | 10,753,692 | |
Fidelity Securities Lending Cash Central Fund 0.09% (c)(d) | 7,224,487 | 7,225,210 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $17,978,902) | 17,978,902 | ||
Equity Funds - 0.8% | |||
Small Blend Funds - 0.8% | |||
iShares Russell 2000 Index ETF (b) | |||
(Cost $3,485,610) | 20,600 | 3,729,012 | |
TOTAL INVESTMENT IN SECURITIES - 103.2% | |||
(Cost $362,260,781) | 482,018,370 | ||
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (14,806,471) | ||
NET ASSETS - 100% | $467,211,899 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
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, 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
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 | $21,535 |
Fidelity Securities Lending Cash Central Fund | 24,844 |
Total | $46,379 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 | $14,731,611 | $14,731,611 | $-- | $-- |
Consumer Discretionary | 75,238,834 | 71,277,474 | 3,961,360 | -- |
Consumer Staples | 13,595,224 | 13,595,224 | -- | -- |
Energy | 5,969,790 | 5,969,790 | -- | -- |
Financials | 64,956,947 | 64,956,947 | -- | -- |
Health Care | 80,043,749 | 80,043,749 | -- | -- |
Industrials | 82,527,793 | 82,527,793 | -- | -- |
Information Technology | 81,198,430 | 81,198,430 | -- | -- |
Materials | 20,024,952 | 20,024,952 | -- | -- |
Real Estate | 16,345,262 | 16,345,262 | -- | -- |
Utilities | 5,677,864 | 2,710,970 | 2,966,894 | -- |
Money Market Funds | 17,978,902 | 17,978,902 | -- | -- |
Equity Funds | 3,729,012 | 3,729,012 | -- | -- |
Total Investments in Securities: | $482,018,370 | $475,090,116 | $6,928,254 | $-- |
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 | 86.0% |
Canada | 3.1% |
United Kingdom | 2.9% |
Bermuda | 2.6% |
Ireland | 1.6% |
British Virgin Islands | 1.1% |
Others (Individually Less Than 1%) | 2.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $7,255,840) — See accompanying schedule: Unaffiliated issuers (cost $344,281,879) | $464,039,468 | |
Fidelity Central Funds (cost $17,978,902) | 17,978,902 | |
Total Investment in Securities (cost $362,260,781) | $482,018,370 | |
Cash | 13,394 | |
Foreign currency held at value (cost $24) | 25 | |
Receivable for investments sold | 15,519,544 | |
Receivable for fund shares sold | 7,082 | |
Dividends receivable | 257,662 | |
Distributions receivable from Fidelity Central Funds | 1,452 | |
Receivable from investment adviser for expense reductions | 1,098 | |
Total assets | 497,818,627 | |
Liabilities | ||
Payable for investments purchased | $8,266,998 | |
Payable for fund shares redeemed | 15,100,655 | |
Other payables and accrued expenses | 14,375 | |
Collateral on securities loaned | 7,224,700 | |
Total liabilities | 30,606,728 | |
Net Assets | $467,211,899 | |
Net Assets consist of: | ||
Paid in capital | $334,016,482 | |
Total accumulated earnings (loss) | 133,195,417 | |
Net Assets | $467,211,899 | |
Net Asset Value, offering price and redemption price per share ($467,211,899 ÷ 36,276,613 shares) | $12.88 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $3,605,494 | |
Income from Fidelity Central Funds (including $24,844 from security lending) | 46,379 | |
Total income | 3,651,873 | |
Expenses | ||
Custodian fees and expenses | $20,891 | |
Independent trustees' fees and expenses | 2,357 | |
Miscellaneous | 1,011 | |
Total expenses before reductions | 24,259 | |
Expense reductions | (2,503) | |
Total expenses after reductions | 21,756 | |
Net investment income (loss) | 3,630,117 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 12,316,509 | |
Fidelity Central Funds | 1,271 | |
Foreign currency transactions | 4,198 | |
Total net realized gain (loss) | 12,321,978 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 39,270,620 | |
Fidelity Central Funds | (78) | |
Assets and liabilities in foreign currencies | 1,020 | |
Total change in net unrealized appreciation (depreciation) | 39,271,562 | |
Net gain (loss) | 51,593,540 | |
Net increase (decrease) in net assets resulting from operations | $55,223,657 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,630,117 | $3,908,248 |
Net realized gain (loss) | 12,321,978 | 9,485,337 |
Change in net unrealized appreciation (depreciation) | 39,271,562 | 50,095,930 |
Net increase (decrease) in net assets resulting from operations | 55,223,657 | 63,489,515 |
Distributions to shareholders | (13,815,486) | (41,752,285) |
Share transactions | ||
Proceeds from sales of shares | 59,908,236 | 85,084,631 |
Reinvestment of distributions | 13,815,486 | 41,752,285 |
Cost of shares redeemed | (117,391,491) | (120,256,244) |
Net increase (decrease) in net assets resulting from share transactions | (43,667,769) | 6,580,672 |
Total increase (decrease) in net assets | (2,259,598) | 28,317,902 |
Net Assets | ||
Beginning of period | 469,471,497 | 441,153,595 |
End of period | $467,211,899 | $469,471,497 |
Other Information | ||
Shares | ||
Sold | 5,657,093 | 7,779,011 |
Issued in reinvestment of distributions | 1,196,146 | 4,659,853 |
Redeemed | (10,636,521) | (11,054,068) |
Net increase (decrease) | (3,783,282) | 1,384,796 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Small Cap Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.72 | $11.41 | $12.72 | $10.93 | $11.26 |
Income from Investment Operations | |||||
Net investment income (loss)A | .09 | .09 | .10 | .08 | .09B |
Net realized and unrealized gain (loss) | 1.42 | 1.32 | (.58) | 1.81 | .10 |
Total from investment operations | 1.51 | 1.41 | (.48) | 1.89 | .19 |
Distributions from net investment income | (.07) | (.11)C | (.07) | (.10) | (.03) |
Distributions from net realized gain | (.28) | (.99)C | (.76) | – | (.50) |
Total distributions | (.35) | (1.10) | (.83) | (.10) | (.52)D |
Net asset value, end of period | $12.88 | $11.72 | $11.41 | $12.72 | $10.93 |
Total ReturnE | 13.21% | 15.27% | (4.02)% | 17.37% | 1.96% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .01% | .01% | .01% | .41% | .97% |
Expenses net of fee waivers, if any | .01% | .01% | .01% | .41% | .97% |
Expenses net of all reductions | .01% | .01% | - %H | .40% | .97% |
Net investment income (loss) | .85% | .89% | .83% | .72% | .85%B |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $467,212 | $469,471 | $441,154 | $463,095 | $451,368 |
Portfolio turnover rateI | 58% | 76% | 82% | 88% | 90% |
A Calculated based on average shares outstanding during the period.
B Net 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 .40%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
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 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.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
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 and Fidelity managed 529 plans. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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 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 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, 2020 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. 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.
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. 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, 2020, 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.
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 | $130,511,288 |
Gross unrealized depreciation | (11,052,969) |
Net unrealized appreciation (depreciation) | $119,458,319 |
Tax Cost | $362,560,051 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $3,920,173 |
Undistributed long-term capital gain | $10,641,377 |
Net unrealized appreciation (depreciation) on securities and other investments | $118,633,867 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $2,659,878 | $ 4,651,853 |
Long-term Capital Gains | 11,155,608 | 37,100,432 |
Total | $13,815,486 | $ 41,752,285 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Small Cap Fund | 244,599,886 | 297,272,188 |
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 | $9,218 |
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. 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.
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 as follows:
Amount | |
Fidelity Advisor Series Small Cap Fund | $1,003 |
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 Income 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 | $2,571 | $10 | $– |
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, 2024. The expense limitation prior to August 1, 2020 was .014%. 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 $2,503.
9. 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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 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, 2020 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, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Bettina Doulton, each of the Trustees oversees 305 funds. Ms. Doulton oversees 204 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust[s] or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Series Small Cap Fund | .01% | |||
Actual | $1,000.00 | $1,249.30 | $.06 | |
Hypothetical-C | $1,000.00 | $1,024.95 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Small Cap Fund voted to pay on December 17, 2020, to shareholders of record at the opening of business on December 16, 2020, a distribution of $0.319 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.119 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $12,216,522, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 93% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 97% of the dividend distributed during the fiscal year as an amount 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 4% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 345,644,557.491 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
Broker Non-Vote | 0.000 | 0.000 |
TOTAL | 345,644,557.491 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
AXS5-ANN-0121
1.967941.107
Fidelity Advisor® Series Growth Opportunities Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Growth Opportunities Fund | 63.04% | 28.58% | 23.28% |
A From November 7, 2013
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Growth Opportunities Fund on November 7, 2013, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657964151_740.jpg)
Period Ending Values | ||
$43,905 | Fidelity Advisor® Series Growth Opportunities Fund | |
$30,804 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Portfolio Manager Kyle Weaver: For the fiscal year ending November 30, 2020, the fund gained 63.04%, outperforming the 35.73% result of the benchmark Russell 3000® Growth index. The top contributor to performance versus the benchmark was stock selection in consumer discretionary, especially in the retailing industry. Strong picks in the information technology sector, primarily driven by the software & services industry, also bolstered performance. Also contributing to performance were stock picks in the communication services sector, especially within the media & entertainment industry. One of the fund's top individual relative contributors was an overweighting in Carvana, which gained 158% the past 12 months. The company was among our biggest holdings. Another key contributor was our out-of-benchmark position in Sea (+379%). We decreased our position the past year. The fund's non-benchmark stake in Pinduoduo gained about 278%. We reduced our stake in the company the past 12 months. In contrast, the biggest detractor from performance versus the benchmark was stock selection in the consumer staples sector, primarily within the food, beverage & tobacco industry. Also hindering the fund's relative result was an overweighting in energy and utilities. The fund's largest individual relative detractor was our lighter-than-benchmark stake in Apple, which gained 79% the past 12 months. Despite the underweighting, the company was among the fund's biggest holdings. Another notable relative detractor was an out-of-benchmark stake in JUUL Labs (-55%). Also hampering performance was our outsized stake in LendingTree, which returned roughly -29%. We decreased our position the past year. Notable changes in positioning include increased exposure to the consumer discretionary sector.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp. | 7.2 |
Amazon.com, Inc. | 5.2 |
Apple, Inc. | 3.7 |
Alphabet, Inc. Class C | 3.3 |
Tesla, Inc. | 3.2 |
Facebook, Inc. Class A | 2.9 |
Roku, Inc. Class A | 2.1 |
NVIDIA Corp. | 2.1 |
Carvana Co. Class A | 2.1 |
NXP Semiconductors NV | 1.9 |
33.7 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 37.5 |
Consumer Discretionary | 18.9 |
Communication Services | 16.5 |
Health Care | 14.4 |
Industrials | 4.2 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 98.2% | |
Convertible Securities | 2.3% | |
Other Investments | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities)** | (0.7)% |
* Foreign investments - 16.0%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.5% | |||
Entertainment - 5.8% | |||
Activision Blizzard, Inc. | 37,708 | $2,997,032 | |
Netflix, Inc. (a) | 18,400 | 9,028,880 | |
Roku, Inc. Class A (a) | 52,231 | 15,333,455 | |
Sea Ltd. ADR (a) | 66,331 | 11,964,122 | |
The Walt Disney Co. | 12,864 | 1,904,001 | |
41,227,490 | |||
Interactive Media & Services - 8.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 4,723 | 8,286,031 | |
Class C (a) | 13,363 | 23,528,769 | |
Facebook, Inc. Class A (a) | 74,400 | 20,606,568 | |
InterActiveCorp (a) | 4,226 | 600,050 | |
Match Group, Inc. (a) | 9,206 | 1,281,567 | |
Snap, Inc. Class A (a) | 43,300 | 1,923,386 | |
Zoominfo Technologies, Inc. (b) | 96,000 | 4,920,000 | |
61,146,371 | |||
Media - 0.3% | |||
Comcast Corp. Class A | 46,319 | 2,327,067 | |
Wireless Telecommunication Services - 1.8% | |||
T-Mobile U.S., Inc. | 98,296 | 13,067,470 | |
TOTAL COMMUNICATION SERVICES | 117,768,398 | ||
CONSUMER DISCRETIONARY - 18.6% | |||
Automobiles - 3.4% | |||
DiamondPeak Holdings Corp. (c) | 41,185 | 962,493 | |
Neutron Holdings, Inc. warrants (a)(c)(d) | 77,208 | 1 | |
Tesla, Inc. (a) | 40,405 | 22,933,878 | |
23,896,372 | |||
Diversified Consumer Services - 0.2% | |||
Arco Platform Ltd. Class A (a) | 25,245 | 1,104,469 | |
FSN Ecommerce Ventures Pvt Ltd. (c)(d) | 3,374 | 276,283 | |
1,380,752 | |||
Household Durables - 0.2% | |||
Purple Innovation, Inc. (a) | 56,500 | 1,684,830 | |
Internet & Direct Marketing Retail - 11.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 38,108 | 10,036,123 | |
Amazon.com, Inc. (a) | 11,811 | 37,417,720 | |
Chewy, Inc. (a)(b) | 37,200 | 2,885,976 | |
Etsy, Inc. (a) | 6,800 | 1,092,760 | |
HelloFresh AG (a) | 17,700 | 1,044,517 | |
MercadoLibre, Inc. (a) | 2,357 | 3,661,199 | |
Pinduoduo, Inc. ADR (a) | 92,364 | 12,821,047 | |
The Booking Holdings, Inc. (a) | 1,052 | 2,133,929 | |
THG Holdings Ltd. | 17,100 | 142,773 | |
Wayfair LLC Class A (a) | 31,286 | 7,957,907 | |
79,193,951 | |||
Leisure Products - 0.5% | |||
Peloton Interactive, Inc. Class A (a) | 28,600 | 3,327,610 | |
Specialty Retail - 2.6% | |||
Carvana Co. Class A (a) | 59,362 | 14,852,966 | |
Cazoo Holdings Ltd. (c)(d) | 5,386 | 76,291 | |
Floor & Decor Holdings, Inc. Class A (a) | 16,036 | 1,284,323 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 1,300 | 376,090 | |
Shift Technologies, Inc. (c) | 92,200 | 822,470 | |
Shift Technologies, Inc. Class A (a)(b) | 38,200 | 358,698 | |
Vroom, Inc. (b) | 27,100 | 971,806 | |
18,742,644 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Allbirds, Inc. (a)(c)(d) | 4,490 | 51,904 | |
Deckers Outdoor Corp. (a) | 600 | 152,754 | |
lululemon athletica, Inc. (a) | 11,001 | 4,072,790 | |
4,277,448 | |||
TOTAL CONSUMER DISCRETIONARY | 132,503,607 | ||
CONSUMER STAPLES - 1.4% | |||
Beverages - 0.0% | |||
Boston Beer Co., Inc. Class A (a) | 100 | 93,084 | |
Food & Staples Retailing - 1.2% | |||
Costco Wholesale Corp. | 15,900 | 6,229,143 | |
Performance Food Group Co. (a) | 43,624 | 1,892,409 | |
Walmart, Inc. | 3,900 | 595,881 | |
8,717,433 | |||
Food Products - 0.2% | |||
Beyond Meat, Inc. (a)(b) | 6,515 | 911,449 | |
Freshpet, Inc. (a) | 3,800 | 520,144 | |
1,431,593 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(c)(d) | 709 | 45,482 | |
TOTAL CONSUMER STAPLES | 10,287,592 | ||
ENERGY - 1.5% | |||
Oil, Gas & Consumable Fuels - 1.5% | |||
Reliance Industries Ltd. | 27,892 | 393,315 | |
Reliance Industries Ltd. | 399,989 | 10,351,117 | |
10,744,432 | |||
FINANCIALS - 1.9% | |||
Capital Markets - 0.4% | |||
London Stock Exchange Group PLC | 15,234 | 1,643,012 | |
MSCI, Inc. | 701 | 287,003 | |
Virtu Financial, Inc. Class A | 800 | 18,232 | |
XP, Inc. Class A (a) | 25,000 | 1,025,250 | |
2,973,497 | |||
Consumer Finance - 1.2% | |||
American Express Co. | 5,100 | 604,809 | |
Capital One Financial Corp. | 25,100 | 2,149,564 | |
LendingTree, Inc. (a)(b) | 13,997 | 3,577,353 | |
Synchrony Financial | 72,400 | 2,206,028 | |
8,537,754 | |||
Diversified Financial Services - 0.2% | |||
Novus Capital Corp. (a) | 6,400 | 81,920 | |
Triterras, Inc. (a) | 104,300 | 1,242,213 | |
1,324,133 | |||
Insurance - 0.1% | |||
Goosehead Insurance | 5,500 | 677,105 | |
Palomar Holdings, Inc. (a) | 1,400 | 92,540 | |
769,645 | |||
TOTAL FINANCIALS | 13,605,029 | ||
HEALTH CARE - 14.4% | |||
Biotechnology - 5.1% | |||
AbbVie, Inc. | 7,300 | 763,434 | |
ACADIA Pharmaceuticals, Inc. (a) | 22,300 | 1,263,518 | |
Acceleron Pharma, Inc. (a) | 2,800 | 330,596 | |
ADC Therapeutics SA (a) | 9,800 | 365,638 | |
Alexion Pharmaceuticals, Inc. (a) | 25,585 | 3,124,184 | |
Alnylam Pharmaceuticals, Inc. (a) | 7,763 | 1,008,491 | |
Applied Therapeutics, Inc. (a) | 7,600 | 176,016 | |
Arcutis Biotherapeutics, Inc. (a) | 13,400 | 363,408 | |
Argenx SE ADR (a) | 3,171 | 909,506 | |
Ascendis Pharma A/S sponsored ADR (a) | 8,116 | 1,369,413 | |
BeiGene Ltd. (a) | 4,098 | 87,350 | |
Black Diamond Therapeutics, Inc. (a) | 2,000 | 66,680 | |
Crinetics Pharmaceuticals, Inc. (a) | 21,039 | 281,291 | |
Exelixis, Inc. (a) | 5,100 | 97,716 | |
FibroGen, Inc. (a) | 32,436 | 1,339,931 | |
Forma Therapeutics Holdings, Inc. | 1,800 | 78,732 | |
Fusion Pharmaceuticals, Inc. (a) | 8,800 | 118,888 | |
G1 Therapeutics, Inc. (a) | 3,853 | 70,356 | |
Global Blood Therapeutics, Inc. (a) | 2,600 | 119,366 | |
Gritstone Oncology, Inc. (a) | 39,743 | 121,216 | |
Insmed, Inc. (a) | 150,400 | 5,867,104 | |
Intercept Pharmaceuticals, Inc. (a) | 18,763 | 666,274 | |
Keros Therapeutics, Inc. | 10,700 | 809,027 | |
Kymera Therapeutics, Inc. (a) | 1,100 | 51,304 | |
Moderna, Inc. (a) | 15,800 | 2,413,292 | |
Morphic Holding, Inc. (a) | 17,000 | 533,290 | |
Neurocrine Biosciences, Inc. (a) | 28,336 | 2,690,220 | |
Novavax, Inc. (a) | 4,000 | 558,000 | |
ORIC Pharmaceuticals, Inc. (a) | 4,000 | 135,640 | |
Passage Bio, Inc. | 8,900 | 182,539 | |
Poseida Therapeutics, Inc. (a) | 3,100 | 35,991 | |
Prelude Therapeutics, Inc. | 2,800 | 144,116 | |
Protagonist Therapeutics, Inc. (a) | 3,500 | 84,560 | |
PTC Therapeutics, Inc. (a) | 2,900 | 181,453 | |
Regeneron Pharmaceuticals, Inc. (a) | 10,724 | 5,533,906 | |
Relay Therapeutics, Inc. (a) | 1,300 | 69,303 | |
Repare Therapeutics, Inc. | 1,200 | 35,844 | |
Revolution Medicines, Inc. | 18,900 | 824,607 | |
Sage Therapeutics, Inc. (a) | 5,497 | 407,273 | |
Sarepta Therapeutics, Inc. (a) | 10,247 | 1,443,392 | |
TG Therapeutics, Inc. (a) | 3,200 | 93,888 | |
Vaxcyte, Inc. | 8,900 | 285,690 | |
Viela Bio, Inc. (a) | 9,500 | 364,230 | |
Zentalis Pharmaceuticals, Inc. | 20,200 | 1,029,392 | |
Zymeworks, Inc. (a) | 5,800 | 305,370 | |
36,801,435 | |||
Health Care Equipment & Supplies - 3.8% | |||
Becton, Dickinson & Co. | 9,200 | 2,160,528 | |
Boston Scientific Corp. (a) | 118,012 | 3,912,098 | |
Danaher Corp. | 10,800 | 2,426,004 | |
DexCom, Inc. (a) | 7,115 | 2,274,523 | |
Hologic, Inc. (a) | 12,700 | 877,951 | |
Insulet Corp. (a) | 12,945 | 3,336,056 | |
Intuitive Surgical, Inc. (a) | 1,272 | 923,536 | |
Masimo Corp. (a) | 3,094 | 787,392 | |
Novocure Ltd. (a) | 13,976 | 1,756,084 | |
Outset Medical, Inc. | 4,000 | 256,000 | |
Penumbra, Inc. (a) | 15,695 | 3,482,721 | |
SmileDirectClub, Inc. (a) | 203,881 | 2,507,736 | |
TransMedics Group, Inc. (a)(b) | 153,271 | 2,279,140 | |
26,979,769 | |||
Health Care Providers & Services - 4.1% | |||
1Life Healthcare, Inc. (a)(b) | 163,416 | 5,371,484 | |
Centene Corp. (a) | 56,657 | 3,492,904 | |
Cigna Corp. | 15,236 | 3,186,457 | |
Humana, Inc. | 11,093 | 4,442,968 | |
Oak Street Health, Inc. (a) | 51,100 | 2,410,387 | |
UnitedHealth Group, Inc. | 30,523 | 10,266,106 | |
29,170,306 | |||
Health Care Technology - 0.3% | |||
GoodRx Holdings, Inc. | 23,900 | 901,030 | |
Inspire Medical Systems, Inc. (a) | 5,400 | 1,002,996 | |
Veeva Systems, Inc. Class A (a) | 700 | 193,809 | |
2,097,835 | |||
Life Sciences Tools & Services - 0.4% | |||
10X Genomics, Inc. (a) | 2,160 | 330,718 | |
Bruker Corp. | 16,201 | 819,933 | |
Sartorius Stedim Biotech | 3,177 | 1,145,536 | |
Sotera Health Co. | 12,500 | 338,250 | |
2,634,437 | |||
Pharmaceuticals - 0.7% | |||
AstraZeneca PLC sponsored ADR | 10,153 | 537,500 | |
Bristol-Myers Squibb Co. rights (a) | 10,584 | 12,489 | |
Horizon Therapeutics PLC (a) | 6,900 | 485,967 | |
IMARA, Inc. | 6,800 | 173,468 | |
Intra-Cellular Therapies, Inc. (a) | 5,600 | 132,384 | |
Nabriva Therapeutics PLC (a)(b) | 630,352 | 269,160 | |
Nabriva Therapeutics PLC warrants 6/1/22 (a) | 380,833 | 10,896 | |
Nektar Therapeutics (a) | 43,703 | 716,292 | |
Roche Holding AG (participation certificate) | 6,146 | 2,018,636 | |
Theravance Biopharma, Inc. (a) | 40,498 | 671,862 | |
5,028,654 | |||
TOTAL HEALTH CARE | 102,712,436 | ||
INDUSTRIALS - 3.8% | |||
Aerospace & Defense - 0.3% | |||
Axon Enterprise, Inc. (a) | 8,100 | 1,018,089 | |
Northrop Grumman Corp. | 2,419 | 731,167 | |
1,749,256 | |||
Building Products - 0.0% | |||
The AZEK Co., Inc. | 7,500 | 267,900 | |
Electrical Equipment - 0.8% | |||
Sunrun, Inc. (a) | 55,488 | 3,555,671 | |
Vestas Wind Systems A/S | 10,638 | 2,168,168 | |
5,723,839 | |||
Professional Services - 0.5% | |||
Boa Vista Servicos SA (a) | 117,700 | 270,226 | |
Clarivate Analytics PLC (a) | 61,200 | 1,679,328 | |
TransUnion Holding Co., Inc. | 17,138 | 1,561,100 | |
3,510,654 | |||
Road & Rail - 2.2% | |||
Lyft, Inc. (a) | 105,156 | 4,013,805 | |
Uber Technologies, Inc. (a) | 232,520 | 11,546,943 | |
15,560,748 | |||
TOTAL INDUSTRIALS | 26,812,397 | ||
INFORMATION TECHNOLOGY - 37.1% | |||
Electronic Equipment & Components - 0.9% | |||
CDW Corp. | 3,300 | 430,617 | |
Flextronics International Ltd. (a) | 143,609 | 2,330,774 | |
II-VI, Inc. (a) | 32,400 | 2,191,860 | |
Jabil, Inc. | 33,100 | 1,265,082 | |
6,218,333 | |||
IT Services - 6.9% | |||
Alliance Data Systems Corp. | 13,400 | 980,076 | |
EPAM Systems, Inc. (a) | 2,453 | 790,675 | |
Fidelity National Information Services, Inc. | 16,413 | 2,435,853 | |
Genpact Ltd. | 32,094 | 1,304,621 | |
Global Payments, Inc. | 25,125 | 4,904,149 | |
GoDaddy, Inc. (a) | 80,298 | 6,386,903 | |
MasterCard, Inc. Class A | 12,547 | 4,222,191 | |
MongoDB, Inc. Class A (a) | 6,554 | 1,883,030 | |
Nuvei Corp. (a)(e) | 2,000 | 94,000 | |
PayPal Holdings, Inc. (a) | 21,015 | 4,499,732 | |
Repay Holdings Corp. (a) | 29,100 | 702,183 | |
Snowflake Computing, Inc. | 200 | 65,168 | |
Snowflake Computing, Inc. Class B | 475 | 139,297 | |
Square, Inc. (a) | 11,900 | 2,510,424 | |
Twilio, Inc. Class A (a) | 20,019 | 6,407,882 | |
Visa, Inc. Class A | 26,587 | 5,592,575 | |
Wix.com Ltd. (a) | 25,668 | 6,556,377 | |
49,475,136 | |||
Semiconductors & Semiconductor Equipment - 8.7% | |||
Applied Materials, Inc. | 54,362 | 4,483,778 | |
Array Technologies, Inc. | 36,800 | 1,677,344 | |
Cirrus Logic, Inc. (a) | 3,100 | 248,310 | |
Enphase Energy, Inc. (a) | 16,600 | 2,267,062 | |
Inphi Corp. (a) | 4,300 | 667,059 | |
Lam Research Corp. | 8,866 | 4,013,284 | |
Marvell Technology Group Ltd. | 81,275 | 3,762,220 | |
Micron Technology, Inc. (a) | 163,937 | 10,506,722 | |
NVIDIA Corp. | 27,988 | 15,003,247 | |
NXP Semiconductors NV | 84,528 | 13,390,926 | |
ON Semiconductor Corp. (a) | 94,295 | 2,710,981 | |
Semtech Corp. (a) | 4,500 | 303,615 | |
SolarEdge Technologies, Inc. (a) | 9,238 | 2,567,979 | |
Universal Display Corp. | 1,800 | 412,272 | |
62,014,799 | |||
Software - 16.6% | |||
Adobe, Inc. (a) | 13,209 | 6,320,110 | |
Anaplan, Inc. (a) | 25,200 | 1,763,748 | |
Autodesk, Inc. (a) | 10,435 | 2,924,200 | |
Bill.Com Holdings, Inc. (a) | 700 | 85,897 | |
Cerence, Inc. (a)(b) | 8,500 | 771,375 | |
Ceridian HCM Holding, Inc. (a) | 2,800 | 269,976 | |
Cloudflare, Inc. (a) | 12,900 | 968,532 | |
Coupa Software, Inc. (a) | 5,277 | 1,735,658 | |
Datadog, Inc. Class A (a) | 1,600 | 158,272 | |
Digital Turbine, Inc. (a) | 121,900 | 5,483,062 | |
DocuSign, Inc. (a) | 7,061 | 1,609,061 | |
Dynatrace, Inc. (a) | 105,511 | 4,011,528 | |
Elastic NV (a) | 26,564 | 3,288,623 | |
Epic Games, Inc. (c)(d) | 700 | 402,500 | |
Everbridge, Inc. (a) | 2,200 | 279,268 | |
HubSpot, Inc. (a) | 11,376 | 4,485,898 | |
Intuit, Inc. | 11,886 | 4,184,110 | |
Lightspeed POS, Inc. | 20,100 | 1,046,205 | |
Lightspeed POS, Inc. (Canada) (a) | 111,987 | 5,823,117 | |
Microsoft Corp. | 240,729 | 51,532,857 | |
RingCentral, Inc. (a) | 2,001 | 594,397 | |
Salesforce.com, Inc. (a) | 43,282 | 10,638,716 | |
ServiceNow, Inc. (a) | 7,818 | 4,179,112 | |
The Trade Desk, Inc. (a) | 1,023 | 921,795 | |
Workday, Inc. Class A (a) | 13,861 | 3,115,814 | |
Zendesk, Inc. (a) | 5,700 | 760,950 | |
Zoom Video Communications, Inc. Class A (a) | 2,400 | 1,148,064 | |
118,502,845 | |||
Technology Hardware, Storage & Peripherals - 4.0% | |||
Apple, Inc. | 220,672 | 26,271,002 | |
Samsung Electronics Co. Ltd. | 39,140 | 2,355,066 | |
28,626,068 | |||
TOTAL INFORMATION TECHNOLOGY | 264,837,181 | ||
MATERIALS - 0.8% | |||
Chemicals - 0.8% | |||
LG Chemical Ltd. | 5,592 | 4,035,651 | |
The Chemours Co. LLC | 70,333 | 1,711,202 | |
5,746,853 | |||
REAL ESTATE - 0.8% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
American Tower Corp. | 14,098 | 3,259,458 | |
Crown Castle International Corp. | 1,500 | 251,355 | |
3,510,813 | |||
Real Estate Management & Development - 0.3% | |||
KE Holdings, Inc. ADR (a) | 14,900 | 973,417 | |
Redfin Corp. (a) | 20,891 | 1,000,470 | |
1,973,887 | |||
TOTAL REAL ESTATE | 5,484,700 | ||
UTILITIES - 1.4% | |||
Electric Utilities - 1.3% | |||
American Electric Power Co., Inc. | 2,800 | 237,692 | |
Edison International | 53,102 | 3,258,339 | |
Evergy, Inc. | 4,800 | 265,968 | |
FirstEnergy Corp. | 28,700 | 762,272 | |
NextEra Energy, Inc. | 21,440 | 1,577,770 | |
ORSTED A/S (e) | 16,063 | 2,890,164 | |
8,992,205 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Brookfield Renewable Corp. | 9,300 | 729,707 | |
TOTAL UTILITIES | 9,721,912 | ||
TOTAL COMMON STOCKS | |||
(Cost $296,615,794) | 700,224,537 | ||
Preferred Stocks - 2.3% | |||
Convertible Preferred Stocks - 2.3% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. Series D (a)(c)(d) | 74,400 | 106,392 | |
CONSUMER DISCRETIONARY - 0.3% | |||
Automobiles - 0.2% | |||
Rivian Automotive, Inc. Series E (c)(d) | 73,370 | 1,136,501 | |
Internet & Direct Marketing Retail - 0.1% | |||
Instacart, Inc. Series H (c)(d) | 10,566 | 633,960 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (a)(c)(d) | 1,770 | 20,461 | |
Series B (a)(c)(d) | 310 | 3,584 | |
Series C (a)(c)(d) | 2,980 | 34,449 | |
Series Seed (a)(c)(d) | 950 | 10,982 | |
69,476 | |||
TOTAL CONSUMER DISCRETIONARY | 1,839,937 | ||
CONSUMER STAPLES - 0.8% | |||
Food & Staples Retailing - 0.1% | |||
Blink Health LLC Series C (c)(d) | 12,949 | 494,393 | |
Sweetgreen, Inc.: | |||
Series C (a)(c)(d) | 322 | 4,782 | |
Series D (a)(c)(d) | 5,177 | 76,878 | |
Series I (a)(c)(d) | 12,201 | 181,185 | |
757,238 | |||
Tobacco - 0.7% | |||
JUUL Labs, Inc.: | |||
Series C (a)(c)(d) | 70,175 | 4,501,726 | |
Series D (a)(c)(d) | 938 | 60,173 | |
4,561,899 | |||
TOTAL CONSUMER STAPLES | 5,319,137 | ||
FINANCIALS - 0.4% | |||
Diversified Financial Services - 0.2% | |||
Alkami Technology, Inc. Series F (c)(d) | 37,790 | 604,640 | |
Sonder Holdings, Inc.: | |||
Series D1 (c)(d) | 15,672 | 168,739 | |
Series E (c)(d) | 48,893 | 526,426 | |
1,299,805 | |||
Insurance - 0.2% | |||
Clover Health Series D (a)(c) | 67,979 | 1,239,937 | |
TOTAL FINANCIALS | 2,539,742 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Nuvation Bio, Inc. Series A (a)(c) | 191,200 | 321,216 | |
INDUSTRIALS - 0.4% | |||
Aerospace & Defense - 0.2% | |||
Space Exploration Technologies Corp.: | |||
Series I (a)(c)(d) | 3,290 | 888,300 | |
Series N (c)(d) | 2,559 | 690,930 | |
1,579,230 | |||
Road & Rail - 0.2% | |||
Convoy, Inc. Series D (a)(c)(d) | 93,888 | 1,440,242 | |
TOTAL INDUSTRIALS | 3,019,472 | ||
INFORMATION TECHNOLOGY - 0.4% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (c)(d)(f) | 4,644 | 508,862 | |
Yanka Industries, Inc. Series E (c)(d) | 19,716 | 238,154 | |
747,016 | |||
Software - 0.3% | |||
ACV Auctions, Inc.: | |||
Series E (a)(c)(d) | 229,793 | 1,361,317 | |
Series E1 (c)(d) | 32,900 | 194,903 | |
DoubleVerify, Inc. Series A (c)(d) | 132,100 | 757,871 | |
2,314,091 | |||
TOTAL INFORMATION TECHNOLOGY | 3,061,107 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 16,207,003 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (c)(d) | 1,387,600 | 27,752 | |
Waymo LLC Series A2 (c)(d) | 2,896 | 248,671 | |
276,423 | |||
Specialty Retail - 0.0% | |||
Cazoo Holdings Ltd.: | |||
Series A (c)(d) | 176 | 2,493 | |
Series B (c)(d) | 3,078 | 43,599 | |
Series C (c)(d) | 62 | 878 | |
Series D (c)(d) | 10,997 | 155,769 | |
202,739 | |||
TOTAL CONSUMER DISCRETIONARY | 479,162 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $11,007,703) | 16,686,165 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (c)(d) | 47,700 | 47,700 | |
4% 6/12/27 (c)(d) | 13,100 | 13,100 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $60,800) | 60,800 | ||
Preferred Securities - 0.0% | |||
COMMUNICATION SERVICES - 0.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry, Inc. 3% (Cost $308,135)(c)(d)(g) | 308,135 | 310,382 | |
Shares | Value | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund 0.09% (h) | 1,162,737 | 1,162,969 | |
Fidelity Securities Lending Cash Central Fund 0.09% (h)(i) | 12,420,406 | 12,421,648 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $13,584,617) | 13,584,617 | ||
Equity Funds - 0.2% | |||
Domestic Equity Funds - 0.2% | |||
iShares Russell 1000 Growth Index ETF | |||
(Cost $1,230,324) | 5,400 | 1,248,696 | |
TOTAL INVESTMENT IN SECURITIES - 102.6% | |||
(Cost $322,807,373) | 732,115,197 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (18,829,922) | ||
NET ASSETS - 100% | $713,285,275 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $19,694,773 or 2.8% of net assets.
(d) Level 3 security
(e) 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 $2,984,164 or 0.4% of net assets.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Security is perpetual in nature with no stated maturity date.
(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 |
ACV Auctions, Inc. Series E | 11/6/19 | $1,270,801 |
ACV Auctions, Inc. Series E1 | 9/4/20 | $194,903 |
Alkami Technology, Inc. Series F | 9/24/20 | $604,640 |
Allbirds, Inc. | 10/9/18 | $49,243 |
Allbirds, Inc. Series A | 10/9/18 | $19,412 |
Allbirds, Inc. Series B | 10/9/18 | $3,400 |
Allbirds, Inc. Series C | 10/9/18 | $32,682 |
Allbirds, Inc. Series Seed | 10/9/18 | $10,419 |
Blink Health LLC Series C | 11/7/19 | $494,341 |
ByteDance Ltd. Series E1 | 11/18/20 | $508,862 |
Cazoo Holdings Ltd. | 9/30/20 | $73,842 |
Cazoo Holdings Ltd. Series A | 9/30/20 | $2,413 |
Cazoo Holdings Ltd. Series B | 9/30/20 | $42,199 |
Cazoo Holdings Ltd. Series C | 9/30/20 | $850 |
Cazoo Holdings Ltd. Series D | 9/30/20 | $150,769 |
Clover Health Series D | 6/7/17 | $637,493 |
Convoy, Inc. Series D | 10/30/19 | $1,271,244 |
DiamondPeak Holdings Corp. | 10/23/20 | $411,850 |
DoubleVerify, Inc. Series A | 11/18/20 | $757,871 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $402,500 |
FSN Ecommerce Ventures Pvt Ltd. | 10/7/20 - 10/26/20 | $277,814 |
Instacart, Inc. Series H | 11/13/20 | $633,960 |
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 |
Neutron Holdings, Inc. Series 1C | 7/3/18 | $253,709 |
Neutron Holdings, Inc. warrants | 6/4/20 | $0 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/4/20 | $47,700 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | $13,100 |
Nuvation Bio, Inc. Series A | 6/17/19 | $147,488 |
Rivian Automotive, Inc. Series E | 7/10/20 | $1,136,501 |
Shift Technologies, Inc. | 10/13/20 | $922,000 |
Sonder Holdings, Inc. Series D1 | 12/20/19 | $164,493 |
Sonder Holdings, Inc. Series E | 4/3/20 - 5/6/20 | $526,426 |
Space Exploration Technologies Corp. Series I | 4/5/18 | $556,010 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $690,930 |
Starry, Inc. Series D | 7/30/20 | $106,392 |
Starry, Inc. 3% | 9/4/20 | $308,135 |
Sweetgreen, Inc. Series C | 9/13/19 | $5,506 |
Sweetgreen, Inc. Series D | 9/13/19 | $88,527 |
Sweetgreen, Inc. Series I | 9/13/19 | $208,637 |
Waymo LLC Series A2 | 5/8/20 | $248,671 |
Yanka Industries, Inc. Series E | 5/15/20 | $238,154 |
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 | $22,030 |
Fidelity Securities Lending Cash Central Fund | 638,724 |
Total | $660,754 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 | $117,874,790 | $117,768,398 | $-- | $106,392 |
Consumer Discretionary | 134,822,706 | 129,126,875 | 2,972,253 | 2,723,578 |
Consumer Staples | 15,606,729 | 10,242,110 | -- | 5,364,619 |
Energy | 10,744,432 | -- | 10,744,432 | -- |
Financials | 16,144,771 | 11,962,017 | 2,882,949 | 1,299,805 |
Health Care | 103,033,652 | 99,450,018 | 3,583,634 | -- |
Industrials | 29,831,869 | 24,644,229 | 2,168,168 | 3,019,472 |
Information Technology | 267,898,288 | 264,295,384 | 139,297 | 3,463,607 |
Materials | 5,746,853 | 5,746,853 | -- | -- |
Real Estate | 5,484,700 | 5,484,700 | -- | -- |
Utilities | 9,721,912 | 6,831,748 | 2,890,164 | -- |
Corporate Bonds | 60,800 | -- | -- | 60,800 |
Preferred Securities | 310,382 | -- | -- | 310,382 |
Money Market Funds | 13,584,617 | 13,584,617 | -- | -- |
Equity Funds | 1,248,696 | 1,248,696 | -- | -- |
Total Investments in Securities: | $732,115,197 | $690,385,645 | $25,380,897 | $16,348,655 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Consumer Staples | |
Beginning Balance | $11,071,148 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (5,706,529) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $5,364,619 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $(5,706,529) |
Other Investments in Securities | |
Beginning Balance | $4,227,384 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 169,996 |
Cost of Purchases | 6,966,632 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | 500,986 |
Transfers out of Level 3 | (880,962) |
Ending Balance | $10,984,036 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2020 | $169,996 |
The information used in the above reconciliations 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
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 | 84.0% |
Cayman Islands | 5.3% |
Netherlands | 2.5% |
India | 1.5% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 5.5% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $12,071,316) — See accompanying schedule: Unaffiliated issuers (cost $309,222,756) | $718,530,580 | |
Fidelity Central Funds (cost $13,584,617) | 13,584,617 | |
Total Investment in Securities (cost $322,807,373) | $732,115,197 | |
Foreign currency held at value (cost $23,794) | 23,652 | |
Receivable for investments sold | 147,185 | |
Receivable for fund shares sold | 4,304,522 | |
Dividends receivable | 244,434 | |
Interest receivable | 1,185 | |
Distributions receivable from Fidelity Central Funds | 7,841 | |
Receivable from investment adviser for expense reductions | 3,017 | |
Total assets | 736,847,033 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $1,233,740 | |
Delayed delivery | 508,862 | |
Payable for fund shares redeemed | 8,822,281 | |
Other payables and accrued expenses | 574,175 | |
Collateral on securities loaned | 12,422,700 | |
Total liabilities | 23,561,758 | |
Net Assets | $713,285,275 | |
Net Assets consist of: | ||
Paid in capital | $123,840,038 | |
Total accumulated earnings (loss) | 589,445,237 | |
Net Assets | $713,285,275 | |
Net Asset Value, offering price and redemption price per share ($713,285,275 ÷ 34,711,388 shares) | $20.55 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $2,828,747 | |
Interest | 2,302 | |
Income from Fidelity Central Funds (including $638,724 from security lending) | 660,754 | |
Total income | 3,491,803 | |
Expenses | ||
Custodian fees and expenses | $51,555 | |
Independent trustees' fees and expenses | 3,520 | |
Interest | 4,214 | |
Miscellaneous | 1,497 | |
Total expenses before reductions | 60,786 | |
Expense reductions | (5,605) | |
Total expenses after reductions | 55,181 | |
Net investment income (loss) | 3,436,622 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $95,856) | 180,104,477 | |
Fidelity Central Funds | 1,549 | |
Foreign currency transactions | (21,762) | |
Futures contracts | (264,353) | |
Total net realized gain (loss) | 179,819,911 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $275,653) | 141,700,731 | |
Assets and liabilities in foreign currencies | 3,452 | |
Total change in net unrealized appreciation (depreciation) | 141,704,183 | |
Net gain (loss) | 321,524,094 | |
Net increase (decrease) in net assets resulting from operations | $324,960,716 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,436,622 | $4,949,303 |
Net realized gain (loss) | 179,819,911 | 140,488,579 |
Change in net unrealized appreciation (depreciation) | 141,704,183 | 44,503,099 |
Net increase (decrease) in net assets resulting from operations | 324,960,716 | 189,940,981 |
Distributions to shareholders | (146,099,036) | (116,238,648) |
Share transactions | ||
Proceeds from sales of shares | 77,135,037 | 112,560,324 |
Reinvestment of distributions | 146,099,036 | 116,238,648 |
Cost of shares redeemed | (336,354,676) | (291,300,492) |
Net increase (decrease) in net assets resulting from share transactions | (113,120,603) | (62,501,520) |
Total increase (decrease) in net assets | 65,741,077 | 11,200,813 |
Net Assets | ||
Beginning of period | 647,544,198 | 636,343,385 |
End of period | $713,285,275 | $647,544,198 |
Other Information | ||
Shares | ||
Sold | 5,068,884 | 7,714,881 |
Issued in reinvestment of distributions | 11,449,768 | 10,359,951 |
Redeemed | (21,601,360) | (19,446,179) |
Net increase (decrease) | (5,082,708) | (1,371,347) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Growth Opportunities Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $16.27 | $15.46 | $13.86 | $10.62 | $12.23 |
Income from Investment Operations | |||||
Net investment income (loss)A | .08 | .11B | .10 | .09 | .05 |
Net realized and unrealized gain (loss) | 7.91 | 3.56 | 2.83 | 3.54 | (.32) |
Total from investment operations | 7.99 | 3.67 | 2.93 | 3.63 | (.27) |
Distributions from net investment income | (.13) | (.11) | (.11) | (.04) | (.07) |
Distributions from net realized gain | (3.59) | (2.75) | (1.22) | (.36) | (1.27) |
Total distributions | (3.71)C | (2.86) | (1.33) | (.39)C | (1.34) |
Net asset value, end of period | $20.55 | $16.27 | $15.46 | $13.86 | $10.62 |
Total ReturnD | 63.04% | 32.07% | 23.13% | 35.40% | (2.09)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .01% | .01% | .01% | .31% | .62% |
Expenses net of fee waivers, if any | .01% | .01% | .01% | .31% | .62% |
Expenses net of all reductions | .01% | .01% | .01% | .30% | .61% |
Net investment income (loss) | .54% | .77%B | .69% | .71% | .45% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $713,285 | $647,544 | $636,343 | $618,487 | $590,988 |
Portfolio turnover rateG | 78% | 78%H | 47% | 50% | 67% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .62%.
C Total distributions per share do not sum due to rounding.
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 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.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
1. Organization.
Fidelity Advisor Series 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. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, changes in interest rates and credit quality. 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. 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 vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors 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 vendors. 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 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 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(a) |
Equities | $15,977,473 | Market comparable | Enterprise value/Sales multiple (EV/S) | 6.5 - 15.3 / 8.6 | Increase |
Discount rate | 32.5% | Decrease | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Market approach | Transaction price | $0.00 - $575.00 / $89.59 | Increase | ||
Corporate Bonds | $60,800 | Market approach | Transaction price | $100.00 | Increase |
Preferred Securities | $310,382 | Market approach | Transaction price | $100.00 | 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, 2020, 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. 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. 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, 2020, 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 & 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.
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) 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 | $412,586,610 |
Gross unrealized depreciation | (5,997,819) |
Net unrealized appreciation (depreciation) | $406,588,791 |
Tax Cost | $325,526,406 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $41,757,809 |
Undistributed long-term capital gain | $141,646,506 |
Net unrealized appreciation (depreciation) on securities and other investments | $406,590,624 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $18,700,362 | $ 14,057,523 |
Long-term Capital Gains | 127,398,674 | 102,181,125 |
Total | $146,099,036 | $ 116,238,648 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Growth Opportunities Fund | 493,999,865 | 745,699,025 |
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 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 | $10,337 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $8,163,973 | .50% | $4,185 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $63,177,493 in exchange for 4,283,220 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,569.
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 as follows:
Amount | |
Fidelity Advisor Series Growth Opportunities Fund | $1,489 |
During the period, there were no borrowings on this line of credit.
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 Income 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 | $66,629 | $4,309 | $– |
9. 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 Growth Opportunities Fund | $251,286 | .59% | $29 |
10. 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, 2024. The expense limitation prior to August 1, 2020 was .014%. 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 $5,605.
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.
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.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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 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, 2020, 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, 2020, 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, 2020, 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 12, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Series Growth Opportunities Fund | .01% | |||
Actual | $1,000.00 | $1,426.10 | $.06 | |
Hypothetical-C | $1,000.00 | $1,024.95 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Growth Opportunities Fund voted to pay on December 17, 2020, to shareholders of record at the opening of business on December 16, 2020, a distribution of $5.221 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.105 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $141,659,413, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 16% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 19% 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 2% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 532,512,547.181 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
Broker Non-Vote | 0.000 | 0.000 |
TOTAL | 532,512,547.181 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
AXS3-ANN-0121
1.967930.107
Fidelity Advisor® Series Equity Growth Fund
November 30, 2020
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-000150/fipro_logo.jpg)
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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended November 30, 2020 | Past 1 year | Past 5 years | Life of fundA |
Fidelity Advisor® Series Equity Growth Fund | 44.43% | 20.95% | 17.91% |
A From June 6, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Equity Growth Fund on June 6, 2014, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-000150/img657964236_740.jpg)
Period Ending Values | ||
$29,135 | Fidelity Advisor® Series Equity Growth Fund | |
$27,428 | Russell 3000® Growth Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 17.46% for the year ending November 30, 2020, a volatile period marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Other supporting factors included resilient corporate earnings, near-term potential for a COVID-19 vaccine breakthrough and traction on a broader economic reopening. The rally lasted until September 2, when the S&P 500 began a two-month retreat. The loss of momentum reflected Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November was a much different story, as investors reacted favorably to election results and encouraging updates on the efficacy of two COVID-19 vaccine candidates. The index rose 11%, one of its biggest monthly gains ever. By sector for the full year, information technology (+42%) and consumer discretionary (+34%) led, driven by a handful of large growth stocks. In contrast, energy shares (-33%) struggled along with global oil demand and pricing.Comments from Co-Managers Asher Anolic and Jason Weiner: For the fiscal year ending November 30, 2020, the fund gained 44.43%, outperforming the 35.73% result of the benchmark Russell 3000® Growth Index. Versus the benchmark, security selection was the primary contributor, especially within the information technology sector. Stock picking and an underweighting in the industrials sector, especially within the capital goods industry, also boosted the fund's relative result. Also bolstering the fund's relative result was stock selection in the health care sector, primarily driven by the health care equipment & services industry. The biggest individual relative contributor was an overweight position in Nvidia (+146%). Nvidia was among our largest holdings. Another key contributor was our out-of-benchmark position in Shopify (+210%). We reduced our stake the past 12 months. Another notable relative contributor was our lighter-than-benchmark stake in Boeing (-53%), a position we established the past year. Conversely, the largest detractor from performance versus the benchmark were stock picks and underweighting in the consumer discretionary sector, especially within the automobiles & components industry. Also hurting the fund's relative result was an overweighting in energy and health care. The biggest individual relative detractor was our lighter-than-benchmark stake in Tesla (+378%). The company was not held at period end. Another notable relative detractor was our lighter-than-benchmark stake in Apple (+79%). Despite the underweighting, the company was among the fund's biggest holdings. Avoiding PayPal, a benchmark component that gained 98%, also hurt performance. Notable changes in positioning include increased exposure to the health care and industrials sectors.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of November 30, 2020
% of fund's net assets | |
Microsoft Corp. | 8.6 |
Alphabet, Inc. Class A | 6.0 |
Amazon.com, Inc. | 5.5 |
Facebook, Inc. Class A | 5.0 |
Apple, Inc. | 4.7 |
Qualcomm, Inc. | 3.8 |
NVIDIA Corp. | 3.5 |
UnitedHealth Group, Inc. | 3.1 |
Adobe, Inc. | 2.9 |
Tencent Holdings Ltd. | 2.1 |
45.2 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 35.2 |
Health Care | 18.1 |
Communication Services | 15.4 |
Consumer Discretionary | 12.5 |
Industrials | 8.3 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 100.2% | |
Convertible Securities | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities)** | (0.4)% |
* Foreign investments - 17.4%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments November 30, 2020
Showing Percentage of Net Assets
Common Stocks - 100.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 15.4% | |||
Diversified Telecommunication Services - 0.5% | |||
Cellnex Telecom SA (a) | 72,500 | $4,592,621 | |
Entertainment - 1.2% | |||
Activision Blizzard, Inc. | 75,634 | 6,011,390 | |
CD Projekt RED SA (b) | 49,000 | 5,088,379 | |
DouYu International Holdings Ltd. ADR (b) | 76,900 | 1,019,694 | |
12,119,463 | |||
Interactive Media & Services - 13.7% | |||
Alphabet, Inc. Class A (b) | 34,402 | 60,354,869 | |
Facebook, Inc. Class A (b) | 179,869 | 49,818,317 | |
Match Group, Inc. (b) | 14,943 | 2,080,215 | |
Tencent Holdings Ltd. | 291,617 | 21,258,222 | |
Wise Talent Information Technology Co. Ltd. (b) | 507,800 | 1,278,791 | |
Zoominfo Technologies, Inc. | 65,200 | 3,341,500 | |
138,131,914 | |||
TOTAL COMMUNICATION SERVICES | 154,843,998 | ||
CONSUMER DISCRETIONARY - 12.5% | |||
Automobiles - 0.7% | |||
Ferrari NV | 31,025 | 6,549,688 | |
XPeng, Inc. ADR (b)(c) | 10,000 | 587,600 | |
7,137,288 | |||
Diversified Consumer Services - 0.6% | |||
Laureate Education, Inc. Class A (b)�� | 427,156 | 6,065,615 | |
Hotels, Restaurants & Leisure - 0.6% | |||
Compass Group PLC | 32,200 | 566,581 | |
Dalata Hotel Group PLC | 104,600 | 472,247 | |
Hilton Worldwide Holdings, Inc. | 45,100 | 4,673,713 | |
5,712,541 | |||
Household Durables - 1.6% | |||
D.R. Horton, Inc. | 104,603 | 7,792,924 | |
NVR, Inc. (b) | 1,139 | 4,552,788 | |
Purple Innovation, Inc. (b) | 18,400 | 548,688 | |
Toll Brothers, Inc. | 70,300 | 3,328,705 | |
16,223,105 | |||
Internet & Direct Marketing Retail - 7.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 54,234 | 14,283,066 | |
Amazon.com, Inc. (b) | 17,407 | 55,146,072 | |
Delivery Hero AG (a)(b) | 10,100 | 1,228,031 | |
Pinduoduo, Inc. ADR (b) | 3,444 | 478,062 | |
71,135,231 | |||
Specialty Retail - 0.6% | |||
Aritzia LP (b) | 11,600 | 208,384 | |
Ulta Beauty, Inc. (b) | 20,100 | 5,535,540 | |
5,743,924 | |||
Textiles, Apparel & Luxury Goods - 1.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 16,687 | 9,584,942 | |
Prada SpA (b) | 697,600 | 3,456,579 | |
Samsonite International SA (a)(b) | 530,100 | 857,130 | |
13,898,651 | |||
TOTAL CONSUMER DISCRETIONARY | 125,916,355 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 1.7% | |||
Fever-Tree Drinks PLC | 186 | 5,707 | |
Kweichow Moutai Co. Ltd. (A Shares) | 31,080 | 8,096,843 | |
Monster Beverage Corp. (b) | 103,300 | 8,757,774 | |
16,860,324 | |||
Household Products - 1.1% | |||
Energizer Holdings, Inc. | 130,886 | 5,482,815 | |
Reckitt Benckiser Group PLC | 67,943 | 5,930,579 | |
11,413,394 | |||
Personal Products - 0.5% | |||
Herbalife Nutrition Ltd. (b) | 108,200 | 5,183,862 | |
Tobacco - 0.5% | |||
Swedish Match Co. AB | 59,900 | 4,846,023 | |
TOTAL CONSUMER STAPLES | 38,303,603 | ||
ENERGY - 1.5% | |||
Oil, Gas & Consumable Fuels - 1.5% | |||
Enterprise Products Partners LP | 26,200 | 508,280 | |
EOG Resources, Inc. | 10,300 | 482,864 | |
Reliance Industries Ltd. | 35,487 | 500,415 | |
Reliance Industries Ltd. | 505,416 | 13,079,410 | |
Valero Energy Corp. | 22,400 | 1,204,448 | |
15,775,417 | |||
FINANCIALS - 3.1% | |||
Banks - 1.1% | |||
Comerica, Inc. | 65,000 | 3,198,000 | |
Fortress Value Acquisition Corp. (b) | 6,100 | 131,272 | |
HDFC Bank Ltd. (b) | 29,508 | 570,324 | |
HDFC Bank Ltd. sponsored ADR (b) | 57,319 | 3,955,011 | |
M&T Bank Corp. | 2,600 | 302,874 | |
Metro Bank PLC (b)(c) | 11,420 | 18,243 | |
Wintrust Financial Corp. | 43,900 | 2,392,111 | |
10,567,835 | |||
Capital Markets - 0.9% | |||
CME Group, Inc. | 47,643 | 8,338,954 | |
JMP Group, Inc. | 284 | 852 | |
MSCI, Inc. | 1,489 | 609,626 | |
8,949,432 | |||
Consumer Finance - 0.6% | |||
Capital One Financial Corp. | 72,500 | 6,208,900 | |
Insurance - 0.5% | |||
American Financial Group, Inc. | 16,700 | 1,493,147 | |
Arthur J. Gallagher & Co. | 16,200 | 1,869,642 | |
RenaissanceRe Holdings Ltd. | 11,000 | 1,811,040 | |
5,173,829 | |||
TOTAL FINANCIALS | 30,899,996 | ||
HEALTH CARE - 18.0% | |||
Biotechnology - 4.7% | |||
ACADIA Pharmaceuticals, Inc. (b) | 38,100 | 2,158,746 | |
Affimed NV (b) | 60,523 | 323,193 | |
Alnylam Pharmaceuticals, Inc. (b) | 6,600 | 857,406 | |
Applied Therapeutics, Inc. (b) | 53,200 | 1,232,112 | |
Atara Biotherapeutics, Inc. (b) | 48,500 | 1,124,715 | |
Biogen, Inc. (b) | 2,700 | 648,459 | |
BioNTech SE ADR (b)(c) | 35,347 | 4,391,511 | |
CRISPR Therapeutics AG (b)(c) | 12,600 | 1,599,192 | |
Gamida Cell Ltd. (b) | 199,332 | 1,435,190 | |
Global Blood Therapeutics, Inc. (b) | 5,200 | 238,732 | |
Hookipa Pharma, Inc. (b) | 10,000 | 116,000 | |
Innovent Biologics, Inc. (a)(b) | 144,000 | 945,802 | |
Insmed, Inc. (b) | 209,206 | 8,161,126 | |
Neurocrine Biosciences, Inc. (b) | 65,800 | 6,247,052 | |
Prelude Therapeutics, Inc. | 4,000 | 205,880 | |
Regeneron Pharmaceuticals, Inc. (b) | 21,400 | 11,043,042 | |
Rubius Therapeutics, Inc. (b) | 7,187 | 45,062 | |
Sarepta Therapeutics, Inc. (b) | 1,900 | 267,634 | |
Seres Therapeutics, Inc. (b) | 18,100 | 499,741 | |
Vertex Pharmaceuticals, Inc. (b) | 25,572 | 5,824,023 | |
Viela Bio, Inc. (b) | 8,300 | 318,222 | |
47,682,840 | |||
Health Care Equipment & Supplies - 4.0% | |||
Axonics Modulation Technologies, Inc. (b) | 31,600 | 1,386,924 | |
Danaher Corp. | 44,117 | 9,910,002 | |
Haemonetics Corp. (b) | 49,893 | 5,630,425 | |
Hologic, Inc. (b) | 126,800 | 8,765,684 | |
Intuitive Surgical, Inc. (b) | 12,809 | 9,299,974 | |
Nevro Corp. (b) | 11,000 | 1,773,750 | |
Outset Medical, Inc. | 8,500 | 544,000 | |
Penumbra, Inc. (b) | 11,814 | 2,621,527 | |
39,932,286 | |||
Health Care Providers & Services - 3.8% | |||
Centene Corp. (b) | 57,500 | 3,544,875 | |
Guardant Health, Inc. (b) | 4,485 | 543,223 | |
HealthEquity, Inc. (b) | 42,200 | 3,025,318 | |
UnitedHealth Group, Inc. | 91,808 | 30,878,703 | |
37,992,119 | |||
Health Care Technology - 1.5% | |||
Inspire Medical Systems, Inc. (b) | 35,618 | 6,615,687 | |
MultiPlan Corp. (d) | 202,726 | 1,406,918 | |
MultiPlan Corp.: | |||
Class A (b) | 28,400 | 197,096 | |
warrants (b)(d) | 10,036 | 18,218 | |
Schrodinger, Inc. | 13,600 | 946,288 | |
Simulations Plus, Inc. | 11,300 | 632,461 | |
Veeva Systems, Inc. Class A (b) | 19,897 | 5,508,882 | |
15,325,550 | |||
Life Sciences Tools & Services - 1.9% | |||
10X Genomics, Inc. (b) | 16,404 | 2,511,616 | |
Berkeley Lights, Inc. (b) | 36,200 | 2,999,532 | |
Bio-Rad Laboratories, Inc. Class A (b) | 2,000 | 1,077,000 | |
Bio-Techne Corp. | 1,900 | 576,289 | |
Bruker Corp. | 82,063 | 4,153,208 | |
Charles River Laboratories International, Inc. (b) | 11,300 | 2,650,076 | |
Codexis, Inc. (b) | 79,696 | 1,475,970 | |
Fluidigm Corp. (b)(c) | 122,400 | 766,224 | |
Nanostring Technologies, Inc. (b) | 46,600 | 2,313,224 | |
Sotera Health Co. | 17,900 | 484,374 | |
19,007,513 | |||
Pharmaceuticals - 2.1% | |||
AstraZeneca PLC sponsored ADR | 125,970 | 6,668,852 | |
Eli Lilly & Co. | 90,200 | 13,137,630 | |
Reata Pharmaceuticals, Inc. (b) | 4,100 | 626,275 | |
Revance Therapeutics, Inc. (b) | 47,700 | 1,151,478 | |
21,584,235 | |||
TOTAL HEALTH CARE | 181,524,543 | ||
INDUSTRIALS - 8.3% | |||
Aerospace & Defense - 0.8% | |||
The Boeing Co. | 9,400 | 1,980,674 | |
TransDigm Group, Inc. | 9,995 | 5,789,004 | |
7,769,678 | |||
Airlines - 0.7% | |||
Ryanair Holdings PLC sponsored ADR (b) | 67,200 | 6,973,344 | |
Building Products - 0.4% | |||
Builders FirstSource, Inc. (b) | 29,200 | 1,092,372 | |
Fortune Brands Home & Security, Inc. | 35,300 | 2,947,550 | |
4,039,922 | |||
Electrical Equipment - 0.7% | |||
Bloom Energy Corp. Class A (b) | 23,200 | 568,864 | |
Generac Holdings, Inc. (b) | 32,200 | 6,942,320 | |
7,511,184 | |||
Industrial Conglomerates - 1.5% | |||
General Electric Co. | 1,469,000 | 14,954,420 | |
Machinery - 1.0% | |||
Ingersoll Rand, Inc. (b) | 164,128 | 7,265,947 | |
Woodward, Inc. | 22,900 | 2,560,907 | |
9,826,854 | |||
Professional Services - 1.4% | |||
Dun & Bradstreet Holdings, Inc. (b)(c) | 28,100 | 753,361 | |
Equifax, Inc. | 53,664 | 8,956,522 | |
Upwork, Inc. (b) | 146,080 | 4,779,738 | |
14,489,621 | |||
Road & Rail - 1.7% | |||
Rumo SA (b) | 467,700 | 1,655,204 | |
Uber Technologies, Inc. (b) | 302,840 | 15,039,034 | |
16,694,238 | |||
Trading Companies & Distributors - 0.1% | |||
BMC Stock Holdings, Inc. (b) | 22,500 | 1,101,150 | |
Fastenal Co. | 7,200 | 356,040 | |
1,457,190 | |||
TOTAL INDUSTRIALS | 83,716,451 | ||
INFORMATION TECHNOLOGY - 35.2% | |||
Electronic Equipment & Components - 0.4% | |||
II-VI, Inc. (b) | 50,100 | 3,389,265 | |
Novanta, Inc. (b) | 1,700 | 203,966 | |
3,593,231 | |||
IT Services - 4.0% | |||
Adyen BV (a)(b) | 1,300 | 2,483,199 | |
Black Knight, Inc. (b) | 51,305 | 4,700,564 | |
CACI International, Inc. Class A (b) | 4,200 | 996,618 | |
Edenred SA | 313 | 17,886 | |
MasterCard, Inc. Class A | 10,773 | 3,625,222 | |
MongoDB, Inc. Class A (b)(c) | 26,700 | 7,671,177 | |
Okta, Inc. (b) | 12,011 | 2,943,175 | |
Shopify, Inc. Class A (b) | 5,622 | 6,050,869 | |
Square, Inc. (b) | 44,100 | 9,303,336 | |
Visa, Inc. Class A | 9,843 | 2,070,475 | |
39,862,521 | |||
Semiconductors & Semiconductor Equipment - 11.0% | |||
Allegro MicroSystems LLC (b) | 5,900 | 141,305 | |
Array Technologies, Inc. | 31,700 | 1,444,886 | |
ASML Holding NV | 18,933 | 8,287,542 | |
Enphase Energy, Inc. (b) | 28,300 | 3,864,931 | |
MediaTek, Inc. | 20,000 | 492,825 | |
NVIDIA Corp. | 65,301 | 35,005,254 | |
NXP Semiconductors NV | 83,264 | 13,190,683 | |
Qualcomm, Inc. | 258,640 | 38,064,049 | |
SiTime Corp. | 11,800 | 1,026,246 | |
SolarEdge Technologies, Inc. (b) | 9,100 | 2,529,618 | |
Universal Display Corp. | 29,500 | 6,756,680 | |
110,804,019 | |||
Software - 14.4% | |||
Adobe, Inc. (b) | 61,504 | 29,427,819 | |
Agora, Inc. ADR (b) | 1,200 | 46,140 | |
Cloudflare, Inc. (b) | 17,146 | 1,287,322 | |
Datadog, Inc. Class A (b) | 1,823 | 180,331 | |
Duck Creek Technologies, Inc. (b) | 1,000 | 39,760 | |
Elastic NV (b) | 988 | 122,314 | |
FireEye, Inc. (b) | 220,000 | 3,306,600 | |
JFrog Ltd. | 1,200 | 84,432 | |
Manhattan Associates, Inc. (b) | 35,673 | 3,647,208 | |
Microsoft Corp. | 402,268 | 86,113,511 | |
NICE Systems Ltd. sponsored ADR (b) | 11,900 | 2,900,268 | |
Salesforce.com, Inc. (b) | 74,502 | 18,312,592 | |
Volue A/S | 24,600 | 98,658 | |
145,566,955 | |||
Technology Hardware, Storage & Peripherals - 5.4% | |||
Apple, Inc. | 402,600 | 47,929,530 | |
Samsung Electronics Co. Ltd. | 115,620 | 6,956,892 | |
54,886,422 | |||
TOTAL INFORMATION TECHNOLOGY | 354,713,148 | ||
MATERIALS - 1.7% | |||
Chemicals - 1.4% | |||
Albemarle Corp. U.S. | 19,300 | 2,624,221 | |
DuPont de Nemours, Inc. | 11,300 | 716,872 | |
LG Chemical Ltd. | 6,490 | 4,683,722 | |
Sherwin-Williams Co. | 8,569 | 6,406,441 | |
14,431,256 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 27,200 | 2,474,928 | |
TOTAL MATERIALS | 16,906,184 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Simon Property Group, Inc. | 54,700 | 4,516,579 | |
Real Estate Management & Development - 0.3% | |||
CBRE Group, Inc. (b) | 18,400 | 1,124,976 | |
KE Holdings, Inc. ADR (b) | 21,200 | 1,384,996 | |
2,509,972 | |||
TOTAL REAL ESTATE | 7,026,551 | ||
TOTAL COMMON STOCKS | |||
(Cost $534,218,219) | 1,009,626,246 | ||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
Nuvation Bio, Inc. Series A (b)(d) | 287,000 | 482,160 | |
Health Care Technology - 0.1% | |||
Vor Biopharma, Inc. (d)(e) | 952,039 | 495,060 | |
TOTAL HEALTH CARE | 977,220 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (b)(d)(e) | 38,419 | 1,203 | |
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (d)(e) | 21,131 | 581,103 | |
Series C3 (d)(e) | 26,414 | 726,385 | |
1,307,488 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $2,037,141) | 2,285,911 | ||
Money Market Funds - 0.9% | |||
Fidelity Securities Lending Cash Central Fund 0.09% (f)(g) | |||
(Cost $8,916,548) | 8,915,656 | 8,916,548 | |
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $545,171,908) | 1,020,828,705 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (13,186,683) | ||
NET ASSETS - 100% | $1,007,642,022 |
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 $10,106,783 or 1.0% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) 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 $3,711,047 or 0.4% of net assets.
(e) Level 3 security
(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 |
AppNexus, Inc. Series E (Escrow) | 8/1/14 | $0 |
Illuminated Holdings, Inc. Series C2 | 7/7/20 | $528,275 |
Illuminated Holdings, Inc. Series C3 | 7/7/20 | $792,420 |
MultiPlan Corp. | 10/8/20 | $2,007,188 |
MultiPlan Corp. warrants | 10/8/20 | $0 |
Nuvation Bio, Inc. Series A | 6/17/19 | $221,386 |
Vor Biopharma, Inc. | 6/30/20 | $495,060 |
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 | $26,194 |
Fidelity Securities Lending Cash Central Fund | 119,100 |
Total | $145,294 |
Amounts in the 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. Amount 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.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, 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 | $154,843,998 | $122,625,985 | $32,218,013 | $-- |
Consumer Discretionary | 125,916,355 | 109,750,845 | 16,165,510 | -- |
Consumer Staples | 38,303,603 | 27,521,294 | 10,782,309 | -- |
Energy | 15,775,417 | 2,195,592 | 13,579,825 | -- |
Financials | 30,899,996 | 30,311,429 | 588,567 | -- |
Health Care | 182,501,763 | 180,560,523 | 1,446,180 | 495,060 |
Industrials | 83,716,451 | 83,716,451 | -- | -- |
Information Technology | 354,714,351 | 352,113,405 | 2,599,743 | 1,203 |
Materials | 18,213,672 | 16,906,184 | -- | 1,307,488 |
Real Estate | 7,026,551 | 7,026,551 | -- | -- |
Money Market Funds | 8,916,548 | 8,916,548 | -- | -- |
Total Investments in Securities: | $1,020,828,705 | $941,644,807 | $77,380,147 | $1,803,751 |
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 | 82.6% |
Cayman Islands | 4.5% |
Netherlands | 2.9% |
India | 1.8% |
Korea (South) | 1.2% |
France | 1.0% |
Others (Individually Less Than 1%) | 6.0% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $9,388,705) — See accompanying schedule: Unaffiliated issuers (cost $536,255,360) | $1,011,912,157 | |
Fidelity Central Funds (cost $8,916,548) | 8,916,548 | |
Total Investment in Securities (cost $545,171,908) | $1,020,828,705 | |
Receivable for fund shares sold | 2,596,160 | |
Dividends receivable | 441,722 | |
Distributions receivable from Fidelity Central Funds | 3,116 | |
Receivable from investment adviser for expense reductions | 3,996 | |
Total assets | 1,023,873,699 | |
Liabilities | ||
Payable to custodian bank | $691,483 | |
Payable for investments purchased | 510,275 | |
Payable for fund shares redeemed | 5,414,447 | |
Other payables and accrued expenses | 699,704 | |
Collateral on securities loaned | 8,915,768 | |
Total liabilities | 16,231,677 | |
Net Assets | $1,007,642,022 | |
Net Assets consist of: | ||
Paid in capital | $313,720,095 | |
Total accumulated earnings (loss) | 693,921,927 | |
Net Assets | $1,007,642,022 | |
Net Asset Value, offering price and redemption price per share ($1,007,642,022 ÷ 51,060,603 shares) | $19.73 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended November 30, 2020 | ||
Investment Income | ||
Dividends | $6,053,758 | |
Income from Fidelity Central Funds (including $119,100 from security lending) | 145,294 | |
Total income | 6,199,052 | |
Expenses | ||
Custodian fees and expenses | $63,293 | |
Independent trustees' fees and expenses | 5,221 | |
Interest | 7,460 | |
Miscellaneous | 2,221 | |
Total expenses before reductions | 78,195 | |
Expense reductions | (9,228) | |
Total expenses after reductions | 68,967 | |
Net investment income (loss) | 6,130,085 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 214,752,413 | |
Fidelity Central Funds | 1,702 | |
Foreign currency transactions | (11,758) | |
Total net realized gain (loss) | 214,742,357 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $491,815) | 133,190,610 | |
Assets and liabilities in foreign currencies | 1,193 | |
Total change in net unrealized appreciation (depreciation) | 133,191,803 | |
Net gain (loss) | 347,934,160 | |
Net increase (decrease) in net assets resulting from operations | $354,064,245 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended November 30, 2020 | Year ended November 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,130,085 | $7,995,152 |
Net realized gain (loss) | 214,742,357 | 109,962,881 |
Change in net unrealized appreciation (depreciation) | 133,191,803 | 58,280,132 |
Net increase (decrease) in net assets resulting from operations | 354,064,245 | 176,238,165 |
Distributions to shareholders | (119,061,402) | (73,966,903) |
Share transactions | ||
Proceeds from sales of shares | 119,682,293 | 174,241,041 |
Reinvestment of distributions | 119,061,402 | 73,966,903 |
Cost of shares redeemed | (443,826,502) | (320,110,139) |
Net increase (decrease) in net assets resulting from share transactions | (205,082,807) | (71,902,195) |
Total increase (decrease) in net assets | 29,920,036 | 30,369,067 |
Net Assets | ||
Beginning of period | 977,721,986 | 947,352,919 |
End of period | $1,007,642,022 | $977,721,986 |
Other Information | ||
Shares | ||
Sold | 7,595,541 | 12,200,603 |
Issued in reinvestment of distributions | 8,510,465 | 6,236,670 |
Redeemed | (28,013,356) | (22,161,899) |
Net increase (decrease) | (11,907,350) | (3,724,626) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Equity Growth Fund
Years ended November 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $15.53 | $14.20 | $15.41 | $11.22 | $11.25 |
Income from Investment Operations | |||||
Net investment income (loss)A | .10 | .12 | .13 | .08 | .02 |
Net realized and unrealized gain (loss) | 6.02 | 2.33 | 1.05 | 4.12 | (.03) |
Total from investment operations | 6.12 | 2.45 | 1.18 | 4.20 | (.01) |
Distributions from net investment income | (.13) | (.13) | (.09) | (.01) | (.02) |
Distributions from net realized gain | (1.79) | (.99) | (2.30) | – | – |
Total distributions | (1.92) | (1.12) | (2.39) | (.01) | (.02) |
Net asset value, end of period | $19.73 | $15.53 | $14.20 | $15.41 | $11.22 |
Total ReturnB | 44.43% | 19.73% | 8.96% | 37.51% | (.11)% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .01% | .01% | .01% | .32% | .65% |
Expenses net of fee waivers, if any | .01% | .01% | .01% | .32% | .65% |
Expenses net of all reductions | .01% | .01% | - %E | .32% | .65% |
Net investment income (loss) | .65% | .84% | .92% | .57% | .15% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $1,007,642 | $977,722 | $947,353 | $933,562 | $901,989 |
Portfolio turnover rateF | 56% | 52%G | 38% | 48% | 60% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees 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.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
E Amount represents less than .005%.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2020
1. Organization.
Fidelity Advisor Series 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. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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, 2020 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. 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.
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. 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, 2020, 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 & 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.
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) 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 | $481,702,891 |
Gross unrealized depreciation | (7,664,093) |
Net unrealized appreciation (depreciation) | $474,038,798 |
Tax Cost | $546,789,907 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $35,786,591 |
Undistributed long-term capital gain | $184,774,630 |
Net unrealized appreciation (depreciation) on securities and other investments | $474,038,469 |
The tax character of distributions paid was as follows:
November 30, 2020 | November 30, 2019 | |
Ordinary Income | $8,082,497 | $ 8,554,891 |
Long-term Capital Gains | 110,978,905 | 65,412,012 |
Total | $119,061,402 | $ 73,966,903 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Equity Growth Fund | 521,985,025 | 837,112,989 |
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 | $12,806 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $12,208,968 | .71% | $7,460 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $87,353,775 in exchange for 6,011,960 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,047.
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 as follows:
Amount | |
Fidelity Advisor Series Equity Growth Fund | $2,211 |
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 Income 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 | $11,860 | $1,317 | $12,424 |
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, 2024. The expense limitation prior to August 1, 2020 was .014%. 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 $9,228.
9. 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.
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. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the 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, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 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, 2020 by correspondence with the custodian, issuers of privately offered securities 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, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 305 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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 (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Advisor Series Equity Growth Fund | .01% | |||
Actual | $1,000.00 | $1,291.20 | $.06 | |
Hypothetical-C | $1,000.00 | $1,024.95 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Series Equity Growth Fund voted to pay on December 17, 2020, to shareholders of record at the opening of business on December 16, 2020, a distribution of $4.231 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.126 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2020, $185,218,222, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 74% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 91% 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 7% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals 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 | |
Dennis J. Dirks | ||
Affirmative | 23,145,273,181.030 | 97.178 |
Withheld | 672,052,762.535 | 2.822 |
TOTAL | 23,817,325,943.566 | 100.000 |
Donald F. Donahue | ||
Affirmative | 22,942,467,884.564 | 96.327 |
Withheld | 874,858,059.002 | 3.673 |
TOTAL | 23,817,325,943.566 | 100.000 |
Bettina Doulton | ||
Affirmative | 23,156,537,524.453 | 97.226 |
Withheld | 660,788,419.112 | 2.774 |
TOTAL | 23,817,325,943.566 | 100.000 |
Vicki L. Fuller | ||
Affirmative | 23,220,055,835.126 | 97.492 |
Withheld | 597,270,108.440 | 2.508 |
TOTAL | 23,817,325,943.566 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 23,092,064,637.578 | 96.955 |
Withheld | 725,261,305.988 | 3.045 |
TOTAL | 23,817,325,943.566 | 100.000 |
Alan J. Lacy | ||
Affirmative | 22,821,234,479.156 | 95.818 |
Withheld | 996,091,464.410 | 4.182 |
TOTAL | 23,817,325,943.566 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 22,495,260,210.796 | 94.449 |
Withheld | 1,322,065,732.770 | 5.551 |
TOTAL | 23,817,325,943.566 | 100.000 |
Robert A. Lawrence | ||
Affirmative | 23,084,247,692.778 | 96.922 |
Withheld | 733,078,250.787 | 3.078 |
TOTAL | 23,817,325,943.566 | 100.000 |
Joseph Mauriello | ||
Affirmative | 22,868,255,852.105 | 96.015 |
Withheld | 949,070,091.461 | 3.985 |
TOTAL | 23,817,325,943.566 | 100.000 |
Cornelia M. Small | ||
Affirmative | 23,048,299,612.538 | 96.771 |
Withheld | 769,026,331.028 | 3.229 |
TOTAL | 23,817,325,943.566 | 100.000 |
Garnett A. Smith | ||
Affirmative | 23,059,252,757.826 | 96.817 |
Withheld | 758,073,185.740 | 3.183 |
TOTAL | 23,817,325,943.566 | 100.000 |
David M. Thomas | ||
Affirmative | 23,069,618,526.323 | 96.861 |
Withheld | 747,707,417.242 | 3.139 |
TOTAL | 23,817,325,943.566 | 100.000 |
Susan Tomasky | ||
Affirmative | 23,129,152,380.992 | 97.111 |
Withheld | 688,173,562.573 | 2.889 |
TOTAL | 23,817,325,943.566 | 100.000 |
Michael E. Wiley | ||
Affirmative | 22,863,276,570.233 | 95.994 |
Withheld | 954,049,373.333 | 4.006 |
TOTAL | 23,817,325,943.566 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
# of Votes | % of Votes | |
Affirmative | 813,677,676.526 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
Broker Non-Vote | 0.000 | 0.000 |
TOTAL | 813,677,676.526 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. | ||
AXM1-ANN-0121
1.9860268.106
Item 2.
Code of Ethics
As of the end of the period, November 30, 2020, 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, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Equity Growth Fund | $50,100 | $- | $8,700 | $1,100 |
Fidelity Advisor Equity Income Fund | $42,700 | $- | $9,200 | $1,100 |
Fidelity Advisor Equity Value Fund | $43,100 | $- | $10,400 | $1,000 |
Fidelity Advisor Growth & Income Fund | $42,400 | $- | $7,800 | $1,000 |
Fidelity Advisor Growth Opportunities Fund | $54,000 | $- | $8,500 | $1,200 |
Fidelity Advisor Large Cap Fund | $46,000 | $- | $7,600 | $1,000 |
Fidelity Advisor Series Growth Opportunities Fund | $49,100 | $- | $8,800 | $1,100 |
Fidelity Advisor Stock Selector Mid Cap Fund | $42,000 | $- | $7,400 | $1,000 |
Fidelity Advisor Value Strategies Fund | $41,500 | $- | $11,100 | $1,100 |
November 30, 2019 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Equity Growth Fund | $49,000 | $100 | $6,300 | $1,200 |
Fidelity Advisor Equity Income Fund | $46,000 | $100 | $7,200 | $1,200 |
Fidelity Advisor Equity Value Fund | $44,000 | $100 | $6,600 | $1,100 |
Fidelity Advisor Growth & Income Fund | $45,000 | $100 | $5,500 | $1,100 |
Fidelity Advisor Growth Opportunities Fund | $53,000 | $100 | $6,200 | $1,300 |
Fidelity Advisor Large Cap Fund | $46,000 | $100 | $5,200 | $1,100 |
Fidelity Advisor Series Growth Opportunities Fund | $50,000 | $100 | $6,300 | $1,200 |
Fidelity Advisor Stock Selector Mid Cap Fund | $45,000 | $100 | $5,300 | $1,100 |
Fidelity Advisor Value Strategies Fund | $45,000 | $100 | $7,300 | $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, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Dividend Growth Fund | $45,000 | $4,200 | $7,800 | $1,700 |
Fidelity Advisor Series Equity Growth Fund | $27,400 | $2,500 | $6,600 | $1,000 |
Fidelity Advisor Series Small Cap Fund | $34,200 | $3,300 | $8,100 | $1,300 |
Fidelity Advisor Small Cap Fund | $36,200 | $3,500 | $8,000 | $1,400 |
Fidelity Real Estate High Income Fund | $149,600 | $12,900 | $15,100 | $5,200 |
November 30, 2019 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor Dividend Growth Fund | $52,000 | $4,100 | $4,400 | $1,800 |
Fidelity Advisor Series Equity Growth Fund | $31,000 | $2,500 | $2,900 | $1,100 |
Fidelity Advisor Series Small Cap Fund | $41,000 | $3,300 | $3,500 | $1,500 |
Fidelity Advisor Small Cap Fund | $43,000 | $3,500 | $3,500 | $1,500 |
Fidelity Real Estate High Income Fund | $172,000 | $13,300 | $6,700 | $6,000 |
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, 2020A | November 30, 2019A | |
Audit-Related Fees | $- | $290,000 |
Tax Fees | $- | $5,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
November 30, 2020A | November 30, 2019A | |
Audit-Related Fees | $9,377,400 | $7,890,000 |
Tax Fees | $30,000 | $10,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by 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, 2020A | November 30, 2019A |
Deloitte Entities | $590,700 | $640,000 |
PwC | $14,564,900 | $12,600,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by 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).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 22, 2021 |
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: | January 22, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 22, 2021 |